Zhejiang Yonghe Refrigerant (SH:605020)2022-03-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 2,898,620,127.51, representing a 48.51% increase compared to CNY 1,951,739,654.33 in 2020[28]. - The net profit attributable to shareholders for 2021 was CNY 278,002,762.25, a significant increase of 173.12% from CNY 101,788,898.88 in 2020[28]. - The net cash flow from operating activities for 2021 was CNY 179,826,694.49, up 124.42% from CNY 80,131,156.55 in 2020[28]. - The total assets at the end of 2021 were CNY 3,505,661,570.30, which is a 43.41% increase from CNY 2,444,422,830.64 at the end of 2020[28]. - The basic earnings per share for 2021 was CNY 1.20, reflecting a 135.29% increase compared to CNY 0.51 in 2020[30]. - The weighted average return on equity for 2021 was 16.89%, an increase of 8.93 percentage points from 7.96% in 2020[30]. - The company reported a net profit of CNY 102,744,380.86 in Q4 2021, which was the highest quarterly profit for the year[33]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2021 was CNY 274,637,035.91, a 241.70% increase from CNY 80,372,674.74 in 2020[28]. - The company's net assets attributable to shareholders at the end of 2021 were CNY 2,036,892,273.07, a 52.82% increase from CNY 1,332,877,495.55 at the end of 2020[28]. Dividend Distribution - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling approximately 67.44 million RMB based on the total share capital of 269,750,994 shares as of December 31, 2021[7]. - The company does not plan to issue stock dividends or increase capital reserves through stock distribution for the 2021 profit distribution plan[7]. - The company’s remaining undistributed profits will be carried forward to the next fiscal year after the implementation of the profit distribution plan[7]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants, ensuring the accuracy and completeness of the financial report[6]. - The company’s board of directors has confirmed the authenticity and completeness of the annual report, with all members present at the meeting[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[9]. - The company has not encountered any violations in decision-making procedures regarding external guarantees[9]. - The company’s financial report has been signed and sealed by the responsible persons, ensuring its validity[6]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion and analysis section of the report[9]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in the report[8]. Market and Industry Trends - The fluorochemical industry is projected to exceed 640,000 tons in total production capacity and over 1,000 billion yuan in total output value by 2025[49]. - The demand for fluorinated materials is expected to continue increasing due to growth in sectors such as semiconductors, new energy vehicles, and healthcare[53]. - The fluorochemical industry in China is projected to exceed a total production capacity of 6.4 million tons, with sales revenue surpassing ¥100 billion, highlighting its strategic importance in the national economy[110]. Research and Development - The company has completed 43 registered patents, including 15 invention patents, enhancing its technological innovation capabilities[48]. - Research and development expenses rose by 75.74% to 28.78 million RMB, indicating increased investment in product and technology development[81]. - The company has increased its R&D investment and expanded its R&D team, focusing on the development of fluoropolymer, fluorochemical products, and resource utilization technologies[138]. - The company collaborates with universities to develop alternative synthesis technologies for PFOA and resource utilization technologies for by-products[139]. Production and Capacity - The company has a production capacity of 85 thousand tons per year for anhydrous hydrofluoric acid, contributing to its competitive position in the market[53]. - The company’s main business revenue was 2.785 billion yuan, an increase of 47.61% year-on-year, with export revenue reaching 1.494 billion yuan, up 111.89%[45]. - The production capacity for fluorocarbon chemicals is designed at 125,000 tons per year, with a utilization rate of 79.55%[165]. - The company aims to enhance production capacity and diversify product offerings, focusing on high-end fluoropolymer materials and fluorocarbon chemicals, while also exploring upstream methane chlorides and chlor-alkali businesses[188]. Financial Management - The company's total cash inflow from financing activities was ¥954.64 million, up 129.40% from ¥416.15 million in 2020[105]. - The company's financial expenses decreased by 52.64%, mainly due to reduced bank loan interest costs[81]. - The company plans to raise up to 800 million yuan through the issuance of convertible bonds to fund the construction of two projects and supplement working capital[199]. - The company aims to enhance its indirect financing capabilities and optimize its capital structure through strengthened bank-enterprise cooperation[199]. Environmental and Safety Management - The company emphasizes safety and environmental risk management, implementing comprehensive safety production systems and regular inspections[44]. - The company is committed to improving safety and environmental protection systems, aiming for zero penalties and zero consultations in safety and environmental matters throughout the year[195]. Strategic Initiatives - The company plans to deepen management reforms and enhance team building to adapt to rapid growth, including strategic cooperation with management consulting firms[196]. - The company intends to strengthen brand recognition and expand market share by enhancing sales team capabilities and optimizing sales channels domestically and internationally[194].