GOLDENSEA(SH:603311)2022-04-24 16:00Financial Performance - The company's operating revenue for 2021 was ¥757,635,049.07, an increase of 9.27% compared to ¥693,341,594.48 in 2020[19] - The net profit attributable to shareholders for 2021 was ¥71,499,366.78, a decrease of 23.41% from ¥93,351,547.49 in the previous year[19] - The net cash flow from operating activities decreased by 54.89% to ¥69,272,752.46, down from ¥153,563,506.92 in 2020[19] - The total assets at the end of 2021 were ¥1,285,800,960.65, representing a 4.21% increase from ¥1,233,866,188.22 at the end of 2020[19] - The basic earnings per share for 2021 were ¥0.34, down 22.73% from ¥0.44 in 2020[20] - The weighted average return on equity decreased to 7.96% in 2021, down from 10.97% in 2020, a reduction of 3.01 percentage points[20] - The company's net assets attributable to shareholders at the end of 2021 were ¥854,934,253.25, a slight decrease of 0.88% from ¥862,531,182.07 at the end of 2020[19] - The company reported a net cash flow from operating activities increase due to a rise in orders and higher raw material prices, alongside increased procurement and inventory needs[81] Revenue Breakdown - In 2021, the company achieved total operating revenue of approximately 1.01 billion RMB, with quarterly revenues of 194.76 million RMB, 195.83 million RMB, 163.68 million RMB, and 203.37 million RMB respectively[9] - Revenue from air filters reached ¥433.42 million, with a gross margin of 32.34%, reflecting a decrease of 5.83 percentage points year-over-year[83] - The revenue from air conditioning wheels and related products was ¥293.24 million, with a gross margin of 21.27%, down by 4 percentage points compared to the previous year[83] - Domestic revenue was ¥331.47 million, with a gross margin of 18.8%, showing a year-over-year decrease of 3 percentage points[84] - International revenue reached ¥424.26 million, with a gross margin of 33.8%, reflecting a decrease of 7.09 percentage points year-over-year[84] - The company's sales revenue from air filters, heat exchangers, and air conditioning wheels reached CNY 755.73 million, accounting for 99.75% of total operating revenue[192] Market Position and Strategy - The company has established a competitive edge in the air filtration market, focusing on high-efficiency and low-resistance filtration materials, achieving "import substitution" in the mid-to-high-end filter material market[27] - The company is expanding its new business segment in advanced materials and environmental protection, enhancing its product offerings and transitioning from product provision to application solutions[31] - The automotive air filtration market is evolving, with increasing emphasis on in-car air quality management systems, particularly in the context of electric vehicles[28] - The company has maintained long-term strategic partnerships with well-known domestic and international brands in the indoor air management sector[27] - Jin Hai Gao Ke has established a unique and differentiated product and service offering in the air filtration industry, enhancing user experience and creating a sustainable competitive advantage[32] Research and Development - Research and development expenses increased by 55.98% to 23 million RMB, reflecting the company's commitment to innovation and product development[80] - The company holds a total of 81 patents as of December 31, 2021, including 23 invention patents and 44 utility model patents, with 21 new patents granted in 2021[71] - The company focuses on R&D transformation, converting inventions into patented technologies to enhance market competitiveness and brand value[60] - The company is actively expanding into new markets, having initiated cooperation with Midea and Hisense in Thailand in the home appliance sector[64] Environmental and Social Responsibility - The company is committed to environmental protection, focusing on reducing environmental impact through green product design and sustainable practices[147] - The company has established a chemical substance management structure to control harmful substances from procurement to product manufacturing[148] - The company uses recyclable packaging for its products and has agreements with customers for the return and reuse of packaging materials[150] - The company has implemented a "green office" initiative, utilizing new systems to optimize processes and reduce paper usage, thereby saving resources[151] - The company has passed the ISO14001 environmental management system certification, adhering to environmental laws and regulations[153] Governance and Management - The company has a remuneration and performance assessment system approved by the board of directors and shareholders[129] - The company has established specialized committees within the board, including the audit committee, nomination committee, compensation and assessment committee, and strategic committee[134] - The company has implemented a series of internal control measures for subsidiaries, ensuring effective execution of internal controls without significant deficiencies[145] - The audit opinion confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2021[190] Risks and Challenges - The company faces risks from global macroeconomic conditions, including trade tensions and fluctuating political environments, which may impact overseas operations[114] - The company is exposed to raw material price volatility, particularly in petrochemical products, and will manage supplier relationships to mitigate cost impacts[117] - Rising labor costs due to inflation and labor shortages are a concern, prompting the company to enhance automation and increase the proportion of high-value-added products[118] - The company has significant foreign trade exposure, and changes in trade policies and exchange rates may affect profitability, which will be managed through overseas production bases and hedging strategies[119]