ST星源(000005) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 383,536,205.94, a decrease of 3.86% compared to CNY 398,921,057.66 in 2020[17] - The net profit attributable to shareholders in 2021 was CNY 139,036,735.82, representing a significant increase of 135.94% from a loss of CNY 386,883,094.07 in 2020[17] - The net cash flow from operating activities reached CNY 279,093,997.09, up 139.83% from CNY 116,373,610.28 in the previous year[17] - Basic earnings per share for 2021 were CNY 0.1313, compared to a loss of CNY 0.3655 in 2020, marking a 135.92% improvement[17] - The total assets at the end of 2021 amounted to CNY 2,474,377,401.28, reflecting a slight increase of 0.88% from CNY 2,452,795,303.51 at the end of 2020[17] - The net assets attributable to shareholders increased by 11.44% to CNY 1,374,244,340.31 from CNY 1,233,160,670.55 in 2020[17] - The weighted average return on equity for 2021 was 10.66%, a recovery from -26.77% in 2020[17] - The company reported a significant improvement in net profit excluding non-recurring gains and losses, with a loss of CNY 27,844,806.56 in 2021 compared to a loss of CNY 454,235,112.18 in 2020, a 93.87% reduction[17] Revenue Breakdown - Environmental business revenue accounted for 87.10% of total revenue, amounting to RMB 334,056,911.63, down 5.60% from RMB 353,857,155.72 in the previous year[45] - Other business revenue saw a significant increase of 141.04%, reaching RMB 10,373,528.41 compared to RMB 4,303,610.45 in 2020[45] - Revenue from Shenzhen increased by 9.80% to RMB 49,479,294.31, while revenue from Hangzhou decreased by 5.60% to RMB 334,056,911.63[45] Market Expansion and Projects - The company signed a cooperation agreement with the Shenzhen Municipal Government for the "Shenzhen Car Port" project, achieving a new construction area of 34,000 square meters and over 50% progress on the main project construction[31] - The company secured new contracts worth CNY 1.071 billion in engineering services, generating sales revenue of CNY 334 million despite challenges from the pandemic[34] - The company is actively expanding its market presence in the environmental protection sector, focusing on enhancing service capabilities and competitiveness[28] - The company is developing a clean microgrid system for waste and renewable energy management in coastal towns in Indonesia[33] - The company is focusing on upgrading and transforming traditional markets in response to increasing environmental protection demands[28] Operational Challenges - The company has ongoing litigation regarding the urban renewal project with Shenzhen Pinghu Co., with a claim for RMB 10 million in damages pending[39] - The company has filed administrative litigation against the revocation of land use rights for the Zhaoqing project, with the case currently in the second instance[40] - The company faced challenges in repaying interest-free loans due to a tightening financing environment, leading to an extension of private financing loan terms[147] - The company reported a significant reduction in bank loans, with Industrial Bank reducing loans by 27 million, Citic Bank by 60 million, and Guangfa Bank by 45 million, totaling a decrease of 10.2 million in loans from various banks[147] Internal Control and Governance - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, ensuring effective financial management and information disclosure[89] - The internal audit department, consisting of 5 staff members, is responsible for monitoring the execution of internal controls, although significant deficiencies were identified in financial reporting controls[90] - The company has complied with the China Securities Regulatory Commission's requirements for corporate governance and has submitted self-inspection reports[91] - The company reported a total of 21 significant defects in financial reporting for the year 2021[123] - The internal control audit report issued a negative opinion due to the identified significant defects[127] Employee and Management Information - The company had a total of 563 employees at the end of the reporting period, with 56 in the parent company and 508 in major subsidiaries[114] - The employee composition includes 257 production personnel, 29 sales personnel, 176 technical personnel, 52 financial personnel, and 49 administrative personnel[114] - The total remuneration for directors, supervisors, and senior management amounted to 5.223 million yuan[106] - The company has independent directors including Chen Lujun, Zhai Jinbu, and Fan Yong, who have been serving for over five years[102] Financial Adjustments and Impairments - The company has fully recognized impairment losses on the Zhaoqing project due to significant impairment signs after the revocation of the land use certificate[155] - The company reported a cumulative impact on retained earnings of CNY 1,054,353.09 due to credit impairment losses[173] - The company adjusted its financial statements to reflect a decrease in contract liabilities by CNY 5,577,390.00 and an increase in other payables by the same amount[173] Future Outlook - The company plans to develop biomass refining plants using wet biomass waste, targeting a market for clean combustion aids and carbon-based fertilizers, indicating a focus on sustainable energy solutions[80] - The company anticipates stable growth in pollution control engineering services, particularly in landfill and hazardous waste treatment projects[82] - The company is focusing on the feasibility study for new biomass refining projects in Indonesia, indicating an expansion into international markets[85]