LYCG(SH:600491)2022-04-14 16:00Financial Performance - In 2021, the company's operating revenue reached ¥19,547,817,428.57, representing a 9.90% increase compared to ¥17,786,683,374.72 in 2020[21] - The net profit attributable to shareholders of the listed company was ¥667,293,369.82, a decrease of 17.51% from ¥808,940,712.64 in the previous year[21] - The basic earnings per share for 2021 was ¥0.44, down 16.98% from ¥0.53 in 2020[22] - The total assets of the company at the end of 2021 were ¥67,027,801,818.87, an increase of 7.18% from ¥62,537,525,101.18 in 2020[21] - The net cash flow from operating activities was negative at -¥242,476,818.56, compared to a positive ¥317,733,871.09 in 2020[21] - The weighted average return on equity decreased to 5.72% in 2021 from 7.36% in 2020, a reduction of 1.64 percentage points[22] - The company reported a significant decline in net profit after deducting non-recurring gains and losses, which was ¥349,666,353.32, down 44.63% from ¥631,478,393.88 in 2020[21] Dividend Distribution - The company plans to distribute a cash dividend of ¥0.42 per 10 shares, totaling ¥64,249,834.11[6] - The company distributed a cash dividend of 0.50 CNY per 10 shares, totaling 76,487,897.75 CNY for the 2020 fiscal year[147] - The cash dividend distribution policy requires that at least 30% of the average distributable profit over the last three years must be distributed if there are no major capital expenditure plans[146] - The company’s cash dividend policy prioritizes cash distributions, with a minimum of 80% for mature companies without major capital expenditure plans[145] - The company’s cash dividend distribution is contingent upon profitability and the ability to meet ongoing operational needs[146] Project Development and Management - New projects signed during the reporting period amounted to 18.985 billion RMB, with non-state-owned projects accounting for 53.60% and non-construction projects for 28.10%[31] - The company achieved PPP project construction revenue of 3.2968 billion RMB, with new financing approvals of 3.094 billion RMB and PPP project repayments of 3.017 billion RMB[33] - The company is focusing on PPP project equity transfers to achieve early cash recovery amid varying repayment situations from local governments[34] - The company completed 146 projects during the reporting period, with a total value of 2,143,176.78 million yuan, of which 135 projects were domestic and 11 were international[83] - The total amount of ongoing projects reached 6,022,716.75 million yuan, with 228 projects in progress, primarily located domestically[86] Market and Industry Trends - The company is actively participating in the development of green buildings and infrastructure projects in response to national carbon neutrality goals[30] - The national real estate development investment in 2021 was 14.8 trillion yuan, with a year-on-year growth of 4.4%[41] - The construction industry is experiencing a "Matthew effect," where larger firms are gaining market share, while smaller firms may gradually exit the market due to increased competition and rising costs[101] - Infrastructure investment, particularly through the PPP model, is becoming a crucial driver of economic growth, with an increasing number of high-quality projects in the pipeline[102] Research and Development - The research and development expenses increased by 63.84%, reaching ¥122.54 million compared to ¥74.79 million in the previous year[60] - The company successfully developed the S-SYSTEM high-performance prefabricated steel structure building product system, achieving an assembly rate of up to 95%[56] - The company is actively pursuing the integration of Building-Integrated Photovoltaics (BIPV) technology into its prefabricated construction systems, enhancing its competitive edge in the green building market[37] - The company is committed to ongoing research and development in new technologies to maintain competitive advantage in the market[92] Risk Management - The company has outlined potential risks in its future development strategies, emphasizing the need for investors to be aware of investment risks[7] - The company is actively managing risks related to macroeconomic policy changes, litigation, and accounts receivable[112] - The company has implemented internal control measures to manage project funds and prevent similar issues in the future, including regular reconciliations and enhanced training for project managers[178] Corporate Governance - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholder[119] - The company has a robust internal control system to prevent insider trading and ensure compliance with regulations[118] - The board consists of a mix of independent directors and executives, ensuring a balance of oversight and management[124] - The company has established mechanisms to ensure minority shareholders can express their opinions and protect their rights during dividend distribution discussions[145] Social Responsibility - The company has established the "Longyuan Charity Fund" since 2007, donating 500,000 RMB annually to support disaster relief, education, and aid for the elderly in Xiangshan County[164] - The company actively engages in social responsibility initiatives, including donations for poverty alleviation and support for healthcare workers and families in need[164] - The company has a long-term commitment to social service, aiming to inspire employees to participate in community service and create a better life[164]