远达环保(600292) - 2021 Q4 - 年度财报

Definitions This chapter primarily defines company abbreviations, related parties, and professional terms used in the report, providing a basis for understanding its content - This chapter primarily defines company abbreviations, related parties, and professional terms used in the report, providing a basis for understanding its content[9] Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents key financial data and indicators for recent periods Company Overview State Power Investment Corporation Group Yuanda Environmental Protection Co., Ltd. (Yuanda Environmental Protection) is a company listed on the Shanghai Stock Exchange (stock code: 600292), primarily engaged in environmental protection businesses - The company's Chinese abbreviation is 'Yuanda Environmental Protection', with stock code 600292, listed on the Shanghai Stock Exchange[11][15] Key Accounting Data and Financial Indicators for the Past Three Years In 2021, the company achieved strong performance recovery with revenue increasing by 20.66% and net profit attributable to shareholders surging by 100.43% 2019-2021年主要会计数据 (Unit: CNY) | 主要会计数据 | 2021年 | 2020年 | 本期比上年同期增减(%) | 2019年 | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 4,438,095,725.56 | 3,678,237,668.73 | 20.66 | 4,067,543,739.51 | | 归属于上市公司股东的净利润 | 52,778,613.50 | 26,333,315.94 | 100.43 | 111,066,867.39 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 3,469,992.06 | -18,594,638.97 | 118.66 | 104,328,547.65 | | 经营活动产生的现金流量净额 | 540,394,467.44 | 89,203,288.17 | 505.80 | 428,735,177.64 | | 总资产 | 10,428,354,486.12 | 9,566,445,462.86 | 9.01 | 9,162,082,178.88 | | 归属于上市公司股东的净资产 | 5,125,279,399.73 | 5,070,866,292.89 | 1.07 | 5,096,921,877.18 | 2019-2021年主要财务指标 | 主要财务指标 | 2021年 | 2020年 | 本期比上年同期增减(%) | 2019年 | | :--- | :--- | :--- | :--- | :--- | | 基本每股收益（CNY／股） | 0.07 | 0.03 | 133.33 | 0.14 | | 加权平均净资产收益率（%） | 1.04 | 0.52 | 增加0.52个百分点 | 2.2 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 0.07 | -0.37 | 增加0.44个百分点 | 2.06 | Key Quarterly Financial Data for 2021 The company maintained profitability for the first three quarters of 2021 but incurred a loss in the fourth quarter, despite strong operating cash flow 2021年分季度主要财务数据 (Unit: CNY) | | 第一季度 (1-3月) | 第二季度 (4-6月) | 第三季度 (7-9月) | 第四季度 (10-12月) | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 987,066,621.54 | 988,921,405.52 | 1,132,934,468.14 | 1,329,173,230.36 | | 归属于上市公司股东的净利润 | 16,488,418.09 | 23,730,334.22 | 40,135,939.47 | -27,576,078.28 | | 经营活动产生的现金流量净额 | -64,267,716.12 | 168,603,750.06 | 17,710,194.26 | 418,348,239.24 | Non-Recurring Gains and Losses In 2021, non-recurring gains and losses totaled CNY 49.31 million, significantly supporting the net profit attributable to shareholders - In 2021, non-recurring gains and losses totaled CNY 49.31 million, a 9.75% increase year-on-year, primarily from government grants (CNY 37.43 million), debt restructuring gains (CNY 20.68 million), and reversal of impairment provisions for accounts receivable (CNY 10.61 million)[24] Management Discussion and Analysis This section provides an in-depth review of the company's operational performance, industry landscape, core competencies, and future development strategies Discussion and Analysis of Operations In 2021, the company focused on its 'Energy Environmental Protection + Environmental Energy' strategy, achieving robust recovery in traditional businesses and actively expanding into new sectors - The company established its '14th Five-Year Plan' development positioning as 'Energy Environmental Protection + Environmental Energy', consolidating traditional environmental businesses while vigorously developing new ventures like wind power, photovoltaic, waste-to-energy, and integrated smart energy[29] - Traditional businesses showed robust growth: concession operating power reached 180.4 billion kWh; catalyst production grew by 100%, achieving a 'zero' breakthrough in overseas projects; wastewater 'zero discharge' business bid amount increased by 200% year-on-year; and municipal wastewater treatment capacity doubled through the acquisition of Caixin Environmental's water assets[29] - The company actively promotes CCUS (Carbon Capture, Utilization, and Storage) industry cultivation and development, focusing on coal-fired and gas-fired units, steel, and cement sectors, conducting technological R&D, and advancing full-process CCUS demonstration projects in Baicheng and Changxing Island[30] Industry and Business Overview The company's main business is atmospheric pollution control, contributing over 80% of revenue and profit, with concession operations being the primary profit driver - The environmental protection industry has entered a deepened stage of pollution prevention and control, but the traditional coal-fired power plant flue gas treatment market faces intense competition and declining profit margins, making technological innovation and project operational capabilities core competencies[33] - The company's main business remains concentrated in atmospheric governance, contributing over 80% of its revenue and profit, with concession operations being the primary profit source, managing 25 concession projects with advantages in scale and intensive management[34][35] Analysis of Core Competencies The company's core strengths include strong engineering service capabilities, large-scale operational expertise, a complete denitrification catalyst manufacturing chain, and leading technological innovation - The company possesses strong engineering service capabilities, with cumulative signed environmental EPC projects exceeding 280 million kilowatts in installed capacity, and has received multiple national-level engineering awards[39] - The company has large-scale operational capabilities, with desulfurization, denitrification, and dust removal concession operating installed capacity reaching 44.15 million kilowatts, ranking among the top five power generation groups[39] - The company operates multiple research platforms, including a 'National and Local Joint Engineering Research Center' and a 'National Enterprise Technology Center', adding 37 authorized patents (14 invention patents) during the reporting period, and has led the development of industry standards, demonstrating outstanding technological innovation capabilities[40] Analysis of Key Operating Performance In 2021, the company achieved significant revenue and net profit growth, driven by strong performance in water treatment, engineering, and catalyst businesses, despite challenges in smoke and dust concession operations Analysis of Changes in Income Statement and Cash Flow Statement Items Revenue and costs increased due to post-pandemic recovery and new acquisitions, while operating cash flow significantly improved from better accounts receivable collection 利润表及现金流量表主要科目变动 | 科目 | 本期数 (CNY) | 上年同期数 (CNY) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 4,438,095,725.56 | 3,678,237,668.73 | 20.66 | | 营业成本 | 3,836,810,392.10 | 3,155,883,769.39 | 21.58 | | 财务费用 | 99,260,364.55 | 80,066,323.74 | 23.97 | | 经营活动产生的现金流量净额 | 540,394,467.44 | 89,203,288.17 | 505.80 | | 投资活动产生的现金流量净额 | -462,185,042.38 | -708,015,677.24 | 不适用 | | 筹资活动产生的现金流量净额 | -84,756,600.08 | 614,955,626.12 | 不适用 | Analysis of Main Business Revenue and Costs Concession operations for desulfurization, denitrification, and dust removal contributed the highest revenue share, but their gross margin declined due to rising costs 主营业务分行业情况 (Unit: CNY) | 分行业 | 营业收入 | 营业成本 | 毛利率 (%) | 营业收入比上年增减 (%) | 营业成本比上年增减 (%) | 毛利率比上年增减 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 环保工程 | 1,494,606,017.65 | 1,294,890,793.71 | 13.36 | 19.84 | 6.75 | 增加 10.62 个百分点 | | 脱硫脱硝除尘特许经营 | 2,126,237,154.17 | 1,885,225,950.39 | 11.34 | 10.89 | 18.70 | 减少 5.83 个百分点 | | 其他 | 747,972,872.31 | 652,202,500.57 | 12.80 | 64.54 | 86.30 | 减少 10.19 个百分点 | - Following the pandemic, market demand rebounded, leading to a significant increase in the production and sales of the company's denitrification catalysts, with production volume growing by 61.25% and sales volume by 53.29% year-on-year[50] Research and Development Investment In 2021, the company's R&D investment totaled CNY 86.59 million, representing 1.95% of operating revenue, with a significant portion of highly educated R&D personnel 2021年研发投入情况 | 指标 | 金额/比例 | | :--- | :--- | | 研发投入合计 | 86,587,086.12 CNY | | 研发投入总额占营业收入比例 | 1.95% | | 研发投入资本化的比重 | 12.35% | Cash Flow Analysis Operating cash flow significantly increased in 2021 due to improved accounts receivable collection, while investment and financing cash flows saw notable shifts - Net cash flow from operating activities increased by 505.8% year-on-year, primarily due to improved collection of accounts receivable and increased cash received from sales of goods and provision of services during the year[57] Analysis of Assets and Liabilities As of year-end 2021, total assets grew by 9.01%, with significant changes in asset structure driven by increased intangible assets from acquisitions and a substantial reduction in goodwill due to impairment 资产负债表主要项目变动 | 项目名称 | 本期期末数 (CNY) | 上期期末数 (CNY) | 变动比例 (%) | 主要原因 | | :--- | :--- | :--- | :--- | :--- | | 无形资产 | 1,478,763,806.38 | 497,893,414.71 | 197.00 | 并购财信项目导致污水处理特许经营权增加 | | 长期借款 | 1,083,522,558.60 | 365,831,917.80 | 196.18 | 合并财信项目导致长期借款余额增加 | | 其他应付款 | 429,537,233.81 | 128,501,621.01 | 234.27 | 收购财信实业水务项目应付的股权收购款增加 | | 商誉 | 2,030,092.97 | 17,090,163.86 | -88.12 | 控股子公司环保工程公司资产组发生商誉减值 | Analysis of Investment Status The most significant investment was the CNY 648 million acquisition of Caixin Industrial, which expanded water treatment operations and is expected to generate substantial annual profits - The company, through its wholly-owned subsidiary Yuanda Water, acquired 100% equity of Caixin Industrial for CNY 648 million, increasing its water treatment operating capacity to 580,000 tons/day and expecting an average annual additional profit of CNY 34.74 million[74] Discussion and Analysis of Future Development The company plans to pursue a 'Energy Environmental Protection + Environmental Energy' strategy, targeting revenue of CNY 4.625 billion and total profit of CNY 160 million in 2022, while addressing key risks - The company's development strategy is to adhere to the 'Energy Environmental Protection + Environmental Energy' positioning, implement a 'Investment Operation + Engineering Technology Service' dual-core driven approach, aiming to become a leading domestic ecological energy and environmental protection enterprise[84] 2022年预算安排 | 指标 | 目标值 | 同比变化 | | :--- | :--- | :--- | | 营业收入 | 4.625 billion CNY | 增加 188 million CNY | | 利润总额 | 160 million CNY | 增加 55 million CNY | | 净利润 | 110 million CNY | 增加 49 million CNY | | 资产总额 | 11.07 billion CNY | 增加 642 million CNY | - The main risks faced by the company include: recurring pandemic impacts on project construction, the need to enhance R&D capabilities in emerging environmental protection industries, insufficient resource allocation for strategic transformation, high accounts receivable balances, and intensifying market competition[88][89][90][91] Corporate Governance This section details the company's governance structure, compliance with regulations, and the independence of its operations from the controlling shareholder Overview of Corporate Governance The company's corporate governance structure is robust and complies with regulatory requirements, maintaining independence from its controlling shareholder in all key aspects - The company's corporate governance structure is sound, complying with the China Securities Regulatory Commission's 'Guidelines for Corporate Governance of Listed Companies', maintaining independence from its controlling shareholder in personnel, assets, finance, organization, and business[93] Information on Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's board and senior management, with a total remuneration of CNY 8.4281 million paid to them in 2021 - During the reporting period, there were multiple changes among the company's directors, supervisors, and senior management, including the departure of Director and General Manager Xia Gang, Vice General Managers Yue Gang, Huang Qinghua, and Guan Yue; the addition of Guo Feng and Wu Liancheng as directors; and the appointment of Jiang Hao and Liu Zhichun as Vice General Managers[110] - In 2021, the total pre-tax remuneration received by the company's directors, supervisors, and senior management was CNY 8.4281 million[109] Employee Information As of the end of the reporting period, the company had 2,311 employees, primarily in production and technical roles, with over 52% holding bachelor's degrees or higher 员工构成情况 | 类别 | 人数 | 占比 | | :--- | :--- | :--- | | 专业构成 | | | | 生产人员 | 932 | 40.33% | | 技术人员 | 626 | 27.09% | | 行政人员 | 556 | 24.06% | | 财务人员 | 114 | 4.93% | | 销售人员 | 83 | 3.59% | | 合计 | 2,311 | 100% | | 教育程度 | | | | 硕士及以上 | 174 | 7.53% | | 大学本科 | 1,047 | 45.31% | | 大学专科 | 768 | 33.23% | | 中专及以下 | 322 | 13.93% | | 合计 | 2,311 | 100% | Internal Control and Subsidiary Management The company continuously improves its internal control system, with no significant deficiencies found, and effectively manages its subsidiaries, including the newly acquired Caixin Industrial - The company continuously advanced internal control system development, formulating or revising 52 policies during the reporting period, updating the 'Internal Control Self-Assessment Standards' and 'Compliance Manual', with no significant deficiencies identified[125] - The company strengthened control over the newly acquired Caixin Industrial, integrating management through measures such as optimizing organizational structure, establishing performance evaluations, implementing safety standardization, and enhancing cultural promotion[126][127][128][129] Environmental and Social Responsibility This section outlines the company's environmental performance, including pollutant emissions and compliance, as well as its initiatives in fulfilling social responsibilities Environmental Information The company and its subsidiaries are key pollutant-discharging units, with detailed disclosures on emissions and compliance, noting a pre-acquisition environmental violation by a newly acquired subsidiary - Several of the company's water and catalyst subsidiaries are designated as key pollutant-discharging units, with main pollutants including Chemical Oxygen Demand (COD) and ammonia nitrogen; during the reporting period, all units constructed and operated pollution control facilities as required and developed emergency response plans for environmental incidents[133][146][147] - The newly acquired subsidiary Zhaocheng Dake was held criminally and civilly liable by the court for tampering with and fabricating monitoring data prior to its acquisition (June 2020), resulting in fines totaling CNY 517,300; the original shareholder, Caixin Environmental, bore all losses, causing no adverse financial impact on the company[149] Social Responsibility Initiatives The company actively fulfills its social responsibilities by ensuring safe production, achieving zero accidents, promoting corporate culture, and participating in rural revitalization efforts - The company achieved its annual goals of 'zero safety accidents' and 'zero environmental incidents', with a 100% qualified operation rate for concession projects and compliance with emission standards[152] - The company actively participated in rural revitalization, advancing rural domestic sewage treatment projects in Hainan, Hubei, and other regions, and completing consumption-based poverty alleviation efforts totaling nearly CNY 450,000[154] Significant Matters This section covers the company's fulfillment of commitments, significant litigation, related party transactions, and major contracts during the reporting period Fulfillment of Commitments During the reporting period, the company and related parties strictly fulfilled all commitments, including those related to reducing related-party transactions and cash dividends - The company and its controlling shareholder strictly fulfilled commitments regarding regulating related-party transactions and cash dividends during the reporting period[157] Significant Litigation and Arbitration Matters The company was involved in several significant lawsuits, primarily concerning engineering and concession payments, with favorable outcomes or settlements achieved in some cases - The company was involved in multiple significant lawsuits, primarily concerning engineering and concession payments; some cases resulted in favorable judgments or settlements, such as the final victory in the lawsuit against Tianjin Binhai Dingsheng and a settlement with Xinjiang Huadian Changji Thermal Power for outstanding payments, with most funds already received[163][164][165] Significant Related Party Transactions Related party transactions primarily involve daily operations with the controlling shareholder's affiliates, including a significant equity sale and a new investment in an associated company - The company's controlling subsidiary, Yuanda Engineering, transferred equity in three nuclear environmental protection companies (He'an Environmental Protection, Shandong Nuclear Environmental Protection, and Shandong Nuclear Shield) to related party Guodian Nuclear Uranium Industry, with a total transaction price of CNY 37.75055 million, and the transfer was completed during the reporting period[168] - The company invested CNY 30 million to acquire a 10% equity stake in State Power Investment Corporation Group Zero Carbon Neutral Co., Ltd., which was registered and established during the reporting period[172] Significant Contracts and Their Performance During the reporting period, the company and its subsidiaries entered into several significant borrowing contracts, including those for the acquisition of Caixin Industrial and general operating needs - The company provided a merger and acquisition loan financing guarantee of up to CNY 400 million for its wholly-owned subsidiary Yuanda Water's acquisition of Caixin Industrial equity project[186] - The company and its subsidiaries had several significant borrowings during the reporting period, including a CNY 194 million loan from Bank of China for the acquisition of Caixin Water project, and a CNY 300 million revolving credit facility from State Power Investment Corporation Group Finance Company[184][185] Share Changes and Shareholder Information This section details the company's share capital stability and provides an overview of its shareholder structure, including the top ten shareholders Share Capital Changes During the reporting period, there were no changes in the company's total share capital or its share capital structure - During the reporting period, there were no changes in the company's total share capital or its share capital structure[191] Top Ten Shareholders and Top Ten Circulating Shareholders as of the End of the Reporting Period As of year-end 2021, the company had 47,367 shareholders, with the controlling shareholder, State Power Investment Corporation Limited, holding 43.74% of shares 截至报告期末前十名股东持股情况 | 股东名称 | 期末持股数量 (股) | 比例 (%) | 股东性质 | | :--- | :--- | :--- | :--- | | 国家电力投资集团有限公司 | 341,533,307 | 43.74 | 国有法人 | | 重庆市城市建设投资（集团）有限公司 | 66,982,819 | 8.58 | 国有法人 | | 阿拉丁环保集团有限公司 | 12,000,000 | 1.54 | 未知 | | 陈宣炳 | 5,800,000 | 0.74 | 未知 | | 崔建国 | 5,116,386 | 0.66 | 未知 | Preferred Shares Information This section confirms that the company had no preferred shares during the reporting period - During the reporting period, the company had no preferred shares[199] Financial Report This section presents the audited financial statements, including the audit opinion, balance sheet, income statement, and cash flow statement, providing a comprehensive view of the company's financial health Audit Report Daxin Certified Public Accountants issued an unqualified audit opinion on the company's 2021 financial statements, highlighting revenue recognition and accounts receivable impairment as key audit matters - Daxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report[201] - Key Audit Matter One: Revenue Recognition. For environmental engineering revenue, auditors responded by testing internal controls, examining contracts, and recalculating performance progress; for desulfurization (denitrification) electricity price revenue, auditors responded by examining contracts, comparing settlement electricity volumes, and performing confirmations[205][206][207][208][209] - Key Audit Matter Two: Provision for Bad Debts on Accounts Receivable. Given the significant amount of accounts receivable (15.42% of total assets) and the material judgments involved in recognizing bad debt provisions, auditors responded by testing internal controls, reviewing calculation processes, performing confirmations, and examining post-period collections[210][211][212] Financial Statement Summary The financial statements show growth in total assets and equity, driven by acquisitions, with significant improvements in operating cash flow and double-digit growth in revenue and net profit 合并资产负债表摘要 (2021年12月31日) | 项目 | 期末余额 (CNY) | 期初余额 (CNY) | | :--- | :--- | :--- | | 资产总计 | 10,428,354,486.12 | 9,566,445,462.86 | | 负债合计 | 4,851,159,599.36 | 4,061,256,870.62 | | 归属于母公司所有者权益合计 | 5,125,279,399.73 | 5,070,866,292.89 | 合并利润表摘要 (2021年度) | 项目 | 本期发生额 (CNY) | 上期发生额 (CNY) | | :--- | :--- | :--- | | 营业总收入 | 4,438,095,725.56 | 3,678,237,668.73 | | 利润总额 | 105,403,908.60 | 75,418,798.97 | | 净利润 | 61,306,506.36 | 40,635,120.41 | | 归属于母公司股东的净利润 | 52,778,613.50 | 26,333,315.94 | Bond-Related Information This section confirms that the company had no corporate bonds, company bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds, company bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[736][737]