DHCT(SH:900921)2022-04-19 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥1.09 billion, representing a 1.12% increase compared to ¥1.08 billion in 2020[24]. - The net profit attributable to shareholders of the listed company was approximately -¥104.07 million, an improvement from -¥367.17 million in 2020[24]. - The cash flow from operating activities for 2021 was approximately ¥180.71 million, a significant increase of 572.14% compared to -¥38.28 million in 2020[24]. - Total revenue for Q4 2021 was 331,082,973.92 CNY, with a total annual revenue of 1,087,484,456.44 CNY[28]. - The net profit attributable to shareholders for Q4 2021 was -53,059,881.04 CNY, showing a significant loss compared to previous quarters[28]. - Basic earnings per share for 2021 was -0.1024 CNY, an improvement from -0.3612 CNY in 2020[26]. - The weighted average return on equity increased by 16.20 percentage points to -8.13% in 2021 from -24.33% in 2020[26]. - The company reported a net loss of ¥1,612,330,035.88 in 2021 compared to a loss of ¥1,508,257,230.50 in 2020, indicating a worsening of approximately 6.9%[183]. - The net profit for 2021 was a loss of CNY 126,261,836.05, improving from a loss of CNY 472,909,492.75 in 2020[190]. - The total comprehensive income for 2021 was -115,586,432.56 RMB, compared to -472,909,492.75 RMB in 2020, indicating an improvement[191]. Assets and Liabilities - Total assets at the end of 2021 were approximately ¥2.25 billion, a decrease of 13.12% from ¥2.59 billion at the end of 2020[25]. - The net assets attributable to shareholders of the listed company decreased by 7.04% to approximately ¥1.23 billion from ¥1.33 billion at the end of 2020[25]. - Total current assets decreased to ¥264,280,782.28 in 2021 from ¥393,940,229.92 in 2020, a decline of approximately 32.8%[181]. - Total non-current assets decreased to ¥1,989,960,534.15 in 2021 from ¥2,200,607,089.08 in 2020, a decline of about 9.6%[182]. - Total liabilities decreased to ¥584,708,918.62 in 2021 from ¥809,428,488.63 in 2020, a reduction of approximately 27.8%[183]. - Total equity decreased to ¥1,669,532,397.81 in 2021 from ¥1,785,118,830.37 in 2020, a decline of about 6.5%[183]. Production and Sales - The company produced 138,100 tons of ethylene glycol and 99,700 tons of oxalic acid in 2021, maintaining production levels from the previous year[33]. - The average sales price of ethylene glycol increased by 36.40% and oxalic acid by 28.11% compared to the previous year[33]. - The company's main products, ethylene glycol and oxalic acid, sold 141,100 tons and 99,300 tons respectively, with year-on-year changes of -4.39% and +14.69%[40]. - The total ethylene glycol imports in 2021 were 8.43 million tons, a decrease of 20% compared to the same period last year[37]. - The domestic ethylene glycol production reached approximately 12.37 million tons, an increase of about 3.32 million tons year-on-year, representing a growth rate of 36.6%[37]. Research and Development - The company’s research and development expenses increased by 13.97% to approximately CNY 47.27 million, reflecting ongoing investment in technology[41]. - The company is focusing on R&D in coal-based ethylene glycol derivatives, specialized catalysts, and biodegradable materials, with a significant project on dimethyl carbonate progressing towards a 100,000 tons per year industrialization[69]. - The company reported a significant increase in tax expenses, totaling CNY 24,655,779.15 in 2021 compared to CNY 19,393,565.27 in 2020, an increase of approximately 27.5%[190]. Risks and Challenges - The company faced significant risks including policy, market, and operational risks[10]. - The company has ongoing litigation related to terminated projects, which may impact future financial performance[4]. - The company is facing risks from aging production equipment and potential non-scheduled shutdowns, which could impact normal operations and profitability[88]. - The domestic market is experiencing overcapacity and intensified competition, which may lead to price declines for ethylene glycol and oxalic acid[88]. - Rising raw material costs due to fluctuations in international oil prices and macroeconomic conditions are putting pressure on the company's profitability[88]. Corporate Governance and Management - The company experienced a change in leadership with Wang Bin resigning on January 7, 2022, and Li Guofang taking over as acting chairman[98]. - The company is undergoing a transition in management with several key personnel changes, including the resignation of Huajun on January 30, 2022[98]. - The total number of shares held by directors and senior management decreased from 2,017,480 at the beginning of the year to 1,941,880 at the end of the year, a reduction of 75,600 shares[95]. - The company held 8 board meetings in 2021, with all directors participating in the meetings[104]. - The company has established a cash dividend policy, aiming for cash distributions to be at least 30% of the average distributable profit over the last three years[117]. Environmental Compliance - The company met environmental standards for pollutant emissions, with total sulfur dioxide emissions at 104.95 tons and nitrogen oxides at 331.37 tons in 2021[125]. - The company has installed online monitoring systems for emissions and wastewater treatment, with normal operational status and connectivity to local environmental authorities[129]. - Measures to reduce carbon emissions include optimizing coal usage and improving energy efficiency through the elimination of outdated equipment[130]. - The company has committed to quarterly reporting of production information and pollutant emissions to the national environmental statistics system[129]. Related Party Transactions - The company reported a total of 1,381.90 million RMB in related party transactions during the reporting period[144]. - The company sold products to Danyang Huifeng Import and Export Trading Co., Ltd. for 417.14 million RMB, which is a subsidiary of a shareholder[143]. - The company provided labor services to Danyang Jindan Electric Installation Co., Ltd. for 318.31 million RMB, also a subsidiary of a shareholder[143].