万里股份(600847) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 571,178,315.46, a decrease of 2.71% compared to CNY 587,107,835.93 in 2020[20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 9,668,244.74, representing a decline of 340.34% from a profit of CNY 4,022,784.92 in 2020[20]. - The net cash flow from operating activities was a negative CNY 19,121,131.80, a decrease of 191.57% compared to CNY 20,881,911.74 in 2020[20]. - Basic earnings per share for 2021 were CNY -0.06, a decrease of 300.00% compared to CNY 0.03 in 2020[21]. - The weighted average return on net assets was -1.39% in 2021, down from 0.58% in 2020[21]. - The company reported a negative retained earnings of CNY -271,936,786.99 as of December 31, 2021, leading to a decision not to distribute profits for the year[5]. - The company achieved operating revenue of ¥571,178,315.46, a decrease of 2.71% compared to the previous year[32]. - The net profit attributable to shareholders was -¥9,668,244.74, down from a profit of ¥4,022,784.92 in the previous year[32]. - The gross profit margin decreased due to rising prices of raw materials and electricity, impacting sales[32]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 20% year-over-year growth[65]. - The company reported a total revenue of 8,302,418 RMB, with a net profit margin of 5.42%[136]. Assets and Liabilities - The total assets at the end of 2021 were CNY 775,865,558.95, an increase of 2.23% from CNY 758,969,096.38 at the end of 2020[20]. - The company's net assets attributable to shareholders at the end of 2021 were CNY 693,495,739.44, a slight decrease of 0.21% from CNY 694,948,071.67 at the end of 2020[20]. - The total liabilities reached RMB 82,369,819.51, up from RMB 64,021,024.71, reflecting an increase of about 28.7%[164]. - The company's equity attributable to shareholders decreased slightly to RMB 693,495,739.44 from RMB 694,948,071.67, a decline of approximately 0.2%[164]. - The total owner's equity at the end of the period is 704,838,564.40 CNY, an increase from 701,089,164.99 CNY at the beginning of the period, reflecting a change of approximately 0.11%[194]. Cash Flow - The net cash flow from operating activities was -19,121,131.80, a decrease from 20,881,911.74 in the previous year, primarily due to increases in inventory and accounts receivable[48]. - The cash flow from financing activities was not detailed, indicating a potential area for further analysis[179]. - The total cash outflow from operating activities increased to CNY 521.26 million in 2021, compared to CNY 502.60 million in 2020[175]. - The total cash and cash equivalents at the end of the period decreased to 10,961,866.57 RMB from 55,348,021.72 RMB at the beginning of the year, reflecting a net decrease of 44,386,155.15 RMB[179]. Market and Industry Context - The automotive industry saw a production and sales volume of 26.08 million and 26.27 million vehicles in 2021, representing year-on-year growth of 3.4% and 3.8% respectively, which is crucial for the company's market[28]. - The market for lead-acid batteries is under pressure from the rise of new energy vehicles, which accounted for over 3.5 million units sold in 2021, increasing their market share to 13.4%[28]. - The average gross margin for comparable listed companies in the lead-acid battery industry was approximately 15-18%, while the company's margins were below this average due to its smaller scale[29]. - The company is facing increased competition in the lead-acid battery market due to the rise of lithium-ion batteries and changing market dynamics[54]. Research and Development - The company developed 62 new product models and optimized 17 processes during the year, focusing on quality control and risk management[27]. - Research and development expenses totaled ¥1,962,668.43, accounting for 0.34% of operating revenue[44]. - Research and development investments increased by 30%, totaling $300 million, to support new technology initiatives[65]. Corporate Governance - The company has established a robust corporate governance structure, ensuring compliance with legal and regulatory requirements[60]. - The board of directors has been actively involved in decision-making, with independent directors providing oversight to protect shareholder interests[61]. - The supervisory board has effectively monitored financial practices and compliance of the management team[61]. - The company has implemented a performance evaluation and incentive mechanism to enhance employee motivation and accountability[61]. Environmental Compliance - The company has complied with environmental standards, but increasing regulatory scrutiny could impact production if environmental investments do not keep pace with new requirements[56]. - The company has implemented a wastewater treatment system that ensures compliance with pollution discharge standards, with a total wastewater discharge of approximately 17.75 m³/d from purification processes[89]. - The company has established a monitoring system for wastewater discharge, ensuring real-time compliance with environmental regulations[88]. - The company has committed to fulfilling social responsibilities, actively protecting the rights of stakeholders, and has released a social responsibility report in April 2022[110]. Future Outlook - The company plans to sell 3.45 million batteries in 2022, aiming for a revenue of 741 million yuan (excluding tax)[55]. - The company plans to adjust its accounting policies in accordance with the new leasing standards effective from January 1, 2021, with no significant impact expected on financial reports[117]. - The company is currently undergoing a major asset restructuring, which carries various risks including approval delays and potential changes in transaction terms[56].