Cybrid(SH:603212)2022-03-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 3,017,261,003.66, an increase of 38.25% compared to CNY 2,182,509,678.96 in 2020[26]. - The net profit attributable to shareholders for 2021 was CNY 170,092,277.25, a decrease of 12.36% from CNY 194,090,190.41 in 2020[26]. - The net cash flow from operating activities for 2021 was CNY -177,128,808.22, a decline of 712.44% compared to CNY 28,921,770.32 in 2020[26]. - The total assets at the end of 2021 were CNY 4,747,346,972.17, an increase of 44.90% from CNY 3,276,338,968.96 at the end of 2020[29]. - The basic earnings per share for 2021 was CNY 0.42, down 16.00% from CNY 0.50 in 2020[29]. - The weighted average return on equity for 2021 was 8.63%, a decrease of 3.12 percentage points from 11.75% in 2020[29]. - The net assets attributable to shareholders increased by 18.97% to CNY 2,228,661,042.62 at the end of 2021[26]. - The overall gross margin for 2021 was 17.13%, impacted by rising raw material costs and supply chain constraints[109]. Dividend and Share Capital - As of December 31, 2021, the total share capital of the company was 404,074,000 shares, with a proposed cash dividend of 1.25 RMB per 10 shares, totaling 50,509,250 RMB, resulting in a cash dividend payout ratio of 29.70%[6]. - The company has committed to maintaining the distribution ratio per share, with adjustments to the total distribution amount if the total share capital changes before the dividend distribution date[6]. Audit and Governance - The company has received a standard unqualified audit report from Tianheng Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The board of directors and supervisory board members have confirmed the authenticity and completeness of the annual report, taking legal responsibility for any misstatements or omissions[4]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period, indicating sound financial governance[7]. - The company has not violated any decision-making procedures regarding external guarantees during the reporting period, reflecting compliance with regulations[7]. - The company has established a comprehensive internal management and control system to enhance governance and protect shareholder interests[180]. - The company’s governance structure includes a board of directors, supervisory board, and specialized committees, ensuring clear responsibilities and accountability[180]. Market and Product Development - The company plans to expand its market presence and enhance product offerings in the renewable energy sector[26]. - The company reported a significant increase in sales of solar packaging films and materials for the semiconductor and electric transportation sectors, contributing to revenue growth[26]. - The company is focusing on improving operational efficiency to mitigate the impact of rising raw material costs[26]. - The company plans to enhance its product structure and improve gross margins in 2022, following successful adjustments in its backsheet product lines[41]. - The company aims to position itself as a total solution provider for photovoltaic high polymer materials, extending its offerings beyond traditional materials[79]. Research and Development - The company is committed to increasing its technological variety and efficiency, with a focus on rapid and low-cost R&D advantages[91]. - The company has over 20 new products in development, focusing on the automotive and semiconductor industries, aiming for rapid market introduction[92]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[196]. - Total R&D expenses amounted to $92,617,296.55, accounting for 3.07% of operating revenue, with no capitalized R&D expenses reported[128]. Risks and Compliance - The company has outlined potential risks in its management discussion and analysis section, advising investors to pay attention to these risks[7]. - The company faces risks related to the cyclical nature of the photovoltaic industry, which is influenced by macroeconomic policies and market demand fluctuations[174]. - Global economic fluctuations and trade tensions, particularly between the US and China, pose risks to the company's sales and future performance[178]. Customer and Market Position - The company has maintained the number one global market share for its KPf backsheet product for seven consecutive years, establishing it as a new industry benchmark[78]. - The company has established a strong customer base in the photovoltaic sector, including major clients like Trina Solar and BYD, enhancing its market presence[99]. - The company successfully entered the supply chains of leading enterprises such as CATL and BYD with its battery materials, achieving the highest market share in three product categories[45]. Financial Management - The company reported a significant increase in sales expenses by 92.50% to CNY 51.68 million, primarily due to higher sales personnel costs[106]. - Research and development expenses rose by 30.62% to CNY 92.62 million, reflecting the company's commitment to innovation[106]. - The company reported a non-recurring gain of approximately 4.42 million RMB in 2021, compared to 15.85 million RMB in 2020[37]. - The company’s cash flow from operating activities showed a net outflow of approximately 244.45 million RMB in the latest reporting period[33]. Executive Compensation - The total pre-tax remuneration received by executives during the reporting period amounted to 399.50 million yuan[191]. - The total number of shares held by executives at the end of the reporting period was 390,000 shares, with an increase of 390,000 shares during the year due to equity incentives[191]. - The Chairman and General Manager, Wu Xiaoping, received a total pre-tax remuneration of 89.00 million yuan, with no shares held[191].