VISHEE(SH:688580)2022-04-27 16:00Financial Performance - The company achieved total operating revenue of CNY 430.04 million in 2021, representing a year-on-year growth of 13.66%[27]. - Net profit attributable to shareholders reached CNY 177.81 million, an increase of 23.77% compared to the previous year[27]. - The net profit after deducting non-recurring gains and losses was CNY 150.14 million, reflecting a growth of 16.98% year-on-year[27]. - The company's total assets at the end of 2021 amounted to CNY 1,638.74 million, a 6.38% increase from the previous year[25]. - The net assets attributable to shareholders were CNY 1,533.06 million, up by 9.04% compared to the end of 2020[25]. - Basic earnings per share for 2021 were CNY 2.6016, a 5.72% increase from CNY 2.4608 in 2020[26]. - The financial performance for the last fiscal year showed a revenue increase of 20%, reaching approximately $50 million[16]. - The company reported a total revenue of 1.5 billion in 2021, representing a year-over-year growth of 15%[153]. - The company reported a gross margin of 45%, an improvement from 42% in the previous year, indicating better cost management[153]. Research and Development - The company is investing in R&D for innovative technologies, including transcranial magnetic stimulation (TMS) and muscle electrical stimulation devices, to enhance treatment efficacy[15]. - Research and development expenses accounted for 14.77% of operating revenue, an increase of 5.71 percentage points from the previous year[26]. - The company achieved a total R&D investment of ¥63,519,526.79 in 2021, representing an 85.26% increase compared to ¥34,287,376.78 in the previous year[73]. - R&D expenses surged by 85.26% to 63,519,526.79 RMB year-over-year[119]. - The company has filed over 40 invention patents related to rehabilitation technology, showcasing its commitment to innovation and development in the field[67]. - The company has developed advanced magnetic stimulation technology, achieving continuous output requirements of 100Hz pulse frequency and 6Tesla magnetic field strength[66]. - The company is actively researching functional electrical stimulation and intelligent stimulation technologies to expand its rehabilitation offerings[68]. - The company has completed several major research projects, including the development of a stroke assessment system and training software, which have been successfully accepted[72]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 15% year-over-year, driven by new product launches and market expansion strategies[16]. - Market expansion efforts are underway, targeting both domestic and international markets, with a focus on increasing distribution channels[14]. - The company plans to pursue strategic acquisitions to enhance its product portfolio and market presence in the rehabilitation sector[16]. - The company aims to expand its market reach to secondary hospitals, community hospitals, and home rehabilitation services, reflecting a strategic shift in service delivery[131]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 100 million allocated for potential mergers and acquisitions[153]. - The company plans to enter two new international markets by Q2 2024, aiming for a 5% contribution to overall revenue[154]. Product Development and Innovation - The company focuses on rehabilitation medical devices, including electrophysiological and magnetic stimulation devices, as well as rehabilitation robots[14]. - New product lines, such as the MyOnyx and MyoTrac series, are expected to contribute significantly to revenue growth in the upcoming fiscal year[15]. - The company launched new rehabilitation robot products, including X-walk100 and X-walk200/300, which were certified and went on sale by the end of the year[36]. - The company is expanding its product line to include picosecond lasers, radiofrequency, and shaping magnets, positioning itself as a key player in the domestic medical beauty energy source market[135]. - The company is preparing to launch three models of the X-locom series rehabilitation robots, aimed at patients with movement disorders and elderly individuals[135]. Corporate Governance - The company held a total of 8 supervisory board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[141]. - Independent directors actively participated in board meetings and provided insights on corporate governance and operational matters[141]. - The company has not faced any penalties from securities regulatory agencies in the past three years[166]. - The company plans to continue its focus on corporate governance and compliance with regulatory standards[145]. - The company has established a compensation and assessment committee to oversee the remuneration of directors and senior management[163]. Cash Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 13.01 per 10 shares, totaling approximately RMB 88.91 million, representing a cash dividend payout ratio of 50% for the year 2021[6]. - The cash dividend distribution plan has been approved by the board and will be submitted for shareholder approval[184]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profits to be distributed as cash dividends annually, provided there are no major investment plans[182]. - The company confirmed that the dividend distribution plan complies with its articles of association and shareholder resolutions[185]. Operational Efficiency - The company aims to improve operational efficiency by implementing advanced manufacturing technologies and optimizing supply chain management[16]. - The company employs a "sales-driven procurement" model, aligning production with sales forecasts and inventory levels to optimize supply chain efficiency[49]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of 2022[153]. - The company achieved a 40% increase in operational efficiency through the integration of facial recognition technology in its products[82]. Market Trends and Industry Insights - The demand for rehabilitation medical devices is expected to continue growing due to factors such as an aging population and rising chronic disease prevalence, alongside the implementation of the two-child policy[55]. - The magnetic stimulation device market in China is still in its early stages, having begun to scale around 2016, with applications primarily in mental and neurological rehabilitation[56]. - The overall rehabilitation medical industry is expected to grow due to increasing national income and heightened awareness of healthcare among residents[65]. - The market for magnetic stimulation rehabilitation medical devices in China is projected to grow at a compound annual growth rate (CAGR) of 52.0%, reaching 1.78 billion CNY by 2023[129]. - The rehabilitation robot market in China is expected to grow at a CAGR of 57.5%, reaching 2.04 billion CNY by 2023, indicating significant growth potential[130].