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武进不锈(603878) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company's operating income was CNY 2,699,188,805.10, representing a 12.42% increase compared to CNY 2,400,893,159.83 in 2020[24]. - The net profit attributable to shareholders of the listed company for 2021 was CNY 176,349,277.82, a decrease of 20.00% from CNY 220,437,363.56 in 2020[24]. - The net cash flow from operating activities increased by 42.55% to CNY 490,203,163.04 in 2021, compared to CNY 343,887,732.30 in 2020[24]. - The total assets of the company as of the end of 2021 were CNY 3,549,741,122.46, reflecting a 3.49% increase from CNY 3,430,075,103.75 at the end of 2020[24]. - The basic earnings per share for 2021 were CNY 0.44, down 20.00% from CNY 0.55 in 2020[25]. - The weighted average return on equity for 2021 was 7.23%, a decrease of 2.00 percentage points from 9.23% in 2020[25]. - The net profit after deducting non-recurring gains and losses was CNY 149,597,903.88, a decrease of 26.46% from CNY 203,427,279.27 in 2020[24]. - The total cost of sales for the company was CNY 2,502,496,996.14, which increased by 16.65% compared to the previous year[43]. - The company reported a total profit of RMB 201,693,286.02 for 2021, compared to RMB 253,593,370.96 in 2020, indicating a decline of 20.43%[191]. Revenue and Sales - The company achieved total operating revenue of RMB 2,699,188,805.10 in 2021, representing a year-on-year growth of 12.42%[33]. - The company’s stainless steel crude steel production in 2021 was 30.632 million tons, a year-on-year increase of 1.64%[35]. - The apparent consumption of stainless steel in China reached 26.101 million tons, growing by 1.92% year-on-year[35]. - The company’s main customers are in the petrochemical, natural gas, and power equipment manufacturing industries, with revenue from the petrochemical sector at CNY 108,132.88 million, accounting for 40.06% of total revenue[37]. - Revenue from the power equipment sector decreased by 45.66% year-on-year, with a gross margin drop of 13.77 percentage points[48]. - The oil and chemical industry generated ¥1.08 billion in revenue, reflecting a 26.70% year-on-year increase, but with a slight gross margin decrease of 1.74 percentage points[48]. - Total revenue from domestic sales reached ¥2.38 billion, up 26.07% year-on-year, while gross margin decreased by 3.56 percentage points[49]. Research and Development - The company has developed over ten new products in collaboration with research institutions and has been granted 68 patents, including 24 invention patents[40]. - The company’s total R&D expenditure amounted to ¥93.02 million, representing 3.45% of total revenue[57]. - Research and development expenses increased to RMB 35,198,709.78 in 2021, compared to RMB 31,695,875.36 in 2020, marking a growth of 11.83%[190]. - The company aims to strengthen its research and development capabilities and improve the commercialization of scientific research results to enhance product competitiveness[72]. Cash Flow and Investments - Operating cash inflow increased by 29.63% to ¥2,604,361,320.00, while operating cash outflow rose by 26.97% to ¥2,114,158,156.96[59]. - Cash inflow from investment activities was CNY 374,237,439.23, down from CNY 684,660,131.67 in 2020, a decrease of 45.5%[199]. - The net cash flow from investment activities was -CNY 285,265,343.49, worsening from -CNY 91,318,053.15 in 2020[199]. - The company is focusing on enhancing its investment strategies to optimize returns on its financial products[147]. Governance and Compliance - The company has established a comprehensive regulatory system to enhance governance and ensure stable development[82]. - The board consists of 9 directors, including 3 independent directors, meeting the requirement of at least one-third independence[83]. - The company maintains a transparent information disclosure mechanism to prevent insider trading[84]. - The company has a dedicated audit committee, compensation and assessment committee, strategic committee, and nomination committee to oversee various governance aspects[83]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[125]. Environmental and Social Responsibility - The company is committed to enhancing its environmental protection measures in response to new regulations and increasing public awareness of environmental issues[79]. - The company has successfully completed the environmental impact assessment for a new project producing 3,500 tons of precision stainless steel pipes, which was approved in 2021[122]. - The company donated a total of 800,000 yuan to the Changzhou Wujin District Guangcai Cause Promotion Association in January and November 2021[127]. - In August 2021, the company donated 39,320 yuan to support impoverished college students through the Communist Youth League of China[127]. Market Outlook and Strategy - The company anticipates stable economic recovery and infrastructure investment support for the steel industry in 2022[70]. - The company aims to enhance its manufacturing and business capabilities while optimizing its business structure, focusing on high-end products and projects to improve profitability[72]. - The company plans to maintain stable main business revenue and net profit in 2022 compared to 2021, despite market fluctuations[73]. - The company is focusing on expanding its market presence and enhancing product offerings through new technology development[91]. Shareholder Information - The actual controller, the Zhu Guoliang family, holds 39.28% of the company's total shares, which poses a risk of control over major business decisions[77]. - The largest shareholder, Zhu Guoliang, holds 16.14% of the shares, totaling 64,662,522 shares[157]. - The company does not have a controlling shareholder, as the shareholding structure does not allow for significant influence over shareholder meetings[160]. - The company has a three-year shareholder dividend return plan for 2021-2023[100].