Yunlu Materials(SH:688190)2023-03-30 16:00Financial Performance - The company reported a distributable profit of ¥226,705,670.48 for the year 2022, with a proposed cash dividend of ¥5.7 per 10 shares, totaling ¥68,400,000.00 to be distributed to shareholders [5]. - The cash dividend represents 30.17% of the net profit attributable to shareholders of the parent company for the year [5]. - The company has not yet achieved profitability since its listing [4]. - The company's operating revenue for 2022 reached ¥1,447,382,421.30, representing a 54.68% increase compared to ¥935,745,824.22 in 2021 [23]. - Net profit attributable to shareholders was ¥226,705,670.48, an increase of 89.32% from ¥119,750,381.15 in the previous year [23]. - The net profit excluding non-recurring gains and losses was ¥199,113,961.07, up 95.96% from ¥101,608,278.20 in 2021 [23]. - The company's total assets as of the end of 2022 were ¥2,524,963,295.19, a 9.87% increase from ¥2,298,158,600.20 at the end of 2021 [23]. - The net assets attributable to shareholders increased by 10.20% to ¥2,018,771,100.68 from ¥1,831,964,795.42 in 2021 [23]. - The cash flow from operating activities showed a negative value of -¥77,114,821.22, a decline of 216.60% compared to a positive cash flow of ¥66,137,807.39 in 2021 [23]. Corporate Governance - The audit report issued by Tianzhi International Accounting Firm confirmed the financial statements as true, accurate, and complete [5]. - The board of directors has approved the profit distribution plan, pending approval at the annual shareholders' meeting [6]. - There are no non-operating fund occupations by controlling shareholders or related parties reported [8]. - The company has not violated decision-making procedures for external guarantees [8]. - The company has not disclosed any special arrangements for corporate governance [8]. - The report includes a forward-looking statement risk declaration, indicating that future plans and strategies do not constitute a commitment to investors [7]. - The company has established a governance structure compliant with relevant laws and regulations, ensuring effective operation of the shareholders' meeting, board of directors, and supervisory board [122]. - The company held four shareholders' meetings during the reporting period, with all resolutions passed without any being rejected [125]. - The company has established a comprehensive internal control system, which was independently audited and received a standard unqualified opinion [166][165]. Research and Development - Research and development investment reached 75.15 million yuan, a year-on-year increase of 41.91%, marking a new high in R&D spending [36]. - The company has developed a new technology for amorphous core transformers, which has been successfully implemented in various projects across multiple regions [35]. - The company has established a joint research center with Tsinghua University to strengthen its innovation capabilities and enhance its competitive edge in advanced magnetic materials [36]. - The company has applied for a total of 28 patents during the reporting period, including 21 invention patents, and has accumulated 175 patents to date, with 105 being invention patents [73]. - The total R&D expenditure for the year reached ¥75,150,296.44, a significant increase of 41.91% compared to the previous year's ¥52,957,137.30 [75]. - The number of R&D personnel increased to 117, accounting for 22% of the total workforce, up from 20% in the previous year [82]. - The company is focusing on high-quality R&D project advancement through increased investment in R&D equipment and collaboration with universities [76]. Market Position and Strategy - The company is actively exploring international markets, including South America, to promote its amorphous products and expand its global sales network [35]. - The company has gained supplier qualification from leading domestic photovoltaic enterprises, enhancing its market position in the renewable energy sector [35]. - The company is focusing on expanding its product applications in the electric vehicle sector, becoming a mainstream supplier of soft magnetic materials for electric drive systems [36]. - The company is positioned to benefit from the increasing demand for magnetic materials in electric vehicle components, such as onboard chargers and drive motors [62]. - The company is committed to expanding its market presence through innovative product development and strategic partnerships [85]. - The company is focusing on market expansion strategies, particularly in the renewable energy sector, to enhance its competitive edge [131]. Environmental Responsibility - The company invested RMB 3.5 million in environmental protection during the reporting period [167]. - The company consumed 163.7 million kWh of electricity during the reporting period [170]. - The company does not belong to the key pollutant discharge units as announced by the environmental protection department [168]. - There were no administrative penalties due to environmental issues during the reporting period [169]. - Since 2013, the company has sold over 400,000 tons of amorphous products, resulting in a cumulative reduction of over 200,000 tons of CO2 and approximately 20,000 tons of SO2 emissions, significantly contributing to global carbon neutrality goals [176]. - The company has received ISO 14001 certification for its environmental management system, demonstrating its commitment to environmental responsibility [174]. Shareholder Engagement and Communication - The company has actively engaged in investor relations, organizing various communication activities to enhance transparency and interaction with investors [179]. - The company emphasizes the importance of investor communication, addressing inquiries through various channels including letters, calls, and visits [186]. - The company has established a comprehensive information disclosure system, ensuring accurate, timely, and fair communication with investors [186]. - The company has committed to maintaining the lock-up period for shares held by major shareholders for 36 months post-IPO, with automatic extensions under certain conditions [190]. - The company emphasizes that the share issuance is a crucial financing method rather than a short-term speculative action [196]. Operational Challenges - The cash flow from operating activities showed a negative value of -¥77,114,821.22, a decline of 216.60% compared to a positive cash flow of ¥66,137,807.39 in 2021 [23]. - The company reported a significant increase in the cost of magnetic materials, with direct material costs amounting to CNY 763,984,788.59, representing 72.39% of total costs, up from 70.23% the previous year [102]. - The inventory level for non-crystalline alloy thin strips and their products increased by 161.22% year-over-year, indicating potential overproduction or reduced sales [100]. Future Outlook - Future guidance indicates a strong growth trajectory, with expectations of increased market share in the upcoming fiscal year [129]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth [99]. - The company aims to achieve high-performance applications in energy-efficient sectors through its R&D initiatives [78].