JINNENG(SH:603113)2022-04-21 16:00Financial Performance - The net profit attributable to shareholders for 2021 was CNY 934,731,956.38, with the parent company achieving a net profit of CNY 1,044,432,902.83[6]. - The company's operating revenue for 2021 was CNY 7,545,081,311.50, representing a year-on-year increase of 58.73%[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 786,746,551.16, reflecting a 1.36% increase compared to the previous year[24]. - Basic earnings per share decreased by 13.28% to CNY 1.11 compared to the previous year[25]. - Diluted earnings per share decreased by 5.61% to CNY 1.01 compared to the previous year[28]. - Net profit attributable to shareholders increased by 5.12% year-on-year, driven by improved profitability of main products[28]. - The company achieved operating revenue of 11.98 billion RMB, an increase of 58.73% year-on-year[58]. - Net profit attributable to shareholders was 935 million RMB, up 5.12% compared to the previous year[58]. - The net profit after deducting non-recurring gains and losses was 797 million RMB, reflecting a year-on-year increase of 1.36%[58]. Cash Flow and Assets - The net cash flow from operating activities was CNY 1,323,346,928.10, which decreased by 37.84% year-on-year[24]. - The total assets at the end of 2021 were CNY 12,065,476,567.58, an increase of 8.76% compared to the end of 2020[24]. - The net assets attributable to shareholders at the end of 2021 were CNY 8,058,904,738.68, up by 8.62% from the previous year[24]. - The net cash flow from operating activities was negative in the third and fourth quarters, with CNY -251.70 million and CNY -232.86 million, respectively[29]. - Cash and cash equivalents at the end of the period reached ¥945,928,242.16, a 196.09% increase year-on-year[83]. - Short-term borrowings increased by 121.30% year-on-year, totaling ¥1,337,270,219.91[83]. Dividends and Shareholder Returns - The proposed cash dividend for 2021 is CNY 3.50 per 10 shares, amounting to a distribution of at least 15% of the distributable profit[6]. - The company plans to continue focusing on sustainable development and shareholder returns in future strategies[6]. Revenue and Cost Analysis - Main business revenue reached 10.46 billion RMB, a growth of 66.70% year-on-year, while main business costs increased by 79.34% to 8.85 billion RMB[60]. - The revenue from carbon black products reached ¥2.99 billion, with a significant year-over-year increase of 89.64% and a gross margin of 16.22%, which improved by 2.22 percentage points[64]. - The company experienced a decrease in gross margins across major products due to rising raw material costs[64]. - The average price of coal increased by 63.91% year-on-year, impacting the cost of goods sold[127]. - The company reported a decrease in electricity prices by 4.28%, which contributed to a reduction in operating costs[128]. Research and Development - Research and development expenses surged by 176.66% to 162 million RMB, indicating a significant investment in innovation[59]. - Total R&D investment amounted to ¥439,230,065.78, representing 3.67% of operating revenue[76]. - The number of R&D personnel is 545, accounting for 18.72% of the total workforce[79]. - The company is focusing on technological innovation, with several new projects in the pipeline aimed at enhancing operational efficiency[161]. Market Position and Strategy - The company is actively exploring new energy and new material industries to ensure sustainable development in response to global industrial changes[38]. - The company is strategically located in Shandong, the largest tire production base in China, facilitating sales and distribution[55]. - The company has established a unique circular economy model, enhancing its competitive edge in the industry[55]. - The company aims to focus on a circular economy strategy, optimizing the industrial chain and promoting green low-carbon development[141]. Risks and Challenges - The company has outlined significant risk factors that may impact future development in the management discussion section[11]. - Market competition in the chemical industry is intensifying, and the company must leverage its advantages to maintain performance amid potential demand slowdowns[144]. - Fluctuations in the prices of key raw materials and products, such as propane, propylene, and coal, significantly impact the company's operating performance and profit margins[146]. - The company faces risks from changes in industrial policies, which could lead to penalties or disruptions in production if regulations are not adhered to[143]. Governance and Management - The company has a governance structure in place that complies with relevant regulations, ensuring independence in its operations[149]. - The board of directors and senior management have seen changes in shareholdings, with some members reducing their stakes during the reporting period[155]. - The company has established specialized committees, including an audit committee and a nomination committee, to enhance governance[180]. - The company appointed a new Chief Financial Officer, Wang Zhongxia, to meet operational needs[173]. Future Outlook - The company expects to achieve a sales revenue of 18.408 billion yuan and a net profit attributable to the listed company of 1.025 billion yuan in 2022[142]. - Future guidance indicates a projected revenue growth of 10% for the upcoming fiscal year[160]. - New product launches are expected to contribute an additional 15% to overall revenue in the next quarter[160].