SBT(SH:600608)2022-04-25 16:00Financial Performance - In 2021, the company achieved a net profit attributable to shareholders of CNY 1,578,397.25, a decrease of 31.13% compared to CNY 2,291,690.50 in 2020[6]. - The company's operating revenue for 2021 was CNY 322,489,392.21, representing a significant decline of 63.79% from CNY 890,608,206.62 in 2020[22]. - The basic earnings per share for 2021 were CNY 0.0048, down 31.43% from CNY 0.0070 in 2020[23]. - The company reported a weighted average return on equity of 2.47%, a decrease of 1.23 percentage points from 3.70% in 2020[24]. - The net profit attributable to shareholders was -¥675,614.79 in Q1, ¥2,128,844.23 in Q2, ¥768,937.02 in Q3, and -¥643,769.21 in Q4[26]. - The company reported a net loss of CNY -759,732,167.46 in 2021, slightly improved from CNY -761,310,564.71 in 2020[181]. - The total comprehensive income for 2021 was ¥217.80 million, compared to ¥2.44 billion in 2020, reflecting a decline of 91.06%[190]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 6,012,209.67, a recovery from a negative cash flow of CNY -8,892,785.26 in 2020[22]. - The cash received from sales of goods and services decreased by 46.27% to 688,223,338.10 compared to the previous year[59]. - The cash paid for purchasing goods and services decreased by 47.62% to 672,960,066.30 compared to the previous year[59]. - The company's cash at the end of the period increased to ¥105,100,954.40, representing 48.36% of total assets, a 66.44% increase compared to the previous period[61]. - The net cash flow from investing activities was negative at -¥33,534.51, reflecting increased purchases of fixed assets compared to the previous year[44]. - The company experienced a net decrease in cash and cash equivalents due to operational losses and financing activities[195]. Operational Changes and Strategy - The company adjusted its customer and business structure, significantly reducing credit sales, which impacted short-term business scale[24]. - The company aims to enhance high-value-added products and optimize its business structure to mitigate risks and improve operational efficiency[39]. - The company plans to strengthen cooperation with production enterprises and enhance supply chain services to improve competitiveness and sustainable development[69]. - The company is focused on enhancing supply chain service capabilities through integrated management and cost reduction strategies[70]. - The company has decided to terminate a major asset restructuring project due to uncertainties arising from the pandemic and market conditions[32]. Market and Industry Insights - The industry is expected to face increased competition due to supply growth outpacing demand growth, with PS consumption projected to grow at only 1.99% until 2026[68]. - The company aims to deepen its market presence in the plastic particle sector and actively seek strategic cooperation opportunities for new development[69]. - The PS production capacity in China reached 4.55 million tons in 2021, an increase of 18.80% year-on-year, with a production volume of 3.1584 million tons, up 11.23%[38]. Governance and Compliance - The company has established a complete corporate governance structure, ensuring compliance with relevant laws and regulations, and actively engaging with investors through various communication platforms[115]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance standards[78]. - The company has established various management systems for information disclosure and investor relations to ensure transparency and equal access to information for all shareholders[80]. - The company has implemented a robust internal control system to ensure compliance with laws and protect stakeholder interests[116]. Shareholder and Equity Information - The total number of ordinary shareholders as of the end of the reporting period is 15,006, an increase from 14,965 at the end of the previous month[152]. - The top ten shareholders hold a total of 12.01% and 6.32% of shares, with the largest shareholder being Kunming Transportation Investment Co., Ltd. holding 39,486,311 shares[154]. - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 131.25 million yuan[83]. Future Outlook - Overall, the company remains optimistic about future growth, citing strong demand in the market and innovative product offerings[85]. - The company provided guidance for Q4 2023, expecting revenue to be between $1.6 billion and $1.7 billion, indicating a potential growth of 10-13%[87].