WZJT(SH:600368)2022-03-30 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,830,660,433.50, an increase of 6.25% compared to CNY 1,722,894,807.58 in 2020[19]. - Net profit attributable to shareholders increased by 24.37% to CNY 701,738,628.22 from CNY 564,253,591.67 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 168.39% to CNY 594,956,334.62, compared to CNY 221,676,560.09 in 2020[21]. - Cash flow from operating activities increased by 105.81% to CNY 1,599,001,011.86, up from CNY 776,929,936.95 in 2020[21]. - Basic and diluted earnings per share rose by 24.36% to CNY 0.6234, compared to CNY 0.5013 in 2020[20]. - The weighted average return on equity increased by 1.49 percentage points to 13.85% from 12.36% in the previous year[20]. - The company's total revenue for 2021 was 1.831 billion RMB, an increase of 6.25% year-on-year, with toll revenue rising by 33.32% to 1.216 billion RMB, while logistics trade revenue decreased by 10.14% to 501 million RMB[40]. - The net profit for 2021 was 700 million RMB, reflecting a year-on-year increase of 24.77%, and the net profit attributable to the parent company was 702 million RMB, up 24.37% year-on-year[41]. Dividend and Retained Earnings - The company plans to distribute a cash dividend of 1.88 yuan per 10 shares, totaling 211,618,828.78 yuan, with a cash dividend ratio of 30.16%[6]. - As of December 31, 2021, the company has retained undistributed profits amounting to 2,833,152,035.75 yuan[6]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[4]. - The board of directors and management have confirmed the accuracy and completeness of the financial report[5]. - The company is committed to ensuring the financial report's authenticity, accuracy, and completeness[5]. - The company has not violated decision-making procedures for external guarantees[8]. - There are no significant risks or non-operating fund occupation by controlling shareholders reported[8]. - The company has not disclosed any major risk warnings in the report[8]. Operational Highlights - The increase in operating revenue was primarily due to the normalization of toll fees after the impact of COVID-19 in the previous year[21]. - In 2021, the company achieved operating revenue of 1.831 billion yuan, exceeding the annual target of 1.45 billion yuan by 126.25%[30]. - The total profit reached 808 million yuan, surpassing the annual target of 600 million yuan by 134.63%[30]. - Toll revenue for 2021 was 1.2157711 billion yuan, a year-on-year increase of 33.32%[35]. - The Jin Qiao Logistics Park achieved a revenue growth of 13.55% in 2021, with cold storage revenue increasing by 20.24%[35]. Strategic Initiatives - The company plans to leverage its unique position as the only publicly listed toll road operator in Guangxi to expand its business[33]. - The company is focusing on upgrading logistics parks and enhancing service quality to increase customs revenue and profits[69]. - The company plans to enhance highway service area operations, property management, and traffic technology as part of its dual-core strategy focusing on highways and logistics[68]. - The company aims to improve toll station efficiency and public satisfaction while expanding its road-related economic activities[69]. Market and Competition - The company faces competition from the expanding high-speed rail network, which may impact highway traffic volumes[66]. - The company recognizes opportunities from the integration with the Guangdong-Hong Kong-Macao Greater Bay Area and the development of the Western Land-Sea New Corridor[66]. - The company is facing increased market competition due to the growing number of logistics parks in Nanning and Pingxiang, leading to a more challenging environment for cold storage projects[71]. Governance and Management - The company has established a comprehensive corporate governance structure, ensuring clear responsibilities among its decision-making and supervisory bodies[74]. - The company has implemented a performance evaluation and incentive mechanism to assess annual performance and determine compensation for management[76]. - The company emphasizes maintaining the rights of stakeholders, including shareholders, creditors, and employees, while seeking policy support from local governments[77]. - The controlling shareholder, Guangxi Jiaotong Group, has committed to avoiding competition with the company by not participating in similar business activities and will communicate with the company regarding any competitive projects[78]. Legal Matters - The company is involved in multiple significant litigation and arbitration matters, indicating ongoing legal challenges[141]. - The company is involved in multiple loan contract disputes with various entities, indicating potential financial strain or operational challenges[142]. - The company has disclosed ongoing litigation and arbitration cases, which may impact its financial stability and future performance[143]. - The company is currently involved in multiple legal disputes, with various amounts claimed and court rulings issued[145]. Employee and Training Initiatives - The company’s training program achieved a 100% coverage rate for management personnel, with an average of over 90 training hours per person[118]. - The company held two employee representative meetings in 2021, addressing 11 employee proposals, resulting in increased employee satisfaction and cohesion[123]. Financial Position and Assets - The company has a total of 12 directors and supervisors, with varying levels of remuneration, the highest being 688,300 CNY for the chairman[80]. - The company has retained Rongcheng Accounting Firm for auditing services, with a fee of 650,000 yuan for the annual audit[140]. - The company has a total accounts receivable balance of ¥1,686,403,933.37, with a bad debt provision of ¥375,099,019.60[199]. - The balance of loans and advances issued was ¥136,571,366.06, with a loan impairment provision of ¥99,153,222.10[199].