GUILIN FUDA (SH:603166)2023-03-08 16:00Financial Performance - The company achieved a consolidated net profit of CNY 65,590,196.36 for the year 2022, while the parent company reported a net profit of CNY 81,350,218.23[5]. - In 2022, the company's operating revenue was CNY 1,134,731,234.50, a decrease of 37.47% compared to CNY 1,814,609,944.50 in 2021[23]. - The net profit attributable to shareholders was CNY 65,590,196.36, down 68.52% from CNY 208,327,029.50 in the previous year[23]. - The basic earnings per share decreased to CNY 0.10, a decline of 70.59% from CNY 0.34 in 2021[24]. - The weighted average return on equity fell to 2.46%, a decrease of 6.07 percentage points from 8.53% in 2021[24]. - The total assets at the end of 2022 were CNY 3,245,323,212.78, down 11.73% from CNY 3,676,446,622.64 at the end of 2021[23]. - The company reported a net profit excluding non-recurring items of CNY 35,769,308.48, down 81.12% from CNY 189,464,100.77 in 2021[23]. - Operating revenue for 2022 was CNY 1,134.73 million, representing a year-on-year decline of 37.47%, primarily due to reduced sales in commercial vehicles, especially heavy trucks[64]. - Net profit attributable to shareholders was CNY 65.59 million, down 68.52% year-on-year, with basic earnings per share at CNY 0.10, a decrease of 70.59%[62]. Dividend Distribution - The proposed cash dividend distribution is CNY 1 per 10 shares, totaling CNY 64,620,865.10, which represents 98.52% of the net profit attributable to ordinary shareholders[5]. - The company has a cash dividend policy that mandates a minimum of 15% of distributable profits to be distributed as cash dividends when conditions allow[152]. - In the absence of significant capital expenditures, the cash dividend proportion must be at least 80% of the total distribution; if there are significant capital expenditures, it must be at least 40%[152]. - The company has established a three-year shareholder return plan (2020-2022) to ensure stable profit distribution based on profit and cash flow conditions[151]. Operational Challenges - The company faced significant challenges in 2022, including demand contraction and supply shocks, impacting overall performance[32]. - The sales volume of commercial vehicles in 2022 was 330,000 units, a decrease of 31.2% year-on-year[32]. - Heavy-duty truck sales dropped to 67,190 units, down 51.84% from 139,500 units in the previous year[32]. - The company experienced a significant reduction in sales across all regions, with the largest decline in the South China region at 48.61%[66]. - The automotive industry has seen a significant decline in traditional fuel vehicle production and sales, particularly in commercial vehicles, impacting the company's business[120]. Research and Development - The company invested 78.59 million yuan in R&D, filing 59 patents, including 21 invention patents[40]. - The company developed 13 new products in the year, with 5 of them entering mass production, including various clutch products for major domestic automakers[34]. - The company is investing in R&D for new technologies, with a budget allocation of 10 million yuan for the upcoming year[132]. - The number of R&D personnel is 356, accounting for 15.13% of the total workforce[75]. - The company has a robust R&D environment, recognized as a high-tech enterprise, and has developed core technologies in forging and heat treatment processes[57]. Market Position and Strategy - The company focuses on the research, production, and sales of engine crankshafts, automotive clutches, spiral bevel gears, precision forgings, and high-strength bolts, establishing itself as a leading manufacturer in these sectors[44]. - The company's main business model is primarily based on original equipment manufacturer (OEM) partnerships, with 98.36% of revenue coming from OEMs in 2022[45]. - The company has established long-term partnerships with major domestic engine and vehicle manufacturers, enhancing its market position and recognition[54]. - The company is actively exploring investments, mergers, and partnerships in the new energy sector, including electric vehicles and clean energy[117]. - The company is set to complete the construction of an automated production line for hybrid crankshafts by the end of 2023, aiming to increase production capacity[116]. Corporate Governance - The company has maintained a standard unqualified audit opinion from the accounting firm Rongcheng[4]. - The management team guarantees the authenticity, accuracy, and completeness of the annual report[7]. - The company has not faced any violations of decision-making procedures regarding external guarantees[7]. - The company has not reported any significant changes in the shareholding structure of its directors and senior management during the reporting period[131]. - The company has no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[128]. Social Responsibility - The company actively participated in social responsibility initiatives, donating 779,500 yuan and providing 251 job opportunities in rural areas, contributing over 11 million yuan in wages[39]. - The company reported a total investment of CNY 1,182.72 million in poverty alleviation and rural revitalization projects, providing 251 job opportunities and approximately CNY 11 million in wages[169]. - The company organized volunteer activities, including blood donation drives, benefiting local communities and addressing blood supply shortages[168]. - The company purchased agricultural products worth CNY 777,230 from local rural revitalization demonstration points, benefiting approximately 3,000 individuals, including 2,500 employees and around 500 farmers[170]. Environmental Management - The company achieved zero environmental pollution incidents in 2022 by actively managing hazardous waste and collaborating with disposal units[165]. - The company completed ISO14001 and ISO45001 certification audits in the second half of 2022, enhancing its environmental management systems[164]. - The company adopted new technologies and processes to reduce carbon emissions, contributing to low-carbon development initiatives[166]. - The company replaced over 90% of diesel and gasoline forklifts with electric vehicles, significantly reducing carbon emissions during transportation[165]. Legal Matters - The company faced a lawsuit involving an amount of 29,814,700 yuan, which did not reach the threshold to form a provision for expected liabilities[179]. - The company has been involved in multiple legal proceedings, with the latest judgment requiring it to pay 2 million yuan in bills and interest, which has now been settled[181]. - The company completed a rectification report in response to a warning issued by the China Securities Regulatory Commission in August 2022, addressing issues related to fundraising and corporate governance[183]. - The company has maintained compliance with regulatory requirements following the rectification measures implemented in response to the warning from the regulatory authority[183].