Tsingtao Brewery(SH:600600)2022-03-28 16:00Financial Performance - The total revenue for 2021 was RMB 27,759,710,926, representing an increase of 8.67% compared to 2020[16]. - The net profit attributable to shareholders for 2021 was RMB 2,201,323,556, reflecting a growth of 43.34% year-over-year[16]. - The net profit after deducting non-recurring gains and losses was RMB 1,815,584,753, which is a 21.54% increase from the previous year[16]. - The total revenue for 2021 reached RMB 30,166.81 million, an increase of 8.67% compared to RMB 27,759.71 million in the previous year[27]. - The net profit attributable to shareholders reached RMB 3.16 billion, an increase of 43.3% compared to the previous year[23]. - The basic earnings per share rose to RMB 2.328, reflecting a growth of 42.91% year-on-year[18]. - The company reported a net profit of RMB 3.26 billion, representing a 40% increase compared to RMB 2.33 billion in 2020[184]. - The operating profit for 2021 was RMB 4.45 billion, up 37% from RMB 3.25 billion in 2020[184]. Cash Flow and Investments - The net cash flow from operating activities reached RMB 4,953,422,362, up by 22.00% compared to 2020[16]. - The company reported a net cash flow from operating activities of RMB 6,043,111,455, an increase of 21.9% compared to RMB 4,953,422,362 in 2020[186]. - The total cash inflow from investment activities was RMB 14,497,489,422, significantly up from RMB 2,946,320,994 in 2020[186]. - The net cash flow from investment activities was RMB (10,249,763,562), compared to RMB (1,487,738,165) in the previous year, indicating a substantial increase in cash outflows[186]. - The company has a total of RMB 2,150,000,000 in financial products and RMB 7,700,000,000 in structured deposits[138]. Assets and Liabilities - The total assets as of the end of 2021 were RMB 46,563,004,491, marking a 12.16% increase from the end of 2020[17]. - The total liabilities and shareholders' equity reached RMB 46.56 billion, an increase from RMB 41.51 billion in the previous year, reflecting a growth of approximately 12.3%[182]. - The total current liabilities amounted to RMB 18.26 billion, up from RMB 15.51 billion, indicating a year-over-year increase of about 17.7%[182]. - The company's total shareholders' equity rose to RMB 23.79 billion, compared to RMB 21.37 billion, marking an increase of around 11.3%[182]. Market and Sales Performance - The company sold 7.93 million kiloliters of products in 2021, with the main brand Tsingtao beer achieving a sales volume of 4.329 million kiloliters, up 11.6% year-on-year[23]. - The company's overseas market sales grew by 11.2% despite the challenges posed by the global pandemic[23]. - The revenue from the Shandong region was RMB 19,747.06 million, with a growth rate of 9.55%[29]. - The sales volume in the Shandong region accounted for 66.55% of total sales revenue, with a revenue of RMB 19,747,061 thousand, up 9.55% year-on-year[58]. Research and Development - The company's R&D expenses rose by 43.90% to RMB 30.89 million, driven by increased investment in new product development[27]. - The company has 629 R&D personnel, accounting for 1.91% of the total workforce[36]. - The company has initiated a digital training program, providing over 35,000 courses and case studies to enhance employee skills[97]. Corporate Governance and Management - The audit report for the financial statements was issued by PwC with a standard unqualified opinion[2]. - The company has maintained stable shareholding among its top executives, with no significant changes in shareholdings during the reporting period[72]. - The company has established specialized committees under the board, including audit, nomination, compensation, and strategy committees, to enhance governance[88]. - The company has appointed new independent directors to strengthen governance and oversight, enhancing stakeholder confidence[84]. Environmental Compliance - The company has complied with environmental protection standards, with all wastewater discharge from its breweries meeting regulatory limits[110]. - The company has achieved compliance with the beer industry pollutant discharge standards, with all 17 production plants responding positively to the revised standards[116]. - The company is actively engaged in environmental protection efforts, sharing value with downstream wastewater treatment facilities by utilizing brewery wastewater as a carbon source[117]. Future Outlook - In 2022, the company anticipates challenges from rising raw material prices and increased competition, but remains confident in its ability to improve market operations and profitability[67]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[183]. - The company aims to strengthen its market position in both base and emerging markets, enhancing brand influence through immersive marketing strategies[66].