Jiangsu Boqian New Materials Stock (SH:605376)2023-04-27 16:00Financial Performance - The company's operating revenue for 2022 was ¥746.55 million, a decrease of 23.02% compared to ¥969.75 million in 2021[23]. - Net profit attributable to shareholders was ¥153.48 million, down 35.47% from ¥237.84 million in the previous year[23]. - The basic earnings per share decreased by 35.16% to ¥0.59 from ¥0.91 in 2021[24]. - The weighted average return on equity fell to 9.39%, a decrease of 6.47 percentage points from 15.86% in 2021[24]. - The net cash flow from operating activities was negative at -¥53.72 million, a decline of 153.82% compared to ¥99.83 million in 2021[23]. - The net profit after deducting non-recurring gains and losses was ¥150.88 million, down 32.22% from ¥222.61 million in 2021[23]. - The company reported a decrease in sales volume compared to the previous year, which was the main reason for the decline in net profit[25]. - The decrease in net cash flow from operating activities was primarily due to reduced sales revenue and increased payments for raw materials[26]. - The company's main product, metal powder materials, generated revenue of ¥672,878,845.25, reflecting a 24.23% decline from the previous year[52]. - The gross margin for metal powder materials decreased by 1.35 percentage points to 39.97%[52]. - The company's foreign sales revenue was ¥583,369,358.44, down 20.23% year-over-year[53]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares, totaling 78,480,000.00 RMB, which accounts for 51.13% of the net profit attributable to shareholders[5]. - The company does not plan to issue bonus shares or convert capital reserves into share capital this year[5]. - The proposed profit distribution plan is subject to approval at the 2022 annual general meeting[156]. - The cash dividend policy remains unchanged, ensuring transparency and protection of minority shareholders' rights[155]. - The company is committed to maintaining a three-year shareholder return plan, emphasizing long-term value creation[122]. Risk Management - The company has outlined various risks and corresponding mitigation strategies in the "Management Discussion and Analysis" section of the report[8]. - The company has established a comprehensive risk management framework to address potential operational challenges[8]. - The company has emphasized the importance of investor awareness regarding the risks associated with forward-looking statements[6]. - The company is strengthening risk management across financial, operational, and compliance areas to ensure stable and healthy development[101]. Governance and Compliance - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[4]. - The company has maintained a commitment to transparency, with all board members present at the meeting to ensure the accuracy of the report[4]. - The company has not violated any decision-making procedures regarding external guarantees[7]. - The company has not reported any instances of more than half of the board members being unable to guarantee the authenticity of the annual report[7]. - The company has established a comprehensive internal control system to manage risks and ensure compliance with regulations[161]. - The company strictly adheres to legal regulations and internal rules for board meetings, enhancing decision-making efficiency[118]. - The supervisory board effectively monitors the board's work and major operational decisions, ensuring compliance with regulations[119]. - The company has established a comprehensive information disclosure system to protect investor rights and ensure transparency[120]. Research and Development - The company's R&D investment reached ¥63,419,700, an increase of 42.78% year-on-year, focusing on core technology optimization and new product development[36]. - Research and development expenses increased by 42.78% year-over-year, totaling 634.20 million RMB, which is 8.49% of the operating revenue[62]. - The company is investing heavily in R&D to maintain its competitive edge in the high-end metal powder market amid increasing industry competition[104]. - The company is focusing on the development of automotive electronics, particularly in response to the growing demand for vehicle-grade MLCC products driven by the rise of new energy vehicles[40]. Production and Operations - The company has completed the construction of 168 production lines for nano-metal powders, including 162 for nickel powder, 4 for copper powder, and 2 for silver powder[37]. - The production volume of nickel powder decreased by 7.58%, while sales volume dropped by 35.83%[54]. - The company has established a quality management system certified by GB/T19001-2016/ISO9001:2015, ensuring product quality and market recognition[44]. - The company is actively conducting capital operations to enhance its capital strength, with a stock issuance to specific targets currently under review by the Shanghai Stock Exchange[38]. Market and Customer Relations - The top five customers generated sales of 587.94 million RMB, accounting for 87.38% of the total annual sales, with Samsung Electro-Mechanics Co., Ltd. alone contributing 50.27 million RMB, or 74.70%[59]. - The company maintained long-term partnerships with leading firms in the electronic components industry, indicating strong brand recognition[47]. - The company is focusing on enhancing its sales service integration model and expanding its market presence for new products like silver-coated copper powder for HJT heterojunction batteries and nano-silicon powder for lithium-ion batteries[99]. Environmental and Social Responsibility - The company invested 474,300 RMB in environmental protection during the reporting period[166]. - The company has not faced any administrative penalties related to environmental issues[168]. - The company made a total donation of 101,000 RMB for social and charitable projects[169]. - The company has implemented measures to reduce carbon emissions, including energy-saving initiatives[168]. Shareholding and Management Structure - The total number of shares held by the chairman, Wang Liping, remained at 0, with a pre-tax remuneration of 110.33 million yuan[124]. - Director Chen Gangqiang maintained 16,999,200 shares throughout the year, receiving a pre-tax remuneration of 122.83 million yuan[124]. - The company reported a total of 722.43 million yuan in pre-tax remuneration for all directors and supervisors combined[126]. - The management team includes experienced professionals with backgrounds in various industries, enhancing the company's strategic direction[126]. - The company is focused on maintaining stability in its leadership structure, with all current directors and supervisors serving until at least December 2025[124].