WG Tech(SH:603773)2022-03-14 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,049,995,306.70, representing a 73.79% increase compared to CNY 604,157,536.52 in 2020[23]. - The net profit attributable to shareholders of the listed company was a loss of CNY 26,862,904.82 in 2021, a decrease of 290.37% from a profit of CNY 14,110,621.93 in 2020[23]. - The net cash flow from operating activities was CNY 91,015,280.30, down 16.22% from CNY 108,632,381.38 in 2020[23]. - Total assets at the end of 2021 were CNY 2,605,370,387.87, an increase of 29.46% from CNY 2,012,544,176.06 at the end of 2020[23]. - The basic earnings per share for 2021 was -CNY 0.2220, a decrease of 292.54% from CNY 0.1153 in 2020[24]. - The weighted average return on equity was -1.72% in 2021, a decrease of 2.59 percentage points from 0.87% in 2020[24]. - The company reported a quarterly revenue of CNY 371,853,367.29 in Q4 2021, the highest among the four quarters[26]. - The net profit attributable to shareholders in Q4 2021 was a loss of CNY 20,158,184.79, marking a significant decline from the profit in Q1 2021[26]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 12,029,401.30 (including tax) based on 120,294,013 shares as of March 14, 2022[6]. - The total amount of cash dividends, including share repurchase treated as cash dividends, is RMB 64,817,700.04 (including tax) for the year 2021[7]. - The company intends to increase its share capital by 3 shares for every 10 shares held, resulting in a new total share capital of 158,443,917 shares[7]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongqin Wanxin Accounting Firm[5]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting investment risks[9]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the report's accuracy[4]. - The company has not encountered any situations where more than half of the directors could not guarantee the report's authenticity and completeness[10]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures for external guarantees[10]. Research and Development - R&D investment reached 51.22 million yuan, a 60.50% increase compared to the previous year, accounting for 4.88% of total revenue[31]. - The company has filed 472 national patents, including 189 invention patents and 280 utility model patents, with a total of 306 authorized patents[31]. - The company has developed advanced technologies in thinning, coating, and photolithography, maintaining a leading position in the domestic market[55][56]. - The company is focusing on the development of UTG (Ultra-Thin Glass) for foldable devices, which is expected to become a significant direction in the market[30]. Market Trends and Projections - The global display panel market demand is projected to grow at a CAGR of 3% from 2020 to 2025, reaching a market size exceeding 400 billion yuan by 2022[34]. - In 2021, the global smartphone shipment volume is expected to increase by 5.7% to 1.355 billion units, with display panel shipments rising by 11% to 1.714 billion units[34]. - The domestic smartphone market saw a shipment increase of 13.9% to 351 million units, with 5G smartphone shipments growing by 63.5% to 266 million units, accounting for 75.9% of total shipments[35]. - The average size of television panels is expected to grow from 47.3 inches in 2020 to 51 inches by 2025, driving an increase in display panel shipment area[37]. Acquisitions and Strategic Partnerships - The company acquired 51% stakes in Huichen Electronics and Beijing Baoang, and 60% in Xingwei Electronics to enhance its supply chain in the optical display module industry[31]. - The company completed acquisitions of 51% stakes in Huichen Electronics and Beijing Baoang, and a 60% stake in Xingwei Electronics, enhancing its supply capabilities in the display industry[52]. - The company has established long-term stable partnerships with major manufacturers such as TCL Group and BOE Technology Group, enhancing its market position[58]. Employee and Management Structure - The company has a total of 4,203 employees, with 3,223 in production, 107 in sales, and 313 in technical roles[126]. - The company has established a competitive salary management system to promote employee development and growth[127]. - The company implemented a performance-based salary system for senior management, with remuneration determined based on annual operational plans and performance evaluations[114]. - The company’s management team has seen significant shareholding increases, indicating confidence in future performance[104]. Environmental Compliance - The company has implemented strict environmental protection measures, ensuring that pollutant discharge concentrations meet standards without any environmental pollution incidents or penalties during the reporting period[145]. - The company has completed environmental impact assessments for construction projects and has updated its wastewater discharge permits in April and December 2021[146]. - An emergency response plan for environmental incidents was established and rehearsed on March 9, 2021, to enhance the company's ability to handle pollution events[148]. Shareholder Commitments - The company has committed to not transferring or entrusting the management of shares held directly or indirectly for 36 months post-IPO[155]. - The lock-up period for shares held by major shareholders is set for 36 months after the IPO, with a potential extension of 6 months if share prices fall below the IPO price[158]. - The company has established a commitment to comply with relevant laws and regulations regarding share transfers and reductions[156]. - The commitments include provisions for the management of shares by directors and senior management, ensuring they do not leave the company during the lock-up period[160].