YDC(SH:605555)2022-04-14 16:00Financial Performance - The company's operating revenue for 2021 was CNY 2,841,506,369.90, representing a 37.63% increase compared to CNY 2,064,666,441.93 in 2020[26]. - The net profit attributable to shareholders for 2021 was CNY 300,674,270.10, a slight decrease of 1.09% from CNY 304,001,765.51 in 2020[26]. - The net cash flow from operating activities increased by 114.80% to CNY 235,033,449.54 in 2021, compared to CNY 109,418,745.67 in 2020[28]. - The total assets at the end of 2021 were CNY 3,683,599,802.37, a 100.39% increase from CNY 1,838,235,255.97 at the end of 2020[28]. - The weighted average return on equity for 2021 was 45.93%, down 39.93 percentage points from 85.86% in 2020[28]. - The basic earnings per share for 2021 was CNY 2.03, a decrease of 6.45% from CNY 2.17 in 2020[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2021 was CNY 259,836,290.22, a decrease of 2.81% from CNY 267,350,113.42 in 2020[28]. - The company received government subsidies amounting to CNY 19,183,147.02 in 2021, compared to CNY 2,938,131.31 in 2020[36]. - The company achieved a total sales revenue of 2.842 billion RMB in 2021, representing a year-on-year growth of 37.63%[43]. - The company reported a net profit of CNY 58,655,188.96 in Q1 2021, with total revenue of CNY 615,788,802.95 for the same quarter[32]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 3.5 per 10 shares (including tax), totaling RMB 66,493,000 based on a total share capital of 189,980,000 shares as of December 31, 2021[6]. - The company will increase its share capital by 4 shares for every 10 shares held, resulting in a new total share capital of 265,972,000 shares after the capital reserve conversion[6]. - The proposed cash dividend for 2021 is 3.50 RMB per 10 shares, totaling 66,493,000 RMB (including tax), with a capital reserve conversion of 4 shares for every 10 shares held[196]. Audit and Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the annual report[5]. - The company has established a robust internal control system, continuously improving governance processes and risk management[150]. - The company emphasizes investor relations management, utilizing multiple channels for communication and feedback from investors[149]. - The company has not reported any related party transactions during the reporting period, ensuring transparency[163]. - The company has established a comprehensive internal control management system to ensure compliance and asset security, enhancing decision-making efficiency[199]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[7]. - The company has not disclosed any significant risks that could affect the authenticity and completeness of the annual report[10]. - The company is actively managing risks related to trade tariffs, particularly in North America and Europe, and is considering shifting orders to its Vietnam factory to mitigate impacts[136]. - The company is facing potential risks from raw material price fluctuations, particularly for plastics and metals, which could pressure profit margins if not managed effectively[138]. - The company is monitoring foreign exchange risks due to its sales being primarily dollar-denominated, and is employing hedging strategies to mitigate potential losses[141]. Product and Market Development - The company is actively expanding its product range and has introduced health-related home appliances like humidifiers[54]. - The company plans to achieve mass production sales of garden electric tools in 2022, which have already received customer recognition[44]. - The company aims to enhance its EPS motor and brake motor business, focusing on high-end product development to become a competitive player in these fields[131]. - The company is committed to improving product quality and management capabilities through collaboration with international brands, enhancing its competitiveness in the garden machinery sector[130]. - The company aims to enhance its manufacturing capabilities and technical innovation in the vacuum cleaner ODM/OEM business to expand into more small appliance markets[132]. Research and Development - Research and development expenses increased by 33.08% to 97.66 million RMB, driven by new product and project investments[64]. - The company holds 19 invention patents and 113 utility model patents, indicating a strong position in technology and innovation[59]. - The number of R&D personnel is 329, representing 9.23% of the total workforce[88]. - The company plans to accelerate the construction of its R&D center, adding new facilities and equipment to improve its research infrastructure and attract high-level talent[132]. Employee and Management - The total number of employees in the parent company is 2,756, and the total number of employees in major subsidiaries is 810, resulting in a combined total of 3,566 employees[187]. - The company has a differentiated compensation system for R&D personnel, sales personnel, and administrative staff, with R&D salaries comprising a base salary and project bonuses[188]. - The total hours of outsourced labor amounted to 5,364,346.23, with total payments for outsourced labor reaching 100,966,652.88[193]. - The company is committed to strengthening its corporate culture and internal management systems to foster a competitive and creative work environment[135]. Customer and Market Concentration - The top five customers accounted for 99.68% of total sales, with TTI alone contributing 80.46%[80]. - The company maintains a high customer concentration, with over 80% of sales coming from core clients, and is working to reduce dependency on single customers by expanding production capacity and developing high-value products[136].