SFX(SH:600370)2022-03-28 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥19.48 billion, representing a 19.51% increase compared to ¥16.30 billion in 2020[25]. - The net profit attributable to shareholders for 2021 was approximately ¥629.72 million, a 12.63% increase from ¥559.12 million in 2020[25]. - The net profit after deducting non-recurring gains and losses increased by 131.36% to approximately ¥637.96 million from ¥275.74 million in 2020[25]. - The company's total assets decreased by 8.63% to approximately ¥11.58 billion at the end of 2021, down from ¥12.68 billion at the end of 2020[25]. - The net cash flow from operating activities for 2021 was negative at approximately -¥72.69 million, a significant decrease from ¥613.68 million in 2020, reflecting increased cash payments for goods and services[25]. - Basic earnings per share for 2021 were ¥0.1676, a 9.61% increase from ¥0.1529 in 2020[27]. - The weighted average return on equity for 2021 was 10.45%, an increase of 0.24 percentage points from 10.21% in 2020[27]. - The company reported a quarterly revenue of approximately ¥5.61 billion in Q4 2021, with a net profit of approximately ¥199.55 million[30]. Dividend Policy - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares, totaling 584,450,951.40 RMB for the year 2021[6]. - The company does not plan to issue bonus shares or convert reserves into share capital for the year 2021[6]. - The company has established a stable and scientific dividend return mechanism, ensuring continuity and stability in its dividend policy[186]. - The board of directors' proposal for the 2021 dividend distribution is subject to approval at the annual general meeting[186]. - The company has adhered to the cash dividend policy and has provided clear and transparent standards for dividend distribution[187]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[5]. - The financial report has been signed and stamped by the responsible persons, ensuring its authenticity[5]. - The internal control system has been continuously improved and refined, enhancing decision-making efficiency and ensuring compliance and asset safety[192]. - The company received a standard unqualified opinion in the internal control audit report for 2021, conducted by Da Hua Certified Public Accountants[192]. - The company has actively engaged in self-inspection of corporate governance, leading to improvements in governance standards and operational compliance[192]. Risk Management - The company has outlined potential risks in the report, advising investors to pay attention to these risks[8]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and strategies[7]. - The company faces operational performance fluctuation risks due to changes in downstream industry demand, raw material prices, and product pricing, which could lead to a decline in performance and short-term liquidity issues[142]. - Raw material price volatility poses a significant risk, particularly influenced by crude oil prices and market supply-demand dynamics, with uncertainty in procurement costs since 2020 due to international oil price fluctuations[142]. - Environmental protection measures have been implemented, but the company still faces risks related to potential environmental incidents and increasing compliance costs[142]. Market and Industry Position - The company is recognized as a leading enterprise in the domestic bottle-grade polyester chip market, with significant production capacity and a strong reputation among major clients[43]. - The domestic market for bottle-grade polyester chips is expanding, with China becoming a net exporter as overseas demand recovers[43]. - The PTA industry is experiencing increased concentration, with new capacities being large-scale and technologically advanced, reducing the profitability of outdated capacities[43]. - The company has planned expansion projects for bottle-grade polyester chips and PTA to enhance its competitive strength in the industry[43]. - The company benefits from self-produced PTA, which helps maintain lower production costs and better industry profits[130]. Research and Development - The company’s R&D expenses increased by 18.97% to CNY 9,384,692.14, reflecting its commitment to innovation[52]. - The number of R&D personnel is 37, accounting for 1.55% of the total workforce[79]. - The company is committed to continuous innovation and product development to meet market demands and improve profitability[137]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with seven subsidiaries including XinYuan Thermal Power and HaiLun Petrochemical[195]. - The total approved discharge amount for the company is 432 tons/year, with actual discharge in 2021 being 60.22 tons, which is below the approved concentration of 200 mg/l[195]. - The company has implemented a comprehensive wastewater treatment process, ensuring compliance with national and local discharge standards[198]. - Pollution control facilities have been constructed and are operating normally, ensuring efficient and stable pollutant treatment[199]. - The company has established an emergency response plan for environmental incidents, ensuring rapid and effective handling of such events[200]. Governance and Management - The company maintains independent operations with clear asset ownership and a complete financial management system, ensuring no interference from the controlling shareholder[148]. - The company has established an independent personnel management system, with all senior management receiving compensation directly from the company[148]. - The company has a robust governance structure in place, with legal oversight during shareholder meetings[153]. - The company has established independent financial decision-making processes, with no interference from the controlling shareholder[148]. - The company has a total of 70,000 shares held by a vice president, with no changes in shareholding during the reporting period[156].