长源东谷(603950) - 2021 Q4 - 年度财报

Financial Performance - In 2021, the company's operating revenue was RMB 158,154.48 million, a decrease of 5.75% compared to RMB 167,798.45 million in 2020[21]. - The net profit attributable to shareholders was RMB 24,941.23 million, down 20.71% from RMB 31,453.86 million in the previous year[21]. - The net profit after deducting non-recurring gains and losses was RMB 22,527.93 million, a decrease of 19.20% from RMB 27,882.06 million in 2020[21]. - The basic earnings per share were RMB 1.08, representing a decline of 28.95% compared to RMB 1.52 in 2020[22]. - The weighted average return on net assets was 11.72%, down 6.85 percentage points from 18.57% in the previous year[22]. - The net cash flow from operating activities increased by 45.48% to RMB 63,138.26 million from RMB 43,399.52 million in 2020[21]. - The net profit for 2021 was CNY 252.20 million, down 21.37% compared to the previous year, with the net profit attributable to shareholders of the parent company at CNY 249.41 million, a decline of 20.71%[43]. - The total revenue for 2021 was CNY 1,581,544,769.16, a decrease of 5.75% compared to the previous year[162]. - The gross profit margin declined from 33.29% to 28.89% due to significant fluctuations in the downstream market[162]. Assets and Liabilities - The net assets attributable to shareholders increased by 12.07% year-on-year, reaching CNY 225.34 billion at the end of 2021[24]. - Total assets rose by 2.25% year-on-year, amounting to CNY 369.11 billion at the end of 2021[24]. - The total assets of the company increased to $2 billion, reflecting a 10% growth from the previous fiscal year[87]. - Total liabilities decreased to RMB 1,423,559,140.70 in 2021 from RMB 1,569,773,496.59 in 2020, representing a reduction of about 9.34%[174][175]. - The company's equity attributable to shareholders increased to RMB 2,253,439,389.74 in 2021 from RMB 2,010,827,770.37 in 2020, a growth of about 12.06%[175]. Market and Product Development - The company achieved a significant increase in market share for its main products, including cylinder blocks and cylinder heads, despite a decline in the commercial vehicle market[34]. - The company successfully transitioned to supplying National VI products, with effective orders increasing in the second half of 2021[34]. - The commercial vehicle market saw a total sales volume of 4.79 million units in 2021, a year-on-year decline of 6.6%[36]. - The heavy-duty truck sales decreased by 13.8% year-on-year, totaling 1.395 million units sold[36]. - The company plans to focus on the research, production, and sales of core components such as engine cylinder blocks and cylinder heads, capitalizing on the ongoing demand in the commercial vehicle sector due to the implementation of the "National VI" policy[71]. Research and Development - The company plans to continue investing in research and development to support new project initiatives and maintain competitive advantages in technology[46]. - Total R&D expenditure amounted to ¥85,777,708.94, representing 5.42% of operating revenue[57]. - The company employed 153 R&D personnel, accounting for 10.12% of total staff[58]. - Research and development expenses for 2021 were CNY 85,777,708.94, slightly up from CNY 84,542,853.23 in 2020[180]. Governance and Compliance - The company has implemented a governance framework to enhance management levels and ensure compliance with regulatory requirements[35]. - The company has a robust corporate governance structure, ensuring compliance with relevant laws and regulations, and actively engages its board and management in decision-making processes[77]. - The company emphasizes the importance of timely and accurate information disclosure to ensure all shareholders have equal access to information[77]. - The company has established a governance framework in compliance with the Company Law, Securities Law, and Corporate Governance Guidelines, ensuring effective execution and compliance[120]. Environmental and Social Responsibility - The company faced an administrative penalty of RMB 100,000 due to environmental violations related to wastewater discharge, which has since been rectified[123]. - The company has implemented measures to prevent similar environmental issues from recurring, including comprehensive inspections across subsidiaries[123]. - The management team emphasized a commitment to sustainability, aiming to reduce carbon emissions by 25% over the next five years[84]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 16,494, an increase from 16,463 at the end of the previous month[143]. - The top shareholder, Li Zuoyuan, holds 94,274,428 shares, representing 40.72% of the total shares[145]. - All major shareholders have limited sale conditions on their shares, with the earliest release date being May 26, 2023[147]. - The company has no preferred shareholders with restored voting rights as of the reporting period[143]. Cash Flow and Financial Management - Cash and cash equivalents at the end of the period were ¥61,375.96 million, constituting 16.63% of total assets[60]. - The company reported a significant increase in cash flow from operating activities, reaching ¥631.38 million in 2021, up 45.5% from ¥433.99 million in 2020[189]. - The net cash flow from financing activities was -¥199,888,989.48 in 2021, a decrease from a positive cash flow of ¥375,225,015.54 in 2020[194]. - The total cash and cash equivalents at the end of 2021 amounted to ¥499,417,327.51, compared to ¥356,511,088.89 at the end of 2020, marking an increase of about 40%[194].