梅花生物(600873) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was approximately CNY 22.84 billion, representing a year-on-year increase of 33.94% compared to CNY 17.05 billion in 2020[17]. - The net profit attributable to shareholders of the listed company reached approximately CNY 2.35 billion, a significant increase of 139.40% from CNY 982 million in 2020[17]. - The net profit after deducting non-recurring gains and losses was approximately CNY 2.04 billion, up 123.89% from CNY 911 million in the previous year[17]. - The net cash flow from operating activities was approximately CNY 3.67 billion, an increase of 120.91% compared to CNY 1.66 billion in 2020[17]. - The total assets of the company at the end of 2021 were approximately CNY 20.92 billion, reflecting a year-on-year growth of 10.15%[17]. - The net assets attributable to shareholders of the listed company were approximately CNY 10.62 billion, an increase of 16.90% from CNY 9.09 billion at the end of 2020[17]. - The basic earnings per share for 2021 was 0.76 RMB, up 137.50% compared to 0.32 RMB in 2020[18]. - The weighted average return on equity was 26.32%, an increase of 15.33 percentage points from the previous year[18]. - The company reported a net cash flow from operating activities of 2.149 billion RMB in Q3 2021, a significant recovery from a negative cash flow of -348.84 million RMB in Q1 2021[20]. - The company achieved a revenue growth of 33.94% year-on-year, reaching 22.837 billion CNY, with a net profit increase of 139.40% to 2.351 billion CNY[26]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 4.0 per 10 shares, amounting to an estimated total of approximately CNY 1.24 billion[4]. - The company has distributed a total of 4.7 billion RMB in cash dividends since 2016, representing 90.64% of the total net profit during this period[51]. - The proposed cash dividend for the fiscal year 2021 is 4.0 yuan per 10 shares, totaling an estimated distribution of around 1.239 billion yuan[127]. Research and Development - The company has invested 649 million RMB in R&D, focusing on optimizing technical indicators and improving conversion efficiency[50]. - The company has applied for over 40 patents related to amino acid synthetic biology in 2021, indicating a surge in intellectual property output[50]. - The company has established collaborations with top domestic research institutions to develop high-performance strains using synthetic biology[37]. - The company’s research and development efforts are focused on creating high-yield strains that can meet the growing industrial demand for amino acids[36]. - The company has implemented a vitamin B2 technical transformation project that has commenced production, marking one of the few vitamins produced via fermentation[41]. Production and Capacity - The lysine production capacity reached 300,000 tons with the completion of the Baicheng Phase III project, solidifying the company's position as the largest amino acid producer globally[27]. - The production capacity for lysine and MSG reached over 1 million tons and 250,000 tons respectively, positioning the company as a leader in the industry[49]. - The production volume of animal nutrition amino acids reached 2,072,874 tons, with a year-on-year increase of 0.85%[62]. - The company’s lysine production capacity has increased to 300,000 tons, making it the largest supplier of lysine and threonine globally[82]. Market and Pricing - The sales price of lysine increased by 37.63% year-on-year, while the price of threonine rose by 44.75% compared to 2020[28]. - The average price of lysine in 2021 was 10.97 RMB/kg, up 47.21% year-on-year, indicating significant improvement in industry profitability[83]. - The company experienced a significant increase in profitability for its main products, including MSG and amino acids, due to price increases that outpaced raw material cost rises[25]. Environmental and Sustainability Efforts - The company has implemented a series of environmental protection measures, achieving SO2 emissions below 35 mg/m³ and NOX emissions below 50 mg/m³ in its Xinjiang facility[144]. - The company aims to reduce energy consumption per unit of GDP by 13.5% and carbon dioxide emissions by 18% by 2025 compared to 2020 levels[155]. - The company has received multiple awards for its environmental efforts, including national "Green Factory" titles for its production bases[157]. - The wastewater recycling rate in Tongliao Company reached over 93%, with significant resource recovery from high-concentration wastewater[146]. Governance and Compliance - The company’s governance structure complies with legal and regulatory requirements without significant discrepancies[100]. - The audit department improved the sales internal control risk manual and conducted training, identifying 17 core control processes in key business areas[99]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating compliance with regulations[112]. - The company has established a complete internal control self-inspection system with the assistance of external professionals, aimed at identifying key business risks and improving governance[172]. Employee Engagement and Welfare - The company aims to double the income of frontline employees within five years, promoting higher performance through various incentive methods[123]. - A total of 1,478,000 hours were outsourced, with total payments for outsourced labor amounting to approximately 52.38 million[126]. - The company has established a standardized training process, successfully training 98 middle management personnel and 1,330 outstanding employees in 2021[124]. Risks and Challenges - The company is facing risks from potential changes in overseas market policies and trade barriers affecting sales[96]. - The company has committed to avoiding any business activities that may compete with its main operations during the control period of its major shareholder, Meng Qingshan[163]. - The company has not reported any significant litigation or arbitration matters for the year[166]. Share Repurchase and Capital Management - The company has completed a share repurchase plan, acquiring 34,222,000 shares, which is 1.10% of the total share capital, at an average price of RMB 5.86 per share, totaling RMB 200,480,500[182]. - The company is actively pursuing share repurchase plans in compliance with regulatory requirements, ensuring timely disclosure of information[182]. - The company has engaged Da Hua Accounting Firm for auditing services, with a remuneration of 1,400,000 RMB for the financial report audit[165].