SJFW(SH:600616)2022-04-01 16:00Financial Performance - In 2021, the company's operating revenue was RMB 649,379,399, an increase of 6.83% compared to RMB 607,888,025 in 2020[18] - The net profit attributable to shareholders was a loss of RMB 12,845,796, a decrease of 204.95% from a profit of RMB 12,239,663 in 2020[18] - The total profit for the year was -18.74 million RMB, a decrease of 198.23% year-on-year[39] - The company's operating costs increased by 5.36% to 372.64 million RMB, reflecting the rise in revenue[40] - The basic earnings per share for 2021 was -0.02 yuan, a decline of 204.95% from 0.02 yuan in 2020[19] - The weighted average return on net assets was -0.66%, a decrease of 1.29 percentage points from 0.63% in 2020[19] - The company reported a total sales revenue of ¥63,110.34 million for the year, an increase of 5.93% compared to the previous year[69] - The sales volume for the company was 69,022 thousand liters, a slight decrease of 0.36% from the previous year[69] Cash Flow and Investments - The net cash flow from operating activities increased significantly to RMB 68,121,447, compared to a negative cash flow of RMB -27,192,567 in 2020[18] - The net cash flow from operating activities improved significantly, from a negative ¥10.45 million in Q1 to a positive ¥57.43 million in Q4[22] - The company's cash flow from operating activities for 2021 was ¥6,812.14 million, a significant increase from -¥2,719.26 million in 2020, marking a change of ¥9,531.40 million[58] - Investment activities resulted in a cash outflow of 155,753.0 million yuan, mainly due to increased outflows for financial products[55] - Financing activities led to a cash outflow of 32,725.2 million yuan, primarily for dividend payments of 20,070.1 million yuan[56] Research and Development - The company launched 10 new products and upgraded 17 existing products during the year, enhancing its innovation capabilities[30] - The company has applied for 2 invention patents and 2 utility model patents, reflecting its commitment to R&D and innovation[30] - Research and development expenses decreased by 15.14% to 3.01 million RMB, indicating a focus on cost control[40] - The company has established a comprehensive research and development system, including partnerships with various research institutions[35] - The number of R&D personnel was 13, accounting for 1.43% of the total workforce[53] Market Challenges and Strategies - The company faced challenges due to increased competition in the yellow wine market and rising raw material costs, impacting revenue growth[20] - The overall revenue and profit of the yellow wine industry showed a slight decline due to the ongoing impact of the pandemic, with market recovery slowing down[87] - The company aims to enhance brand awareness and consumer education through various offline activities and events[30] - The company aims to innovate and expand its product categories while maintaining a focus on high-quality rice for brewing[88] - The company plans to enhance its online sales strategy by establishing a direct e-commerce team and optimizing resource allocation[78] Environmental and Compliance - The company has established a comprehensive environmental protection management system and has not faced any environmental penalties or exceedances during the reporting period[159] - The company’s main pollutant emissions include 379.38 tons of COD and 93.43 tons of total nitrogen annually, adhering to local environmental standards[140] - The company has implemented low-nitrogen combustion technology in four gas boilers, completed in June 2020, and is operating normally[145] - Monthly third-party testing for wastewater and emissions is conducted to ensure compliance with environmental standards[149] - The company has established an emergency response plan for environmental pollution incidents, completed in June 2021[148] Governance and Management - The company is committed to maintaining transparency in its operations and governance practices, as reflected in its reporting on executive remuneration and board composition[113] - The company has a structured compensation system for its directors and senior management, which is approved by the board[113] - The company has a clear succession plan in place, as evidenced by the appointment of new executives following resignations[114] - The company has established a dedicated office to manage investor relations, responding promptly to inquiries through various interactive platforms[99] - The company completed a self-inspection of corporate governance as required by the Shanghai Securities Regulatory Bureau[100] Related Party Transactions - The total amount of related party transactions for purchasing goods and services in the reporting period was 44.3666 million RMB, with significant transactions including purchases from Guangming Rice Industry Group Co., Ltd. amounting to 32.6186 million RMB, accounting for 33.30% of similar transactions[178] - The total amount of related party transactions for sales of goods and services in the reporting period was 39.7961 million RMB, with significant transactions including sales to Shanghai Jieqiang Tobacco and Alcohol Group Distribution Co., Ltd. amounting to 28.7220 million RMB, accounting for 4.55% of similar transactions[179] Shareholder and Capital Structure - The company implemented a cash dividend policy, proposing a distribution of CNY 0.30 per 10 shares, totaling CNY 20,070,148.50[129] - The total number of shares and the capital structure of the company remained unchanged during the reporting period[199] - There were no significant changes in the company's share capital that would impact earnings per share or net assets per share in the last year or the most recent period[200] - The company did not report any impairment provisions for entrusted loans during the reporting period[198] Future Outlook - The company is committed to optimizing its supply chain management to enhance service and control functions, integrating suppliers, manufacturers, and distributors for better resource sharing[91] - The company recognizes risks from ongoing COVID-19 impacts and increased competition in the yellow wine market, which may limit performance growth[93] - The company plans to enhance its product structure by focusing on core SKUs and differentiating product sales layouts across regions, targeting mainstream price segments[90]