JFL(SH:600901)2022-05-25 16:00Financial Performance - The company's operating revenue for 2021 was RMB 394,059.29 million, representing a 5.00% increase compared to RMB 375,310.28 million in 2020[16]. - The net profit attributable to shareholders for 2021 was RMB 207,245.33 million, an increase of 10.40% from RMB 187,715.57 million in 2020[16]. - The net cash flow from operating activities for 2021 was RMB 102,740.07 million, a significant recovery from a negative cash flow of RMB -107,966.88 million in 2020[16]. - The total assets at the end of 2021 reached RMB 9,930,723.27 million, marking a 22.16% increase from RMB 8,128,999.60 million at the end of 2020[16]. - The company's net asset attributable to shareholders was RMB 1,455,189.43 million at the end of 2021, up 11.85% from RMB 1,301,046.69 million in 2020[16]. - The basic earnings per share for 2021 was RMB 0.70, reflecting an 11.11% increase from RMB 0.63 in 2020[17]. - The weighted average return on equity for 2021 was 15.36%, a slight increase of 0.21 percentage points from 15.15% in 2020[17]. - The capital adequacy ratio for 2021 was 16.09%, down 0.66 percentage points from 16.75% in 2020[17]. - The non-performing financing lease asset ratio increased to 0.96% in 2021, up from 0.88% in 2020[17]. Investment and Growth - The company achieved a new investment of 55.711 billion RMB, a year-on-year increase of 27.49%[24]. - The year-end financing lease asset scale reached 93.662 billion RMB, an increase of 16.72% compared to the end of 2020[24]. - The company reported total operating revenue of 6.546 billion RMB, up 12.68% year-on-year[24]. - The return on assets (ROA) was 2.30%, while the weighted average return on equity (ROE) was 15.36%[24]. - The number of new investment projects increased to 78,795, a 62% year-on-year rise[25]. - The company established 1,172 partnerships with manufacturers and dealers by year-end, enhancing service depth and penetration[25]. - The company launched 20 ship leasing transactions in the international market, with an investment amount exceeding 1.3 billion RMB[26]. Financing and Debt Management - The company successfully issued 5 billion RMB in convertible bonds, becoming the first financial leasing company to do so[28]. - The interest expense amounted to 256,187.14 million RMB, which is a 28.66% increase from 199,117.40 million RMB in the previous year[46]. - The business and management expenses increased to 35,662.71 million RMB, a rise of 16.48% compared to 30,618.07 million RMB last year[48]. - The company reported a credit impairment loss of 80,275.77 million RMB, a decrease of 13.71% from 93,034.83 million RMB in the previous year[50]. - The financing leasing revenue from the transportation sector surged by 63.30%, reaching 112,640.18 million RMB compared to 68,976.97 million RMB last year[42]. Market Position and Strategy - The company operates in various sectors including automotive finance, clean energy, industrial equipment, and healthcare, covering over 50 sub-sectors[31]. - The company has established a strong market position in clean energy, new energy vehicles, and printing packaging, among other sectors[33]. - The company has developed over 30 specialized financial products to meet customer needs, enhancing its brand image[34]. - The company maintains a AAA credit rating and has established good relationships with numerous financial institutions, ensuring ample financing capacity[36]. - The company has a diversified risk control system that includes a "three-in-one" risk prevention mechanism involving leasing assets, lessees, and manufacturers[35]. - The company has leveraged financial technology to enhance online service capabilities and optimize risk management through data analysis[34]. Corporate Governance and Compliance - The company has received recognition as a "demonstration enterprise for corporate governance" from the State-owned Assets Supervision and Administration Commission[80]. - The company disclosed a total of 85 announcements and related materials during the reporting period[85]. - The annual shareholders' meeting held on April 15, 2021, had 30 attendees representing 2,197,638,595 shares, accounting for 73.58% of the voting shares[88]. - The company maintains good independence from its controlling shareholder in terms of assets, personnel, finance, and business operations[86]. - The board of directors is responsible for appointing and evaluating management personnel, ensuring no interference from the controlling shareholder[86]. - The company has not experienced any non-operating fund or asset occupation by the controlling shareholder[86]. Employee and Training Initiatives - The company reported a total of 396 employees in the parent company, with no employees in major subsidiaries[113]. - The company organized 44 training sessions at the company level, with a total of 1,799 participants, and conducted 276 training courses at the departmental level[116]. - The company has implemented a differentiated performance evaluation system to adjust employee salaries, focusing on frontline business personnel[115]. - The company has committed to providing necessary labor protections, including social insurance and supplementary commercial medical insurance for employees[115]. Environmental and Social Responsibility - The company promotes a green office environment by utilizing information technology to reduce paper usage and encouraging the use of clean energy sources like distributed photovoltaics[125]. - The company is actively supporting rural revitalization by providing financial leasing services for agricultural machinery and modern livestock equipment[126]. - The company has initiated "photovoltaic+" leasing projects to promote green development in rural areas, collaborating with leading clean energy firms[126]. - The company is promoting "household photovoltaic" leasing to help farmers increase their income by installing solar power systems on their rooftops[126]. Risk Management - The company has identified risks related to the quality of financing lease assets due to economic fluctuations and potential liquidity issues among lessees[76]. - The company faces risks from interest rate fluctuations that could impact profitability, particularly if the LPR pricing on assets does not align with market funding rates[77]. - The company has a liquidity risk due to the mismatch in the duration of interest-bearing liabilities (generally within one year) and financing lease projects (approximately three years)[78]. Future Outlook - The company plans to continue expanding its market presence and developing new products and technologies to enhance growth prospects[41]. - The company aims to enhance its market penetration and regional influence while controlling funding costs and maintaining risk compliance in 2022[75]. - The company plans to focus on retail finance and equipment leasing, targeting small and micro enterprises, and will continue to explore transformation paths[75].