TCICL(SH:600281)2022-06-06 16:00Financial Performance - The company's operating revenue for 2021 was ¥280,051,721.71, a decrease of 27.95% compared to ¥388,671,630.79 in 2020[19] - The net profit attributable to shareholders of the listed company was -¥44,725,200.83, representing a decline of 207.51% from ¥41,600,502.49 in the previous year[19] - Basic earnings per share for 2021 were -¥0.0869, a decrease of 207.42% compared to ¥0.0809 in 2020[20] - The total profit for the year was CNY -49.26 million, representing a decline of 183.62% year-on-year[36] - The net profit attributable to shareholders was CNY -44.73 million, down 207.51% from the previous year[36] - The company reported a net loss of ¥665.27 million in 2021, worsening from a loss of ¥620.54 million in 2020[177] - The total equity attributable to shareholders decreased to ¥481.91 million in 2021 from ¥527.16 million in 2020, a decline of about 8.6%[177] - The company reported a comprehensive income total of CNY -44,725,200.83 for the year, indicating a loss compared to the previous year's figures[196] Assets and Liabilities - The total assets at the end of 2021 were ¥911,716,437.72, an increase of 6.63% from ¥855,049,857.61 at the end of 2020[19] - The company's net assets attributable to shareholders decreased by 8.58% to ¥481,906,214.93 from ¥527,162,604.07 in 2020[19] - Total liabilities rose to ¥429.81 billion in 2021, up from ¥327.89 billion in 2020, indicating an increase of approximately 31%[176] - Current liabilities increased to ¥420.70 billion in 2021 from ¥322.81 billion in 2020, a rise of about 30.4%[176] - As of December 31, 2021, the company's inventory value was CNY 190.89 million, with a provision for inventory impairment of CNY 42.95 million[162] Cash Flow - The net cash flow from operating activities was -¥85,284,462.27, a significant decline from ¥81,123,275.48 in the previous year[19] - The company’s cash flow from operating activities was CNY -85.28 million, a decline of 205.13% compared to the previous year[39] - The cash flow from financing activities resulted in a net inflow of ¥46,168,802.62 in 2021, a recovery from a net outflow of -¥137,035,456.79 in 2020[190] - The cash paid for investment activities was CNY 145,503,223.07, which is a significant portion of the total cash outflow in investment activities[193] Investments and Projects - The company invested approximately CNY 570 million to establish a PBAT production line with an annual capacity of 60,000 tons and a biodegradable modified material project with an annual capacity of 20,000 tons[27] - The projected annual output value of the new projects is expected to exceed CNY 2 billion once fully operational[27] - The company is investing in three major projects, including a 60,000 tons/year PBAT project and two 20,000 tons/year biodegradable materials projects, with an expected annual revenue scale exceeding CNY 2 billion[34] - The potential market demand for PBAT is expected to reach 1 million tons in 2022, 2 million tons in 2023, and 5 million tons by 2025, with a significant portion coming from single-use biodegradable plastic products[63] Market and Industry Trends - The biodegradable plastic market is experiencing explosive growth, with China becoming the largest consumer market for biodegradable plastics globally[30] - The company aims to align with national policies promoting biodegradable plastics and has initiated projects in response to the "dual carbon" strategy[27][30] - The market for precious metal recycling is expected to expand significantly as the importance of precious metal catalysts in downstream industries increases[32] Governance and Management - The company held 6 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[74] - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[75] - The company has established four specialized committees under the board: technology and development strategy, financial audit, human resources nomination, and compensation and assessment[75] - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations[76] Risks and Challenges - The company has outlined potential risks in its future development plans, which investors should be aware of[7] - The company faces risks from potential market oversupply in the PBAT sector and rising raw material costs impacting profit margins[71] Regulatory and Compliance Issues - The company received regulatory warnings from the Shanghai Stock Exchange for incomplete and inaccurate information disclosures related to litigation and asset restructuring in 2020 and 2021[93] - The company faced penalties for incomplete disclosures regarding an investment in Lishan Fund dating back to 2016, which violated the Shanghai Stock Exchange's listing rules[94] Employee and Compensation - The total number of employees in the parent company and major subsidiaries is 220, with 39 in the parent company and 181 in subsidiaries[105] - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 3.1057 million yuan[91] - The independent directors' remuneration was approved to increase from 40,000 RMB to 60,000 RMB per year per person[106]