YXMC(SH:600213)2022-04-27 16:00Financial Performance - In 2021, the company achieved a net profit of CNY 1,891,610.13, a significant recovery from a net loss of CNY 158,206,618.16 in 2020[6]. - The total operating revenue for 2021 was CNY 978,563,634.82, representing a decrease of 47.93% compared to CNY 1,879,479,861.89 in 2020[21]. - The net cash flow from operating activities increased by 51.02% to CNY 625,234,270.06 from CNY 414,019,355.41 in the previous year[21]. - The company's total assets decreased by 23.25% to CNY 3,197,291,421.19 from CNY 4,165,662,222.23 in 2020[21]. - The net assets attributable to shareholders increased by 17.31% to CNY 19,841,663.38 from CNY 16,914,257.35 in 2020[21]. - The basic earnings per share for 2021 was CNY 0.01, recovering from a loss of CNY 0.72 per share in 2020[22]. - The weighted average return on net assets improved to 10.29% from -165.80% in the previous year, an increase of 176.09 percentage points[22]. - The company reported a significant decrease in total equity, with a drop of 23.25% compared to the previous year[21]. - The company did not propose any profit distribution or capital reserve transfer for the year, with retained earnings carried forward to the next year[6]. - The company reported a significant reduction in financial expenses by 52.37% to approximately CNY 75.92 million, contributing to overall cost efficiency[57]. - The company reported a net profit of -157,421,322.50 CNY for the year 2020, with a total distributable profit of -594,961,577.16 CNY for shareholders[115]. Revenue and Sales - In Q1 2021, the company reported revenue of approximately ¥276.98 million, while Q2 revenue decreased to ¥217.29 million, and Q3 further declined to ¥156.99 million, before rebounding to ¥327.31 million in Q4[25]. - The net profit attributable to shareholders was ¥1.14 million in Q1, but the company faced losses in Q2 (¥-39.77 million) and Q3 (¥-59.27 million), with a recovery to ¥99.79 million in Q4[25]. - The company reported non-recurring gains of approximately ¥168.27 million in 2021, with a notable increase in government subsidies contributing ¥157.92 million[26]. - The bus market saw a decline, with sales of buses over 6 meters dropping by 7.9% year-on-year, totaling 97,000 units in 2021[36]. - The company exported 17,000 medium and large buses in 2021, representing a year-on-year growth of 28.3%[37]. - The domestic bus market saw a decline of over 20% in sales due to factors such as the pandemic and local fiscal impacts[37]. - The company's revenue from the mechanical manufacturing industry was approximately ¥961.98 million, with a year-over-year decrease of 48.46%[51]. - Bus sales generated revenue of approximately ¥927.99 million, reflecting a year-over-year decline of 47.90%[51]. - Revenue from parts sales was approximately ¥33.99 million, with a significant year-over-year decline of 60.17%, but the gross margin increased by 22.61 percentage points to 14.99%[51]. - The total sales volume of the bus market in 2021 was 2,023 units, a decrease of 31.42% compared to the previous year[68]. - The sales volume of large buses was 699 units, down 65.03% year-on-year, while medium buses increased by 24.31% to 997 units[68]. - The cumulative sales of new energy vehicles reached 983 units, representing a year-on-year increase of 24.75%[72]. - The revenue from pure electric vehicles was approximately 52.34 million RMB, with subsidies amounting to 5.79 million RMB, accounting for 11.06% of the revenue[74]. Research and Development - The company invested 65.96 million RMB in R&D, an increase of 11.76% from the previous year, reflecting a focus on innovation[48]. - The company filed for 9 patents related to new technologies, including 1 invention patent and 6 utility model patents, supporting its innovation in hydrogen fuel cell technology and intelligent connected vehicles[33]. - The company achieved a significant milestone by being approved as a Jiangsu Province Intelligent Connected Bus Engineering Research Center, focusing on solving core technology issues in this field[33]. - The total R&D expenditure was approximately ¥65.96 million, accounting for 6.74% of total revenue[58]. - The company has invested 50 million in R&D for advanced technologies, focusing on electric vehicle solutions[96]. Market Strategy and Expansion - The company focused on enhancing core competitiveness through increased R&D investment and improved quality supervision, aiming to stabilize its market position amid industry downturns[28]. - The company is actively expanding into overseas markets while implementing cost reduction and efficiency improvement strategies[28]. - The company aims to enhance its market position by focusing on the development of new energy buses amid increasing competition[41]. - The overseas market demand is expected to rise, particularly for new energy buses, due to favorable conditions in Europe and increasing global electric vehicle demand[78]. - The company expects the bus industry sales to reach around 130,000 units by 2025, driven by market demand recovery and a new replacement cycle[77]. - The company anticipates continued growth in hydrogen fuel cell buses, supported by national policies and market demand[78]. - The company plans to focus on enhancing its bus and chassis business to provide first-class public transportation solutions globally[79]. - The company is committed to enhancing customer satisfaction and market share through a positive business cycle[80]. - The company is focusing on strategic areas such as cost reduction and efficiency improvement to become a key green bus supplier[80]. Governance and Management - The company aims to improve its governance structure and ensure compliance with legal requirements, enhancing transparency and stakeholder rights[86]. - The company has a total of 993,033.198 hours of outsourced labor, with total payments amounting to 14,895,497.98 CNY[114]. - The company has established various specialized committees, including the audit committee and the strategic committee, to enhance governance[106]. - The company is focusing on enhancing its internal control and audit processes as part of its governance strategy[102]. - The company has a diverse management background, with executives having extensive experience in various sectors including finance and operations[93]. - The average age of the current board members is 51 years, indicating a relatively experienced leadership team[91]. - The company has seen a stable management team with no significant changes in key positions during the reporting period[91]. - The company has outlined its commitment to strategic growth and stability in its management practices moving forward[91]. Environmental Impact - The company reported actual COD emissions of 152 mg/L, significantly below the allowed limit of 500 mg/L, with a total annual discharge of 1.473 tons[121]. - The company’s actual discharge of ammonia nitrogen was 41.2 mg/L, which is within the permissible limit of 45 mg/L, with a total annual discharge of 0.6277 tons[121]. - The company’s total nitrogen emissions were recorded at 47.8 mg/L, below the allowed limit of 70 mg/L, with a total annual discharge of 0.4183 tons[122]. - The company’s daytime noise levels were measured at 50.7 to 58.3 dB(A), compliant with the industrial enterprise boundary noise emission standards[122]. - The company has implemented a wastewater treatment system that includes coagulation, sedimentation, and flotation processes to treat various types of wastewater before discharge[123]. - The company has installed multiple air pollution control systems, including dry filtration and activated carbon beds, to manage emissions from painting and welding processes[126]. - The company is actively monitoring and managing its environmental impact, ensuring compliance with relevant pollution discharge standards[121]. - The company has implemented various noise reduction measures, ensuring that daytime and nighttime noise levels meet the industrial noise emission standards[129]. - The company has completed the environmental risk assessment report and emergency response plan for sudden environmental pollution incidents[132]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[134]. Legal and Compliance - The company faced a significant lawsuit involving a claim of CNY 14,214,213.20, which was ultimately dismissed, resulting in no liability for the company[149]. - The company is involved in multiple lawsuits related to sales contract disputes, with claims including 23.2 million yuan and 26.7 million yuan for payment and penalties[150]. - A lawsuit was filed against the company for 21 million yuan and associated costs, which has since been withdrawn without impact on the company[150]. - The company has also filed a lawsuit seeking 45 million yuan from several defendants, which has been withdrawn as well[150]. - A judgment ordered a defendant to pay 7.22 million yuan, which the company is not liable for after the final ruling[150]. - Another lawsuit involves a claim of 53.24 million yuan, with the company not bearing any responsibility after the court's decision[150]. - The company is involved in multiple lawsuits, with a total claim amount of approximately 122 million CNY across various cases, including a claim for 11.37 million CNY from Xian County Xiangrong Urban Public Transport Co., Ltd. for overdue payments[151]. - The company has successfully obtained a judgment requiring Harbin Fengda Public Transport Co., Ltd. to pay approximately 4.23 million CNY in overdue payments and has dismissed all counterclaims[151]. - The company has reached a civil mediation agreement to pay 10.5 million CNY in installments to Lijiang Chair Industry Co., Ltd. for overdue payments, which is currently in execution[151]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating compliance with regulations[101]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 16,924, an increase from 16,627 at the end of the previous month[167]. - The largest shareholder, Weichai (Yangzhou) Yaxing Automobile Co., Ltd., holds 112,200,000 shares, representing 51.00% of the total shares[170]. - The second-largest shareholder, Pi Minrong, holds 4,055,100 shares, accounting for 1.84% of the total shares[170]. - The company has not engaged in any entrusted financial management or entrusted loans during the reporting period[166]. - There were no changes in the total number of shares or the capital structure during the reporting period[166]. - The company does not have any major contracts or significant events that would impact investor decision-making[164]. - There are no strategic investors or general legal entities that have become among the top 10 shareholders due to new share placements[171]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[172]. - The actual controller of the company is the Shandong Provincial Government State-owned Assets Supervision and Administration Commission, established on June 16, 2004[173]. - There are no pledged shares that account for 80% or more of the total shares held by the controlling shareholder or the largest shareholder[175].