LONCIN(SH:603766)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥13.06 billion, representing a 25.11% increase compared to ¥10.44 billion in 2020[24]. - The net profit attributable to shareholders of the listed company for 2021 was approximately ¥384.80 million, a decrease of 19.82% from ¥479.92 million in 2020[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥84.42 million, down 76.06% from ¥352.56 million in 2020[24]. - The proposed cash dividend distribution is ¥0.60 per 10 shares, totaling approximately ¥123.21 million, which accounts for 32.02% of the net profit attributable to shareholders for 2021[5]. - The company reported a significant decrease in net profit due to various operational challenges faced during the year[24]. - The company achieved operating revenue of RMB 13.058 billion in 2021, a year-on-year increase of 25.11%, surpassing the target of RMB 12.5 billion set at the beginning of the year[36]. - The net cash flow from operating activities was RMB 1.259 billion, an increase of 5.75% from RMB 1.191 billion in 2020[27]. - The company's total assets stood at RMB 13.218 billion at the end of 2021, reflecting a slight increase of 0.70% from RMB 13.126 billion at the end of 2020[27]. - The weighted average return on equity decreased to 5.28% in 2021, down 1.55 percentage points from 6.83% in 2020[27]. - Basic earnings per share were RMB 0.19, down 17.39% from RMB 0.23 in 2020[27]. - The company reported non-recurring gains of RMB 300.39 million in 2021, compared to RMB 127.36 million in 2020[34]. Business Segments and Revenue Sources - The main business segment of "motorcycles + general machinery" reached a historical high with sales revenue of RMB 11.761 billion, up 35.31% year-on-year[36]. - The motorcycle and engine business achieved sales revenue of 7.558 billion yuan, a year-on-year increase of 30.55%, despite a 2.56 percentage point decline in gross margin due to rising raw material and transportation costs[40]. - Motorcycle sales revenue reached 5.901 billion yuan, up 35.64% year-on-year, with export revenue of 747 million USD, a 54.07% increase, and export volume exceeding 1.2 million units, setting a historical record[40]. - The general machinery business reported revenue of 4.203 billion yuan, a 44.82% year-on-year growth, with product sales reaching 4.3772 million units, also a historical high[45]. - The company’s self-owned brand generated revenue of RMB 1.914 billion, accounting for 14.66% of total revenue, showing steady growth[38]. - The company's overseas revenue reached approximately CNY 8.77 billion, with a year-on-year increase of 37.90%[74]. Market Expansion and Product Development - The company plans to continue focusing on market expansion and new product development in the upcoming year[6]. - The company plans to launch the first product of the new electric motorcycle brand, YINWEI BICOSE, in the first half of 2022, featuring advanced performance and smart technology[43]. - The company is actively developing electric garden machinery products and has established partnerships for mid-to-large power terminal products to meet market demands[48]. - The company plans to enhance the sales proportion of its three major brands: VOGE, LONCIN, and BICOSE, targeting the high-end fuel market in Europe and the electric high-end market[124]. - The company aims to achieve a revenue of 15 billion yuan in 2022, focusing on brand strengthening, channel expansion, and product innovation[124]. - The company is focusing on electric and intelligent product development, with plans to launch its first electric motorcycle and enhance the performance of its existing products[127]. Research and Development - The company has established a research and development structure with over 1,200 personnel, focusing on basic research and simulation analysis capabilities[56]. - As of December 31, 2021, the company held 1,850 valid patents, including 281 invention patents and 688 utility model patents, with 231 new patents added during the reporting period[60]. - The company’s R&D expenses amounted to approximately CNY 384.00 million, an increase of 25.58% year-on-year, indicating a focus on innovation[67]. - Research and development expenses totaled 426,923,043.67 CNY, representing 3.27% of total revenue, with a year-on-year increase of 25.58%[85]. - Investment in new technology development increased by 30% in 2021, totaling 300 million, focusing on enhancing product features and user experience[156]. Corporate Governance and Compliance - The company strictly adheres to legal regulations and has established a modern corporate governance structure, ensuring the protection of shareholders' rights, especially for minority shareholders[135]. - The board of directors consists of 8 members, including 3 independent directors, and has established four specialized committees to enhance decision-making and oversight[135]. - The company emphasizes transparent information disclosure, ensuring that all reports are accurate, complete, and timely, thereby protecting investors' rights[138]. - The company has not faced significant differences in governance compared to regulatory requirements, ensuring compliance with corporate governance standards[135]. - The company is in the process of filling vacancies in the board and supervisory committee following resignations, ensuring continuity in governance[135]. Employee Development and Compensation - The total number of employees in the parent company and major subsidiaries is 9,025, with 2,330 in the parent company and 6,694 in subsidiaries[187]. - The company has established a competitive salary system and incentive plans to ensure employee income aligns with market standards[188]. - The company conducted nearly 2,000 recognized vocational skill assessments for employees during the year, enhancing workforce capabilities[189]. - The company has implemented a long-term incentive mechanism for senior management, aligning their interests with those of shareholders[196]. - The company’s training programs focus on enhancing professional skills across various departments, including R&D and sales[189]. Strategic Goals and Future Outlook - The management team highlighted a focus on expanding market presence and enhancing product offerings in the upcoming year[151]. - Future guidance suggests a projected revenue growth rate of approximately 15% for the next fiscal year[151]. - The company is committed to sustainability, with a goal to reduce carbon emissions by 25% over the next five years[159]. - The company aims to reduce operational costs by 12% in 2022 through efficiency improvements and process optimization[156]. - The company plans to explore potential mergers and acquisitions to accelerate growth and diversification strategies[151].