SMEIC(SH:900925)2022-03-24 16:00Financial Performance - The company's operating revenue for 2021 was RMB 24.72 billion, an increase of 5.65% compared to RMB 23.39 billion in 2020[20]. - The net profit attributable to shareholders for 2021 was RMB 810.92 million, a decrease of 28.23% from RMB 1.13 billion in 2020[20]. - The basic earnings per share for 2021 was RMB 0.79, down 28.18% from RMB 1.10 in 2020[20]. - The net cash flow from operating activities decreased by 34.29% to RMB 720.40 million in 2021 from RMB 1.10 billion in 2020[20]. - The total assets at the end of 2021 were RMB 37.21 billion, an increase of 2.87% from RMB 36.17 billion at the end of 2020[20]. - The company's net assets attributable to shareholders increased by 3.24% to RMB 12.31 billion at the end of 2021 from RMB 11.93 billion at the end of 2020[20]. - The elevator business generated CNY 23.31 billion in revenue, with a gross margin of 16.23%, which decreased by 0.75 percentage points year-on-year[44]. - The company reported a significant increase in credit impairment losses, totaling CNY 998.50 million, a 248.20% rise from CNY 286.76 million in the previous year[42]. - The company’s total comprehensive income for 2021 was CNY 811,147,566.61, down from CNY 1,784,771,288.56 in 2020, reflecting a decline of approximately 54.5%[190]. Market and Industry Outlook - The long-term outlook for the elevator industry is positive due to the government's "three red lines" policy promoting sustainable development[6]. - The overall elevator market is expected to maintain stable growth due to urbanization, public transport investments, and the increasing demand for elevator upgrades and installations[31]. - The company anticipates intensified competition in the elevator industry due to overcapacity and the trend towards consolidation among larger enterprises[66]. - The company plans to focus on elevator modernization projects, driven by the aging population and demand for upgrading old elevators[54]. Strategic Initiatives - The company is actively pursuing a "product + service" dual-drive strategy, introducing a ten-year warranty service for core components to increase customer loyalty and long-term partnerships[28]. - The company is collaborating with Nabtesco on precision reducers, which have a 60% market share in the global industrial robot application market, focusing on expanding applications in machine tools and automation[67]. - The company plans to implement a dual-driven strategy of "industrial intelligence and service industrialization" to promote technological innovation and optimization[71]. - The company aims to achieve approximately 25 billion yuan in revenue for 2022, focusing on advanced manufacturing and intelligent manufacturing[71]. Research and Development - Research and development expenses amounted to CNY 830.67 million, representing 3.36% of total operating revenue, with a 5.13% increase from the previous year[48]. - The company has successfully developed energy-saving and environmentally friendly mid-speed elevators, breaking foreign technology monopolies and enhancing industry technology levels[32]. - The company employed 406 R&D personnel, accounting for 9.28% of the total workforce, with a diverse educational background among the staff[49]. Risk Management - The company is facing market risks, particularly from rising raw material prices, and is implementing cost-reduction strategies[6]. - The company emphasizes risk management and has strengthened oversight of joint ventures to improve operational quality[41]. - The company is committed to risk management, focusing on cash flow, accounts receivable, and inventory management to maintain a healthy financial state[71]. Corporate Governance - The company held its annual general meeting on May 31, 2021, where key resolutions included the approval of the 2020 annual report and the election of the new board members[79]. - The total remuneration for the board members and senior management during the reporting period amounted to 444.93万元, with individual payments including 99.90万元 for the general manager and 73.40万元 for the deputy general manager[81]. - The current board of directors includes 10 members, with terms starting from May 31, 2021, to May 30, 2024[81]. Environmental Responsibility - The company reported a total wastewater discharge of 134,040 tons, with an average chemical oxygen demand concentration of 17 mg/L, which is below the regulatory limit[111]. - The company has implemented measures to reduce carbon emissions and improve energy efficiency during the reporting period[119]. - The company disclosed its 2021 Social Responsibility Report, emphasizing its commitment to sustainable development and low-carbon technology[120]. Financial Transactions and Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 63,129, an increase from 62,862 at the end of the previous month[139]. - The largest shareholder, Shanghai Electric Group Co., Ltd., holds 48.02% of the shares, totaling 491,073,586 shares[142]. - The company has not implemented any share buybacks during the reporting period[148].