SNAT(SH:900920)2022-03-18 16:00Financial Performance - The company achieved a consolidated net profit attributable to the parent company of RMB 692,981,689.17, with earnings per share of RMB 0.56 for the year 2021[6]. - The parent company reported a net profit of RMB 490,912,418.85, after allocating a statutory surplus reserve of RMB 49,091,241.88[6]. - The total distributable profit for shareholders at the end of 2021 was RMB 1,782,147,109.73, after deducting cash dividends of RMB 71,970,599.55 from the previous year[6]. - The proposed profit distribution plan includes a cash dividend of RMB 1.275 per 10 shares (before tax) for all shareholders[6]. - The company's adjusted earnings per share (EPS) for 2021 was CNY 0.561, representing a 65.98% increase compared to CNY 0.338 in 2020[23]. - The net profit attributable to shareholders for 2021 was CNY 692.98 million, an increase of 87.48% from CNY 369.62 million in 2020[23]. - The operating revenue for 2021 reached CNY 24.40 billion, marking an 11.09% increase from CNY 21.96 billion in 2020[23]. - The company reported a net cash flow from operating activities of -CNY 2.18 billion in 2021, a decline of 168.25% compared to CNY 3.19 billion in 2020[23]. - The total assets at the end of 2021 were CNY 24.25 billion, a slight increase of 1.23% from CNY 23.95 billion at the end of 2020[23]. - The weighted average return on equity (ROE) increased to 10.81% in 2021, up by 3.26 percentage points from 7.55% in 2020[23]. - The net profit after deducting non-recurring gains and losses was CNY 487.28 million, a significant increase of 221.50% from CNY 151.56 million in 2020[23]. Asset Restructuring - The company completed a major asset restructuring in 2021, changing its name from Shanghai Diesel Engine Co., Ltd. to Shanghai New Power Automotive Technology Co., Ltd.[15]. - The company completed a significant asset restructuring in 2021, acquiring stakes in several subsidiaries, which enhanced its competitive position in the heavy-duty truck and diesel engine sectors[24]. - The restructuring involved issuing 542,376,492 shares at CNY 8.08 per share and raising a total of CNY 1.999 billion in additional funds[24]. - The company completed a major asset restructuring, shifting its main business focus from diesel engines to a combination of heavy trucks and diesel engines, establishing a new integrated development model[34]. - The company completed a major asset restructuring, acquiring 100% equity in SAIC Hongyan, which expanded the consolidated financial reporting scope[55]. - The company completed a major asset restructuring in 2021, acquiring 50% equity in Shangyi Investment and 56.96% equity in Shangqi Hongyan from SAIC Group, along with other equity purchases[185]. Market and Sales Performance - In 2021, the company achieved sales of 208,117 diesel engines and 63,007 heavy trucks, generating a total revenue of 24.4 billion CNY and a net profit of 693 million CNY[34]. - The heavy truck business faced challenges due to the implementation of the National VI emission standards, resulting in a 13.81% year-on-year decline in heavy truck sales to 1.3953 million units in 2021[37]. - The company reported a 299% year-on-year increase in sales of new energy heavy trucks, reaching 2,017 units in 2021, with a market share of 8.0%[36]. - The domestic commercial vehicle market saw a 6.62% decline in sales to 4.7933 million units in 2021, influenced by various market factors[37]. - The heavy truck business sold 63,007 units, generating sales revenue of RMB 18.08 billion, while the diesel engine segment sold 208,117 units with revenue of RMB 7.08 billion[43]. Research and Development - The company launched 36 new product development projects in 2021, including 45 vehicle models and 106 specialized vehicle types such as concrete mixers and fire trucks[36]. - Research and development expenses increased by 16.95% to RMB 482.69 million, reflecting a focus on enhancing product capabilities and new energy projects[45]. - The company obtained 44 new patents in 2021, including 1 invention patent, 32 utility model patents, and 11 design patents, enhancing its innovation capabilities[36]. - The total R&D expenditure amounted to 644,368,141.95 RMB, representing 2.64% of the operating revenue[60]. - The company is focusing on new energy projects and investments in innovative sectors to explore new business opportunities[35]. Governance and Compliance - The company held three shareholder meetings during the reporting period, ensuring compliance with regulations and protecting shareholder rights[94]. - The board of directors convened 12 meetings, while the board committees held 19 meetings, demonstrating diligent governance practices[94]. - The company strictly adhered to information disclosure regulations, ensuring compliance with the Company Law and Securities Law[94]. - The company has established a robust governance structure that aligns with the requirements of the Company Law and regulatory standards[95]. - The supervisory board held 12 meetings, actively overseeing the actions of directors and management, ensuring accountability[94]. Environmental Responsibility - The company is committed to enhancing its social responsibility efforts, including pollution prevention, resource conservation, and community welfare, with regular disclosures of social responsibility reports[143]. - The company reported a total wastewater discharge of 2.3652 tons/year for COD and 0.4686 tons/year for NH3-N, all within permitted limits[147]. - The company’s air emissions included 1.66269 tons/year of NOx and 10.07924 tons/year of VOCs, all compliant with regulatory standards[149]. - The company has implemented strict waste management practices, including hazardous waste disposal in accordance with regulations[149]. - The company is committed to fulfilling its social responsibilities, as detailed in its annual social responsibility report[167]. Future Plans and Strategies - The company plans to continue its strategic development based on current macroeconomic policies and market conditions, although these are not binding commitments[7]. - The company plans to achieve an operating income of RMB 28.268 billion in 2022, acknowledging the significant external pressures and uncertainties in the macroeconomic environment[89]. - The company aims to enhance its competitive edge in the diesel engine sector by accelerating the implementation of new energy and intelligent engine platforms, focusing on technological innovation and product upgrades[87]. - The company plans to maintain a cash dividend distribution of at least 30% of the average distributable profit over the next three years (2021-2023) under certain conditions[135]. - The company is actively exploring new market opportunities and enhancing its supply chain capabilities to ensure stability amid rising material costs and supply chain challenges[91].