Bohai Ferry (SH:603167)2022-03-29 16:00Financial Performance - The company's operating revenue for 2021 was approximately RMB 1.40 billion, representing a year-on-year increase of 20.06% compared to RMB 1.17 billion in 2020[20]. - The net profit attributable to shareholders for 2021 was approximately RMB 201.54 million, an increase of 48.10% from RMB 136.09 million in 2020[20]. - The basic earnings per share for 2021 was RMB 0.43, up 48.28% from RMB 0.29 in 2020[21]. - The total revenue for 2021 reached CNY 1.40 billion, representing a year-on-year increase of 20.06%, while the total profit amounted to CNY 317.10 million, up 34.59% from the previous year[28]. - The company reported a net profit attributable to shareholders of CNY 201.54 million for 2021, reflecting a significant increase of 48.10% compared to 2020[28]. - The company achieved total operating revenue of CNY 1,400,817,023.76, a year-on-year increase of 20.06%[39]. - Net profit attributable to shareholders reached CNY 201,538,700, an increase of 48.10% compared to the previous year[38]. - The company reported a significant increase in accounts receivable, rising by 254.98% to ¥97.48 million from ¥27.46 million in the previous period[49]. - The company’s total inventory increased by 70.76% to ¥119.13 million from ¥69.77 million in the previous period[49]. Cash Flow and Assets - The net cash flow from operating activities for 2021 was approximately RMB 301.03 million, a decrease of 23.80% compared to RMB 395.05 million in 2020[20]. - The total assets at the end of 2021 were approximately RMB 5.10 billion, a decrease of 2.99% from RMB 5.26 billion at the end of 2020[20]. - The company’s total liabilities decreased by 20.43% to CNY 1,331,404,500, resulting in an asset-liability ratio of 26.10%[38]. - Cash and cash equivalents decreased by 11.47% to ¥155.89 million from ¥176.09 million at the end of the previous period[49]. - The company’s long-term equity investments rose by 8.31% to ¥42.81 million from ¥39.52 million at the end of the previous period[49]. - The company’s retained earnings increased from RMB 1,703,342,336.94 in 2020 to RMB 1,853,122,098.54 in 2021, an increase of about 8.8%[183]. Operational Highlights - The company completed a total vehicle transport volume of 677,700 trips and passenger transport volume of 1.56 million in 2021, showcasing operational capacity[29]. - The company implemented a strategic shift to online ticket sales, enhancing customer acquisition and reducing reliance on traditional ticket agents[29]. - The company operates 9 large roll-on/roll-off vessels with a total tonnage of 275,900 tons, 20,800 meters of total lane length, and 15,700 passenger capacity[35]. - Vehicle freight revenue accounts for approximately 65% of the total revenue from the roll-on/roll-off transportation business[35]. - The company is leveraging the geographical advantage of Yantai to enhance international roll-on/roll-off transportation, with South Korea being a key trade partner[34]. Cost and Expenses - The operating costs for 2021 were CNY 1.05 billion, which is a 10.12% increase year-on-year, indicating rising operational expenses[28]. - The company’s fuel costs accounted for over 30% of total costs, with an estimated annual fuel consumption of 90,000 tons[39]. - Fuel costs for passenger and roll-on/roll-off transport increased to ¥290.61 million, accounting for 27.81% of total costs, up 4.55% from the previous year[44]. - The company’s cruise business revenue dropped by 55.12% due to the impact of the COVID-19 pandemic, resulting in a negative gross margin[42]. Strategic Initiatives - The company plans to strengthen its competitive advantage in domestic roll-on/roll-off transport by enhancing customer engagement and market share[29]. - The establishment of Bohai Hengtong Ferry Co., Ltd. aims to create an integrated land-sea multimodal transport model, enhancing logistics and trade service capabilities[36]. - The company is focused on improving fuel procurement channels and storage capacity to ensure stable fuel supply and operational efficiency[31]. - The company plans to expand its international passenger roll-on/roll-off (RoRo) transport market, including new routes from Shandong Peninsula to Incheon, South Korea, and from Guangxi Fangchenggang to Vietnam[67]. Governance and Management - The company has established a long-term mechanism to prevent the controlling shareholder from occupying company funds, ensuring independent operation of the board and supervisory board[76]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with relevant laws and regulations[77]. - The company has a strong governance structure with a dedicated board secretary and legal advisor, ensuring compliance and oversight[88]. - The company has experienced a transition in its board members, with several new appointments aimed at enhancing strategic capabilities[88]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion and analysis section of the report[8]. - The company recognizes potential risks in future business expansion and market development, particularly related to policy changes and competition in the Bohai Bay passenger roll-on/roll-off transport market[71]. - The company faces foreign exchange risk primarily from bank loans denominated in USD, HKD, and EUR, with total foreign currency loans amounting to ¥889,461,969.81 as of December 31, 2021[72]. Social Responsibility and Employee Engagement - The company has actively engaged in social responsibility, providing free COVID-19 testing for over 30,000 drivers and passengers[125]. - The company has implemented a performance-based salary system linked to employee performance and daily conduct, enhancing work motivation and safety awareness[104]. - The company has increased employee wages and provided supplementary medical insurance, free health check-ups, and various health activities[126]. - The company has established support programs for employees in need, including "Five Must Visits" and "Love Assistance Fund" to help them overcome difficulties[126].