星湖科技(600866) - 2021 Q4 - 年度财报

Financial Performance - The company reported a negative cumulative profit available for distribution to shareholders for the year 2021, thus no profit distribution or capital reserve transfer to share capital will be made[4]. - The company's operating revenue for 2021 was ¥1,235,046,858.04, representing a 10.64% increase compared to ¥1,116,277,268.22 in 2020[19]. - The net profit attributable to shareholders for 2021 was ¥106,469,880.70, a decrease of 28.40% from ¥148,710,264.03 in 2020[19]. - The net cash flow from operating activities decreased by 22.94% to ¥192,629,097.87 in 2021 from ¥249,985,729.49 in 2020[19]. - The total assets at the end of 2021 were ¥2,473,349,312.72, a 2.12% increase from ¥2,421,969,298.10 at the end of 2020[19]. - The basic earnings per share for 2021 was ¥0.1441, down 28.38% from ¥0.2012 in 2020[19]. - The weighted average return on equity for 2021 was 6.18%, a decrease of 3.15 percentage points from 9.33% in 2020[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥96,787,505.70, down 23.49% from ¥126,499,195.65 in 2020[19]. - The company reported a net profit of ¥34,610,819.02 in Q1 2021, with a decline in Q3 to ¥3,571,198.48[22]. Revenue Breakdown - The sales revenue from food additives reached 768 million yuan, an increase of 10.33% year-on-year, accounting for 62.94% of total revenue[31]. - The sales revenue from chemical raw materials and intermediates was 453 million yuan, with a year-on-year increase of 10.46%, making up 37.06% of total revenue[34]. - The company achieved a revenue of 1.235 billion RMB, representing a year-on-year growth of 10.64%[40]. - The company's revenue from the food and feed additives industry increased by 10.33% year-on-year, driven by a 16.32% increase in nucleotide product sales[46]. - Revenue from the biochemical raw materials and pharmaceutical intermediates industry rose by 10.46% year-on-year, with all product categories exceeding 10% growth[46]. Cost and Expenses - The gross profit margin for food additives was 24.97%, down by 7.45 percentage points year-on-year[41]. - The company faced a significant increase in operating costs, with total operating costs rising by 24.29% to 928 million RMB[41]. - Research and development expenses increased by 17.38% to 68.88 million RMB, reflecting the company's commitment to product development[41]. - The total cost of goods sold increased by 42.11% year-on-year, with raw materials accounting for 70.32% of total costs[50]. Investments and Acquisitions - The company invested CNY 6.11 billion in the Zhaodong biological fermentation industrial park project, which has been completed and is now in production[80]. - The company acquired a 3.3333% stake in Guangdong Guangxin Innovation Research Institute for CNY 11.18 million[79]. - The company completed the acquisition of Jiuling Pharmaceutical in 2019, and if its future performance does not meet expectations, there is a risk of goodwill impairment[95]. - A strategic acquisition of a local competitor was completed, valued at 500 million yuan, aimed at enhancing market capabilities[113]. Risk Management - The company faces risks related to raw material price fluctuations, particularly corn starch, which significantly impacts production costs[92]. - The company has established a strict safety production management system to mitigate risks associated with production operations and environmental compliance[92]. - The company faces risks related to foreign exchange fluctuations, particularly as its export products are primarily priced and settled in USD, which could impact operating performance if the RMB appreciates significantly against the USD[95]. - The company is involved in a patent lawsuit regarding its I+G and IMP products, with a potential liability of RMB 20 million if it loses the case, which could adversely affect its financial results[95]. Corporate Governance - The audit report for the company was issued by Xinyong Zhonghe Accounting Firm with a standard unqualified opinion[4]. - The company has not encountered any non-operating fund occupation by controlling shareholders or related parties[4]. - The company has established a clear cash dividend policy and strictly executed it during the reporting period without any adjustments[142]. - The company has conducted a self-inspection of corporate governance, identifying issues related to historical losses and compliance with shareholder meeting requirements[149]. Environmental Responsibility - The company has maintained stable pollutant discharge levels in 2021, meeting industry and national standards for emissions[151]. - The company has established a complete environmental protection facility with a 100% operational rate, ensuring compliance with environmental regulations[155]. - The company is committed to sustainable development, integrating economic growth with environmental protection initiatives[155]. - The company has engaged in strategic partnerships with high-level research institutions to innovate environmental protection technologies, with projects reaching internationally leading standards[163]. Employee and Talent Management - The company has a total of 2,608 employees, with 1,620 in the parent company and 988 in major subsidiaries[137]. - The company has established a competitive and incentive-based compensation policy, ensuring that key talent compensation levels are competitive[138]. - The company has implemented a comprehensive occupational health and safety management system, emphasizing employee safety and health in the workplace[167]. - The company has developed targeted training plans for frontline production employees to improve their skills and ensure safety and quality in production[141]. Future Outlook and Strategy - The company plans to focus on significant capital needs for technological transformation projects and operational expenditures in 2022[4]. - The company aims to enhance its health food segment and integrate its pharmaceutical supply chain through mergers and acquisitions and technological innovation[90]. - The company plans to implement a digital transformation strategy to drive industrial upgrades and expand its business layout in 2022[91]. - The company provided a performance guidance for 2022, expecting a revenue growth of 20% compared to 2021[123].