YAPP(603013)2022-03-21 16:00Financial Performance - The company reported a distributable profit of RMB 1,869,313,587.95 as of December 31, 2021, with a profit available for distribution of RMB 411,409,589.90 for the year [6]. - The company's operating revenue for 2021 was approximately ¥8.06 billion, a decrease of 9.05% compared to ¥8.86 billion in 2020 [23]. - The net profit attributable to shareholders for 2021 was approximately ¥498.48 million, down 1.52% from ¥506.20 million in 2020 [23]. - The net cash flow from operating activities decreased by 58.41% to approximately ¥680.42 million, compared to ¥1.64 billion in 2020 [23]. - The total assets at the end of 2021 were approximately ¥5.93 billion, a decrease of 6.01% from ¥6.31 billion at the end of 2020 [23]. - The basic earnings per share for 2021 was ¥0.97, a decrease of 2.02% from ¥0.99 in 2020 [23]. - The weighted average return on equity for 2021 was 14.39%, down 0.88 percentage points from 15.27% in 2020 [23]. - The net profit after deducting non-recurring gains and losses for 2021 was approximately ¥417.00 million, a decrease of 17.51% from ¥505.49 million in 2020 [23]. - The company achieved operating revenue of RMB 8,057,483,694.83, a decrease of 9.05% compared to the previous year [56]. - The net profit attributable to shareholders is CNY 498.48 million, a decrease of 1.52% compared to the previous period [57]. - Total assets at the end of the reporting period are CNY 5,926.87 million, a decrease of 6.01% from the previous period, while net assets attributable to shareholders increased by 2.84% to CNY 3,511.79 million [57]. Dividend Distribution - A cash dividend of RMB 7 per 10 shares (including tax) is proposed, totaling RMB 359,873,383.10, which accounts for 87.47% of the distributable profit and 72.19% of the net profit attributable to shareholders in 2021 [6]. - The company reported a cash dividend of 7.00 yuan per 10 shares, totaling 359,957,150.00 yuan, which accounts for 71.11% of the net profit attributable to shareholders in 2020 [151]. - The company has no adjustments to its cash dividend policy during the reporting period, maintaining consistency with previous decisions [152]. Risk Management - The company has outlined potential risk factors in the management discussion and analysis section of the report [8]. - The company is actively managing risks associated with international operations and market competition [107]. - The company has established a governance structure that ensures the protection of shareholder and creditor rights, enhancing internal control and information disclosure practices [172]. Research and Development - The company’s R&D expenses increased by 15.25% to RMB 306,683,219.46, reflecting a focus on innovation [56]. - The total R&D expenditure is CNY 306.68 million, representing 3.81% of operating revenue [73]. - The company has initiated research and development of new products and technologies in the energy sector, including methanol fuel supply systems and battery packs [172]. - The company has developed new technologies such as YNTF® and high-pressure fuel system technology, which have entered the market growth stage [50]. - The company has successfully developed the first domestic side-mounted hydrogen system and low-cost lightweight flexible plastic fuel pipes [35]. Operational Efficiency - The company successfully maintained production and supply despite challenges such as the COVID-19 pandemic and chip shortages, achieving customer satisfaction in supply performance [35]. - The company was recognized as a pilot demonstration factory for smart manufacturing, implementing 67 smart manufacturing projects to enhance production efficiency [35]. - Digital transformation progressed with full ERP system coverage in overseas subsidiaries and upgrades to smart logistics systems, improving operational efficiency [35]. - The company has established a centralized management system for subsidiaries, covering production, R&D, finance, human resources, and sales management [160]. Corporate Governance - The company has established specialized committees, including an audit committee and a strategic committee, to enhance governance and oversight [137]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating a clean compliance record [130]. - The board of directors has maintained a high attendance rate, with all members attending the majority of meetings in person [134]. - The company is committed to maintaining transparency and accountability through regular board meetings and disclosures [133]. Environmental Responsibility - The company has implemented measures to reduce carbon emissions, including upgrading lighting and air conditioning systems and promoting smart manufacturing [168]. - The company has established a carbon neutrality management committee to oversee carbon reduction initiatives [168]. - The company has successfully completed the standardization of hazardous waste storage facilities, ensuring compliance with environmental regulations [167]. - The company’s products have reduced approximately 500 tons of hydrocarbon pollutants annually since the implementation of National VI standards, contributing to environmental protection efforts [172]. Market Position - The company’s market share in the domestic passenger car market is approximately 36.7%, ranking first in the domestic automotive fuel system market [50]. - The company ranks third in the global automotive fuel system market, holding about 12.6% of the global light vehicle market [50]. - The global automotive industry is recovering steadily, with significant growth in the electric vehicle sector, driven by government policies and technological advancements [98]. Leadership Changes - The company experienced a change in leadership with the resignation of Chairman Hao Jian due to retirement and the election of Jiang Lin as the new Chairman [130]. - Several board members, including Wang Wei and Zhang Tingbing, resigned due to work adjustments, while new directors Zheng Hua and Zuo Jing were elected [130]. Employee Development - The total number of employees in the company is 4,098, with 2,823 in production, 949 in technology, and 37 in sales [145]. - The company conducted 68,087 training sessions in 2021, totaling 116,203 hours, focusing on leadership, management systems, and job requirements [150]. - The company is committed to employee development through a multi-faceted training system, enhancing talent retention and attraction [150].