BHCC(SH:600800)2022-04-08 16:00Financial Performance - The net profit attributable to the parent company for 2021 was ¥187,792,186.80, with an opening retained earnings of -¥599,125,666.14 and a closing retained earnings of -¥435,943,339.42, indicating a negative retained earnings situation [5]. - The company decided not to distribute profits for 2021 due to negative retained earnings, which does not meet the conditions for cash dividends [5]. - The company's operating revenue for 2021 was approximately ¥4.25 billion, representing a 55.29% increase compared to ¥2.73 billion in 2020 [21]. - The net profit attributable to shareholders was approximately ¥187.79 million, a slight increase of 0.95% from ¥186.02 million in 2020 [21]. - The net profit after deducting non-recurring gains and losses decreased by 36.94% to approximately ¥159.97 million from ¥253.69 million in 2020 [21]. - The cash flow from operating activities was approximately ¥326.19 million, down 10.95% from ¥366.29 million in 2020 [21]. - Basic earnings per share for 2021 were ¥0.16, a decrease of 15.79% compared to ¥0.19 in 2020 [22]. - The weighted average return on equity decreased to 6.55%, down 1.29 percentage points from 7.84% in 2020 [22]. - The total assets at the end of 2021 were approximately ¥4.87 billion, an increase of 3.06% from ¥4.72 billion at the end of 2020 [21]. - The net assets attributable to shareholders increased by 6.20% to approximately ¥2.95 billion from ¥2.77 billion in 2020 [21]. - The company reported non-recurring gains of approximately ¥27.82 million in 2021, compared to a loss of ¥67.67 million in 2020 [26]. Risks and Challenges - The company faces financial risks, market competition risks, and fluctuations in material and labor costs, as detailed in the management discussion and analysis section [7]. - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties [7]. - The company has not violated decision-making procedures for providing guarantees to external parties [7]. - The company anticipates challenges in 2022 due to economic uncertainties, with the propylene market transitioning from supply shortage to balance and potential oversupply [85]. - The company faces macroeconomic volatility risks, particularly from the ongoing COVID-19 pandemic and rising international commodity prices, which could impact profitability [88]. - Financial risks are heightened due to increased uncertainty in domestic and international markets, particularly regarding exchange rate fluctuations affecting raw material costs [90]. Corporate Governance - The company is committed to maintaining a robust corporate governance structure, ensuring compliance with relevant laws and regulations to protect shareholder interests [92]. - The company has established a clear governance framework with defined roles and responsibilities among its board, supervisory board, and management, enhancing decision-making efficiency [94]. - The company has a supervisory board consisting of five members, ensuring compliance with legal and regulatory requirements [95]. - The company has implemented strict insider information registration management to prevent insider trading, effectively avoiding violations [95]. - The company adheres to fair and transparent principles in dealing with stakeholders, respecting the rights of creditors, employees, suppliers, and customers [95]. - The company has revised its related party transaction management system to ensure fairness and prevent profit transfer [96]. - The corporate governance structure is compliant with the regulations set by the China Securities Regulatory Commission [96]. - The company held multiple shareholder meetings in 2021 to approve various financial and operational proposals, including the annual financial budget and related party transactions [97]. Strategic Development - The company has outlined its future plans and development strategies, which are subject to known and unknown risks and uncertainties [6]. - The company has not updated its forward-looking statements, emphasizing the importance of investor awareness regarding investment risks [6]. - The company plans to enhance its revenue structure and profitability by optimizing its product mix and expanding the downstream propylene industry chain [86]. - The company is actively pursuing market expansion and strategic acquisitions, as evidenced by the proposal to purchase equity in Tianjin Zhongchao Paper Industry Co., Ltd. [122]. - The company aims to produce 600,000 tons of propylene in 2022, targeting a revenue of 4.4 billion yuan [87]. Research and Development - The company filed 16 patent applications and received 21 patents in the reporting period, indicating a strong focus on innovation [34]. - Research and development expenses rose by 68.97% to CNY 70,816,917.11, reflecting increased investment in innovation [44]. - The total R&D investment accounted for 1.67% of operating revenue, reflecting the company's commitment to innovation [57]. - The number of R&D personnel is 112, accounting for 13.11% of the total workforce [58]. Environmental Compliance - The company reported a total wastewater discharge of 124,900 tons in 2021, which is within the permitted annual discharge limit of 125,700 tons [136]. - The company emitted 331 tons of nitrogen oxides, 21.3 tons of sulfur dioxide, and 34.8 tons of particulate matter, all within the allowable limits [136]. - The company has implemented pollution prevention measures in construction projects, ensuring compliance with environmental regulations during design, construction, and operation phases [137]. - The company has developed a comprehensive wastewater collection and treatment system, ensuring compliance with environmental standards [136]. - The company has committed to maintaining the independence of its management and financial operations post-restructuring [147]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 46,583, a decrease from 46,925 at the end of the previous month [185]. - The largest shareholder, Tianjin Bohai Chemical Group Co., Ltd., holds 391,135,219 shares, representing 32.99% of the total shares, with 195,000,000 shares pledged [187]. - The second largest shareholder, Tianjin Global Magnetic Card Group Co., Ltd., holds 171,731,347 shares, representing 14.48% of the total shares, with 43,000,000 shares pledged [187]. - The company has no strategic investors or general legal entities becoming top 10 shareholders during the reporting period [191]. - The actual controller of the company is the Tianjin Municipal Government State-owned Assets Supervision and Administration Commission [193].