TOSPO(SH:603303)2022-03-10 16:00Financial Performance - The company's operating revenue for 2021 was CNY 5,273,081,022.42, representing a 16.98% increase compared to CNY 4,507,525,578.38 in 2020[23] - The net profit attributable to shareholders for 2021 was CNY 327,730,283.70, a decrease of 4.19% from CNY 342,057,437.92 in the previous year[23] - The basic earnings per share for 2021 was CNY 0.6871, down 4.19% from CNY 0.7172 in 2020[24] - The total assets at the end of 2021 reached CNY 5,008,303,711.36, an increase of 12.51% from CNY 4,451,433,472.11 at the end of 2020[23] - The cash flow from operating activities for 2021 was negative CNY 104,438,645.95, compared to positive CNY 405,267,189.07 in 2020[23] - The weighted average return on equity for 2021 was 10.98%, a decrease of 1.36 percentage points from 12.34% in 2020[24] - The company reported a net asset attributable to shareholders of CNY 3,095,762,549.56 at the end of 2021, which is a 7.14% increase from CNY 2,889,434,096.58 at the end of 2020[23] Business Segments - The general lighting business achieved operating revenue of RMB 4.717 billion, growing by 26.67%[33] - The automotive business saw a significant increase in revenue, reaching RMB 281 million, a growth of 191.53%[33] - The company has accumulated approximately RMB 3 billion in expected orders for automotive control and lighting projects, with a project cycle of 5-10 years[34] - The company aims to strengthen its position in the general lighting sector while actively developing commercial lighting through customization and smart solutions[85] - The vehicle business focuses on "vehicle controllers + vehicle lighting," with increased investment and efforts to secure new projects and clients[86] Research and Development - In 2021, the company's R&D investment reached 152 million RMB, focusing on high-end, personalized, and customized product development in the lighting sector[36] - The company added 55 new authorized patents during the reporting period, including 3 invention patents, 39 utility model patents, and 13 design patents[36] - The company has established a dual R&D base in Hangzhou and Shanghai to enhance its automotive R&D capabilities, aiming to attract top talent in the industry[36] - Research and development expenditures have increased by 20% to support the launch of innovative lighting solutions[98] Market and Competition - The general lighting industry in China has a market size exceeding RMB 600 billion, with over 50% global market share, indicating significant growth potential despite low industry concentration[82] - The automotive industry in China saw production and sales growth of 3.4% and 3.8% respectively in 2021, maintaining its position as the world's largest market for 13 consecutive years[82] - The automotive lighting market has a size of RMB 200 billion, with a shift from HID to LED lighting and integration with sensors for smart driving functionalities[83] - The company faces competition from established international brands in the high-end market and numerous domestic brands in the mid and low-end markets, impacting its market positioning[87] Corporate Governance - The company is committed to improving corporate governance and ensuring fair treatment of all shareholders, particularly minority shareholders[91] - The board of directors consists of 7 members, including 3 independent directors, complying with legal requirements[92] - The company has a supervisory board with 3 members, including 1 employee representative, ensuring compliance with regulations[92] - The company emphasizes fair, timely, and accurate information disclosure to all shareholders[92] - The company has strengthened investor relations management, facilitating participation of small investors in shareholder meetings[94] Financial Management - The company reported a significant increase in accounts receivable, which rose by 41.60% to 1,590,888,820.30 RMB[65] - The company’s financial expenses decreased by 287.73% to -40,680,514.12 RMB[59] - The company’s total assets included 9,001,568.51 RMB in trading financial assets, down 34.09% from the previous year[65] - The company has a clear cash dividend policy that aligns with its articles of association and protects minority shareholders' rights[118] Related Party Transactions - The company reported a total of 44,964.22 million yuan in related party transactions, with an expected amount of 51,420.00 million yuan, indicating a 12.5% shortfall in expected transactions[138] - The company engaged in transactions with Jiangxi Aopu Lighting Co., Ltd., reporting an actual amount of 43,020.66 million yuan against an expected amount of 40,000.00 million yuan, exceeding expectations by 7.6%[138] - The company’s related party transactions for lighting products with Inlohua Technology Co., Ltd. reached 676.19 million yuan, which was below the expected 1,000.00 million yuan, achieving 67.6% of the target[140] Employee and Training - The company has a total of 3,755 employees, with 1,896 in the parent company and 1,859 in major subsidiaries[113] - The company conducted 229 training sessions during the reporting period, with a total of 12,942 participants and 940 hours of instruction[116] Social Responsibility - The company focuses on environmental protection and has developed energy-saving and emission-reduction products and processes[126] - The company actively participates in social welfare activities, including blood donation and support for education and poverty alleviation[127]