MAIXINLIN(SH:688685)2022-05-10 16:00Financial Performance - The company reported a profit distribution plan for 2022, which includes no cash dividends, no bonus shares, and no capital reserve transfer to increase share capital [5]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges [4]. - The company's total revenue for 2021 was ¥320,719,681.94, representing an increase of 11.12% compared to ¥288,633,639.42 in 2020 [20]. - The net profit attributable to shareholders for 2021 was ¥50,962,035.15, a slight decrease of 0.46% from ¥51,199,325.91 in the previous year [20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥40,671,255.93, down 7.97% from ¥44,194,686.65 in 2020 [20]. - The net cash flow from operating activities increased significantly by 94.93% to ¥118,304,254.61 from ¥60,689,100.63 in 2020 [21]. - The company's total assets at the end of 2021 were ¥866,353,272.12, a 30.76% increase from ¥662,575,018.04 in 2020 [21]. - The net assets attributable to shareholders increased by 60.59% to ¥665,286,242.82 from ¥414,267,785.15 in the previous year [21]. - Basic earnings per share for 2021 were ¥0.51, a decrease of 16.39% compared to ¥0.61 in 2020 [22]. - The proportion of R&D investment to operating income was 5.13%, down from 5.71% in 2020 [22]. Operational Risks and Governance - The company has detailed various operational risks in the report, urging investors to be cautious [4]. - The audit report issued by Lixin Accounting Firm confirms the financial statements are accurate and complete [5]. - There are no non-operating fund occupations by controlling shareholders or related parties [7]. - The company has not violated decision-making procedures for external guarantees [7]. - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance [5]. - The company has not disclosed any special arrangements for corporate governance [8]. - The report includes a forward-looking statement risk declaration, advising investors to be aware of potential risks [6]. - The company has not reported any instances of more than half of the directors being unable to guarantee the authenticity of the annual report [8]. Research and Development - The company has developed new products including various aircraft components and hydraulic products, shortening the introduction and mass production cycle [32]. - The company upgraded its MES management system to improve data collection and achieve comprehensive traceability management [33]. - The introduction of ERP and OA systems has enhanced internal governance and standardized management processes [34]. - The research and development strategy combines independent innovation with collaborative efforts, focusing on process and product design [39]. - The company has developed 12 core technologies in the aerospace field, with 11 being independently developed and 1 introduced from Nanjing University of Aeronautics and Astronautics [54]. - The company has achieved batch application of weak rigidity thin-walled metal structure processing technology, enhancing processing capabilities through optimized machining strategies [54]. - The company has added 21 new patents during the reporting period, including 7 invention patents, bringing the total authorized invention patents to 30 and utility model patents to 87 [57]. - Total R&D expenditure for the year was ¥16,449,237.51, a slight decrease of 0.24% compared to the previous year, with R&D expenditure as a percentage of operating income at 5.13%, down 10.22% year-on-year [60]. Market and Industry Position - The increase in revenue was primarily due to growth in downstream industry demand and an increase in processing orders from the aerospace components and tooling business [30]. - Aerospace sector accounts for over 30% of the company's total revenue and profit, indicating its significance in the overall business strategy [43]. - The company has established a strong position in the aerospace components market, recognized by major clients such as Aviation Industry Corporation of China and China Aerospace Science and Technology Corporation, receiving multiple "Annual Excellent Supplier" awards [51]. - The aerospace industry has high barriers to entry, including stringent qualification requirements and long adaptation periods for new entrants, necessitating significant investment in technology and quality certifications [48]. - The company is focusing on high-performance manufacturing methods to meet the stringent reliability and performance requirements of aerospace products, involving complex relationships between design, materials, and manufacturing processes [52]. Environmental and Social Responsibility - The company emphasizes ESG initiatives, implementing energy-saving measures and promoting environmental awareness among employees [165]. - The company has established a comprehensive environmental protection system, ensuring compliance with relevant laws and regulations [173]. - The company has implemented measures to reduce carbon emissions, including energy-saving equipment and employee training on environmental laws [174]. - The company has not faced any administrative penalties due to environmental issues during the reporting period [168]. Shareholder and Investor Relations - The company has established a cash dividend policy in accordance with regulatory guidelines, detailing distribution principles and conditions [158]. - The company has committed to share restrictions for major shareholders and executives, with a lock-up period of 36 months from June 2020 [195]. - The company has a strategy to resolve related party transactions involving major shareholders and board members [198]. - The company is actively managing its shareholder structure to prevent conflicts of interest and ensure transparency in transactions [198]. - The company has established a dedicated department for the protection of sensitive information systems and risk assessment [191].