BIYI(SH:603215)2022-04-19 16:00Financial Performance - Zhejiang Biyi Electric Appliance Co., Ltd. achieved a net profit of RMB 119,867,304.30 for the year 2021, with a cash dividend distribution plan proposing a payout of RMB 2.68 per share, totaling RMB 50,024,880[5]. - The cash dividend represents 41.73% of the net profit attributable to shareholders for the year 2021[5]. - Revenue for 2021 reached ¥1,633,659,920.39, representing a 40.43% increase compared to ¥1,163,326,479.02 in 2020[22]. - Net profit attributable to shareholders was ¥119,867,304.30, a 13.15% increase from ¥105,935,332.84 in 2020[24]. - Net profit excluding non-recurring gains was ¥110,874,430.21, up 9.22% from ¥101,518,608.86 in 2020[24]. - The company achieved a revenue of 1.634 billion yuan, representing a year-on-year growth of 40.43%[36]. - The net profit attributable to shareholders was 120 million yuan, an increase of 13.15% year-on-year, while the net profit excluding non-recurring items was 111 million yuan, up 9.22%[36]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB, representing a 20% growth year-over-year[110]. - The company has set a future outlook with a revenue target of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20%[110]. Profit Distribution - The profit distribution plan is subject to approval at the 2021 annual general meeting[6]. - The company plans to distribute cash dividends of ¥50,024,880, which represents 41.73% of the net profit attributable to shareholders for the year 2021[132]. - The cumulative undistributed profits amount to ¥181,055,007.36 after accounting for the net profit of ¥119,867,304.30 and the statutory surplus reserve[132]. - The company adopts a fixed ratio policy for cash dividends, aiming for a minimum of 30% of the average distributable profits over any three consecutive fiscal years[128]. - The cash dividend distribution will occur after the annual shareholders' meeting, with the board able to propose interim dividends based on profitability and funding needs[129]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends over stock dividends[125]. - The cash dividend distribution is contingent upon positive distributable profits and sufficient cash flow to ensure ongoing operations[127]. - The company has established clear principles for profit distribution, including prioritizing shareholder interests and ensuring compliance with legal regulations[125]. Operational Performance - Operating cash flow decreased by 132.51% to -¥35,672,874.37, primarily due to increased cash payments for goods and services[26]. - Total assets grew by 39.06% to ¥1,173,499,719.74 from ¥843,885,738.14 in 2020[24]. - Shareholders' equity increased by 52% to ¥350,400,471.07, driven by profit growth during the reporting period[26]. - Basic earnings per share rose to ¥0.86, a 13.16% increase from ¥0.76 in 2020[25]. - The company experienced a significant increase in air fryer sales, contributing to revenue growth from orders from Philips and Supor[26]. - The total production volume for air fryers was 4.65 million units, with a sales volume of 5.66 million units, marking a 46.90% increase year-on-year[59]. - The company’s external sales accounted for 94.81% of total revenue, with a 48.52% increase in external sales year-on-year[58]. Research and Development - The company has established a new research and innovation center in collaboration with Zhejiang University to enhance smart kitchen product development[37]. - Research and development expenses increased by 40.43% to 54.75 million RMB, reflecting the impact of new R&D projects[53]. - The number of R&D personnel is 191, accounting for 10.25% of the total workforce[66]. - The company has implemented automation and information technology improvements, including the introduction of ERP and MES systems to optimize production processes[38]. - The company developed two new air fryer models for Philips, which will be launched in 2022, further deepening their partnership[46]. Market Trends and Strategy - The air fryer market in China saw a sales increase of 37% year-on-year, despite an overall decline in the kitchen small appliance market[41]. - The company plans to continue expanding its market presence and product offerings in the upcoming periods[26]. - The company aims to enhance its brand influence and expand its product categories in the kitchen small appliance sector[36]. - The company plans to launch over 10 new stainless steel air fryer models in 2022, contributing to performance growth[88]. - The company is expanding production capacity by establishing a new manufacturing base in Yuyao, Zhejiang Province to meet increasing market demand[91]. Governance and Compliance - The company has established a sound internal control system to enhance governance standards, complying with relevant laws and regulations[99]. - The company has not faced any issues regarding the independence of its assets, personnel, finance, or operations from its controlling shareholders[100]. - The board of directors and supervisory board have fulfilled their responsibilities diligently and in compliance with laws and regulations[99]. - The company has not engaged in any related party transactions that would affect its independence during the reporting period[100]. - The company will maintain compliance with legal requirements in convening and conducting shareholder meetings[103]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the management discussion and analysis section of the report[8]. - The company faces risks from international trade tensions, which could impact its export business[93]. - Fluctuations in raw material prices may affect the company's profitability and operational performance[95]. - Rising labor costs and employee turnover present challenges that the company aims to address through automation and improved workforce management[97]. Employee Management - The company has established a training program through the "Biyi Business School" to enhance employee skills and support business development[122]. - The company emphasizes employee welfare through comprehensive human resource management and regular training programs, enhancing employee skills and safety awareness[142]. - The company employed a total of 1,863 staff members, with 1,524 in production, 45 in sales, 191 in technical roles, 7 in finance, and 96 in administration[119]. Shareholder Information - The largest shareholder, Biyi Group Limited, holds 104,996,250 shares, representing 75% of the total shares[192]. - The total number of ordinary shareholders as of the end of the reporting period was 15, down from 28,834 in the previous month[189]. - The company has no shares available for public trading among the top ten shareholders, indicating a tightly held ownership structure[193]. - All major shareholders have no pledged shares, indicating a strong financial position[192].