Youngor(SH:600177)2022-04-25 16:00Financial Performance - The net profit for the parent company in 2021 was CNY 3,984,775,259.62, with a statutory reserve of CNY 384,162,377.63, resulting in a total distributable profit of CNY 22,393,882,882.72 at year-end [3]. - The cash dividend proposed is CNY 0.50 per share, totaling CNY 2,311,820,951, which represents 45.09% of the net profit attributable to shareholders for 2021 [3]. - The total cash dividend, including share repurchase amounts, is CNY 2,708,008,028.59, accounting for 52.82% of the net profit attributable to shareholders for 2021 [3]. - The company's operating revenue for 2021 was approximately CNY 13.61 billion, an increase of 18.57% compared to CNY 11.48 billion in 2020 [16]. - The net profit attributable to shareholders for 2021 was approximately CNY 5.13 billion, a decrease of 29.15% from CNY 7.24 billion in 2020 [16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 4.44 billion, an increase of 41.34% compared to CNY 3.14 billion in 2020 [16]. - The net cash flow from operating activities for 2021 was approximately CNY 1.06 billion, a decrease of 51.85% from CNY 2.21 billion in 2020 [16]. - The company's total assets at the end of 2021 were approximately CNY 80.22 billion, a slight increase of 0.26% from CNY 80.02 billion at the end of 2020 [16]. - The net assets attributable to shareholders at the end of 2021 were approximately CNY 34.00 billion, an increase of 19.14% from CNY 28.54 billion at the end of 2020 [16]. - The basic earnings per share for 2021 were CNY 1.13, a decrease of 27.56% from CNY 1.56 in 2020 [17]. - The weighted average return on net assets for 2021 was 16.17%, a decrease of 9.86 percentage points from 26.03% in 2020 [17]. Strategic Initiatives - The company is focusing on a multi-brand strategy to enhance brand management and control costs, indicating a shift towards independent brand operations [2]. - The company plans to strengthen brand construction and integrate online and offline sales channels to adapt to market changes [2]. - The company is exploring acquisitions and collaborations with domestic and international brands, particularly in the sports and trendy fashion sectors [2]. - The company aims to leverage digitalization to improve management and upgrade traditional industries, targeting standardization and automation [2]. - The company acknowledges the need for continuous innovation and transformation in response to increasing international competition and market uncertainties [2]. - The company has committed to providing quality services to society and maximizing returns for shareholders as part of its mission [2]. - The company plans to enhance its DTC (Direct to Consumer) model to better reach consumers and improve sales performance [11]. - The company is focusing on the development of new products and technologies, particularly in the area of sustainable materials like hemp [11]. - The company is focusing on building a diversified brand matrix to enhance its competitive advantage in the fashion industry [24]. - The company plans to enhance supply chain flexibility and improve production capacity balance in response to market changes [52]. Market Performance - The company reported a total of CNY 3.56 billion in operating revenue for Q4 2021, which was a decline compared to previous quarters [19]. - The company experienced a significant increase in cash flow from operating activities in the first three quarters, but faced a cash outflow in Q4, highlighting potential liquidity challenges [19]. - The company achieved a total revenue of 1,360,686.31 million CNY, representing a year-on-year growth of 18.57% [24]. - The company's core brand YOUNGOR maintained its market leadership in shirts and suits, with a revenue of 682,112.21 million CNY, up 7.69% year-on-year [24]. - The fashion segment's net profit was 93,577.43 million CNY, reflecting a slight decline of 2.55% compared to the previous year [24]. - The company reported a net profit of 444,404.36 million CNY after excluding non-recurring gains, marking a 41.34% increase year-on-year [24]. - The company achieved an online GMV exceeding 1 billion yuan, with its Tmall flagship store ranking first in the business men's clothing category during major sales events [37]. - The company’s retail space reached 489,500 square meters, with a 10% year-on-year increase in average store size [37]. - The company’s real estate business generated revenue of 666.54 million yuan, reflecting a year-on-year growth of 31.44% [40]. Research and Development - The company has established three research institutes focused on technology improvements, completing 43 projects related to shirts, suits, and fashion [38]. - The company’s R&D expenses increased by 4.10% to 6,717.86 million RMB, reflecting ongoing investment in innovation [47]. - Major R&D projects include the development of wrinkle-resistant shirts and antibacterial fabrics, with a focus on smart manufacturing technologies [58][59]. - The total R&D investment for the period was CNY 6,993.13 million, accounting for 0.51% of operating revenue [56]. Corporate Governance - The company has held 10 board meetings and reviewed 38 proposals, ensuring compliance with governance standards [97]. - YOUNGOR's information disclosure practices have been timely and accurate, with 4 periodic reports and 60 announcements made in 2021 [99]. - The company engaged with investors through over 1,500 phone calls and held 2 online earnings briefings, ensuring effective communication [100]. - The company emphasizes the importance of investor communication, ensuring no leakage of insider information during the reporting period [101]. - The company maintains complete independence from its controlling shareholders in terms of operations, personnel, assets, and finances [102]. - The company has a clear organizational structure with independent operation of the board and supervisory committee [102]. - The company has not faced any significant changes in competitive conditions that would affect its operations [102]. - The company has not reported any significant differences in governance compared to regulatory requirements [101]. Environmental and Social Responsibility - The company has a wastewater treatment facility with a daily capacity of 1,000 tons, meeting the required discharge standards [140]. - The actual discharge of CODcr was 3.79 tons per year, well below the standard limit of 200 mg/l [138]. - The company has complied with environmental regulations and has no administrative penalties for environmental issues during the reporting period [142]. - The company has established an emergency response plan for environmental incidents [141]. Shareholder Information - The total number of ordinary shareholders increased from 90,261 to 93,166 during the reporting period [175]. - The top ten shareholders held a total of 1,529,058,577 shares, representing 33.03% of the total share capital [176]. - The company completed a share buyback of 199,999,999 shares, accounting for 4.32% of the total share capital as of August 3, 2021 [171]. - The company will repurchase and cancel any restricted shares that do not meet the unlock conditions during the specified periods [179].