PSR Tech(SH:688565)2022-04-19 16:00Financial Performance - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 22,553,000 RMB, which accounts for 61.55% of the net profit attributable to shareholders for the year 2021[5]. - The company has not yet achieved profitability since its listing[4]. - The company's operating revenue for 2021 was CNY 420,239,898.12, representing a 55.26% increase compared to the previous year, primarily driven by a 54.11% increase in revenue from condensate water treatment system equipment and a 36.81% increase from desalination system equipment[24]. - The net profit attributable to shareholders for 2021 was CNY 36,639,644.35, a decrease of 16.85% from the previous year[22]. - The net cash flow from operating activities was -CNY 23,290,141.64, a decline of 195.41% year-on-year, mainly due to rapid project advancement and increased procurement scale[24]. - The total assets at the end of 2021 were CNY 931,498,959.11, an increase of 28.01% from the end of 2020[22]. - The net assets attributable to shareholders at the end of 2021 were CNY 653,435,873.28, reflecting a 56.18% increase from the end of 2020[22]. - The basic earnings per share for 2021 were CNY 0.38, down 30.91% from CNY 0.55 in 2020[23]. - The gross profit margin decreased by 7.84 percentage points compared to the previous year[98]. - The company reported a significant increase in sales expenses by 126.73% due to increased property insurance costs[98]. Research and Development - The R&D expenditure as a percentage of operating revenue was 3.77%, a decrease of 2.82 percentage points from the previous year[23]. - The company began R&D on hydrogen fuel cell engine systems in 2021, with the first prototype passing national quality inspections in the second half of the year[30][36]. - The R&D team comprises 41.50% of the workforce, with 43 authorized patents, including 11 invention patents[33]. - The total R&D investment for the year was approximately ¥15.82 million, a decrease of 11.23% compared to the previous year, with R&D expenses accounting for 3.77% of total revenue[79]. - The company has developed new technologies, including a membrane-based river management process and a distillation method for industrial wastewater treatment, both of which are now leading in the domestic market[80]. - The company has filed for 10 new patents during the reporting period, with a total of 72 applications and 58 granted patents[77]. Market Position and Strategy - The company has established a strong market position in the nuclear and thermal power industries, supplying condensate water treatment systems for 14 operational nuclear power units as of the end of 2021[62]. - The company is focusing on integrating modular water treatment systems to improve equipment utilization and meet diverse water treatment needs, aligning with current market and green development demands[66]. - The company is actively expanding its water treatment business into non-power industries, leveraging its technology and project experience to enter sectors such as metallurgy and chemicals[132]. - The company has been involved in international projects since 2010, including providing water treatment systems for significant overseas power generation projects, enhancing its global presence[133]. - The company is committed to enhancing its technological innovation and customer-oriented approach to strengthen its market position[127]. Governance and Management - The company has established a comprehensive governance structure, adhering to legal and regulatory requirements, and has held multiple board and shareholder meetings to ensure effective decision-making[138]. - The company has maintained a stable leadership structure with no changes in shareholding among key executives during the reporting period[145]. - The company has established a performance bonus system linked to the completion of annual operational targets and individual performance evaluations[154]. - The company has a remuneration and assessment committee responsible for setting evaluation standards and remuneration policies for directors and senior management[153]. Environmental and Social Responsibility - The company actively promotes energy conservation and resource-saving practices, including the use of energy-efficient equipment and advocating for paperless operations[186]. - The company has established an environmental management system and conducts regular training to enhance employee awareness of environmental protection[185]. - The company has committed to reducing carbon emissions and has taken measures to promote green development in line with national "dual carbon" goals[186]. - The company donated 50,000 yuan to the Haiyan County Charity Association during the reporting period[192]. Risks and Challenges - The company faces market competition risks as competitors enhance their financial strength and technical capabilities in the water treatment equipment sector[90]. - The company has a risk of increased accounts receivable and contract assets due to rapid business growth, which may affect cash flow and operational efficiency[91]. - The company’s operations are closely tied to the construction status of its clients, making it vulnerable to project delays due to external factors[92].