HAC(SH:600202)2022-03-27 16:00Financial Performance - The net profit attributable to the shareholders of the parent company for 2021 was CNY 66,146,978.78, after deducting the statutory surplus reserve of CNY 6,462,624.40, with a distributable profit of CNY 157,570,613.11[5] - The company achieved operating revenue of CNY 852.78 million in 2021, a decrease of 7.02% compared to the previous year[21] - The net profit attributable to shareholders was CNY 66.15 million, an increase of 31.21% year-on-year[21] - The total assets at the end of 2021 were CNY 2.15 billion, down 5.90% from the previous year[21] - The basic earnings per share increased to CNY 0.1726, reflecting a growth of 31.25% compared to 2020[22] - The company reported a significant decline in total order contracts, amounting to CNY 608.40 million, a decrease of 35.67% year-on-year[32] - The company’s net assets attributable to shareholders increased by 9.61% to CNY 772.96 million at the end of 2021[21] - The company reported a total revenue of 7,777.98 million and a net profit of 1,900.61 million for the latest period[81] - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a 20% year-over-year growth[101] Dividend Policy - Due to the impact of the pandemic and project delays, the company plans not to distribute dividends for 2021, with profits carried forward to 2022 to supplement working capital[5] - The company has established a cash dividend policy, prioritizing cash dividends when both cash and stock dividends are feasible[126] - The company did not propose a cash dividend distribution for the 2020 fiscal year due to cash flow constraints caused by project delays related to the COVID-19 pandemic, with profits available for distribution carried over to 2021[127] - The company plans to use the undistributed profits from 2020 to supplement its working capital, with no capital reserve fund conversion to share capital planned for 2021[129] Operational Stability and Risks - The company reported no significant risk events during the reporting period, indicating a stable operational environment[9] - The company is focused on maintaining liquidity and financial stability in light of ongoing economic challenges[5] - The management has outlined potential risks in future developments, which are detailed in the report[9] - The company faces market risks due to the slowdown in fixed asset investment and the impact of the pandemic on project approvals[85] - The company is addressing financial risks by implementing a cash flow budgeting system and enhancing debt recovery efforts[85] Audit and Compliance - The audit report issued by Zhongshen Yatai Certified Public Accountants was a standard unqualified opinion, affirming the reliability of the financial statements[4] - The company has a commitment to ensuring the accuracy and completeness of its financial reports, with all board members present at the meeting[8] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[111] - The company has not reported any significant changes in its internal control audit arrangements[145] Research and Development - The company successfully developed a high-pressure air cooler for gas storage applications, marking its entry into a new market segment[34] - The company has established a national energy power station cooling system R&D center, enhancing its competitive advantage in the power station cooling sector[39] - Research and development expenses totaled ¥32.44 million, representing 3.80% of total revenue[64] - Research and development investments increased by 30%, focusing on innovative cooling solutions[101] Management and Governance - The company experienced a change in board members, with new appointments including Tian Dapeng as Chairman and Bi Haitao as General Manager[98] - The average age of the current board members is 50 years, indicating a relatively experienced leadership team[98] - The company has a total of 12 board members, with 5 independent directors contributing to governance[98] - The company is committed to maintaining a diverse board with a mix of genders and professional backgrounds[98] - The company has a structured process for determining the annual remuneration assessment and distribution plan for directors and senior management, which is reviewed by the board[108] Market Expansion and Strategy - The company aims to enhance its core competitiveness by increasing product R&D and innovation efforts, particularly in the nuclear power and air separation markets[81] - The company is focusing on expanding its international market presence while strengthening its domestic market share[82] - The company plans to achieve a revenue of 900 million in 2022, with costs estimated at 850 million[83] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[102] Financial Position and Assets - The total assets decreased from CNY 2,281,480,746.83 in 2020 to CNY 2,146,857,016.81 in 2021, a decline of approximately 5.9%[181] - The company's retained earnings increased from CNY 97,886,258.73 in 2020 to CNY 157,570,613.11 in 2021, an increase of about 60.9%[182] - The total equity attributable to shareholders increased from CNY 705,179,563.69 in 2020 to CNY 772,960,437.51 in 2021, an increase of approximately 9.6%[182] - The company's contract liabilities decreased from CNY 114,536,925.21 in 2020 to CNY 35,111,534.58 in 2021, a significant reduction of approximately 69.3%[181] Customer and Sales Information - The company's main business revenue reached 833.40 million yuan, accounting for 97.73% of total revenue, a decrease from 99.03% in the previous year[49] - Revenue from petrochemical air coolers was 679.79 million yuan, representing 81.57% of main business revenue, down from 70.16% year-on-year[49] - The company’s top five customers accounted for 38.43% of total sales, with no significant reliance on any single customer[61] Employee and Training - The company employed a total of 491 staff members, with 474 in the parent company and 17 in major subsidiaries[122] - The company conducted 39 training sessions in 2021, training a total of 187 employees[124] - The company has a diverse professional composition, with 184 production personnel, 87 sales personnel, and 110 technical personnel[122] Related Party Transactions - The company reported a total related party transaction amount of RMB 15,093,956.64[148] - The company has a related party transaction with Harbin Northeast Water Electric Equipment Manufacturing Co., with a transaction amount of RMB 13,201,426.30, accounting for 2.29% of similar transactions[148] - The company has a joint investment of RMB 20 million with Harbin Industrial Investment Group and Japan's Aiwandi Co., Ltd. to establish Harbin Industrial Investment Environmental Industry Co., Ltd.[150]