LYG(SH:600876)2022-03-29 16:00Financial Performance - In 2021, Luoyang Glass achieved a net profit of RMB 218.54 million, with a year-end undistributed profit of RMB -1,143.67 million[6]. - The company plans not to distribute profits or increase capital reserves for the year 2021[6]. - The company reported a significant decrease in undistributed profits compared to the previous year, indicating financial challenges[6]. - The company's operating revenue for 2021 was approximately CNY 3.61 billion, representing a year-over-year increase of 6.64% compared to CNY 3.38 billion in 2020[26]. - Net profit attributable to shareholders for 2021 was CNY 264.60 million, a decrease of 29.04% from CNY 372.86 million in 2020[26]. - The net profit after deducting non-recurring gains and losses was CNY 192.10 million, down 36.58% from CNY 302.89 million in 2020[26]. - The company's total assets at the end of 2021 reached CNY 9.27 billion, an increase of 42.01% from CNY 6.53 billion in 2020[26]. - The weighted average return on net assets for 2021 was 10.63%, a decrease of 13.69 percentage points from 24.32% in 2020[26]. - In Q4 2021, the operating revenue was CNY 797.25 million, with a net profit attributable to shareholders of -CNY 62.36 million[28]. - The company recorded a cash flow from operating activities of CNY 136.31 million in 2021, a significant decrease of 71.03% from CNY 470.55 million in 2020[26]. - The basic earnings per share for 2021 was CNY 0.46, down 32.35% from CNY 0.68 in 2020[26]. Acquisitions and Investments - The company acquired a 60% stake in Qinhuangdao Northern Glass Co., Ltd. in August 2021, which has been included in the consolidated financial statements[28]. - The company completed acquisitions of Northern Glass and Zigong New Energy, expanding its presence in the renewable energy sector[36]. - The company approved the acquisition of a 60% stake in Qinhuangdao Northern Glass Co., Ltd. during the third extraordinary general meeting of shareholders[122]. - The company plans to invest in the construction of solar photovoltaic cell packaging materials projects at both China National Building Material (Luoyang) New Energy Co., Ltd. and its subsidiary Qinhuangdao Northern Glass Co., Ltd.[125]. Research and Development - The company applied for 47 patents during the reporting period, including 21 invention patents, with R&D investment totaling RMB 157.66 million[36]. - Research and development expenses increased by 27.81% to ¥154.33 million, indicating a focus on innovation[46]. - The company's R&D expenses totaled 157,660,175.54 RMB, which is 4.37% of the operating revenue, with 11.03% of the R&D expenses being capitalized[63]. - The company employed 491 R&D personnel, making up 13.11% of the total workforce, indicating a strong commitment to research and development[64]. Governance and Compliance - The audit report for 2021 was issued by Da Xin Accounting Firm, confirming the financial statements' accuracy and completeness[5]. - The company has maintained a consistent governance structure with all board members present for meetings[5]. - The board of directors consists of 11 members, including 2 non-executive directors and 4 independent directors, ensuring a balanced governance structure[107]. - The company has established a robust internal control system to ensure compliance with laws and regulations, asset security, and the accuracy of financial reporting[111]. - The company emphasizes the protection of minority shareholders' rights and maintains transparent communication with investors through various channels[110]. - The company has adhered to the corporate governance code and continuously improved its governance structure[107]. Environmental Responsibility - The company is committed to adhering to environmental regulations and improving its pollution control measures[173]. - The company has implemented various pollution control technologies, including high-temperature electric dust removal and SCR denitrification systems[179]. - The company’s subsidiaries have conducted environmental impact assessments for all production lines during the construction phase, receiving local environmental department approvals[184]. - The company has invested in a carbon capture and purification project with an annual capacity of 50,000 tons to support low-carbon development and contribute to national carbon peak and neutrality goals[195]. - The integrated photovoltaic system installed at the production facility is expected to generate an average annual electricity output of 15 million kWh, saving approximately 4,950 tons of standard coal and reducing CO2 emissions by about 14,955 tons annually[195]. Market Strategy - The company plans to expand its market presence and enhance product development in response to increased competition and market demands[46]. - The company aims to achieve both revenue and profit growth in 2022, focusing on optimizing management and enhancing product quality[99]. - The company plans to strengthen its market position by leveraging the dual carbon policy and expanding its core business in the renewable energy sector[98]. - The company is focused on expanding its market presence through strategic partnerships and collaborations[142].