JINNIU CHEMICAL(SH:600722)2023-04-14 16:00Financial Performance - The company's operating revenue for 2022 was CNY 659,528,822.77, representing a 16.19% increase compared to CNY 567,634,700.84 in 2021[15]. - The net profit attributable to shareholders for 2022 was CNY 49,474,216.34, a 2.95% increase from CNY 48,054,948.71 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 48,226,861.49, up 3.52% from CNY 46,586,299.71 in 2021[15]. - The cash flow from operating activities decreased by 6.04% to CNY 151,438,185.73 from CNY 161,177,824.36 in 2021[15]. - The total assets at the end of 2022 were CNY 1,401,240,696.83, reflecting a 4.45% increase from CNY 1,341,518,614.76 in 2021[15]. - The net assets attributable to shareholders increased by 4.75% to CNY 1,109,853,846.62 from CNY 1,059,479,872.50 in the previous year[15]. - The basic earnings per share for 2022 were CNY 0.0727, a 2.97% increase from CNY 0.0706 in 2021[16]. - The diluted earnings per share also stood at CNY 0.0727, reflecting the same growth rate of 2.97% compared to the previous year[16]. - The weighted average return on equity for 2022 was 4.56%, slightly down from 4.64% in 2021[16]. Production and Sales - Methanol production reached 227,600 tons, exceeding the annual budgeted output[21]. - Methanol production volume was 227,595 tons, with sales volume at 227,145.44 tons, reflecting a year-on-year increase of 5.43% in production and 5.21% in sales[31]. - The company's revenue from the methanol business was ¥437,539,942.54, accounting for 66.34% of total sales[34]. - The company's main business revenue from the chemical industry reached ¥526,953,997.50, with a gross margin of 20.69%, an increase of 6.09 percentage points compared to the previous year[30]. - The total methanol production capacity in China reached approximately 102.05 million tons per year by the end of 2022[22]. Research and Development - Research and development expenses increased by 108.63% to CNY 8.51 million, primarily due to increased spending by the subsidiary[27]. - The total R&D investment amounted to ¥8,514,494.82, representing 1.29% of the total revenue[39]. - The number of R&D personnel is 28, accounting for 16.67% of the total workforce[40]. - The company’s research and development expenses for 2022 were RMB 13,711,909.96, compared to RMB 12,486,927.82 in 2021, indicating a focus on innovation[159]. Environmental and Safety Standards - The company achieved a zero-accident safety record, emphasizing its commitment to safety and environmental standards[25]. - The company has established a complete environmental protection system and installed online monitoring devices at pollution discharge points[96]. - The company reported emissions of 0 kg for sulfur dioxide and nitrogen oxides from its main boilers, adhering to the required standards[91]. - The company has implemented a performance evaluation and incentive mechanism for senior management based on their work completion[86]. - The company conducted quarterly environmental monitoring, including parameters such as nitrogen oxides and ammonia, ensuring compliance with environmental standards[98]. Governance and Management - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 200.16 million CNY[62]. - The company has a diverse board with a mix of genders, including 3 female independent directors[64]. - The company has maintained stability in its board composition with no significant changes in shareholding or management roles during the reporting period[62]. - The company has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board[186]. - The company’s governance structure includes a mix of internal and independent directors to ensure balanced oversight[67]. Related Party Transactions - The company aims to minimize related party transactions with its controlling entities, ensuring that unavoidable transactions are conducted fairly and transparently[105]. - The company guarantees that its management and operational activities are independent from its controlling entities, ensuring no dual appointments among senior management[106]. - The company has established a framework to ensure that related party transactions are conducted at fair market prices, adhering to legal and regulatory requirements[106]. - The company emphasizes the importance of protecting the rights of minority shareholders in all transactions and operational decisions[106]. Financial Position and Cash Flow - As of December 31, 2022, the company's cash and cash equivalents amounted to CNY 1,089.65 million, an increase from CNY 927.93 million in the previous year[147]. - The company reported a significant increase in investment income, which rose to RMB 45,000,000.00 in 2022 from RMB 24,000,000.00 in 2021[162]. - The company’s total liabilities to equity ratio is approximately 0.12, indicating a low level of financial leverage[149]. - The company reported a net loss of CNY -1,305,694,049.83, an improvement from the previous year's loss of CNY -1,355,168,266.17[149]. - The company’s retained earnings decreased by 1,355,168,266.17 RMB due to profit distribution and other adjustments[173]. Future Outlook - The company plans to produce and sell 200,000 tons of methanol in 2023, aiming for revenue of 61,608.00 million RMB from this product[57]. - The management indicated a focus on strategic acquisitions to enhance competitive advantage in the market[155]. - The company plans to continue its focus on capital preservation and growth strategies in the upcoming fiscal year[182]. - The company aims to enhance asset quality and maintain profitability while protecting shareholder interests, particularly for minority shareholders[56].