Qinghai Spring(SH:600381)2022-04-25 16:00Financial Performance - The net profit attributable to the parent company for 2021 was -248,610,919.96 RMB, compared to -319,544,170.76 RMB in 2020, showing an improvement [4]. - The total revenue for 2021 was 127,764,006.01 RMB, a 2.81% increase from 124,266,266.02 RMB in 2020 [20]. - The basic earnings per share for 2021 was -0.42 RMB, an improvement from -0.54 RMB in 2020 [21]. - The cumulative distributable profits for the parent company at year-end were -1,897,160,340.87 RMB, indicating significant historical losses [4]. - The company did not propose any profit distribution for 2021 due to the negative retained earnings [4]. - The net profit attributable to shareholders was a loss of CNY 248.61 million, with a narrowed loss compared to the previous year [31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 228.95 million, also showing a reduced loss compared to the previous year [31]. - The company reported a net loss of CNY 1,897,160,340.87 for 2021, compared to a net loss of CNY 1,713,697,697.41 in 2020, indicating a worsening of approximately 11% [198]. Assets and Liabilities - The company's total assets decreased by 16.23% to 1,848,120,872.11 RMB at the end of 2021, down from 2,206,170,959.18 RMB in 2020 [21]. - The company's net assets attributable to shareholders decreased by 12.02% to 1,820,480,500.91 RMB at the end of 2021 [21]. - The total liabilities were CNY 27,640,371.20, down from CNY 137,079,538.31, indicating a significant decrease of approximately 79.8% [193]. - The total equity attributable to shareholders decreased to CNY 1,820,480,500.91 from CNY 2,069,091,420.87, a decline of about 12.0% [194]. - The company's cash and cash equivalents decreased to CNY 164,940,911.51 from CNY 180,873,792.77, a decline of approximately 8.3% [192]. - The company's inventory decreased to CNY 337,322,985.22 in 2021 from CNY 401,569,038.95 in 2020, indicating a reduction of approximately 16% [197]. Cash Flow - The cash flow from operating activities for 2021 was -63,933,807.38 RMB, compared to -77,950,989.64 RMB in 2020, indicating a reduction in cash outflow [20]. - The company reported a net cash flow from operating activities of CNY 12.46 million in the fourth quarter, contrasting with negative cash flows in previous quarters [23]. - The cash flow from investment activities showed a significant improvement, with a net inflow of 48.66 million yuan compared to a net outflow of 18.14 million yuan in the previous year [48]. Revenue Segments - The company is focusing on expanding its fast-moving consumer goods (FMCG) segment, particularly in the high-end liquor market [30]. - The sales revenue from the "Tinghua" series of liquor reached 25.39 million yuan, representing a year-on-year growth of 50.51% [35]. - The revenue from traditional Chinese medicine reached ¥3,073.17 million, with a gross margin of 75.24%, an increase of 657.83% year-on-year [72]. - The company reported a revenue of 95.46 million yuan from its traditional health product segment, showing a year-on-year increase of 6.25% [36]. Research and Development - The company has made significant breakthroughs in brewing theory and technology for its new product line, the "Shengjin Baijiu" series [31]. - The company has developed a new brewing theory that activates both the sympathetic and parasympathetic nervous systems, aiming to reduce the harmful effects of alcohol [44]. - The company’s R&D expenses were ¥9,538,458.61, representing 7.47% of total revenue, with no capitalized R&D expenditures [61]. Market and Competition - The company has outlined potential risks in its future development plans, urging investors to be aware of these risks [7]. - The company acknowledges potential risks from policy changes, market competition, and internal management, and plans to mitigate these through improved decision-making and quality control [94]. - The company is actively expanding its market presence despite challenges posed by the pandemic, focusing on consumer engagement and channel development [35]. Corporate Governance - The company has established a comprehensive internal governance system to ensure the protection of shareholder rights and sustainable development [98]. - The supervisory board consists of three members, ensuring compliance with the company's articles of association and effective oversight of operations and financial matters [99]. - The company received a B rating for its information disclosure practices from the Shanghai Stock Exchange, with no incidents of insider trading reported during the reporting period [100]. Environmental Responsibility - Environmental protection measures include the construction of wastewater treatment facilities, with all facilities operating normally and meeting discharge standards [135]. - The company has implemented measures to reduce carbon emissions by improving energy efficiency and utilizing clean energy sources [139]. - The company actively participated in environmental protection activities, including World Environment Day, promoting the theme of "Harmony between Man and Nature" [138].