ST万林(603117) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company's operating revenue was CNY 579,892,094.80, a decrease of 19.59% compared to CNY 721,145,052.90 in 2020[21] - The net profit attributable to shareholders was CNY -283,252,107.67, representing a decline of 690.81% from CNY 47,943,313.66 in the previous year[21] - The total assets at the end of 2021 were CNY 3,872,523,052.17, down 30.52% from CNY 5,573,747,192.52 at the end of 2020[22] - The net assets attributable to shareholders decreased by 13.40% to CNY 1,977,728,343.18 from CNY 2,283,790,162.15 in 2020[22] - The basic earnings per share (EPS) for 2021 was -0.45 yuan, a decrease of 662.50% compared to 0.08 yuan in 2020[23] - The diluted EPS for 2021 was also -0.45 yuan, reflecting the same percentage decrease as the basic EPS[23] - The weighted average return on equity (ROE) was -13.30% in 2021, down from 2.11% in 2020, a decline of 15.41 percentage points[23] - The total operating revenue for Q4 2021 was 112,065,116.37 yuan, with a total annual revenue of 600,892,094.80 yuan[25] - The net profit attributable to shareholders for Q4 2021 was -317,937,993.08 yuan, indicating significant losses compared to profits in earlier quarters[25] Cash Flow and Expenses - The company reported a cash flow from operating activities of CNY -902,043,316.42, an improvement from CNY -1,167,146,713.57 in 2020[21] - The company reported a net cash flow from operating activities of -473,930,836.63 yuan for the year 2021[26] - Operating costs decreased to RMB 420,369,638.36, down 1.74% from RMB 427,799,792.42 in the previous year[49] - Sales expenses were reduced by 33.32% to RMB 8,601,787.21, while management expenses decreased by 8.34% to RMB 96,797,277.08[49] - The company’s financing activities generated a net cash flow of RMB 797,516,594.53, a decrease of 29.64% compared to the previous year[49] Audit and Compliance - The company has received a qualified audit opinion from Tianjian Accounting Firm, indicating the need for further measures to address the issues raised[4] - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[6] - The company has established a robust internal control management system to ensure effective financial reporting and operational management[99] - The audit report indicates that the financial statements fairly reflect the company's financial position, except for certain reservations regarding receivables[186] Market Conditions and Challenges - The company faced a significant decline in export orders for wood products due to complex international economic conditions and the impact of the COVID-19 pandemic[30] - The overall market for hardwood-related furniture remains sluggish, affecting the normal operations and development of the wood industry[30] - The company anticipates increased impairment losses and credit losses due to prolonged collection cycles and increased expected loss rates[23] - The company is experiencing competitive risks in its main businesses, particularly in port handling and logistics, due to increasing market competition[93] - The company faces industry volatility risks due to reliance on imported timber and the impact of COVID-19 on production in tropical hardwood regions[93] Logistics and Supply Chain - The company is focusing on optimizing its logistics network and enhancing supply chain management to adapt to market changes and improve operational efficiency[35] - The logistics business saw a significant increase in throughput and revenue despite a decline in imported timber volume due to adverse market conditions[32] - The company completed cargo distribution of 10.75 million tons, with a notable increase in bulk cargo distribution[34] - The logistics industry in China experienced a total revenue growth of 15.1% in 2021, reaching RMB 11.9 trillion[37] - The company aims to optimize its wood industry supply chain and enhance operational efficiency through the integration of "Internet" and "big data" technologies[87] Governance and Leadership - The company appointed Yu Jinsong as the new financial officer effective from May 10, 2021, following the resignation of Shen Jianwen[104] - The company has a diverse leadership team with members holding various positions in other organizations, enhancing its strategic network[107] - The company is committed to maintaining strong governance practices by ensuring a diverse and experienced board[106] - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to RMB 7.4171 million[109] Employee Management and Social Responsibility - The company has established a salary and welfare management system to align employee compensation growth with economic performance[124] - The company has established a comprehensive social security system, providing various insurances and benefits to employees, ensuring their rights are protected[139] - The company aims to create a harmonious labor relationship by enhancing labor protection and improving working conditions[139] - The company continues to strengthen pandemic prevention measures and enhance safety production management, focusing on improving operational efficiency and optimizing cargo handling[90] Shareholder and Capital Management - The company plans to implement a shareholder return plan for the next three years (2021-2023) as part of its future strategy[101] - The company has maintained a stable cash dividend policy, distributing over 30% of the net profit attributable to shareholders as cash dividends annually[127] - The company repurchased and canceled 5,596,563 restricted stocks at a price of RMB 2.88 per share due to unmet performance targets[131] - The company has not issued any new securities during the reporting period[169] Legal and Regulatory Matters - There were no significant lawsuits or arbitration matters reported for the year, indicating a stable legal standing[154] - The company has not reported any significant changes in its equity structure or major shareholders during the reporting period[176] - The company has not faced any delisting risks or bankruptcy restructuring issues during the reporting period[154]