确成股份(605183) - 2021 Q4 - 年度财报

Financial Performance - Revenue in 2021 increased by 42.42% year-on-year to RMB 1,502,946,503.05[21] - Net profit attributable to shareholders of the listed company in 2021 increased by 55.16% year-on-year to RMB 300,074,856.03[21] - Basic earnings per share in 2021 increased by 35.85% year-on-year to RMB 0.72[23] - Weighted average return on equity in 2021 increased by 1.08 percentage points to 12.33%[23] - Revenue in the fourth quarter of 2021 was RMB 467,394,731.75, the highest among all quarters[26] - Net profit attributable to shareholders of the listed company in the fourth quarter of 2021 was RMB 90,278,249.72, the highest among all quarters[26] - The company's total assets at the end of 2021 increased by 7.90% year-on-year to RMB 2,924,516,188.43[21] - The company's equity attributable to shareholders of the listed company at the end of 2021 increased by 2.87% year-on-year to RMB 2,468,573,320.76[21] - The company's structural deposits increased by RMB 225,000,000.00 in 2021, reaching RMB 245,000,000.00 at the end of the year[32] - The company's derivative financial assets increased by RMB 3,558,197.60 in 2021, reaching RMB 3,558,197.60 at the end of the year[32] - The company's operating cash flow increased by 5.21% year-on-year to 284.28 million yuan, while investment cash flow decreased significantly due to IPO fundraising and short-term financial investments[63][66] - The company's financial expenses decreased by 32.03% year-on-year, mainly due to reduced foreign exchange losses and lower interest expenses[66] - The company's asset scale reached 2,924.52 million yuan by the end of 2021, a year-on-year increase of 7.9%, with owner's equity of 2,468.57 million yuan[62] - Total cost for silicon dioxide products increased by 33.09% to 872,024,066.20 yuan, with material costs rising by 39.10% to 444,276,452.67 yuan[74] - The company's gross profit margin for silica products decreased by 3.49 percentage points year-on-year to 32.83%, mainly due to rising raw material and energy costs[69] - The company's international revenue reached 653.54 million yuan, a year-on-year increase of 46.74%, while domestic revenue increased by 29.18% to 753.85 million yuan[69][72] - The company's silica production volume reached 250,661 tons, a year-on-year increase of 26.87%, with sales volume increasing by 25.18% to 249,679 tons[73] - The company's R&D expenses increased by 76.35% to 57,344,153.03 yuan, with R&D investment accounting for 3.82% of total revenue[79][80] - Monetary funds decreased by 32.69% to 790,369,237.95 yuan, while trading financial assets increased by 1,142.79% to 248,558,197.60 yuan[87] - Accounts receivable increased by 59.66% to 503,747,418.85 yuan due to a 42.42% increase in revenue and longer international logistics cycles[87][88] - Inventory increased by 45.99% to 169,904,342.68 yuan due to increased raw material and finished goods stockpiles[87][88] - Construction in progress increased by 134.68% to 187,138,480.82 yuan[87] - Other payables increased by 225.57% to 40,819,232.76 yuan[87] - The company's overseas assets amounted to RMB 346,042,802.35, accounting for 11.83% of total assets[92] - Restricted assets at the end of the reporting period included RMB 1,614,637.15 in monetary funds for non-financing guarantee deposits, RMB 5,806,646.00 for bank acceptance bill deposits, RMB 245,000,000.00 in trading financial assets for structured deposits, and RMB 80,000,000.00 in other current assets for securities income certificates[92] - The company's procurement volume increased, leading to a rise in accounts payable by RMB 40.36 million, and sales volume increased, resulting in a rise in domestic and international transportation and handling fees payable by RMB 49.90 million[90] - The company's net profit increased, leading to a rise in corporate income tax payable by RMB 5.45 million[90] - The company implemented an employee equity incentive plan, resulting in a restricted stock repurchase obligation of RMB 31.06 million[90] - The Thai baht depreciated against the RMB, causing a foreign currency translation difference in the financial statements of the Thai subsidiary[90] - The company's construction-in-progress increased by RMB 54.94 million due to the progress of fundraising projects, and the Fujian subsidiary's technical renovation project increased by RMB 61.26 million[90] - The company's prepayments for office buildings and employee apartments of RMB 61.73 million were transferred to construction-in-progress[90] - The company's subsidiary, Sanming Afu, reported deductible losses formed during the reporting period[90] - The company's fundraising funds were used to purchase securities income certificates of RMB 80 million[90] - The company's current precipitated silica production capacity is 330,000 tons/year, with an additional 75,000 tons/year under construction, making it the third-largest global producer and the largest in Asia[99] - The company's main raw material, soda ash, saw a significant price increase of 72.68% year-on-year in 2021, with a procurement volume of 45,330.75 tons and a consumption volume of 59,107.50 tons[108] - Sulfur procurement volume was 56,414.56 tons, with a settlement amount of 62,780.99 tons[111] - Natural gas procurement volume was 17,381,885 m³, with a price increase of 6.68% year-over-year[112] - LNG procurement volume was 26,258.23 tons, with a significant price increase of 57.12% year-over-year[112] - Direct sales revenue reached 1,297,466,318.35 RMB, a 37.80% increase year-over-year[113] - The company's derivative financial assets amounted to 3,558,197.60 RMB, with structured deposits totaling 245,000,000.00 RMB[117] - The company aims to achieve a 25% year-over-year revenue growth in 2022, with a target of 25% net profit growth[128] - The company plans to invest 200 million RMB in fundraising projects and 50 million RMB in fixed asset investments using its own funds in 2022[128] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) for the 2021 fiscal year[5] - The company distributed a cash dividend of RMB 207,009,000 (RMB 5 per 10 shares) for the 2020 fiscal year, based on a total share capital of 414,018,000 shares[42] - The company's cash dividend policy remained unchanged during the reporting period, ensuring the continuity and stability of the profit distribution policy[167] - The company's profit distribution policy complies with relevant regulations, ensuring the protection of small and medium-sized investors' rights and interests[168] Products and Market Position - The company's main products include precipitated silica and high-dispersible silica (HDS), which are widely used in rubber, animal feed, food, pharmaceuticals, and other industries[13] - The company's high-dispersible silica (HDS) is a specialized material used in the manufacturing of green tires, which are known for their low rolling resistance and energy efficiency[13] - The company is one of the world's leading manufacturers of precipitated silica, with a complete industrial chain from raw materials to final products[50] - The company's high-dispersion silica for green tires reduces rolling resistance by approximately 30% and saves 5-7% fuel, significantly contributing to energy conservation and CO2 emission reduction[49] - The company's products are used by 12 out of the top 15 global tire manufacturers and 4 out of the top 5 global vitamin E manufacturers[53][56] - The company is the largest exporter of silica in China, with its "Q&C" brand highly recognized by international and domestic customers[56] - The company's total silica production capacity ranks third globally, with core factories in Wuxi, Jiangsu, and overseas in Thailand, with Wuxi's single factory capacity reaching 150,000 tons, among the world's largest[61] - The company is the world's largest manufacturer of high-dispersion silica for green tires and one of the largest producers of silica for animal feed carriers[99] - The company's sales model is primarily direct sales, accounting for over 90% of total sales, with major clients including 12 of the top 15 global tire manufacturers and 4 of the top 5 global vitamin E manufacturers[100] Research and Development - The company resumed R&D work at its Anhui subsidiary in 2021, developed new silica products for various applications, and achieved progress in small-scale commercial orders, with 7 new patent applications and 2 granted patents[41] - The company plans to develop 2-3 new products or applications annually, focusing on new profit growth points and sustainable performance growth[41] - The company's R&D expenses accounted for more than 3% of its operating revenue in recent years[55] - The company has obtained 34 invention patents and 114 utility model patents, covering specialized production equipment and manufacturing technologies for silica[55] - The company's high-dispersion silica products have been certified by multiple domestic and international tire companies, with certification periods ranging from 1-1.5 years for domestic clients and 2-4 years for international clients[57] - The company's 30,000 tons/year green tire high-dispersion silica production technology won the second prize of the China Petroleum and Chemical Industry Federation Science and Technology Progress Award[55] - In 2021, the company invested 57.34 million yuan in R&D, conducted 11 research projects, and obtained 2 new invention patents and 6 utility model patents[102] - The company has accumulated 148 authorized patents, including 34 invention patents, and has led or participated in the formulation of 16 national and industry standards[102] - The company is focusing on high-value-added products and entering new application fields, with 3 new product varieties developed during the reporting period[123] Corporate Governance and Management - The company's registered address is in Jiangsu Province, China, and its office is located in the Chuangrong Building, Anzhen Street, Xishan District, Wuxi City[16] - The company's stock is listed on the Shanghai Stock Exchange under the ticker symbol 605183[18] - The company's annual report is disclosed through media outlets such as the Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[17] - The company's financial report for 2021 has been audited by Lixin Certified Public Accountants, who issued a standard unqualified opinion[4] - The company's subsidiaries include Quechen International, Quechen Thailand, and Quechen Trade, among others[13] - The company's annual report is available for review at the office of the Board Secretary[17] - The company granted 3,569,900 restricted shares to 81 incentive recipients at RMB 8.70 per share to align interests and promote long-term development[43] - The company was awarded the "Advanced Collective in Poverty Alleviation and Assistance Cooperation" by Jiangsu Province and the "Science and Technology Progress Award" by the China Inorganic Salt Industry Association[43] - The company's direct sales account for over 90% of its total sales[51] - The company utilizes waste heat from sulfuric acid production for power generation, improving energy efficiency and reducing CO2 emissions[51][60] - The company's Thailand factory, built under the "Belt and Road" strategy, has effectively reduced logistics and international trade risks while improving international competitiveness[61] - The company established a wholly-owned subsidiary, Wuxi Quean Technology Development Co., Ltd., with a registered capital of 10 million RMB[114] - The company plans to expand overseas production capacity, including the early launch of the second phase of the Thailand plant in 2022[122] - The company's board and supervisory board terms have been extended due to the ongoing nomination process for the new board and supervisory board candidates[145] - Huang Weiyuan was appointed as Vice President on January 5, 2021[145] - The company's third board of directors and supervisory board have completed their terms, and the new board and supervisory board nominations are in progress[145] - Total remuneration for directors, supervisors, and senior management at the end of the reporting period was 4.7514 million yuan[150] - The company held 6 board meetings in 2021, with 5 being in-person and 1 via teleconference[153] - The Audit Committee held 4 meetings in 2021, reviewing financial reports, internal control evaluations, and audit arrangements[156] - The Nomination Committee held 1 meeting in 2021, approving the appointment of a new Vice President[156] - The Remuneration and Assessment Committee held 2 meetings in 2021[156] - The company's board approved 51 proposals during the 13th meeting, including the 2020 annual report and profit distribution plan[152] - The company implemented a restricted stock incentive plan in 2021, with adjustments made to the list of激励对象,授予数量, and授予价格 during the 14th board meeting[152] - The company provided委托贷款续贷 for its wholly-owned subsidiary, Sanming Afu Silicon Materials Co., Ltd.[152] - The company reviewed and approved the 2021 semi-annual report and the special report on the storage and use of raised funds during the 15th board meeting[152] - The company reviewed and approved the 2021 third-quarter report during the 16th board meeting[152] - The company adjusted the 2021 restricted stock incentive plan, reducing the number of incentive recipients from 83 to 81 and the number of restricted shares from 3.7579 million to 3.5699 million. The grant price was adjusted from 9.20 yuan per share to 8.70 yuan per share due to annual dividends[159] - The total number of employees in the parent company and major subsidiaries is 655, with 284 in the parent company and 271 in major subsidiaries. The workforce includes 496 production personnel, 8 sales personnel, 56 technicians, 16 financial personnel, and 79 administrative personnel[161] - The company's employee education levels include 2 with a doctorate, 16 with a master's degree, 113 with a bachelor's degree, 155 with an associate degree, and 369 with high school education or below[161] - The total hours of outsourced labor amounted to 403,262 hours, with a total payment of 15.7089 million yuan[166] - The company's 2021 restricted stock incentive plan granted 3.5699 million shares, increasing the total share capital to 417.5879 million shares[172] - The company's executive, Huang Weiyuan, was granted 200,000 restricted shares at a price of 8.7 yuan per share, with a market value of 3.93 million yuan at the end of the reporting period[173] - The company has established a clear performance evaluation mechanism for senior management, with four performance tiers corresponding to different unlocking ratios of restricted stock[176] - The company revised 28 internal control systems, including the rules of procedure for the three meetings, to improve the internal control system and ensure standardized execution[177] - The company manages subsidiaries through the appointment of directors, supervisors, and senior executives, ensuring standardized and efficient operations[177] - The company received a standard unqualified opinion in its internal control audit report[178] - Chairman and General Manager Que Weidong received a pre-tax remuneration of 1.1088 million yuan[145] - Director Chen Xiaoyan holds 13,485,550 shares with no change during the year and received a pre-tax remuneration of 803,400 yuan[145] - Director and CFO Wang Jin received a pre-tax remuneration of 894,900 yuan[145] - Director Wang Mengjiao received a pre-tax remuneration of 50,000 yuan[145] - Independent Directors Yu Hongmei, Xie Yumei, and Shen Xiaodong each received a pre-tax remuneration of 50,000 yuan[145] - Vice President Huang Weiyuan received 200,000 shares as equity incentive and a pre-tax remuneration of 511,900 yuan[145] - The total pre-tax remuneration for all directors, supervisors, and senior management was 4.7514 million yuan[145] Environmental and Social Responsibility - The company's chemical oxygen demand (COD) emissions were 31.83 tons, well below the national standard of 40 mg/L[180] - Ammonia nitrogen (NH3-N) emissions were 0.54 tons, significantly lower than the national standard of 5 mg/L[180] - Suspended solids emissions were 18.99 tons, below the national standard of 50 mg/L[180] - Sulfuric acid mist emissions were 0.029 tons, meeting the national standard of 10 mg/m3[180] - Particulate matter emissions were 7.98 tons, below the national standard of 10 mg/m3[180] - The company's wastewater treatment facilities have a total capacity of 5,500 tons per day, with Phase I handling 2,300 tons/day and Phase II handling 3,200 tons/day[184] - The company's exhaust gas treatment facilities can handle up to 92,000 m³/h, with 20,000 m³/h for sulfuric acid mist removal and 72,000 m³/h for particulate matter removal[184] - The company's IPO-funded project includes the construction of a 70,000-ton/year water glass and 75,000-ton/year green tire-specific high-dispersibility silica project[185] - The company has implemented a self-monitoring program for environmental compliance, covering exhaust gas, wastewater, and other emissions, with results regularly published online[189] - The company has installed advanced energy-saving equipment, including heat recovery and water reuse systems, to reduce carbon emissions and improve resource utilization[190] - The company is developing new equipment and processes for energy storage, waste heat reuse,