ZYD(SH:900906)2022-04-18 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,394,020,287.81, representing a 29.20% increase compared to CNY 1,078,940,749.87 in 2020[22]. - The net profit attributable to shareholders for 2021 was CNY 41,887,667.58, a decrease of 8.06% from CNY 45,558,329.03 in 2020[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 269.78% to CNY 57,457,236.21 in 2021 from CNY 15,538,091.35 in 2020[22]. - The net cash flow from operating activities reached CNY 76,608,656.48 in 2021, a significant increase of 3,173.25% compared to CNY 2,340,443.92 in 2020[22]. - The total assets at the end of 2021 were CNY 1,361,898,438.54, a decrease of 2.34% from CNY 1,394,550,974.95 at the end of 2020[22]. - The net assets attributable to shareholders increased by 46.55% to CNY 131,802,601.96 at the end of 2021 from CNY 89,934,675.51 at the end of 2020[22]. - The basic earnings per share for 2021 was CNY 0.0391, down 8.00% from CNY 0.0425 in 2020[23]. - The company achieved a main business revenue of 1.37 billion yuan, an increase of 29.05% compared to the previous year[37]. - The company reported a cumulative undistributed profit balance of -1,921.6461 million CNY at the end of 2021, resulting in no profit distribution or capital reserve transfer plan for the year[5]. Acquisition and Restructuring - The company plans to acquire 100% equity of Wengfu Group through issuing A-shares and raising matching funds, which will incur significant intermediary fees[25]. - The proposed acquisition will enhance the company's core competitiveness and significantly increase its asset scale and profitability[35]. - The company conducted a major asset restructuring with Wengfu Group, aiming to improve the asset-liability structure and overall profitability significantly[162]. - The acquisition of Chifeng Ruiyang was completed, with the company holding 100% equity, and integration measures have shown positive results[109]. - The company has received approval from the China Securities Regulatory Commission for its asset purchase application, pending further verification[36]. - The company disclosed a major asset restructuring plan on May 20, 2021, to acquire Wengfu Group, pending approval from the China Securities Regulatory Commission, introducing uncertainty regarding the approval timeline[126]. Governance and Compliance - The company’s board of directors and supervisory board members confirmed the authenticity, accuracy, and completeness of the annual report[4]. - The company has established a governance structure that complies with legal requirements, ensuring independent operation of the board and supervisory committee[130]. - The company held five extraordinary shareholder meetings and one annual meeting in 2021, passing 41 resolutions to ensure shareholder rights are upheld[129]. - The company has maintained independence from its controlling shareholders and their controlled entities, with no significant changes in competition[132]. - The company has no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[132]. - The company has established a clear cash dividend policy, which complies with the requirements of the company’s articles of association and relevant regulations[170]. Research and Development - The company applied for 8 invention patents and 2 utility model patents during the reporting period[38]. - The company has established key laboratories and research centers in collaboration with several renowned universities to enhance its core competitiveness[38]. - The company has developed a comprehensive new product development process to ensure effective project execution from concept to industrialization[98]. - The company has established four research and development platforms, including key laboratories and technology centers, to enhance its innovation capabilities[98]. - The company is focused on integrating high-end products into its portfolio to improve its core competitiveness and market presence[114]. Market and Industry Trends - The company experienced a strong demand for its polyol products in 2021, contributing to the overall revenue growth[25]. - The domestic market for pentaerythritol products saw increased demand due to the recovery of downstream industries post-COVID-19, leading to a rise in both volume and price[52]. - The alcohol industry is expected to face intense competition due to increased production capacity, with companies having cost advantages likely to benefit more[113]. - The company anticipates a stable supply-demand balance in the polyol industry, with a shift towards higher content products in the future[112]. Environmental and Safety Management - The company continues to implement safety and environmental management measures, with no environmental pollution incidents reported during the period[39]. - The company operates a wastewater treatment station that has been functioning well since June 2015, contributing to effective pollution control[183]. - The company’s hazardous waste is managed through a combination of self-owned incineration and third-party disposal, ensuring compliance with regulations[182]. - In 2021, the company established an energy consumption dual control working group to lead energy consumption control, energy saving, and carbon emission reduction efforts[189]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 793, with 632 production personnel and 63 technical personnel[164]. - The company has a total of 6 employees with a master's degree or above, and 86 employees with a bachelor's degree[164]. - The company has implemented a performance evaluation mechanism for directors and senior management, linking personal income directly to operational performance[166]. - The company is committed to enhancing employee capabilities through effective training programs tailored to operational needs[167]. Financial Management - The company's debt ratio reached 90.32% as of December 31, 2021, highlighting a large liability scale and potential liquidity risks[125]. - The company is planning to issue shares to acquire 100% of Wengfu Group, which is expected to significantly reduce the debt ratio and eliminate liquidity risks at the consolidated level[125]. - The company’s financial reports for 2021 have been confirmed to be free from significant internal control deficiencies or risks[157]. - The company has implemented a comprehensive internal control system for its subsidiaries, enhancing management through revised internal control policies and approval processes[174].