Perfect(603059)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,038,587,042.22, representing a 25.47% increase compared to CNY 827,733,643.72 in 2020[22]. - The net profit attributable to shareholders of the listed company decreased by 2.73% to CNY 74,782,577.41 from CNY 76,884,746.92 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 32,113,156.98, a significant decrease of 56.49% compared to CNY 73,811,790.09 in 2020[22]. - Cash flow from operating activities was CNY 57,119,822.51, down 52.71% from CNY 120,779,395.68 in the previous year[22]. - The total assets of the company increased by 15.22% to CNY 1,541,167,018.23 from CNY 1,337,546,848.07 in 2020[23]. - The net assets attributable to shareholders of the listed company rose by 5.10% to CNY 1,079,220,387.42 from CNY 1,026,858,505.88 in the previous year[23]. - The basic earnings per share for 2021 was CNY 0.75, down 2.60% from CNY 0.77 in 2020[24]. - The weighted average return on equity decreased to 7.10% in 2021 from 8.10% in 2020, a drop of 1 percentage point[24]. - The gross margin for personal care products was 20.56%, a decrease of 2.39 percentage points compared to the previous year[61]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion in 2021, representing a growth of 15% year-over-year[108]. Sales and Market Performance - Overseas sales revenue reached CNY 693,627,115.93, accounting for 66.80% of total revenue, while domestic sales were CNY 344,824,570.14, making up 33.20%[33]. - Oral care product sales grew by 13.10%, while wet wipes sales increased by 44.60% year-on-year[59]. - The company’s overseas revenue increased by 32.72% year-on-year, primarily driven by the growth in wet wipes sales[61]. - The domestic oral care market is projected to grow at a compound annual growth rate (CAGR) of 9.3%, reaching 63 billion yuan by 2024[39]. - The toothbrush market is projected to grow at a CAGR of over 10% in the next five years, indicating significant market potential[89]. - The company is focusing on expanding its market channels and brand presence, leveraging its product innovation to capture a larger share of the oral care market[47]. Product Development and Innovation - The company is actively seeking external investment opportunities and has strategically invested in WeiMeiZi Company to enhance its growth strategy[33]. - The company plans to continue expanding its oral care product matrix, with significant growth in mouthwash and wet wipes segments[33]. - In 2021, the company launched multiple new products including mouthwash, oral spray, and dental irrigators as part of its R&D efforts[35]. - The company reported a significant increase in product adoption, particularly in the electric toothbrush segment, which features a magnetic levitation motor capable of reaching 35,000 vibrations per minute[43]. - The new children's toothpaste line includes low-fluoride options designed for safety during the transition from baby teeth to adult teeth, enhancing oral health during this critical period[44]. - The company has expanded its product range to include various types of dental floss and interdental brushes, catering to a broader consumer base and enhancing market presence[44]. - The company plans to enrich its oral care product line, actively developing toothpaste, electric toothbrushes, and oral irrigators to optimize product structure and enhance brand value[94]. Corporate Governance and Management - The board of directors confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the annual report[4]. - The company has established a sound corporate governance structure, ensuring clear responsibilities and checks among its governing bodies[100]. - The company has a remuneration and assessment committee that reviews the compensation of directors and senior management[112]. - The company has implemented a cash dividend policy, ensuring that at least 10% of the distributable profits are allocated as cash dividends each year, provided there are no major capital expenditures[128]. - The company is committed to enhancing its internal control management processes to ensure compliance and operational stability[101]. - The company has maintained a stable management team with no changes in key positions during the reporting period[107]. Environmental and Social Responsibility - In 2021, the company generated 1.59 million kWh of electricity from its 2.6 MW solar power project, saving 605 tons of standard coal and reducing carbon emissions by approximately 1,178 tons[140]. - The company established a special task force for environmental compliance and conducted comprehensive evaluations to ensure legal and regulatory adherence following the environmental incident[139]. - The company actively participates in social welfare initiatives, focusing on supporting underprivileged communities and charitable donations[141]. Risks and Challenges - The company faces risks from fluctuations in raw material prices, particularly those linked to international oil prices, which could impact profitability[97]. - The company is exposed to market competition risks due to the low entry barriers in the oral care industry, which may affect market share if product quality and service levels do not meet customer expectations[97]. - The company is at risk from exchange rate fluctuations, as its main settlement currency for exports is USD, which could affect sales prices[98]. Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 20% based on new product launches and market expansion strategies[108]. - The company plans to expand its overseas market presence, particularly in Southeast Asia and South America, leveraging ODM product sales advantages to meet the growing demand for oral care products and wet wipes[94]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 500 million RMB allocated for potential deals[145].