Greenda(SH:603931)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was CNY 779,618,931.02, representing a 33.60% increase compared to CNY 583,534,845.70 in 2020[25]. - The net profit attributable to shareholders for 2021 was CNY 140,543,197.04, a 39.37% increase from CNY 100,844,374.54 in 2020[25]. - The net profit after deducting non-recurring gains and losses was CNY 126,655,224.77, up 36.52% from CNY 92,776,272.02 in 2020[25]. - The company's total assets at the end of 2021 were CNY 1,395,773,091.86, an 11.83% increase from CNY 1,248,130,189.60 at the end of 2020[25]. - The net assets attributable to shareholders increased by 10.26% to CNY 1,218,100,658.81 at the end of 2021, compared to CNY 1,104,787,541.86 at the end of 2020[25]. - The basic earnings per share for 2021 was CNY 0.99, a 16.47% increase from CNY 0.85 in 2020[26]. - The weighted average return on equity for 2021 was 12.14%, down from 13.92% in 2020, a decrease of 1.78 percentage points[26]. - The cash flow from operating activities for 2021 was CNY 112,300,559.13, a decrease of 11.27% from CNY 126,565,753.21 in 2020[25]. - The quarterly revenue for Q4 2021 was CNY 247,220,792.22, contributing to the overall annual growth[28]. Dividend and Share Capital - The company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 42,762,510 RMB, which represents a cash dividend payout ratio of 30.43%[6]. - The company intends to increase its total share capital by 57,016,680 shares through a capital reserve conversion, resulting in a new total share capital of 199,558,380 shares[6]. - The board of directors must complete the distribution of dividends within 2 months after the shareholders' meeting decision[195]. - The company has established a cash dividend policy, stating that cash dividends should not be less than 10% of the distributable profits for the year[192]. - The company aims for a minimum cash dividend ratio of 80% for mature stages without significant capital expenditure plans[193]. - The profit distribution policy adjustments require a two-thirds majority approval from the shareholders present at the meeting[195]. Corporate Governance - The report includes a standard unqualified audit opinion from the accounting firm, ensuring the accuracy and completeness of the financial statements[5]. - The report confirms that all board members attended the board meeting, ensuring accountability for the report's content[4]. - The company has implemented measures to ensure compliance with corporate governance standards, enhancing transparency and protecting shareholder interests[160]. - The company is committed to continuous improvement in corporate governance practices to promote healthy and stable development[162]. - The company maintains complete independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[163]. - The company has established an independent financial department and accounting system, ensuring autonomous financial decision-making[164]. - The company has no shared bank accounts with its controlling shareholders and operates as an independent taxpayer[165]. - The company has a well-defined organizational structure that operates independently without any confusion with the controlling shareholders' entities[165]. - The company has signed labor contracts with all employees, implementing an independent personnel and compensation system[164]. - The company has committed to avoiding competition with its controlling shareholders through a formal commitment letter[165]. Research and Development - The company has a strong R&D capability, holding 6 invention patents and 18 utility model patents, and has participated in drafting multiple national and industry standards[52]. - The company is committed to continuous innovation and product quality improvement, contributing to the advancement of the manufacturing sector[41]. - The total R&D expenditure for the period was 28,223,579.96 yuan, accounting for 3.62% of total revenue, with no capitalized R&D expenses[72]. - R&D expenses increased by 33.41% to 28.22 million RMB, indicating a stronger focus on product development[59]. - The company has established a comprehensive technology innovation mechanism, combining market orientation with industry-academia-research collaboration[108]. - The company is focusing on R&D in the semiconductor field to achieve breakthroughs in wet electronic chemicals applications[135]. - The company has launched a new production line for TMAH developer solution, achieving industrial-scale production and filling a domestic gap[137]. - The company is actively developing supporting products alongside TMAH, including stripping liquids and etching solutions, with some already in mass production[105]. Market Position and Strategy - The company aims to become a leading manufacturer in specific segments of the manufacturing industry, focusing on strong market positions and high market shares, with a target of being among the top three globally in specific product markets[41]. - The wet electronic chemicals industry is experiencing significant growth due to the rapid development of downstream sectors such as semiconductors and display panels, with the company positioned as a major domestic producer[42]. - The company is actively involved in the wet electronic chemicals market, which is dominated by foreign companies, holding approximately 33% market share in Europe and the US, and 27% in Japan[131]. - The domestic market for wet electronic chemicals is highly competitive, with local companies capturing over 80% market share in low-end applications like solar cells[132]. - The company has successfully replaced imports with its TMAH developer solution, which is now supplied to major domestic manufacturers and has entered the international market[134]. - The company is expanding its market presence in regions such as Asia and Europe, aiming for a market share increase of F% by the end of the fiscal year[171]. - The company’s market expansion strategy includes participating in exhibitions and direct visits to potential clients[89]. Risks and Challenges - The company has outlined potential risks in its future development plans, which investors should be aware of[10]. - The company faces risks related to safety production and environmental protection due to the nature of its chemical products[144]. - The company is exposed to risks from fluctuations in raw material prices, particularly due to environmental regulations and supply-side reforms, which could impact gross profit margins[154]. - The company acknowledges potential impacts on its operations from macroeconomic fluctuations and significant changes in downstream industry policies and market demand[151]. - The company is at risk of being unable to predict future technological updates in downstream markets, which could hinder product development and market responsiveness[149]. Awards and Recognition - The company was recognized as a "Specialized, Refined, Unique, and Innovative" enterprise in Zhejiang Province for 2021[39]. - The company was selected as a national single champion demonstration enterprise in the manufacturing sector by the Ministry of Industry and Information Technology[40]. - The company received the "China New Display Industry Chain Contribution Award - Collaborative Development Award" for the third time, highlighting its strong service capabilities[55]. - The company has received multiple awards, including the "Top Ten in Electronic Chemical Materials" in the electronic materials industry[104]. Internal Control and Compliance - The company has established a robust internal control system to ensure compliance with legal regulations and enhance decision-making efficiency[198]. - The company has not reported any major defects in its internal control during the reporting period[200]. - The company has implemented management systems for its subsidiaries, covering financial, operational, and performance assessments[200]. - The board of supervisors reviews and supervises the execution of the profit distribution policy[195].