COSCO SHIPPING Specialized(SH:600428)2022-03-30 16:00Financial Performance - The company's operating revenue for 2021 was ¥8,753,429,968.02, representing a 24.33% increase compared to ¥7,040,313,890.75 in 2020[27]. - The net profit attributable to shareholders for 2021 was ¥300,327,167.59, a significant increase of 139.38% from ¥125,461,003.45 in 2020[27]. - The net cash flow from operating activities for 2021 was ¥1,685,628,598.08, up 29.21% from ¥1,304,615,147.74 in 2020[27]. - The total assets at the end of 2021 were ¥22,934,439,442.74, reflecting a 6.29% increase from ¥21,576,529,677.65 at the end of 2020[27]. - The basic earnings per share for 2021 was ¥0.140, which is a 139.38% increase compared to ¥0.058 in 2020[27]. - The weighted average return on equity for 2021 was 3.13%, an increase of 1.82 percentage points from 1.31% in 2020[27]. - The company reported a net profit of ¥267,468,435.72 in Q3 2021, showing strong quarterly performance[30]. - The company received government subsidies amounting to ¥6,916,194.99 in 2021, primarily from tax refunds and training subsidies[31]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥280,595,823.18 in 2021[27]. Dividends and Shareholder Information - The company plans to distribute cash dividends of RMB 0.50 per share, totaling RMB 107,332,538.55 based on a total share capital of 2,146,650,771 shares as of December 31, 2021[6]. - The company has not disclosed any significant changes in shareholder structure or share capital during the reporting period[9]. Audit and Compliance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[5]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[5]. - The company is committed to ensuring the financial report's truthfulness, accuracy, and completeness as stated by its responsible personnel[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not faced any issues with more than half of the board members being unable to guarantee the report's authenticity[8]. Risk Management - The company has detailed potential risks in the management discussion and analysis section of the report[8]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[7]. - The company recognizes risks from economic downturns, including potential impacts from the ongoing COVID-19 pandemic and geopolitical tensions[104]. - The company has been actively managing foreign exchange risk exposure, which has been decreasing over the past two years[105]. Operational Highlights - The company's revenue from its multipurpose fleet reached RMB 2.924 billion, an increase of 30.61% year-on-year, while the heavy-lift fleet generated revenue of RMB 4.5 billion, up 35.83% year-on-year[38]. - The total number of vessels owned and controlled by the company and its subsidiaries increased to 102, a 0.6% rise year-on-year, with a total deadweight tonnage of 3.187 million tons, an increase of 234,000 tons[38]. - The average charter rates for multipurpose vessels and heavy-lift vessels increased significantly, with multipurpose vessels averaging USD 23,354 per day, up 136.1% year-on-year[38]. - The company aims to transform into a "global leading special ship company" and enhance operational efficiency through digital transformation and technological innovation[38]. Market Trends and Projections - In 2021, the global shipping trade volume reached 1.2 billion tons, a 3.2% increase compared to 2020, with a 2.9% growth in global fleet capacity[38]. - The automotive shipping trade volume increased by approximately 11% globally, with China's automotive production and sales reaching 26.275 million vehicles, a year-on-year growth of 3.4%[38]. - The global shipping market is expected to benefit from economic recovery, with a projected growth of 3.8% in global shipping trade volume for 2022[92]. - The multi-purpose and heavy-lift vessel market is anticipated to continue its growth trajectory, supported by increased infrastructure investment and demand from the RCEP trade agreement[93]. Corporate Governance - The company has established a comprehensive corporate governance system to enhance transparency and communication with investors[111]. - The company received multiple awards for its investor relations management, including the "Golden Bull Investor Relations Management Award" in 2021[111]. - The company has maintained a consistent leadership structure with no significant changes in management personnel during the reporting period[118]. - The company has no dissenting opinions from the board regarding company matters during the reporting period[144]. Employee and Talent Management - The total number of employees in the company is 3,646, including 2,138 crew members and 1,508 shore-based personnel[149]. - The company has 135 employees with a master's degree or above, 1,145 with a bachelor's degree, and 1,103 with an associate degree[149]. - The company implemented a talent cultivation system, establishing a "four-three-three-three" framework, targeting 403 personnel for comprehensive assessment[156][158]. - A total of 100 training sessions were organized during the reporting period, with 2,162 participants and a total duration of 27,898 hours[160]. Environmental and Social Responsibility - The company strictly adheres to environmental regulations, ensuring compliance with international conventions and managing waste emissions effectively during operations[179]. - The company is committed to continuous improvement in governance and internal controls to support sustainable and high-quality growth[176]. - The company actively promotes energy-saving culture and training among employees to foster participation in environmental protection initiatives[184]. - The company invested nearly 200,000 yuan in a hydropower station project, expected to generate over 300,000 yuan annually for the village collective[186]. Strategic Investments and Acquisitions - The company established a subsidiary in Singapore, China COSCO Shipping Special Transportation (Southeast Asia) Co., Ltd., with an initial investment of $700,000 to enhance its global operations[80]. - The company completed the construction of the "COSCO Shipping Tower" project with a total investment of 517.58 million RMB, which was finalized in November 2021[86]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 1 billion yuan for potential deals[135].