BGE(SH:603588)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was ¥7,826,771,311.40, representing a 14.65% increase compared to ¥6,826,732,844.62 in 2020[29]. - Net profit attributable to shareholders for 2021 was ¥726,253,042.30, a 32.03% increase from ¥550,071,321.50 in 2020[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥688,366,269.37, a 26.85% increase from ¥542,644,658.67 in 2020[29]. - The company's total assets at the end of 2021 were ¥17,333,436,931.69, a 12.33% increase from ¥15,430,249,544.30 at the end of 2020[29]. - The basic earnings per share for 2021 was ¥0.692, up 19.72% from ¥0.578 in 2020[29]. - The company reported a significant increase in operational projects, particularly in waste incineration power generation, contributing to revenue growth[31]. - In 2021, the company achieved operating revenue of 7.827 billion yuan, a year-on-year increase of 14.65%[81]. - The net profit attributable to shareholders reached 726 million yuan, representing a year-on-year growth of 32.03%[81]. Cash Flow and Investments - The net cash flow from operating activities decreased by 44.26% to ¥606,918,265.12 in 2021, down from ¥1,088,819,042.28 in 2020[29]. - The company plans to raise a total of 2.758 billion yuan through a non-public offering of A-shares to enhance its core competitiveness and reduce its debt ratio[52]. - The company plans to adjust the total distribution amount if there are changes in total shares due to options exercise or share repurchase before the record date[7]. - The company has experienced a longer cash collection cycle for environmental remediation projects due to regulatory changes, affecting cash flow[31]. - The company has pledged 51% of its subsidiary's equity and various project income rights as collateral for loans[129]. Operational Efficiency and Growth - The company’s operational efficiency improved, with an 11% increase in per capita effectiveness due to performance improvements and training initiatives[47]. - The company processed 384,033.90 tons of various solid and hazardous waste in 2021, producing a total of 80,340.98 tons of recycled products, effectively reducing carbon emissions[48]. - The company generated 1.203 billion kWh of electricity from waste incineration in 2021, resulting in a carbon emission reduction of 610,000 tons[48]. - The company’s investment in operational segments has shown significant returns, with operational income now accounting for 61.87% of total revenue[45]. - The company has established a unified procurement center for raw materials to enhance resource utilization project efficiency[44]. Risk Management and Compliance - The company has detailed potential risks in the "Management Discussion and Analysis" section of the report[11]. - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[4]. - The company has not violated decision-making procedures for external guarantees[9]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[9]. - The company has not faced any issues with more than half of the directors being unable to guarantee the report's authenticity[9]. Corporate Governance and Shareholder Engagement - The company has established a robust corporate governance structure, ensuring clear responsibilities and effective checks and balances among the board, supervisory board, and management[158]. - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finance, maintaining complete operational autonomy[159]. - The company held five temporary shareholder meetings in 2021, addressing various resolutions including investment agreements and capital changes[161]. - The company has not faced significant differences in governance compared to regulatory requirements, ensuring compliance with laws and regulations[158]. - The company’s independent directors have not held shares during the reporting period, receiving a fixed remuneration of 80,000 RMB each[164]. Research and Development - The company has over 600 authorized patents and has participated in the development of 86 national and industry standards, showcasing its leading R&D capabilities[74]. - Research and development expenses increased by 16.97% to 247.36 million RMB, up from 211.47 million RMB in 2020[99]. - The number of R&D personnel is 356, accounting for 9.67% of the total workforce[120]. - The total R&D investment accounted for 3.21% of total revenue, with capitalized R&D expenses making up 1.49%[119]. Market Position and Future Outlook - The company has established a strong market position in solid waste treatment and environmental remediation, leveraging its first-mover advantage[155]. - The company anticipates increased competition in the environmental services sector due to the entry of large state-owned enterprises and private capital[155]. - Future guidance indicates a projected revenue growth of approximately 15% for the upcoming fiscal year, driven by new product launches and market expansion efforts[171]. - The company plans to expand its market presence and is focusing on new product development and technological advancements to enhance its competitive edge[171]. Employee Engagement and Development - The company has implemented a salary policy that emphasizes strategic, incentive-based, fair, competitive, and socially responsible principles, linking employee compensation directly to performance[197]. - The company continues to promote the "OKR" management method and has introduced a compensation distribution plan that allows employees to have a say in their salaries based on their contributions[197]. - The company is committed to creating a leading learning organization, viewing learning ability as a key competency for employees and providing continuous training opportunities[198]. - The company has implemented a performance-based compensation system, achieving a 100% coverage rate for its entrepreneurial platform's excess profit sharing plan[49].