XTAD(SH:600359)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 685,361,129.68, representing a 23.22% increase compared to CNY 556,230,065.25 in 2020[18]. - The net profit attributable to shareholders of the listed company was CNY 40,911,517.95, a 6.98% increase from CNY 38,241,556.44 in the previous year[18]. - The net profit after deducting non-recurring gains and losses reached CNY 26,525,752.04, a significant increase of 1,772.28% compared to CNY 1,416,760.68 in 2020[18]. - The net cash flow from operating activities was CNY 86,835,964.57, up 6.97% from CNY 81,179,775.35 in 2020[18]. - The total assets at the end of 2021 were CNY 1,842,949,365.97, reflecting a 5.20% increase from CNY 1,751,879,686.69 at the end of 2020[18]. - The net assets attributable to shareholders of the listed company increased by 4.42% to CNY 515,783,622.46 from CNY 493,959,150.11 in 2020[18]. - Basic earnings per share for 2021 were CNY 0.11, a 10.00% increase from CNY 0.10 in 2020[19]. - The weighted average return on equity was 8.10%, slightly down by 0.06 percentage points from 8.16% in 2020[19]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, with a return on equity of 5.25%, up 4.95 percentage points from 0.30% in 2020[19]. Revenue Sources and Sales - Revenue for 2021 reached 685 million RMB, with main business income contributing 667 million RMB[25]. - The company’s revenue sources include dairy products, cotton seeds, and licorice products[25]. - The company produced 11,094.39 tons of cotton and 23,354.30 tons of liquid milk during the reporting period[32]. - The company sold 13,482.25 tons of cotton and 23,232.92 tons of liquid milk in 2021[32]. - The company achieved a 72.60% increase in cotton seed sales revenue, with a gross margin of 71.25%[36]. - Liquid milk sales volume increased by 4.89%, contributing to the overall revenue growth[34]. Operating Costs and Expenses - Operating costs increased to ¥511.41 million, reflecting a 22.09% rise due to increased sales volume of liquid milk and cotton products[34]. - The total manufacturing costs for the year amounted to CNY 505,686,043.60, representing a 22.24% increase compared to the previous year's CNY 413,672,267.99[41]. - Research and development expenses surged by 97.60% to ¥13.05 million, indicating a significant increase in technology investment[33]. - The company reported a significant increase in full-fat milk segment costs, with a 65.72% rise in total costs compared to the previous year[42]. Cash Flow and Financing - The company reported a net cash flow from financing activities of ¥83.52 million, a 150.91% increase, primarily due to increased borrowings and investments[33]. - The investment cash flow turned negative at -¥119.83 million, reflecting significant capital expenditures on new projects[33]. - Cash inflow from financing activities was RMB 818,145,876.32, with a net cash flow of RMB 83,518,808.18, reversing from a net outflow of RMB 164,039,934.48 in 2020[167]. - The company received RMB 728,445,876.32 in borrowings in 2021, an increase from RMB 520,000,000.00 in 2020[167]. Market and Industry Outlook - The dairy industry is expected to enter a stable development period due to increasing consumer awareness of nutritional value[26]. - The dairy industry is recovering significantly post-pandemic, with government support for the dairy sector and new consumption channels emerging, such as online transactions[62]. - The seed processing and sales industry is facing challenges due to declining planting areas and faster seed renewal rates[26]. - The seed processing and sales industry is facing intensified competition due to an oversupply of seeds and the new Seed Law aimed at market fairness and protection[62]. Research and Development - The company invested CNY 13,045,377.87 in R&D, which accounts for 1.90% of total revenue[45]. - The number of R&D personnel is 53, making up 9.40% of the total workforce[46]. - The company aims to enhance its research and development efforts to support new product launches in the upcoming fiscal year[176]. Governance and Compliance - The company strictly adheres to corporate governance regulations, ensuring transparency and compliance with laws, with no instances of false records or misleading statements reported[73]. - The board of directors operates independently, with all members fulfilling their responsibilities diligently, and independent directors play a significant role in major decision-making processes[75]. - The company has established specialized committees within the board, enhancing decision-making efficiency and compliance with governance standards[75]. - The company has committed to timely and accurate information disclosure, ensuring all shareholders have equal access to information[76]. Shareholder and Executive Information - The total compensation for the executives listed amounts to 345.89 million yuan for the reporting period[80]. - The company has seen no significant changes in shareholdings among its directors and supervisors during the reporting period[80]. - The company held multiple shareholder meetings throughout 2021, with key resolutions passed including financial support for subsidiaries and adjustments to independent director compensation[78]. - The total number of employees in the parent company and major subsidiaries is 571, with 32 in the parent company and 539 in subsidiaries[95]. Financial Position and Assets - Total assets amounted to 1.843 billion RMB, with net assets of 528 million RMB, and net profit of 45.39 million RMB for the year 2021[25]. - The company's intangible assets increased by 230.26% to ¥119,293,057.52, mainly due to the reclassification of construction in progress[50]. - The total liabilities increased to CNY 1,315,341,214.74 in 2021 from CNY 1,269,739,624.33 in 2020, reflecting a growth of approximately 3.6%[153]. - The company's total equity increased to CNY 527,608,151.23 in 2021 from CNY 482,140,062.36 in 2020, a growth of approximately 9.4%[153].