BYE(SH:603861)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 3,512,769,517.07, representing a 16.00% increase compared to CNY 3,028,376,259.97 in 2020[23]. - The net profit attributable to shareholders of the listed company for 2021 was CNY 56,104,027.37, a decrease of 40.42% from CNY 94,173,460.61 in 2020[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 37,486,518.97, an increase of 72.87% compared to CNY 21,685,190.95 in 2020[23]. - The net cash flow from operating activities was CNY 139,213,771.21, down 33.14% from CNY 208,203,939.85 in 2020[23]. - The total assets at the end of 2021 were CNY 8,123,304,608.53, reflecting a 12.04% increase from CNY 7,250,299,136.62 at the end of 2020[23]. - The net assets attributable to shareholders of the listed company at the end of 2021 were CNY 2,752,100,428.04, a 4.22% increase from CNY 2,640,765,051.60 at the end of 2020[23]. - The basic and diluted earnings per share were CNY 0.1278, down 40% compared to the previous year[24]. - The weighted average return on equity decreased by 1.53 percentage points to 2.10%[24]. - The gross profit margin for the electrical machinery and equipment manufacturing sector decreased by 3.11 percentage points to 17.86%[60]. - The gross profit margin for the overall business was 17.86%, reflecting a decrease of 3.11 percentage points year-on-year[61]. Research and Development - The company invested an additional CNY 29.33 million in R&D, focusing on new environmentally friendly gas products and smart product upgrades[24]. - R&D expenses increased by 30.31% year-on-year, amounting to CNY 126.07 million, reflecting the company's commitment to new product development and innovation[56]. - R&D expenses accounted for 3.59% of the total operating revenue[74]. - The company is investing in R&D for high-reliability, miniaturized, and integrated electrical equipment, emphasizing environmental protection and energy efficiency[93]. - The company is investing in R&D for eco-friendly technologies and aims to accelerate the development of SF6-free product lines[106]. Market Expansion and Strategic Initiatives - The company is actively expanding into new markets, including the semiconductor and aerospace sectors, to drive future growth[50]. - The company is exploring potential acquisitions to enhance its market position, with a budget of $100 million allocated for this purpose[132]. - The company is exploring acquisition opportunities in the renewable energy sector to diversify its portfolio[134]. - The company plans to expand its market presence in the renewable energy sector, particularly in offshore wind power and energy storage technologies[91]. - The company aims to enhance its product chain in the power equipment sector, particularly in high-speed rail, ultra-high voltage, smart grids, and industrial automation[92]. Corporate Governance and Compliance - The company held 5 shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[119]. - The board of directors convened 10 meetings to discuss key matters, including profit distribution and external investments, ensuring effective governance[121]. - The supervisory board held 9 meetings to oversee financial and managerial performance, safeguarding shareholder interests[122]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, aligning with legal and regulatory standards[123]. - The company has been transparent about its compliance issues and has taken steps to address regulatory penalties[145]. Environmental Responsibility - The company has passed the ISO14001 environmental management system certification and adheres to the Environmental Protection Law of the People's Republic of China[181]. - The company has implemented measures to reduce carbon emissions and is actively participating in the "dual carbon" initiative, promoting energy-saving and green production practices[184]. - The company has established a dedicated environmental management department and has set up a system to raise employee awareness of environmental protection[182]. - The company has invested in pollution control facilities, including wastewater treatment and air pollution control systems, ensuring compliance with discharge standards[179]. - The company has not experienced any major environmental pollution incidents since its establishment and has maintained compliance with noise standards[182]. Employee Development and Social Responsibility - The company emphasizes employee development through the Baiyun Business School, enhancing professional skills and career growth opportunities[187]. - The company established the Xiangyun Public Welfare Foundation to support rural education and community development, contributing to projects in Guizhou, Yunnan, and Guangdong[194]. - The company has a training program aimed at enhancing employee skills and capabilities across various levels[162]. - The company is committed to creating a comfortable work environment and has established multiple recognition programs to motivate employees through both material and spiritual incentives[187]. Financial Management and Investments - The company reported a significant increase in long-term borrowings, rising by 56% to 663,000,000.00 RMB, attributed to financing for order-related bank loans[80]. - The total amount of accounts payable increased by 34.95% to 1,217,102,352.54 RMB, driven by higher procurement amounts and extended payment terms[80]. - The company approved the acquisition of a stake in a subsidiary, Guangzhou Baiyun Electromechanical Equipment Installation Engineering Co., Ltd.[154]. - The company has established a strategic procurement system to manage raw material costs effectively and mitigate price volatility risks through long-term supplier relationships and hedging strategies[114]. Future Outlook - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting $550 million[132]. - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[200]. - The company plans to increase its workforce by 15% to support growth initiatives and new projects[134]. - The management team confirmed that all financial disclosures are accurate and comply with regulatory requirements[199].