Yanmade(SH:688312)2022-04-18 16:00Financial Performance - The company has not yet achieved profitability since its listing[4]. - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-over-year growth of 15%[12]. - The company's operating revenue for 2021 was CNY 427,554,397.42, representing a year-on-year increase of 22.03% compared to CNY 350,363,861.94 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 122,390,517.80, up 19.66% from CNY 102,281,552.96 in 2020[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 104,583,415.74, a 19.12% increase from CNY 87,795,789.74 in 2020[21]. - The company achieved significant growth in the wearable device testing business, particularly in smartwatches, contributing to revenue growth[21]. - The company achieved a main business revenue of CNY 427.55 million, representing a growth of 22.03% compared to the same period in 2020[107]. - The net profit attributable to shareholders was CNY 122.39 million, an increase of 19.66% year-on-year[107]. - The company reported a significant increase in net cash flow from operating activities, rising by 649.44% to CNY 157.37 million[108]. Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares, totaling approximately RMB 86,455,089.60 (including tax) based on a total share capital of 144,091,816 shares as of December 31, 2021[5]. - The company does not plan to increase capital through public reserves or issue bonus shares[5]. - The company did not raise any new funds in 2021 following its initial public offering in 2020[110]. Research and Development - Investment in R&D increased by 18% in 2021, focusing on machine vision and automatic visual inspection technologies[12]. - Research and development expenses accounted for 20.45% of operating revenue in 2021, up from 15.87% in 2020, indicating a focus on innovation[22]. - R&D expenses for the year amounted to 87.43 million yuan, representing a 57.25% increase and accounting for 20.45% of operating revenue[36]. - The company has established a robust R&D framework, focusing on advanced technologies such as AI algorithms for defect detection and intelligent operation platforms[65]. - The company has developed multiple core technologies, including sensor testing and precision mechanical technologies, with several in batch use and others in trial operation[65]. - The company is developing advanced projects such as AI visual inspection equipment and SiP chip testing devices, with ongoing R&D efforts[95]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, aiming for a 10% market share by the end of 2023[12]. - The company plans to continue enhancing product development and market expansion strategies to sustain growth in the coming years[21]. - The company is focusing on the development of new products and technologies, with an R&D budget increase of 20%[162]. - Market expansion plans include entering three new international markets by the end of the next fiscal year[162]. - The company aims to become a global leader in intelligent equipment supply, focusing on automation and intelligent manufacturing solutions[143]. Governance and Compliance - The board of directors and management have confirmed the accuracy and completeness of the annual report[5]. - The company has established a governance structure with clear responsibilities among the shareholders' meeting, board of directors, supervisory board, and management, ensuring independent operation and mutual checks and balances[153]. - The company has maintained a stable governance structure without any significant changes in the reporting period[153]. - The company’s financial performance and governance practices comply with relevant laws and regulations, ensuring sustainable development[153]. - The company has not faced any penalties from securities regulatory authorities in the past three years, reflecting compliance with regulations[169]. Risks and Challenges - The company has disclosed risks faced in the management discussion and analysis section of the report[4]. - The company faces risks related to technology talent retention, with increasing competition for skilled personnel in the industry[95]. - The company is exposed to inventory impairment risks due to its custom production model, which may lead to unsold products if customer orders are canceled[101]. - The company faces risks related to seasonal fluctuations in revenue, particularly concentrated in the second half of the year due to customer purchasing patterns[100]. - The company is at risk of intensified market competition as industry barriers lower and new competitors enter the FPC testing market[103]. Employee and Talent Management - R&D personnel account for 40.08% of the total workforce, with 291 employees dedicated to innovation and product development[93]. - The total compensation for R&D personnel reached RMB 61.17 million, with an average salary of RMB 21,020, an increase from RMB 19,050[89]. - The company has implemented a training program for various employee levels, enhancing overall employee quality and management capabilities[183]. - The company executed a stock incentive plan for 2021, granting 2,000,000 restricted stocks to 105 individuals, representing 14.89% of the total employee count[188]. Customer Engagement and Satisfaction - Customer satisfaction ratings have improved, with a reported increase of 30% in positive feedback[162]. - The company emphasizes its ability to accurately identify customer needs and provide personalized services, which are key to its profitability[46]. Technological Advancements - The company has developed a self-calibrating non-destructive suction technology, achieving a Z-axis response time of 2.5ms, which enhances the precision of material handling[39]. - The defect detection system can identify defects as small as 0.0175mm with a detection rate of 99% and a false negative rate below 0.1%[39]. - The company has achieved a testing accuracy rate exceeding 99% for its electric test probes, with a testing lifespan of over 300,000 cycles[11]. Strategic Acquisitions - Strategic acquisitions are being considered to bolster market position and operational capabilities[160]. - The company plans to actively seek investment and acquisition opportunities to enhance its competitive edge and deliver returns to investors[151].