2022-03-21 16:00Financial Performance - The net profit attributable to the parent company for 2021 was RMB 2,119,919,326.43, while the net profit for the parent company was RMB 1,401,607,683.56 after deducting the statutory surplus reserve of RMB 47,656,457.44[4] - The total undistributed profits as of the end of 2021 amounted to RMB 2,894,223,275.67 after accounting for the cash dividend distribution of RMB 321,928,988.10 from the previous year[4] - The company plans not to distribute profits for 2021 and will not increase capital using the capital reserve, with the undistributed profits allocated for funding ongoing projects[4] - The company's operating revenue for 2021 was approximately CNY 8.71 billion, representing a 39.18% increase compared to 2020[18] - The net profit attributable to shareholders for 2021 was approximately CNY 2.12 billion, a 30.15% increase from the previous year[18] - The net cash flow from operating activities decreased by 65.92% to approximately CNY 579.73 million in 2021[18] - The total assets at the end of 2021 were approximately CNY 20.08 billion, a 63.73% increase compared to the end of 2020[18] - The basic earnings per share for 2021 was CNY 0.99, up 19.28% from 2020[19] - The weighted average return on equity for 2021 was 20%, a decrease of 9 percentage points compared to 2020[19] Revenue and Sales - In Q4 2021, the operating revenue was approximately CNY 2.38 billion, showing a strong performance in the last quarter[21] - The net profit attributable to shareholders in Q1 2021 was approximately CNY 837.82 million, indicating robust earnings at the start of the year[21] - The company reported a net asset attributable to shareholders of approximately CNY 11.81 billion at the end of 2021, a 63.24% increase from the previous year[18] - The company achieved an operating revenue of RMB 871,322.81 million in 2021, representing a 39.18% increase year-on-year, and a net profit of RMB 211,991.93 million, up 30.15% from the previous year[25] - The company’s photovoltaic product exports totaled approximately 28.43 billion USD in 2021, up 43.9% year-on-year[29] - The company’s total revenue from photovoltaic glass sales reached approximately RMB 5,008.38 million domestically and RMB 2,113.25 million internationally, with a domestic sales rate of 89.33%[64] Production and Capacity Expansion - The company is expanding its production capacity with ongoing construction of the third and fourth phases of its Anhui production base and plans to build four photovoltaic glass furnaces in Nantong, Jiangsu, with a daily melting capacity of 1,200 tons[25] - The company completed the cold repair of a 600-ton daily melting capacity photovoltaic glass furnace at its Jiaxing production base in Q1 2022[25] - The company has a total production capacity of 420,000 tons for photovoltaic glass, with a capacity utilization rate of 90.15%[63] - The company is currently constructing projects with a total investment of RMB 81.50 million for the Anhui production base and RMB 23.93 million for ultra-thin high-transmittance panel manufacturing[72] - The company plans to gradually put into operation new production lines with a total investment of RMB 1,012.68 million, expected to commence in 2022-2023[63] Research and Development - Research and development expenses rose by 43.45% to RMB 408,417,461.35, driven by the increase in R&D projects including technology for ultra-thin glass[41] - The company reported a total R&D investment of CNY 408.42 million, representing 4.69% of operating revenue[54] - The number of R&D personnel was 515, making up 9.07% of the total workforce[55] Market Challenges and Risks - The company faced challenges in the photovoltaic glass market due to rising raw material and fuel prices, impacting profitability[28] - The company is subject to anti-dumping duties in the EU and India, with rates of 71.40% and 12.80% for EU exports, and 136.21 USD/ton for exports to India[83] - The company’s foreign sales accounted for 26.72% of total revenue, exposing it to exchange rate fluctuations, particularly with USD and JPY[85] Corporate Governance and Management - The company held a total of 22 board meetings, 19 supervisory meetings, and 10 shareholder meetings during the reporting period, effectively resolving matters such as director elections and profit distribution[88] - The company maintains complete independence from its controlling shareholders, with no reliance on them for business operations or any unfair related transactions[89] - The company has established a comprehensive safety production system to minimize risks associated with high-temperature and cutting processes in glass production[85] - The company has a well-defined governance structure, including a board of directors and specialized committees, ensuring effective decision-making[88] Shareholder Relations and Dividends - The company has established a cash dividend policy to enhance transparency and protect investor rights, which was approved at the 2021 shareholder meetings[127] - The company has a three-year dividend return plan for shareholders from 2021 to 2023, which was discussed in the shareholder meetings[97] - The cash dividend distribution for the 2020 fiscal year was RMB 321,928,988.10, representing approximately 27.57% of the net profit attributable to the parent company[128] Strategic Initiatives - The company plans to enhance brand building and increase global recognition through deeper collaborations with well-known enterprises in the photovoltaic industry[82] - The company aims to implement a comprehensive talent introduction strategy, focusing on attracting high-level professionals in R&D, management, marketing, and finance over the next few years[82] - The company is exploring potential mergers and acquisitions to strengthen its market position[100] Environmental Commitment - The company strictly adheres to local environmental laws and has not received any significant complaints or administrative penalties regarding environmental issues during the reporting period[140] - A subsidiary was fined 380,000 yuan due to environmental facility failures leading to excess emissions, which has been rectified[145] - The company has been approved as a green factory in Zhejiang Province, reflecting its commitment to energy efficiency and reducing carbon emissions[147]