Xingye(SH:603928)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was approximately CNY 1.97 billion, representing a year-on-year increase of 34.99% compared to CNY 1.46 billion in 2020[20]. - The net profit attributable to shareholders of the listed company was approximately CNY 129.67 million, an increase of 8.25% from CNY 119.79 million in the previous year[21]. - The net profit after deducting non-recurring gains and losses was approximately CNY 122.13 million, reflecting a 9.61% increase from CNY 111.43 million in 2020[21]. - The company's total assets at the end of 2021 reached approximately CNY 1.89 billion, a 15.26% increase from CNY 1.64 billion at the end of 2020[21]. - The net assets attributable to shareholders of the listed company increased to approximately CNY 1.52 billion, up 8.76% from CNY 1.40 billion in the previous year[21]. - The net cash flow from operating activities was approximately CNY 14.55 million, a significant decrease of 88.97% compared to CNY 131.96 million in 2020[21]. - The company achieved a revenue of 1.972 billion RMB in 2021, representing a year-on-year growth of 34.99% due to increased product prices and sales volume[51]. - Operating costs rose to 1.692 billion RMB, a 39.72% increase year-on-year, primarily driven by high raw material prices throughout the year[51]. - The net profit attributable to the parent company was 130 million RMB, up 8.25% year-on-year, supported by higher product prices and sales growth[51]. Market Position and Products - The company maintains a leading market position in the casting resin sector, holding the second and first market shares for self-hardening furan resin and cold box resin, respectively[35]. - The company’s main products include casting resins and curing agents, which are essential materials in high-end manufacturing sectors[40]. - The company achieved a sales volume of 86,700 tons of casting resin in 2020, representing a 17.01% increase year-on-year, while the sales volume slightly decreased to 84,800 tons in 2021[36]. - The company successfully developed and applied dry powder coating technology, achieving sales of 17,938 tons, a year-on-year increase of 12.81%[32]. - The company has developed new materials such as odorless synthetic self-hardening furan resin and LTM-6B cold core box release agent to maintain competitive product advantages[46]. Research and Development - The company’s R&D expenses increased by 35.37% to 62 million RMB, reflecting its commitment to innovation and product development[52]. - The company has obtained 33 invention patents and 7 utility model patents, with 15 invention patent applications currently under review[87]. - The company is focusing on technological innovation, cost reduction, and environmental protection in its R&D efforts, completing multiple projects to enhance product functionality[87]. - The company is actively involved in the formulation of 13 industry standards, showcasing its leadership in the sector[87]. Risk Management - The company has detailed various risks and countermeasures in its report, urging investors to pay attention to investment risks[6]. - The company operates a diversified risk management model, reducing reliance on single products or markets by developing a wide range of products across various industries[49]. - The company is facing increasing demands for high-performance and high-quality castings from key industries such as automotive and aerospace, which may benefit larger resin binder enterprises[109]. - The company is monitoring the ongoing risks from the COVID-19 pandemic and international political-economic instability, which could disrupt its supply chain and operations[120]. Corporate Governance - The company has established a comprehensive internal management and control system to maximize shareholder interests[123]. - The company strictly adheres to relevant laws and regulations regarding corporate governance and information disclosure[123]. - The company has not engaged in any related party transactions that could affect its independence[123]. - The company has a structured process for determining the remuneration of non-independent directors and supervisors based on diligence and performance[130]. Environmental Compliance - The company has established a pollution prevention facility, maintaining efficient operation to ensure compliance with discharge standards[161]. - The company has effectively managed hazardous waste disposal through qualified third-party services, ensuring compliance with regulations[161]. - The company has implemented measures to reduce carbon emissions, including utilizing high-temperature condensate for heating and energy-saving technologies[169]. - The company emphasizes green manufacturing and sustainable development, adhering to environmental regulations and promoting eco-friendly practices[171]. Shareholder Relations - The company plans to implement a three-year shareholder dividend return plan from 2021 to 2023[125]. - The company’s profit distribution policy emphasizes a stable return to investors, with at least 10% of the annual distributable profit allocated for cash dividends[146]. - The company has committed to conducting at least one profit distribution each year, with the possibility of mid-term cash dividends based on current profitability and cash flow[145]. - The company plans to distribute cash dividends of 10 RMB per 10 shares, totaling 201.6 million RMB, with a cash dividend ratio of 155.47% for the year 2021[148].