Yongjin Technology (SH:603995)2023-04-13 16:00Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 CNY per 10 shares to all shareholders, totaling approximately 190.22 million CNY (including tax) based on a total share capital of 382,448,858 shares as of April 13, 2023[6]. - The total cash dividend amount, including the repurchase of shares, is 250,310,371.6 RMB, which accounts for 51.44% of the net profit attributable to ordinary shareholders in the consolidated financial statements[133]. - The company has confirmed that the cash dividend policy complies with the company's articles of association and shareholder resolutions, ensuring clarity and completeness in decision-making processes[130]. - The company has implemented a cash dividend policy, distributing a total of 186,496,320 yuan in cash dividends and increasing capital stock by 104,904,180 shares during the reporting period[128]. - The company is set to implement a three-year shareholder dividend return plan from 2022 to 2024[114]. Financial Performance - In 2022, the company's operating revenue reached RMB 39.55 billion, a year-on-year increase of 26.11%[23]. - The net profit attributable to shareholders was RMB 486.62 million, a decrease of 17.67% compared to the previous year[23]. - The net cash flow from operating activities was RMB 631.05 million, down 23.59% from the previous year[23]. - The company's total assets at the end of 2022 were RMB 105.52 billion, a 6.93% increase from the end of 2021[23]. - The basic earnings per share decreased to RMB 1.45, down 17.61% from the previous year[24]. - The weighted average return on equity decreased to 12.52%, down 5.09 percentage points from the previous year[24]. - The gross profit margin for stainless steel processing decreased by 11.48 percentage points to 4.56%[53]. - The company achieved revenues of 20.44 billion, 31.37 billion, and 39.56 billion CNY in 2020, 2021, and 2022 respectively, with net profits of 414.44 million, 591.09 million, and 486.62 million CNY[93]. Production and Capacity - The company produced 2.4744 million tons of products in 2022, representing a year-on-year growth of 15.95%[30]. - The sales volume for the year was 2.4736 million tons, an increase of 17.98% year-on-year[30]. - The company has an annual production capacity exceeding 2.4 million tons of cold-rolled stainless steel products[39]. - The planned production and sales volume of cold-rolled stainless steel for 2023 is 2.8 million tons, an increase of approximately 13% year-on-year[87]. - The company is developing a titanium alloy project with an annual production capacity of 60,000 tons, with the first phase expected to start construction in May 2023 and reach trial production in Q1 2024[35]. Research and Development - The company invested CNY 727,799,928.29 in R&D, which is an increase of 31.22% from the previous year[50]. - The company has ongoing research and development for materials used in hydrogen fuel cell plates and solar photovoltaic panels[30]. - The company has developed four high-tech products, including "precision cold-rolled ultra-thin stainless steel strip," recognized as high-tech products[44]. - The company is diversifying its product offerings by planning a new project for battery casing materials with an annual production capacity of 225,000 tons, expected to enter trial production in Q1 2024[35]. Environmental Responsibility - The company invested approximately 12,470.19 million RMB in environmental protection during the reporting period, demonstrating its commitment to social responsibility[144]. - The company has established a comprehensive environmental monitoring system, with online monitoring for key pollutants at wastewater discharge points[165]. - The company reported zero major environmental pollution incidents during the reporting period, with all major pollutant emissions below government-approved limits[162]. - The company continues to promote clean production practices, enhancing energy utilization and water recycling rates[163]. - The company has implemented carbon reduction measures, resulting in a decrease of 41,849 tons of CO2 equivalent emissions[167]. Governance and Compliance - The company has established a comprehensive regulatory system in accordance with the Company Law and Securities Law, enhancing its governance and operational standards[98]. - The board consists of 9 directors, including 3 independent directors, ensuring compliance with legal requirements[99]. - The company has implemented strict information disclosure practices to ensure transparency and prevent insider trading[99]. - The company has a structured approach to governance with dedicated committees for audit, compensation, strategy, and nominations[98]. - The company has confirmed that there are no significant related party transactions during the reporting period, except those disclosed in the prospectus[192]. Market Expansion and Strategy - The company plans to expand its overseas business in line with the national "Belt and Road" development strategy to enhance its international competitiveness[86]. - The company plans to strengthen brand promotion and expand sales channels, particularly in overseas markets, to enhance brand recognition[88]. - The company is focused on maintaining its listing status and ensuring that share distribution meets regulatory requirements[173]. - The company plans to utilize the proceeds from a non-public offering for new projects and working capital[103]. Employee and Management - The company reported a total of 3,036 employees, with 2,360 in production, 95 in sales, 375 in technology, 40 in finance, and 166 in administration[123][124]. - The company’s employee compensation policy emphasizes alignment with company performance, efficiency, fairness, and transparency[125]. - The company’s training plan aims to enhance business performance and organizational capability, with a structured approach to employee development[126]. - The total pre-tax remuneration for the management team amounted to 618.37 million yuan[107]. Risks and Challenges - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute substantial commitments to investors, highlighting investment risks[7]. - The company has described potential risks in the management discussion and analysis section of the report[10]. - The company is expanding its production capacity through fundraising projects, but faces risks related to market expansion and project implementation[94].