First(SH:603806)2022-03-17 16:00Financial Performance - The company's operating revenue for 2021 was CNY 12,857,893,793.36, representing a 53.20% increase compared to CNY 8,393,142,040.58 in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 2,196,549,310.84, a 40.35% increase from CNY 1,565,006,791.51 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,140,315,761.74, up 40.67% from CNY 1,521,473,835.37 in 2020[17]. - The company's total assets at the end of 2021 were CNY 13,687,964,760.32, an 18.56% increase from CNY 11,544,851,528.69 at the end of 2020[17]. - The net assets attributable to shareholders increased by 34.92% to CNY 12,176,177,692.64 from CNY 9,024,819,981.64 in the previous year[17]. - The company's operating revenue increased by 53.20% compared to the previous year, driven by the rise in both volume and price of photovoltaic and electronic materials[19]. - Net profit attributable to shareholders rose by 40.35%, while net profit excluding non-recurring gains and losses increased by 40.67% compared to the previous year[19]. - The company's main business revenue from photovoltaic materials reached CNY 11,509,592,128.75, up 52.20% year-on-year[62]. - The gross margin for photovoltaic encapsulation materials decreased by 3.53 percentage points to 24.92%[61]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was negative at CNY -147,561,056.47, a decrease of 154.18% compared to CNY 272,341,482.92 in 2020[17]. - The net cash flow from operating activities decreased by ¥419,902,539.39, a decline of 154.18% compared to the previous year[76]. - The net cash flow from investment activities increased by ¥3,349,111,406.30, compared to a negative cash flow in the previous year[76]. - The company's cash and cash equivalents at the end of the period amounted to ¥2,668,978,576.60, representing 19.50% of total assets[78]. - The company reported a total of ¥7,024,835,759.72 in undistributed profits, which is 51.32% of total equity, reflecting a 31.46% increase[80]. Production and Sales - The company sold 96,779.84 million square meters of photovoltaic film, generating revenue of 1,150,959.21 million yuan[26]. - Sales of photovoltaic backplanes reached 6,822.14 million square meters, with revenue of 72,591.80 million yuan[26]. - The company successfully sold 10,329.82 million square meters of photosensitive dry film, resulting in revenue of 44,643.36 million yuan[26]. - The production volume of photovoltaic film reached 966,774.7 thousand square meters, an increase of 10.63% compared to the previous year, while sales volume was 967,798.4 thousand square meters, up 11.85%[64]. - The production volume of photovoltaic backsheet was 71,207.3 thousand square meters, reflecting a growth of 24.20% year-on-year, with sales volume at 68,221.4 thousand square meters, an increase of 19.43%[64]. - The production volume of electronic materials surged to 106,078.4 thousand square meters, marking a significant increase of 124.47% year-on-year, while sales volume was 103,298.2 thousand square meters, up 136.79%[64]. Research and Development - The company invested 454 million CNY in R&D in 2021, accounting for 3.53% of its revenue, which is a leading figure in the industry[52]. - Research and development expenses increased by 46.75% to CNY 453,587,982.07, reflecting a significant investment in innovation[59]. - The company has developed multiple series of packaging material solutions for high-efficiency TOPCon cells, HJT cells, SMBB components, and IBC components, which have been well received by clients[28]. - The company has developed a proprietary technology for CPC backsheet, which has shown significant cost-performance advantages, positioning it well for future market opportunities[47]. - The company’s R&D efforts are focused on high-end products, aiming to expand its product portfolio and meet customer customization needs[54]. Market and Strategic Initiatives - The global photovoltaic installed capacity is expected to reach an average of 232-286GW annually from 2022 to 2025, driven by the global energy transition and increasing demand for renewable energy[35]. - The PCB industry in China is projected to reach a market size of $40.56 billion by 2023, accounting for 54.25% of the global PCB industry[39]. - The company is actively pursuing strategic investments and partnerships to enhance its technological capabilities and market reach[101]. - The company plans to expand its market presence through new product development and technology research, focusing on photovoltaic materials and applications[101]. - The company aims to expand its photovoltaic film production capacity by 300-400 million square meters and photovoltaic backsheet capacity by 60 million square meters within the year[104]. Governance and Compliance - The board of directors and management have confirmed the accuracy and completeness of the financial report[2]. - The board of directors held 11 meetings, the supervisory board held 10 meetings, and various specialized committees held 10 meetings during the reporting period, ensuring effective governance[115]. - The company has established a robust internal control management system that complies with relevant laws and regulations, ensuring effective financial reporting controls as of December 31, 2021[157]. - The company has not reported any significant deficiencies in its internal control system during the reporting period[155]. - The company has committed to ensuring the accuracy and completeness of the prospectus, taking legal responsibility for any misleading information[177]. Environmental and Social Responsibility - The company emphasizes the importance of environmental protection and has not faced any penalties for environmental violations during the reporting period[166]. - The company has established a dedicated environmental management team to oversee environmental monitoring and pollution control, implementing an annual environmental monitoring plan[164]. - The company actively promotes the solar energy industry, producing photovoltaic encapsulation materials that enhance energy conversion efficiency and extend the lifespan of solar modules[167]. - The company has a long-term commitment to not transfer or manage its shares for 36 months post-IPO, ensuring stability in shareholding[172]. - The company has established a mechanism for social responsibility, including support for underprivileged students and community welfare initiatives[169].