Bestsun Energy(SH:600681)2022-03-07 16:00Financial Performance - The total operating revenue for 2021 was approximately RMB 4.62 billion, representing a year-on-year increase of 7.65% compared to RMB 4.30 billion in 2020[21]. - The net profit attributable to shareholders of the listed company for 2021 was approximately RMB 537.36 million, an increase of 5.89% from RMB 507.47 million in 2020[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 495.06 million, reflecting a slight increase of 1.91% from RMB 485.80 million in 2020[21]. - The cash flow generated from operating activities for 2021 was approximately RMB 1.14 billion, marking a significant increase of 27.27% compared to RMB 892.97 million in 2020[21]. - The total net assets attributable to shareholders of the listed company at the end of 2021 were approximately RMB 3.91 billion, a decrease of 7.75% from RMB 4.24 billion at the end of 2020[21]. - The weighted average return on equity was 13.38%, an increase of 1.63 percentage points from the previous year[23]. - Basic earnings per share were 0.39 yuan, reflecting an increase of 8.33% year-on-year[23]. - The main business revenue from the gas industry was 4.495 billion RMB, up 7.63% year-on-year, while the operating cost increased by 9.10%[47]. - The gross profit margin for the gas industry decreased by 1.07 percentage points to 20.83%[47]. Natural Gas Sales - Natural gas sales revenue was 3.634 billion yuan, accounting for 78.6% of total operating revenue, an increase of 6 percentage points year-on-year[31]. - Total natural gas sales volume was 1.376 billion cubic meters, representing a year-on-year growth of 9.02%[31]. - Residential gas sales volume was 696 million cubic meters, a slight increase of 0.5%, making up 50.6% of total natural gas sales[31]. - Non-residential gas sales volume reached 680 million cubic meters, a year-on-year increase of 19.4%, accounting for 49.4% of total gas sales, up 4 percentage points[32]. - The company achieved a natural gas sales volume of 1.376 billion cubic meters, equivalent to replacing 2.56 million tons of raw coal, significantly reducing emissions of CO2, SO2, and dust by 1.82 million tons, 140,000 tons, and 1.24 million tons respectively[116]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 2.50 per 10 shares (including tax) based on the profit distribution plan for 2021[6]. - The company distributed a cash dividend of RMB 3.30 per 10 shares, totaling RMB 449,793,564.33 (including tax) for the 2020 fiscal year[105]. - For the first half of 2021, the company proposed a cash dividend of RMB 1.80 per 10 shares, amounting to RMB 244,603,420.92 (including tax)[106]. Risks and Challenges - The company has outlined potential risks including industry policy risks, price fluctuation risks, and macroeconomic risks in its management discussion[8]. - The company faces industry policy risks that may negatively impact its operations and performance due to potential changes in national and local policies supporting the urban gas industry[74]. - Price fluctuation risks exist as the upstream natural gas pricing is becoming market-oriented while downstream pricing is still regulated by local governments, which may affect the company's sales margins[74]. - Macroeconomic downturns or unforeseen events could adversely affect the company's production and performance[75]. Corporate Governance - The company has a complete and clear internal governance structure, with compliance to relevant laws and regulations, ensuring the protection of shareholder rights[77]. - During the reporting period, the company held 2 shareholder meetings and 5 board meetings, adhering to legal requirements and maintaining transparency in decision-making processes[77]. - The board consists of 7 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[77]. - The supervisory board, comprising 3 members, conducted 5 meetings to oversee financial status and compliance with legal obligations[78]. - The company has established specialized committees, including an audit committee and a strategic committee, to enhance governance[95]. Market Expansion and Strategy - The company plans to continue expanding its commercial user market and enhance safety production governance[31]. - The company aims to transition from a regional gas operator to a diversified national clean energy service provider[37]. - The company is actively seeking quality urban gas projects for mergers and acquisitions to accelerate overall development[38]. - The company plans to expand its market share by increasing the number of industrial and commercial users and leveraging government policies[71]. Employee and Social Responsibility - The company emphasizes safety production and aims to enhance employee safety awareness and capabilities[71]. - The company has maintained a commitment to social responsibility, contributing over 10 million yuan to educational donations in the past three years[117]. - The company has actively engaged in community service, providing free services to vulnerable groups and addressing their difficulties[117]. Financial Management and Investments - The company has engaged in cash asset management, with a total of CNY 50,000,000 in bank wealth management products[161]. - The company has invested CNY 60,000,000 in a principal-protected financial product with a 2.85% annualized return[162]. - The company has also invested CNY 50,000,000 in another principal-protected financial product with a 3.00% annualized return[162]. - The company has not reported any overdue amounts from its wealth management investments[161]. Shareholder Structure and Changes - The top ten shareholders hold a total of 1,063,000,000 shares, representing 77.93% of the total shares[176]. - The largest shareholder, Langfang Baichuan Asset Management Co., Ltd., holds 512,608,484 shares, which is 37.61% of the total[176]. - The company’s shareholding structure indicates a significant concentration of ownership among the top shareholders[176]. - The company has no foreign investment shares as of the report date[167]. Audit and Compliance - The financial statements have been audited and reflect the company's financial position as of December 31, 2021, in accordance with accounting standards[191]. - The company has identified goodwill impairment as a key audit matter, with specific audit procedures in place to address it[194]. - The company conducts annual assessments of goodwill for potential impairment, relying on external valuation reports[195]. - The company’s management is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[198].