JIANYE CHEMICAL(SH:603948)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was approximately CNY 2.80 billion, representing a 61.94% increase compared to CNY 1.73 billion in 2020[21]. - The net profit attributable to shareholders for 2021 was approximately CNY 290 million, a 130.75% increase from CNY 126 million in 2020[21]. - The net profit after deducting non-recurring gains and losses was approximately CNY 270 million, reflecting a 148.30% increase compared to CNY 109 million in the previous year[21]. - The cash flow from operating activities for 2021 was approximately CNY 194 million, up 124.49% from CNY 86 million in 2020[21]. - The total assets at the end of 2021 were approximately CNY 2.29 billion, a 20.33% increase from CNY 1.90 billion at the end of 2020[22]. - The net assets attributable to shareholders at the end of 2021 were approximately CNY 1.67 billion, an 18.33% increase from CNY 1.41 billion at the end of 2020[22]. - Basic earnings per share for 2021 were 1.81 RMB, up 120.73% from 0.82 RMB in 2020[23]. - The company achieved operating revenue of 2,799.50 million RMB in 2021, an increase of 61.94% compared to the previous year[31]. - Net profit for 2021 was 290.02 million RMB, representing a growth of 130.75% year-over-year[31]. - The company reported a net cash flow from operating activities of CNY 193,946,083.65, a 124.49% increase from the previous year[51]. Operational Highlights - The company produced 114,668.38 tons of low-carbon fatty amines and 63,322.69 tons of ultra-pure ammonia in 2021, with sales rates of 99.90% and 99.93% respectively[31]. - The company completed the construction of a new project for ultra-pure ammonia with an annual capacity of 13,000 tons, addressing capacity shortages[31]. - The company received government subsidies amounting to 17.49 million RMB in 2021, which are closely related to its normal business operations[27]. - The company was recognized as one of the "Top 500 Enterprises in the Petroleum and Chemical Industry of China" in 2021[31]. - The company reduced wastewater discharge from 82,524 tons in 2020 to 52,272 tons in 2021, a decrease of 36.66%[32]. - New products, including electronic-grade ammonia water and electronic-grade isopropanol, were introduced with capacities of 6,000 tons/year and 3,000 tons/year respectively[31]. - The company initiated the construction of a 130t/h boiler to address steam supply shortages and prepare for production expansion[33]. - In 2021, the company completed 9 technical innovation projects and 78 minor improvements, enhancing production processes and safety measures[33]. - A total of 89 employees participated in training programs aimed at improving operational skills and educational qualifications[34]. Research and Development - The company holds 48 invention patents and 10 utility model patents, showcasing its strong R&D capabilities in low-carbon fatty amines[46]. - The company is recognized as a leading entity in the low-carbon fatty amine market, with a significant share of production capacity compared to peers[47]. - Research and development expenses increased by 71.92% to CNY 96,212,125.01, indicating a significant investment in innovation[51]. - The total R&D expenditure for the period was CNY 96,212,125.01, representing 3.44% of total revenue[64]. - The company has established partnerships with renowned universities and research institutes for collaborative R&D efforts[81]. Environmental and Safety Management - The company has implemented a comprehensive safety and environmental management system to ensure safe production and compliance with environmental standards[99]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[148]. - The wastewater discharge concentration for CODcr is 128.6 mg/L, which is below the regulatory limit of 200 mg/L[148]. - The ammonia nitrogen discharge concentration is 2.1 mg/L, compliant with the standard limit of 25 mg/L[148]. - The company follows the "Comprehensive Wastewater Discharge Standards" (GB8978-1996) at the tertiary standard level[148]. - The company has established a wastewater treatment system to meet the required discharge standards[148]. - The company is committed to improving its environmental performance and reducing pollutant emissions[148]. - The company has established a dedicated safety and environmental protection organization, ensuring compliance with ISO 14001 environmental management system requirements[168]. Corporate Governance - The company has established a comprehensive internal management system, enhancing operational efficiency and reducing management costs[48]. - The company is committed to improving internal controls and governance structures to ensure compliance with legal and regulatory requirements[109]. - The company has established measures to prevent conflicts of interest among its directors and senior management[182]. - The company has not faced any penalties from securities regulatory agencies in the past three years[122]. - The board of directors has been actively involved in overseeing the company's strategic decisions, including the management of daily related transactions[122]. Shareholder and Management Structure - The total number of shares held by the chairman and general manager, Feng Lie, remained unchanged at 80,707,081 shares, with a pre-tax remuneration of 993,300 RMB[113]. - The total number of shares held by the company’s board members remained at 82,057,099 shares, with a total pre-tax remuneration of 7,010,300 RMB[113]. - The company appointed Sun Qi as Vice General Manager on January 5, 2021, reflecting a strategic move to strengthen management[115]. - The company has established a performance assessment system for senior management remuneration based on annual operational goals[119]. - The company has implemented a training program focusing on safety and environmental protection, emphasizing continuous education and practical assessments[136]. Market and Industry Position - The fine chemical industry in China has a current fine chemical rate of 40%-50%, indicating significant room for growth compared to developed countries' 60%[37]. - The demand for low-carbon fatty amines is increasing, particularly in the pesticide market, which is expanding in China[38]. - The market for plasticizers remains broad, with PVC products being the largest application area, driven by growth in downstream sectors[39]. - The company operates in the fine chemical products sector, focusing on low-carbon fatty amines, plasticizers, acetate esters, and electronic chemicals[70]. - The company is a leading domestic producer of low-carbon fatty amines, with a complete product range and significant industry position, having drafted six national standards and seven industry standards[74]. Future Outlook and Strategic Initiatives - The company plans to enhance its R&D investment and expand production capacity to improve product competitiveness and become a leading fine chemical research and production base in China[98]. - The company is actively seeking new growth points in the fine chemical sector while ensuring orderly external expansion to enhance sustainable profitability[102]. - The company aims to improve employee quality and customer satisfaction to establish a strong brand value in the industry[98]. - The company is focusing on integrating industrialization and information technology to optimize operations and create sustainable competitive advantages[101].