TCICL(SH:600281)2022-04-19 16:00Financial Performance - The company's operating revenue for 2021 was CNY 280,051,721.71, a decrease of 27.95% compared to CNY 388,671,630.79 in 2020[19] - The net profit attributable to shareholders of the listed company was CNY -44,725,200.83, representing a decline of 207.51% from CNY 41,600,502.49 in the previous year[19] - Basic earnings per share for 2021 were CNY -0.0869, a decrease of 207.42% compared to CNY 0.0809 in 2020[20] - The company reported a total profit of -CNY 49.26 million, down 183.62% year-on-year[36] - The company reported a net loss of ¥665.27 million in 2021, worsening from a loss of ¥620.54 million in 2020[179] - The company incurred credit impairment losses of CNY -8,118,761.24 in 2021, compared to CNY -661,580.91 in 2020, indicating increased credit risk[186] - The company reported a significant credit impairment loss for the first half of 2021, indicating potential financial challenges[95] Assets and Liabilities - The total assets at the end of 2021 amounted to CNY 911,716,437.72, an increase of 6.63% from CNY 855,049,857.61 at the end of 2020[19] - The total equity attributable to shareholders decreased to ¥481.91 million in 2021 from ¥527.16 million in 2020, a decline of approximately 8.6%[179] - Total liabilities rose to ¥429.81 billion in 2021, compared to ¥327.89 billion in 2020, indicating an increase of approximately 31%[179] - Current liabilities totaled ¥420.70 billion in 2021, up from ¥322.81 billion in 2020, representing a growth of around 30.4%[178] - Accounts receivable increased significantly to ¥53.97 million in 2021 from ¥34.60 million in 2020, reflecting a growth of about 55.9%[177] Cash Flow - The net cash flow from operating activities was CNY -85,284,462.27, a significant decline compared to CNY 81,123,275.48 in 2020[19] - The company reported a decrease in sales revenue from CNY 271,624,937.97 in 2020 to CNY 99,064,870.90 in 2021, representing a decline of approximately 63.5%[191] - The net cash flow from financing activities was CNY 46,168,802.62 in 2021, compared to a negative cash flow of CNY -137,035,456.79 in 2020, showing a turnaround of over 133%[192] Investments and Projects - The company invested approximately RMB 570 million in the PBAT industry chain, aiming for an annual output value exceeding RMB 2 billion once the projects are completed[27] - The company is developing a 60,000 tons/year PBAT and 20,000 tons/year biodegradable modified materials project, with production expected to start in the second half of 2021[27] - The company is investing in three projects: a 60,000 tons/year PBAT project, a 20,000 tons/year biodegradable modified materials project, and a 20,000 tons/year biodegradable new materials project, with an expected annual revenue scale exceeding CNY 2 billion[34] Governance and Compliance - The company has conducted six shareholder meetings during the reporting period, ensuring compliance with governance standards and protecting investor rights[74] - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[75] - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations[76] - The company received regulatory warnings from the Shanghai Stock Exchange for incomplete and inaccurate information disclosures related to litigation and asset restructuring[93] Environmental and Social Responsibility - The company is focusing on the development of biodegradable plastics in response to increasing environmental regulations and market demand[30] - The company has continued to engage in environmental protection efforts, including obtaining necessary permits for hazardous waste management[115] - The company has established a wastewater treatment facility with a processing capacity of 4 tons per hour and a wastewater concentration facility with a capacity of 2.5 cubic meters per hour to reduce operational costs[116] Market and Competitive Position - The PBAT industry is expected to see market demand reach 1 million tons in 2022, 2 million tons in 2023, and 5 million tons by 2025, with a significant portion of this demand coming from single-use biodegradable plastic products[63] - The company aims to develop PBAT production capacity to become one of the largest biodegradable plastic production bases in Shanxi Province, covering markets in the Beijing-Tianjin-Hebei region[67] - The company holds approximately 20% market share in the platinum catalyst market, with expectations for steady growth as nitric acid and hydrogen cyanide production capacity expands[64] Human Resources - The company employed a total of 220 staff, with 39 in the parent company and 181 in major subsidiaries[105] - The company has a total of 157 employees with a college degree or above, representing approximately 71.36% of the total workforce[105] - The total remuneration for the general manager during the reporting period was 22.8 million yuan[81] Related Party Transactions - The total amount of related party transactions for the year was CNY 171,997,400, with procurement totaling CNY 101,317,900 and sales amounting to CNY 67,916,100[135] - The company transferred 49.1158% equity in Yangmei Taihua Coking Investment Co., Ltd. to its controlling shareholder Taihua Group for a price of CNY 218,146,100, of which CNY 87,537,300 has been received[136]