TYGF(SH:600506)2023-04-03 16:00Financial Performance - The net profit attributable to shareholders for 2022 was -84.22 million RMB, with an undistributed profit of -247.52 million RMB at the end of the reporting period[5]. - The company achieved operating revenue of CNY 2,010,599,235.76 in 2022, an increase of 475.22% compared to CNY 349,536,461.22 in 2021[20]. - The basic earnings per share for 2022 was -0.5623 CNY, a decrease of 131.13% from -0.2433 CNY in 2021[21]. - The net profit attributable to shareholders was -84,222,424.07 CNY for Q1 2022, -35,933,415.39 CNY for Q2 2022, and -49,415,317.02 CNY for Q3 2022, with a slight profit of 5,394,674.70 CNY in Q4 2022[22]. - The company reported a net cash flow from operating activities of 72,626,021.50 CNY in 2022, compared to -7,968,032.32 CNY in 2021[22]. - The total assets decreased by 31.11% to CNY 2,511,200,175.49 at the end of 2022 from CNY 3,645,240,489.90 at the end of 2021[22]. - The company reported a net profit attributable to shareholders of CNY -8,422.24 million[51]. - Operating costs increased to CNY 1,705,716,440.59, reflecting a rise of 425.94% from the previous year[55]. - The company reported a total revenue of 1.2 billion in 2022, representing a year-over-year growth of 15%[123]. Business Operations - The company’s lubricating grease business was the main source of revenue, with a significant increase in main business income of 593.12% to CNY 200,538.72 million in 2022[29]. - The company faced challenges such as temporary market demand decline and logistics issues affecting production and sales[30]. - The company plans to enhance customer engagement and develop new clients in various sectors, including OEM and new energy vehicles[30]. - The company launched new low-carbon and new energy product lines to meet the growing market demand[30]. - The company has approximately 3,000 types of lubricants and antifreeze products currently in production, covering various applications[38]. - The company has established a comprehensive sales network with thousands of distributors covering all 31 provinces in China, ensuring timely delivery[45]. - The company plans to continue expanding its product lines in lubricants and antifreeze while reducing its focus on fruit products due to market conditions[65]. Acquisitions and Investments - The company completed a non-public offering of 44,312,061 A-shares, raising a total of CNY 307,082,582.73 for working capital[49]. - The company acquired 100% equity of Unified Petrochemical Co., Ltd. for a total consideration of CNY 1,398 million, with the first payment of CNY 1,160 million already made[80]. - Unified Petrochemical has been integrated into the company's consolidated financial statements, with a focus on enhancing its financial management and operational efficiency[153]. - The company is considering strategic acquisitions to bolster its portfolio, with a budget of 200 million allocated for potential deals[123]. Risk Management - The company has outlined potential risks in its future development discussions[8]. - The company faces risks from macroeconomic fluctuations, which significantly impact its operating conditions due to the close relationship between downstream demand for its main products and the overall economic climate[98]. - The cost of raw materials, particularly base oils and additives, has risen sharply due to global supply chain disruptions and geopolitical factors, which may adversely affect the company's production and profitability if prices remain high[99]. - The company is experiencing intensified market competition in the lubricants sector, which could negatively impact its revenue and profit margins due to aggressive pricing strategies from competitors[99]. Corporate Governance - The company has received a standard unqualified audit report from Zhongxing Caiguanghua Accounting Firm[4]. - The board of directors and management have confirmed the authenticity, accuracy, and completeness of the annual report[8]. - The company held four shareholder meetings during the reporting period, approving 19 resolutions, ensuring compliance with governance standards[103]. - The board of directors conducted nine meetings and approved 86 resolutions, demonstrating active governance and oversight[106]. - The company disclosed 69 reports and announcements during the reporting period, maintaining transparency and compliance with regulatory requirements[107]. Sustainability Initiatives - The company aims to reduce greenhouse gas emissions by 50% by 2030, using 2021 as the baseline year, and achieve net-zero carbon emissions by 2050[166]. - The company has reduced carbon dioxide equivalent emissions by 5,040 tons through various carbon reduction measures[167]. - 79% of the company's lubricant products have undergone carbon footprint certification under ISO14067[169]. - The company has implemented a management system to assess energy usage and promote energy efficiency[167]. Employee Management - The company employed a total of 982 staff members, with 41 in the parent company and 941 in major subsidiaries[140]. - The employee composition includes 351 production staff, 399 sales staff, 49 technical staff, 44 financial staff, and 138 administrative staff[142]. - The company has implemented a training program for employees, including onboarding, e-learning, and professional skills training across various departments[146]. Financial Health - The company's cash and cash equivalents decreased by 62.72% from the previous period, amounting to CNY 533.25 million, representing 21.23% of total assets[84]. - Short-term borrowings increased by 67.75% to CNY 268.59 million, reflecting the need for additional working capital[86]. - The company reported a decrease in accounts payable by 49.07% to CNY 873.57 million, primarily due to reduced procurement projects at year-end[86].