Tianjin Jiuri New Materials (SH:688199)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,252,459,155.24, representing a 23.83% increase compared to CNY 1,011,418,016.27 in 2020[20]. - The net profit attributable to shareholders of the listed company for 2021 was CNY 165,657,630.46, a 21.15% increase from CNY 136,742,721.34 in 2020[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 42.45% to CNY 126,168,664.65 in 2021 from CNY 88,571,255.53 in 2020[22]. - The basic earnings per share for 2021 was CNY 1.53, up 24.39% from CNY 1.23 in 2020[21]. - The weighted average return on net assets increased to 6.24% in 2021, up from 5.12% in 2020, an increase of 1.12 percentage points[21]. - The company's cash flow from operating activities decreased by 61.75% to CNY 73,047,039.44 in 2021, compared to CNY 190,983,693.21 in 2020, primarily due to increased inventory purchases[22]. - The total assets of the company at the end of 2021 were CNY 3,862,740,277.63, a 16.94% increase from CNY 3,303,224,167.49 at the end of 2020[20]. - The company's total revenue for the reporting period reached ¥1,252,096,211.03, with a gross margin of 27.55%, an increase of 2.28 percentage points compared to the previous year[114]. - The export revenue amounted to ¥657,689,910.03, showing a year-on-year increase of 41.41%, driven by improved sales channels and recovering demand in international markets[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares, totaling RMB 54,202,776.00, which represents 61.49% of the net profit attributable to shareholders for the year[5]. - As of March 31, 2022, the total share capital of the company is 111,226,800 shares, with 2,821,248 shares held in the repurchase account not participating in the dividend distribution[5]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not faced any violations in decision-making procedures for external guarantees[7]. - The company has not disclosed any special arrangements for corporate governance[7]. - The company emphasizes the importance of maintaining a robust governance structure to ensure compliance and effective decision-making[188]. - The company maintains strict independence from its controlling shareholder, with independent operations in business and finance, ensuring no fund misappropriation issues[190]. - The fourth board of directors consists of 9 members, including 3 independent directors, complying with legal requirements for governance[191]. - The fourth supervisory board is composed of 3 members, including 1 employee supervisor, ensuring compliance with legal standards[192]. - The company has established comprehensive management systems, including revised internal control and financial management regulations, enhancing governance[193]. - The company has implemented an information disclosure management system to ensure the accuracy and timeliness of disclosures, in line with regulatory requirements[194]. - There are no significant discrepancies between the company's governance practices and regulatory requirements, ensuring compliance[196]. Research and Development - The company has a strong R&D capability with numerous patents and a mature system for converting research results into products[38]. - The company achieved a total R&D investment of ¥70,763,679.66, representing a 35.71% increase compared to the previous year[66]. - R&D investment accounted for 5.65% of total revenue, an increase of 0.49 percentage points from the previous year[66]. - The company holds a total of 84 patents, including 64 invention patents and 20 utility model patents, reflecting strong R&D capabilities[79]. - The company has developed new production processes for photoinitiators, improving efficiency and reducing environmental impact[62]. - The company is focusing on developing new products and technologies, including UV LED photoinitiators suitable for light-colored inks[62]. - The company has established multiple research centers and received various innovation awards during the reporting period[63]. - The company is focusing on developing new photoinitiators and specialty UV curing materials, although it faces challenges in innovation and market demand fluctuations[87]. Market Position and Strategy - The company is the largest and most comprehensive supplier of photoinitiators in China, with a significant global influence in the UV curing field[37]. - The company is focusing on the core industry of photopolymerization and expanding into the semiconductor sector, aiming for global market development[30]. - The company is actively extending its photopolymerization industry chain and expanding into electronic chemical materials[30]. - The company is committed to enhancing its core competitiveness through independent innovation and technology development[32]. - The company has established a strategic direction centered on the photopolymerization industry and semiconductor industry, aiming for global market expansion[182]. - The company is positioned to benefit from favorable policies related to carbon reduction goals, enhancing the market penetration of its photoinitiator products[143]. Risks and Challenges - The company emphasizes the importance of risk factors in its operations, advising investors to pay attention to potential risks[4]. - The company faces risks from intensified industry competition and potential price declines, despite its stable product quality and customer loyalty[90]. - The company faces exchange rate risks due to a significant portion of its revenue coming from exports, which may be impacted by fluctuations in the RMB to USD exchange rate[91]. - The company is experiencing increased operational management pressure due to rapid growth and expansion, necessitating improvements in its management systems[89]. - The ongoing COVID-19 pandemic continues to pose risks to the company's export business, particularly in countries with poor pandemic control[99]. Investments and Acquisitions - The company acquired 40% of Hongrun Chemical's shares, increasing its stake to 52%, making it a controlling subsidiary[35]. - The company is expanding its semiconductor electronic chemical materials business through acquisitions, including Jinghong Bio and Keli Bio, and introducing strategic investors[34]. - The company plans to acquire 100% equity of Huaihua Taitong, with the acquisition process currently underway[168]. - The company has established a wholly-owned subsidiary, Jiuxing Zhihui, with a registered capital of RMB 10 million for environmental-friendly radiation curing coating projects[169]. - The company acquired 100% equity of Jinghong Biological for RMB 9 million, focusing on electronic chemical materials[169]. Production and Supply Chain - The company has developed new production processes for key products like 1173 and 184, significantly reducing raw material consumption and waste generation[148]. - The company has optimized production lines for its main products, achieving a continuous production process that minimizes hazardous chemical use and waste emissions[158]. - The company has established multiple modern production bases to ensure stable supply of core photoinitiators like 184, TPO, and DETX, enhancing its competitive advantage in the market[82]. - The company is focusing on optimizing its production processes to improve efficiency and reduce costs, while also addressing environmental concerns[184].