CORUN(SH:600478)2022-04-25 16:00Financial Performance - The company reported a distributable profit of CNY 201,691,877.14 for the year 2021, with an ending retained earnings of CNY 40,269,637.55[7]. - The company did not declare any cash dividends for 2021 as the earnings per share were below CNY 0.1, failing to meet the cash dividend distribution criteria[7]. - The company's operating revenue for 2021 was ¥3,058,572,227.12, representing a 20.14% increase compared to ¥2,545,775,967.00 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥42,181,723.62, a decrease of 23.95% from ¥55,469,413.57 in 2020[24]. - The net cash flow from operating activities decreased by 55.38% to ¥219,144,510.38 from ¥491,109,994.30 in 2020[24]. - The basic earnings per share for 2021 was ¥0.026, down 23.53% from ¥0.034 in 2020[25]. - The weighted average return on equity for 2021 was 1.64%, a decrease of 0.55 percentage points from 2.19% in 2020[25]. - The company's total assets at the end of 2021 were ¥6,328,000,456.90, a 2.91% increase from ¥6,149,025,376.63 at the end of 2020[24]. - The company's operating costs for 2021 were ¥2,610,977,916.39, reflecting a 17.75% increase from ¥2,217,406,519.74 in 2020[30]. - The company achieved a revenue of 3.06 billion RMB, a 20.14% increase year-on-year, and a net profit of 42.18 million RMB during the reporting period[103]. Audit and Compliance - The company has a standard unqualified audit report issued by Da Xin Certified Public Accountants[6]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not provided any guarantees in violation of decision-making procedures[9]. - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations while maintaining transparency in information disclosure[170]. - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced decision-making process[171]. - The company is committed to compliance with the Company Law and relevant regulations, ensuring proper governance and accountability[178]. Market and Product Development - The company signed an investment agreement to introduce strategic investors for its CHS hybrid powertrain system business, aiming to expand into the energy storage market[42]. - A joint venture was established with Keli Yuan Holdings to develop the new energy storage market, enhancing product quality and brand value[43]. - The company secured bulk orders for rail transit batteries in cities like Wenzhou and Nanjing, expanding its market presence[46]. - The company anticipates substantial growth in the HEV market, with HEV sales reaching 586,100 units in 2021, a year-on-year increase of 46%[139]. - The company is entering the lithium battery materials sector through an investment in Jiangxi Dingsheng New Materials Technology Co., facing challenges in talent development and market expansion[166]. Research and Development - The company reported a total of CNY 99,561,017.09 in R&D expenditures, accounting for 3.26% of total operating revenue[1]. - The company has 133 R&D personnel, representing 4% of the total workforce, with 2 holding doctoral degrees[1]. - The company is investing heavily in R&D for new technologies, with a budget allocation of 32.782 million for the next fiscal year[186]. - The company added 63 domestic patents and 1 international patent during the reporting period, bringing the total to 724 patents, which strengthens its core competitiveness in technology[97]. Strategic Partnerships and Collaborations - The company is collaborating with a joint venture to develop a new energy storage application system, marking an expansion into the energy storage market[93]. - The company has established partnerships with key industry players to leverage synergies and enhance competitive positioning[187]. Risks and Challenges - The company faces policy risks due to the uncertainty of the implementation of new energy and storage policies, which are crucial for market potential[163]. - Market risks include significant uncertainties in commodity supply and price fluctuations, exacerbated by external economic pressures and currency exchange rate changes[163]. - The ongoing global pandemic poses risks to the supply chain and consumer markets, prompting the company to explore new markets and strengthen its business resilience[167]. Shareholder Engagement - The company has conducted two shareholder meetings in 2021, ensuring equal rights and participation for all shareholders[175]. - The first extraordinary general meeting in 2021 was held on March 10, with 76 shareholders present, holding a total of 517,222,214 shares, accounting for 31.3042% of the voting shares[178]. - The company’s financial report indicates a focus on maintaining shareholder engagement through regular meetings and transparent reporting practices[181].