HIUV(SH:688680)2022-04-25 16:00Financial Performance - The company's operating revenue for 2021 reached ¥3,105,284,071.95, representing a 109.66% increase compared to ¥1,481,092,401.48 in 2020[22]. - The net profit attributable to shareholders was ¥252,178,402.41, a 12.97% increase from ¥223,232,234.39 in the previous year[22]. - The net cash flow from operating activities decreased by ¥1,401,972,789.35, a significant drop attributed to increased cash payments for goods and services[22]. - The total assets of the company increased to ¥3,673,231,687.31, marking a 140.45% growth from ¥1,527,644,240.48 in 2020[22]. - The net assets attributable to shareholders rose to ¥2,306,384,311.69, reflecting a 206.40% increase from ¥752,733,058.33 at the end of 2020[22]. - Basic earnings per share decreased to ¥3.07, down 13.28% from ¥3.54 in 2020[23]. - The weighted average return on equity dropped to 12.08%, a decrease of 22.44 percentage points from 34.52% in the previous year[23]. - The company's total revenue for the reporting period reached CNY 3,105.28 million, an increase of 109.66% compared to the previous year[96]. - The net profit attributable to shareholders increased by 12.97%, indicating sustained growth in the company's strength[95]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.10 per 10 shares, totaling RMB 51.25 million, which represents 20.32% of the net profit attributable to shareholders[5]. - The total cash dividend amount of RMB 51.2522 million is less than 30% of the net profit, as the company is in a growth phase with significant capital expenditures planned[186]. - The company has established a cash dividend policy that requires positive distributable profits and sufficient cash flow to ensure ongoing operations[185]. - The profit distribution proposal must be approved by more than two-thirds of the voting rights at the shareholders' meeting[185]. - The company's cash dividend policy and specific plans must comply with regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange[185]. Research and Development - Research and development expenses accounted for 4.22% of operating revenue, a slight decrease from 4.42% in 2020[23]. - The total R&D investment reached approximately ¥131 million, a 100.08% increase compared to the previous year, representing 4.22% of total revenue[73]. - The company has accumulated a total of 161 patent applications, with 92 granted, including 29 new applications in the current year[71]. - The company is increasing R&D investment in non-photovoltaic fields, integrating core technologies with other industries to achieve breakthroughs[67]. - The company has made significant advancements in core technologies, including the development of multi-layer co-extruded POE films, which improve production efficiency and yield for component manufacturers[66]. Market Position and Strategy - The company aims to become a leading manufacturer of specialty polymer films in the international market, focusing on continuous research and innovation[35]. - The company attributed revenue growth to increased production capacity and a significant rise in sales of photovoltaic film products[24]. - The company plans to continue expanding its market presence and enhancing product offerings in the photovoltaic sector[24]. - The company is positioned to benefit from the increasing demand for photovoltaic encapsulation materials as the industry consolidates and competition stabilizes[85]. - The company is focused on supply chain management and cost reduction to mitigate risks associated with raw material price fluctuations and operational performance volatility[89]. Operational Risks and Governance - The company has detailed various operational risks and corresponding countermeasures in the report[4]. - The report includes a forward-looking statement risk declaration, indicating potential risks in future plans and strategies[6]. - The company does not have any special arrangements for corporate governance[8]. - The company has not violated decision-making procedures for external guarantees[8]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. Production and Capacity - The company expanded production capacity significantly, particularly in dual-glass and N-type battery components[33]. - The company operates on a "make-to-order" production model, aligning production schedules with customer orders to optimize inventory management[38]. - The company achieved an annual production capacity of 5 million square meters for its high-performance EVA or POE films, generating a revenue of 0.76 billion yuan[76]. - The company is optimizing production processes to enhance the quality and stability of its products, aiming for a production capacity of 3 million square meters for EVA sheets, with an expected revenue of 0.78 billion yuan[76]. Customer and Market Dynamics - The company has established a strong market position, with key customers being major component manufacturers in the photovoltaic industry, ensuring stable demand for its products[84]. - The company has improved its market share through increased sales and a focus on high-quality customer relationships[33]. - The company is focusing on expanding its domestic market, as domestic business growth outpaced overseas business growth[102]. - The company’s main business revenue from photovoltaic films grew by 107.38%, driven by increased sales volume and higher selling prices[99]. Financial Management - The company has significantly increased its working capital, which supports capacity expansion and sales growth, enhancing its financial stability[85]. - The company faces liquidity risks due to long payment cycles from major customers and short payment cycles to suppliers, leading to significant working capital requirements[91]. - The company’s financial expenses decreased by 21.61%, attributed to increased interest income[98]. - The company has a stable core team with extensive industry experience, which is essential for continuous innovation and market expansion[83]. Corporate Governance and Management - The company has maintained a stable leadership structure, with no changes in shareholding among key executives during the reporting period[154]. - The company has a diverse board with independent directors contributing to governance and oversight, ensuring a balanced decision-making process[155]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 4.5144 million RMB[167]. - The company emphasizes a competitive salary system linked to performance, with a focus on retaining high-performing employees[178]. Environmental and Social Responsibility - The company has not received any administrative penalties for environmental issues during the reporting period[197]. - The company has set 2021 as the baseline year for greenhouse gas emissions and plans to strengthen management and reduce carbon emissions through increased investment in photovoltaic roof installations[199]. - The company promotes green office practices and green commuting to contribute to reducing social energy consumption[200].