MIHF(SH:600337)2022-04-27 16:00Financial Performance - The company achieved a net profit attributable to shareholders of the parent company of ¥228,956,462.72 in 2021, with total distributable profits amounting to ¥2,327,388,974.81[5]. - The company did not distribute cash dividends or bonus shares for the 2021 fiscal year, opting to carry forward the distributable profits to the next year[6]. - Cumulative cash dividends paid from 2019 to 2021 accounted for 308.84% of the average annual distributable profits over the last three years, exceeding the required 30%[6]. - The company achieved operating revenue of RMB 5.28 billion in 2021, a year-on-year increase of 15.40%[22]. - Net profit attributable to shareholders was RMB 229 million, a decrease of 25.28% compared to 2020[22]. - The net profit after deducting non-recurring gains and losses was RMB 194 million, an increase of 92.30% year-on-year[22]. - The net cash flow from operating activities reached RMB 795 million, up 27.96% from the previous year[22]. - The company's total assets increased by 32.25% to RMB 9.96 billion at the end of 2021 compared to the end of 2020[22]. - The basic earnings per share decreased by 21.05% to RMB 0.15 in 2021[23]. - The weighted average return on net assets was 5.33%, down 1.40 percentage points from 2020[24]. Business Operations - Domestic retail business revenue was RMB 3.57 billion, a growth of 9.04% year-on-year, while international business revenue reached RMB 1.66 billion, up 31.48%[32]. - The company launched the Markor Light brand, contributing to growth in the high-end market segment[32]. - The digital marketing business focused on platforms like WeChat and Douyin, enhancing the company's multi-channel value[32]. - The company established a core management mechanism in 22 cities, enhancing its direct sales business and expanding into the mid-to-high-end market, resulting in a cumulative visitor count of 225,000 at the Beijing experience center since its opening in March 2021[34]. - Digital marketing sales grew by 63% year-on-year, with e-commerce sales increasing by 32%, and store visitors reached nearly 16 million, maintaining a 15% increase in traffic[35]. - The company opened 155 new franchise stores in 2021, bringing the total to 352, representing a 107% year-on-year increase in new store openings[36]. - The company achieved a 73% year-on-year increase in written orders for its high-end custom business, totaling 190 million yuan in 2021[37]. - The Markor Light brand launched in April 2021 generated an online GMV of 33.47 million yuan within six months, accounting for over 10% of total store sales[38]. - Supply chain costs decreased by 1.5 percentage points year-on-year, effectively mitigating the impact of rising material prices[39]. - The international business unit achieved a 31.48% year-on-year sales growth despite challenges from the pandemic and supply chain issues[40]. Research and Development - The company has over 3,000 domestic and international trademarks and 3,774 authorized patents, including 3,676 design patents[52]. - Total R&D investment amounted to 106.78 million yuan, which is 2.02% of operating revenue[76]. - The proportion of capitalized R&D investment was 0.66% of total R&D expenditure[76]. - The company employed 401 R&D personnel, making up 3.74% of the total workforce[77]. - Research and development expenses rose by 13.57% to ¥77,803,010.75, reflecting the company's ongoing commitment to product development[62]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, and has established four specialized committees to enhance governance and oversight[124]. - The company has implemented a combination of short-term and long-term incentive mechanisms for senior management to promote performance growth and employee income[125]. - The company held 13 board meetings in 2021, ensuring fair treatment of all shareholders and maintaining a focus on corporate governance and decision-making[124]. - The company has established a robust investor relations management system to protect investor rights and facilitate effective communication through various channels[127]. - The company maintains independence from its controlling shareholder, ensuring separation in personnel, assets, and financial operations[127]. Environmental Responsibility - The company has been recognized as a key pollutant discharge unit in Tianjin, highlighting its environmental responsibilities[165]. - Tianjin Meike installed 5 sets of GC-FID detectors for real-time monitoring of VOC emissions, ensuring compliance with the Tianjin industrial VOC emission standards[167]. - The company achieved an A-level environmental performance rating from the Ministry of Ecology and Environment during the heavy pollution weather performance review in 2021[174]. - The company has established a solid waste management system, ensuring all hazardous waste is disposed of by qualified units, with proper documentation and government oversight[168]. - The company has implemented a green supply chain management model, focusing on raw material substitution, process control, and end-of-pipe treatment to achieve low carbon emissions[174]. Market Trends and Future Outlook - The demand for high-end furniture is expected to grow at a rate of over 15% annually, driven by the middle class and above[104]. - The global furniture market is projected to grow from 120.4 billion USD in 2022 to 145.5 billion USD by 2026, representing a five-year growth rate of 20.8%[105]. - The online sales share of the global furniture market is expected to increase annually from 2021 to 2027, with e-commerce becoming a new growth engine[106]. - The company aims for a revenue target of 6.8 billion yuan and operating costs of 6.35 billion yuan for 2022[115]. - The company plans to enhance its digital capabilities and online marketing strategies to improve operational efficiency[111]. Risk Management - The company emphasizes risk management in procurement by diversifying suppliers across different regions to mitigate geopolitical risks[95]. - The company recognizes the risks of rising raw material prices and will seek to mitigate these through improved supplier relationships and material substitution[117]. - The company faces risks in logistics and transportation due to varying pandemic control policies, which may affect timely delivery rates; it plans to enhance insurance for transportation assets and strengthen partnerships with third-party logistics companies[118].