SONAVOX(SH:688533)2022-04-27 16:00Financial Performance - The company reported no significant risks that could materially affect its operations during the reporting period[5]. - The company has not yet achieved profitability since its listing[5]. - The company's operating revenue for 2021 was CNY 1,301,980,147.72, an increase of 19.66% compared to CNY 1,088,039,567.06 in 2020[26]. - The net profit attributable to shareholders decreased by 19.67% to CNY 60,665,584.92 from CNY 75,524,981.69 in the previous year[26]. - The cash flow from operating activities showed a significant decline of 122.67%, resulting in a net outflow of CNY -22,327,341.24[29]. - Basic earnings per share decreased by 34.92% to CNY 0.41 from CNY 0.63 in 2020[27]. - The gross margin of the company's main products decreased by 2.41 percentage points due to rising raw material costs and increased shipping expenses[28]. - The company experienced a foreign exchange loss of CNY 20,600,000, which accounted for 31.18% of the total profit for the period[146]. - The cost of sales increased by 22.94% to CNY 953,909,728.75, primarily due to rising raw material prices and increased procurement volume[150]. - The company’s reliance on the automotive industry makes it vulnerable to macroeconomic fluctuations and industry cycles[147]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling 19.2 million CNY, which represents 31.65% of the net profit attributable to shareholders for 2021[7]. - The total share capital as of December 31, 2021, was 160 million shares[7]. Audit and Governance - The company received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[6]. - The board of directors was fully present at the meeting to approve the annual report[6]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has not implemented any special arrangements for corporate governance[9]. Research and Development - The R&D expenditure as a percentage of operating revenue increased to 6.76%, up from 5.64% in the previous year[27]. - The total R&D expenditure for 2021 reached ¥87,956,733, representing a significant increase of 43.2% compared to ¥61,396,600.99 in 2020[105]. - The company applied for a total of 51 patents in 2021, including 17 utility model patents, 12 design patents, 13 invention patents, and 9 PCT international patents[47]. - The company has developed 11 core technologies in areas such as acoustic product simulation and design, vehicle audio design, and digital speaker systems[93]. - The company has established a national postdoctoral research station and a Jiangsu automotive electroacoustic engineering technology research center to drive innovation[126]. Market and Sales Performance - The company achieved a market share of 19.77% in the Chinese market for car speakers in 2021, up from 18.82% in 2020[90]. - The total sales volume of the company’s car speakers reached 5,864.42 thousand units in 2021, compared to 5,651.98 thousand units in 2020[90]. - The company’s global market share for car speakers increased from 12.64% in 2020 to 12.92% in 2021[90]. - The company’s sales volume in the American market was 1,692.16 thousand units in 2021, with a market share of 18.19%[90]. - The company’s sales volume in the European market was 1,328.35 thousand units in 2021, with a market share of 13.85%[90]. - Revenue from car-mounted speakers accounted for 91.3% of total revenue, with sales increasing by 12.94% year-on-year[159]. - The revenue from car-mounted amplifiers grew by 109.63% year-on-year, while the cost of sales increased by 105.82%[161]. - AVAS product revenue rose by 113.79% year-on-year, but gross margin decreased by 13.57 percentage points due to rising raw material costs[161]. Production and Operations - The company has established stable partnerships with numerous well-known automotive manufacturers, including Ford, Volkswagen, and Tesla, and has received various quality certifications[52]. - The company’s vehicle-mounted speaker production and sales reached 61.53 million and 60.00 million units, respectively, representing year-on-year growth of 6.52% and 3.85%[44]. - The production and sales of vehicle-mounted amplifiers surged by 85.53% and 99.78%, totaling 120,600 and 113,600 units, respectively[44]. - The production volume of car-mounted speakers increased by 6.52% year-on-year, while sales volume rose by 3.85%[163]. - The production volume of AVAS products surged by 146.10% year-on-year, with sales volume increasing by 133.92%[163]. Challenges and Risks - The company is facing challenges due to the ongoing global pandemic, chip shortages, and rising raw material prices, which may impact recovery efforts[45]. - The company’s export sales accounted for 54.09% of total revenue, with significant exposure to the U.S. market, which poses risks related to trade tensions[142]. - The automotive industry is undergoing rapid transformation due to the "new four modernizations," with significant impacts from chip shortages and rising raw material prices[79]. Customer and Supplier Relationships - The top five customers contributed CNY 731,507,700 to sales, representing 58.59% of total operating revenue, indicating high customer concentration risk[144]. - The total procurement amount from the top five suppliers was 19,204.58 million RMB, representing 25.05% of the annual procurement total[177]. - The company did not rely on any single supplier for more than 50% of its total procurement, with Supplier Three being a new addition to the top five suppliers[178]. Investments and Assets - The company has received provincial-level demonstration project certification for its intelligent manufacturing workshops in new energy vehicle electronic amplifiers and components[48]. - The cash and cash equivalents decreased by 19.31% compared to the previous year, primarily due to increased procurement costs and expanded workforce[184]. - The company's inventory increased by 46.13% year-over-year, attributed to rising raw material costs and expanded sales scale[187]. - The construction in progress surged by 208% compared to the previous year, mainly due to improvements and new production lines in overseas factories[188]. - The company's overseas assets amounted to 244,643,924.08 RMB, accounting for 15.08% of total assets[193]. Technological Innovation - The company is actively pursuing new product and technology development to create new market opportunities and sales growth points[47]. - The company has developed acoustic simulation technology that optimizes speaker structure design, achieving significant improvements in sound quality and distortion reduction[97]. - The company has integrated tuning algorithms into DSP chips to enhance automotive audio systems, achieving a frequency response flatness control within ±2dB across multiple positions[99]. - The company has developed an active noise control system that improves robustness and stability through online identification of secondary channel transfer functions[102]. - The company is focused on optimizing product structures in car-mounted speakers and enhancing the quality of amplifiers to capture market opportunities in the new energy vehicle sector[47].