TYPICAL(SH:600302)2022-04-27 16:00Financial Performance - The company's net profit attributable to shareholders for 2021 was -94,679,097.83 RMB, a decrease of 166.95% compared to the previous year[7]. - Operating revenue for 2021 reached 1,683,660,813.81 RMB, representing a 34.07% increase from 2020[22]. - The net profit attributable to shareholders was -95 million RMB, a shift from profit to loss, primarily due to significant credit impairment losses from overdue accounts receivable in the supply chain business[52]. - The basic earnings per share for 2021 was -0.27 RMB, a decline of 165.85% from 2020[23]. - The diluted earnings per share for 2021 was -0.27 RMB, a decrease of 165.85% compared to the previous year[24]. - The company reported a significant increase in contract liabilities, rising to CNY 73,330,759.27 from CNY 20,705,465.23, an increase of about 253.0%[193]. - The company reported a total comprehensive loss of ¥89,707,516.13 for 2021, compared to a comprehensive income of ¥141,295,098.72 in 2020[199]. Assets and Liabilities - The total assets as of December 31, 2021, amounted to 2,141,442,424.48 RMB, an increase of 1.25% from the previous year[22]. - The company's total assets increased to ¥1,843,299,380.45 in 2021 from ¥1,599,397,478.01 in 2020, marking a growth of approximately 15.3%[196]. - Total liabilities rose to ¥782,307,581.99 in 2021, compared to ¥415,283,885.17 in 2020, representing an increase of about 88.1%[196]. - The company's equity decreased to ¥1,060,991,798.46 in 2021 from ¥1,184,113,592.84 in 2020, a decline of approximately 10.4%[196]. Cash Flow and Dividends - The cash flow from operating activities for 2021 was 94,222,805.88 RMB, a significant improvement of 129.41% compared to the previous year[22]. - The company will not implement cash dividends for 2021 due to the negative net profit and the audit report issued with emphasis by the accounting firm[7]. - The company implemented a cash dividend of 17.3 million yuan for the 2020 fiscal year, reflecting its commitment to returning value to investors[36]. Operational Strategy and Market Position - The company implemented a "1+7" business model, focusing on enhancing core capabilities in seven areas including equipment and service innovation[31]. - The company aims to expand its market presence by integrating resources and forming a direct sales team in the garment industry[32]. - The company is transitioning from a single equipment supplier to a comprehensive solution provider in the environment and apparel sector, focusing on system solutions and services[82]. - The company has a diversified brand portfolio, including "Standard," "Witton," and "Hailing," which supports strong resource synergy capabilities across various markets[51]. Research and Development - The company received 43 authorized patents and completed the acceptance of the "Intelligent Sewing Equipment Collaborative Innovation Research Institute" project, enhancing its technological innovation capabilities[35]. - Research and development expenses totaled approximately ¥38.30 million, accounting for 2.28% of total revenue[62]. - The company launched multiple new products in multi-motor drive control technology and enhanced puncture capabilities, achieving profitability in both R&D and sales for the automotive sunshade curtain automatic sewing solution[34]. Governance and Compliance - The company held 5 supervisory board meetings during the reporting period, ensuring compliance and oversight of financial conditions[94]. - The company adheres to strict information disclosure regulations, ensuring timely and accurate reporting to shareholders[94]. - The company reported no significant differences in governance compared to regulatory requirements[95]. - The company has not faced any significant changes in competition or business independence from its controlling shareholders[95]. Risks and Challenges - The company has faced various operational risks, which are detailed in the management discussion section of the report[9]. - The company is facing external challenges such as high commodity prices, shipping and exchange rate impacts, and ongoing global financial risks[44]. - The company faces risks from industry competition, market fluctuations, and reliance on exports, with approximately 50% of products sold overseas[85]. - High accounts receivable and inventory levels pose financial risks, prompting the company to implement strict inventory control measures[88]. Future Outlook - The company anticipates a downward trend in industry economic development for 2022 compared to 2021 due to high base effects and reduced market rebound strength[77]. - The 2022 operational targets include revenue of 1.9 billion yuan, with traditional sewing business target at 750 million yuan and supply chain business target at 1.15 billion yuan[84]. - Future outlook remains positive, with expectations of continued market demand and expansion opportunities[102].