JSSMDL(SH:603530)2022-04-26 16:00Financial Performance - The company's operating revenue for 2021 was ¥731,174,912.37, representing a year-over-year increase of 10.29% compared to ¥662,973,845.22 in 2020[23]. - The net profit attributable to shareholders of the listed company decreased by 23.05% to ¥100,571,597.38 in 2021 from ¥130,699,588.58 in 2020[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 37.95% to ¥74,747,733.04 in 2021[23]. - The net cash flow from operating activities decreased by 53.84% to ¥45,376,680.48 in 2021, down from ¥98,312,871.91 in 2020[23]. - The company's total assets increased by 42.24% to ¥1,962,883,009.45 at the end of 2021, compared to ¥1,379,980,029.69 at the end of 2020[23]. - The weighted average return on equity decreased by 4.28 percentage points to 7.80% in 2021 from 12.08% in 2020[23]. - The basic earnings per share decreased by 27.27% to ¥0.24 in 2021, down from ¥0.33 in 2020[23]. - The gross profit margin for the main business in 2021 was 34.65%, a decrease of 9.36 percentage points year-on-year[78]. - The main business revenue increased by 10.38% year-on-year, reaching ¥723,685,686.97[78]. - Operating costs for the main business rose by 28.83% year-on-year, totaling ¥472,953,179.11[78]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling approximately RMB 43.23 million (including tax) to shareholders[7]. - The company held its annual shareholders' meeting on April 20, 2021, where several key reports and proposals were approved, including the financial settlement report for 2020[152]. - In 2020, the company distributed a cash dividend of RMB 1.30 per 10 shares, amounting to RMB 52,005,783.70, which represented 39.79% of the net profit attributable to shareholders[196]. - The company's profit distribution policy is in compliance with relevant regulations and has clear standards and procedures[200]. Audit and Compliance - The company has received a standard unqualified audit report from PwC Zhongtian[6]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible persons[6]. - The board of directors confirmed that all members attended the board meeting, ensuring the integrity of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The independent directors have fulfilled their responsibilities and ensured the protection of minority shareholders' rights[200]. - The company has not engaged in any significant mergers or acquisitions during the reporting period[150]. - The company has not reported any significant changes in competition or business operations that would affect its independence[153]. Research and Development - The company applied for 66 domestic patents during the reporting period, including 28 invention patents[42]. - Research and development expenses in 2021 were ¥38,298,714.35, an increase of 35.05% compared to the previous year[77]. - The total R&D investment accounted for 5.24% of operating revenue, with no capitalized R&D expenditures[97]. - The company has developed products addressing industry challenges, such as rubber sealing components and composite insulators for substations[65]. - The company is investing 100 million yuan in R&D for advanced electrical materials over the next fiscal year[165]. Market and Product Development - The company plans to participate in the construction of 24 AC and 14 DC UHV projects during the "14th Five-Year Plan" period, with a total investment of ¥380 billion[46]. - The company aims to expand its market share in composite insulation products, supported by existing customer recognition and strategic goals[124]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[165]. - New product development includes the launch of a next-generation power insulation product, expected to contribute an additional 300 million yuan in revenue[165]. - The company plans to strengthen its global marketing network to improve coverage and enhance marketing capabilities, aiming to increase domestic and international market share of existing products[137]. Operational Efficiency and Challenges - The decline in net profit was attributed to rising upstream raw material prices and increased expenses in R&D, sales, and management[24]. - The net cash flow from operating activities was impacted by increased payments for materials, wages, and taxes despite higher receivables[27]. - The company's direct costs accounted for 73.39% of total costs, up from 67.88% in the previous year, indicating a significant increase in direct costs[87]. - Sales expenses increased by 31.42% to ¥59,212,628.78 in 2021, primarily due to higher personnel salaries, hospitality expenses, and import/export costs[96]. - The company has established a strict supplier management system, ensuring that all raw materials are sourced from qualified suppliers, enhancing procurement efficiency and quality control[57]. Governance and Management - The company has established a governance structure that includes a clear division of responsibilities among the shareholders' meeting, board of directors, supervisory board, and management[150]. - The company has a total of 360 million shares outstanding, with no changes in shareholding for key executives during the reporting period[161]. - The total remuneration for all directors, supervisors, and senior management was consistent with the actual disclosed figures[175]. - The company has established a salary policy that includes a performance-based bonus system for middle and senior management, sales personnel, and production staff[190]. - The company emphasizes talent development through a structured training program aimed at enhancing employee skills and organizational capability[191].