CAERI(SH:601965)2022-04-22 16:00Financial Performance - In 2021, China Automotive Engineering Research Institute achieved a net profit of CNY 478,699,839.72 for the parent company and CNY 691,667,708.29 for the consolidated entity[5]. - The company achieved operating revenue of CNY 3,835,074,037.15 in 2021, representing a year-on-year increase of 12.21%[17]. - Net profit attributable to shareholders reached CNY 691,667,708.29, up 23.86% compared to 2020[17]. - The basic earnings per share increased to CNY 0.71, reflecting a growth of 24.56% from the previous year[18]. - Total profit reached RMB 843 million, a year-on-year increase of 25.54%, exceeding the annual budget by 18.73%[34]. - The company reported a total revenue of 118,351.08 million CNY from Kaiyite Vehicle, with a net loss of 729.71 million CNY[63]. - The company achieved a revenue of 22,316 million CNY from Chongqing Automotive Testing Institute, reflecting a year-on-year increase of 141%, with a net profit growth of 164%[64]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year, representing a 20% growth compared to the previous year[83]. Dividends and Profit Distribution - The company proposed a cash dividend of CNY 3.00 per 10 shares, totaling CNY 296,195,570.10 in cash dividends distributed for the 2020 fiscal year[5]. - The proposed cash dividend for 2021 is also set at 3.00 CNY per 10 shares, pending approval at the annual shareholders' meeting[101]. - The company established a cash dividend policy requiring at least 10% of the distributable profits to be distributed in cash if profits are positive[100]. - The company did not propose a cash profit distribution plan for the reporting period, as profits were positive[103]. Research and Development - The company achieved a total of 149 patent authorizations and published 16 core journal papers in 2021, enhancing its research capabilities[28]. - Research and development expenses were RMB 186 million, accounting for 4.89% of total revenue, with a year-on-year increase of 12.56%[35]. - The company completed the development of key technologies for hydrogen circulation pumps and pressure regulators, breaking foreign technology monopolies[25]. - The company completed the development of key components for hydrogen supply systems in fuel cell vehicles and received 149 patent authorizations during the reporting period[32]. Market and Industry Trends - In 2021, the domestic automotive market saw production and sales of 26.08 million and 26.275 million vehicles, respectively, representing year-on-year growth of 3.4% and 3.8%[28]. - The sales of new energy vehicles exceeded 3.5 million units in 2021, with a market share increase to 13.4%[28]. - The intelligent connected vehicle industry in China is projected to exceed 400 billion yuan in 2021, with expectations to reach 900 billion yuan by 2023[28]. - By 2025, it is expected that new energy vehicles will account for approximately 20% of total vehicle sales in China, with hybrid vehicles making up 50% of traditional energy passenger vehicle sales[57]. Governance and Compliance - The audit report for 2021 was issued by Tianzhi International Accounting Firm with a standard unqualified opinion[4]. - The company is committed to ensuring the authenticity, accuracy, and completeness of the annual report, with all board members present at the meeting[3][4]. - The company has established a comprehensive internal control system to enhance decision-making, operational management, and risk control[75]. - The company has a structured approach to governance, adhering to relevant laws and regulations, and ensuring compliance in decision-making processes[74]. Environmental Responsibility - Kairui Transmission's emissions included 840 kg of sulfur dioxide and 360 kg of nitrogen oxides for the year 2021[114]. - Kairui Transmission has implemented three sets of pollution control facilities, including wastewater and air treatment systems[115]. - The company has established an ecological and environmental responsibility system to enhance resource utilization and control energy consumption[123]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[120]. Strategic Initiatives - The company plans to organize a demonstration application of the new energy vehicle operation safety inspection technical system in Chongqing[24]. - The company plans to establish a new regional headquarters in Suzhou High-tech Zone to enhance its testing and R&D capabilities[33]. - The company aims to enhance its technical service capabilities by establishing localized service centers across major automotive industry clusters in China[68]. - The company is focusing on building capabilities in the new energy vehicle and intelligent connected vehicle sectors, facing risks related to new standards, technologies, and investment expectations[73]. Human Resources and Talent Management - The company introduced 44 new talents, including PhDs and key personnel, to strengthen its workforce[27]. - The company has implemented a performance-based salary distribution policy to enhance competitiveness and motivate employees[98]. - The company has initiated a "Leadership Program" aimed at cultivating technical leaders, focusing on young PhDs and technical backbones[99]. - The company emphasizes the importance of talent acquisition and retention, implementing competitive compensation and development platforms to attract skilled professionals[73]. Financial Position and Assets - Total assets at the end of 2021 amounted to CNY 7,184,155,101.89, an increase of 8.12% from the previous year[17]. - The company’s cash and cash equivalents at the end of the reporting period amounted to CNY 30,621,300.82, with restricted cash due to various guarantees[55]. - The company’s long-term investments in equity increased significantly by 383.57% year-on-year, reaching CNY 52,550 million[58]. - The company’s total assets from its major subsidiaries, including Kaiyite Vehicle and Kaiyite Transmission, amounted to over 53 billion CNY, indicating a strong asset base for future growth[63].