FULING POWER(SH:600452)2022-04-14 16:00Financial Performance - The company's operating revenue for 2021 was RMB 2,654,394,609.19, representing an increase of 18.50% compared to the previous year[25]. - The net profit attributable to shareholders of the listed company reached RMB 3,145,520,941.74, a year-on-year increase of 26.05%[25]. - The net cash flow from operating activities was RMB 1,403,213,677.01, reflecting a growth of 24.96% compared to 2020[25]. - The total assets at the end of 2021 amounted to RMB 6,284,715,842.90, which is a 5.11% increase from the previous year[25]. - The net assets attributable to shareholders of the listed company increased to RMB 4,108,562,398.40, marking a significant rise of 113.54% year-on-year[25]. - The basic earnings per share for 2021 was RMB 0.76, up 16.92% from RMB 0.65 in 2020[26]. - The weighted average return on equity was 18.60%, a decrease of 1.18 percentage points compared to the previous year[26]. - The company achieved a total operating revenue of 3.15 billion RMB, representing an 18.50% increase compared to the previous year[49]. - The net profit for the year was 505 million RMB, with a basic earnings per share of 0.76 RMB[49]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.6 per 10 shares, totaling RMB 12,194.775 million[6]. - The total share capital after the dividend distribution will increase to 914,608,128 shares[6]. - The company distributed a cash dividend of 0.22 RMB per share and issued 0.4 bonus shares per share, totaling cash dividends of 96,588,800 RMB and bonus shares of 175,616,000 shares[196]. - After the distribution, the total share capital increased from 439,040,000 shares to 614,656,000 shares[196]. - Following a private placement, the total share capital further increased to 762,173,440 shares after issuing 147,517,440 shares[199]. - The earnings per share and net asset per share have been recalculated based on the adjusted total of 762,173,440 shares[199]. Capital Structure and Financing - The company completed a private placement to acquire energy-saving assets from nine provincial energy service companies, raising a total of RMB 1.80 billion, with net proceeds of RMB 1.76 billion after expenses[37]. - The issuance price for the new shares in the private placement was RMB 12.18 per share, enhancing the company's capital structure and supporting business expansion[37]. - The total number of shares after the private placement was adjusted for earnings per share calculations, reflecting the new total of 762,173,440 shares[29]. - The net cash flow from financing activities was CNY 820,037,260.53, primarily driven by cash received from a private placement of stock[53]. Operational Highlights - The company completed 44 projects benefiting over 14,000 households through residential power supply facility upgrades[41]. - The company maintained a 100% electricity bill recovery rate and a 99.85% power supply reliability rate[42]. - The company signed contracts for energy-saving projects in Xinjiang and successfully completed projects in Shanxi, demonstrating a unique "Xinjiang model"[42]. - The company reported a 290.46% increase in other income, amounting to approximately 4.37 million RMB[50]. - The company is actively expanding its energy-saving business, with ongoing projects in multiple provinces including Shaanxi and Zhejiang[42]. Cash Flow Analysis - The net cash flow from operating activities was CNY 1,403,213,677.01, an increase of 24.96% compared to CNY 1,122,894,439.10 from the previous year[53]. - The net cash flow from investing activities was CNY -1,740,787,084.08, a significant increase in cash outflow due to payments for energy-saving project acquisitions and related expenses[53]. - Cash flow from operating activities increased year-on-year, primarily due to higher cash inflows from electricity sales and energy-saving services[65]. - Cash flow from investing activities decreased year-on-year, mainly due to increased payments for energy-saving project acquisitions and material costs[65]. - Cash flow from financing activities increased year-on-year, primarily due to funds received from a private placement of shares[65]. Energy Sector Performance - Revenue from the energy-saving sector reached CNY 1,735,925,547.06, with a gross margin of 38.21%, reflecting a year-on-year increase of 1.64 percentage points[57]. - Revenue from the electricity sector was CNY 1,408,408,088.01, with a gross margin of 3.42%, showing an increase of 0.45 percentage points year-on-year[57]. - The total cost of electricity sales was CNY 1,360,392,722.61, accounting for 55.91% of total costs, while the cost of energy-saving services was CNY 1,072,616,494.42, making up 44.09% of total costs[61]. - The total electricity generation for hydropower was 1,463 million kWh, a decrease of 14.24% compared to the previous year[78]. - The total electricity sales volume was 301,501 million kWh, an increase of 9.13% year-on-year[82]. Strategic Initiatives - The company aims to reduce line loss rates and improve electricity supply, supporting the national "carbon peak and carbon neutrality" strategy[75]. - The company is focusing on energy efficiency improvements and green energy utilization to meet diverse customer energy needs[75]. - The company plans to accelerate the promotion of high-efficiency transformers to enhance energy resource utilization efficiency by 2023[75]. - The company is committed to supporting the construction of a new power system dominated by renewable energy sources[75]. - The company has implemented a detailed plan for the elimination of high-energy-consuming transformers, indicating a commitment to green transformation[75]. Governance and Compliance - The company has established a governance structure that ensures the independence of its board and management, safeguarding the rights of minority shareholders[112]. - The company integrates party leadership into its governance framework to promote high-quality development and align business operations with political responsibilities[115]. - The company has not reported any significant changes in the business operations or competition from controlling shareholders[116]. - The company’s governance practices are in compliance with relevant laws and regulations, with no significant discrepancies noted[116]. - The company has established a framework to ensure compliance with relevant laws and regulations regarding related transactions[167]. Risk Management - The company emphasizes the importance of risk prevention and monitoring to mitigate financial costs and improve capital efficiency[110]. - The company acknowledges that its safety foundation is still weak, with aging equipment and insufficient disaster risk resilience[107]. - The company is focused on improving its internal management and exploring mechanisms for evaluating project investment returns to avoid ineffective investments[110]. - Changes in tax incentive policies could impact the profitability of the company's energy-saving projects, which currently benefit from substantial tax exemptions[110]. Employee and Management - The company reported a total of 735 employees, with 521 in production, 88 in technology, 12 in finance, and 114 in administration[142]. - The company has 389 retired employees who require financial support[142]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to CNY 491.53 million[123]. - The company has established a clear process for determining the remuneration of directors and senior management, ensuring transparency and accountability[129]. Future Outlook - The company plans to complete fixed asset investments of approximately 900 million yuan and achieve operating revenue of about 3.4 billion yuan in 2022[106]. - The forecasted net profits for the years 2020, 2021, and 2022 are projected to be no less than 138.89 million, 157.93 million, and 144.05 million respectively[167]. - The company is committed to achieving carbon peak by 2030 and carbon neutrality by 2060, aligning its operations with national environmental goals[101].