WanXiang Doneed (SH:600371)2022-04-18 16:00Financial Performance - In 2021, the company's operating revenue was CNY 221,697,131.31, a decrease of 7.65% compared to CNY 240,058,209.59 in 2020[18]. - The net profit attributable to shareholders was CNY 37,947,664.82, down 31.26% from CNY 55,200,627.41 in the previous year[18]. - The basic earnings per share decreased to CNY 0.13, down 31.58% from CNY 0.19 in 2020[19]. - The weighted average return on equity was 7.24%, a decrease of 3.63 percentage points compared to 10.87% in 2020[19]. - The gross profit margin for the main business was 50.25%, an increase of 2.1 percentage points year-on-year[62]. - The company achieved operating revenue of ¥221,697,131.31, a decrease of 7.65% year-on-year[58]. - The net profit attributable to the parent company was ¥37,947,664.82, down 31.26% compared to the previous year[58]. - The main reason for the decline in revenue was a decrease in sales volume due to ongoing adjustments in product structure[59]. - The company completed sales revenue of 221.70 million yuan and a profit of 42.56 million yuan in 2021, with a decline attributed to a decrease in overall variety sales[84]. Cash Flow and Investments - The net cash flow from operating activities was CNY 91,583,248.67, a significant recovery from a negative cash flow of CNY -15,190,511.33 in 2020[18]. - The company’s investment activities generated a net cash outflow of ¥2,517,497.84, a decrease of 115.93% compared to the previous year[59]. - The total R&D investment amounted to 13,771,171.22 yuan, representing 6.21% of operating revenue[68]. Seed Production and Sales - In 2021, the company achieved a seed production of approximately 14 million kilograms, an increase of 27% compared to the previous year[29]. - The company implemented a seed production area of 13,700 acres, a decrease of 49.7% year-on-year, effectively alleviating inventory pressure[28]. - The sales volume of seeds reached 15.61 million kilograms, a decline of 15% from the previous year, with new varieties showing growth but older varieties declining[30]. - The company produced 1,478.73 million kg of hybrid corn, while sales volume was 1,561.27 million kg, reflecting a decrease of 14.58% year-on-year[63]. Research and Development - The company is focusing on enhancing its research and development capabilities, with eight corn varieties passing national approval during the reporting period[26]. - The company is committed to improving its research and development capabilities while strengthening the tracking of cooperative developments and new varieties[96]. - The company has 22 R&D personnel, accounting for 12% of the total workforce[69]. Market Position and Strategy - The company has established a strong market position as a national high-tech enterprise and a key player in the seed industry, with a reputation for high-quality seeds[51]. - The company is enhancing its competitive edge through strategic adjustments, increasing research collaborations, and optimizing sales channels to better serve farmers[54]. - The company is focusing on value marketing and enhancing service support to improve customer satisfaction and brand reputation[57]. - The company is developing a premium strategy to enhance seed quality and increase added value through technical services[96]. Governance and Compliance - The company has held 3 shareholder meetings and 7 board meetings during the reporting period, ensuring compliance with governance regulations[100][102]. - The company strictly adhered to the regulations regarding insider information management, ensuring no leaks occurred during the reporting period[107]. - The company has not faced any penalties from securities regulatory agencies in the past three years[121]. - The company has not encountered any non-compliance issues with its major shareholders or actual controllers during the reporting period[163]. Shareholder and Board Matters - The company appointed Wang Zheng as the new General Manager on March 16, 2022[115]. - The company has seen a leadership change with several resignations due to work adjustments and personal reasons[115]. - The total remuneration for all directors, supervisors, and senior management was 1.9344 million yuan before tax[119]. - The company has a remuneration decision-making process for directors and supervisors that is determined by the shareholders' meeting[118]. Financial Position - Total assets at the end of 2021 were CNY 763,903,850.20, an increase of 2.36% from CNY 746,279,032.47 in 2020[18]. - The total current assets reached RMB 545,149,484.33, compared to RMB 513,252,399.03 in the previous year, indicating an increase of about 6.2%[199]. - The company's total liabilities were RMB 180,554,129.47, up from RMB 168,897,461.36 in 2020, representing an increase of approximately 5.5%[200]. - Cash and cash equivalents stood at RMB 412,772,467.13, an increase from RMB 359,964,516.30 in 2020, marking a growth of approximately 14.7%[199].