ST深天(000023) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 1,479,874,574.51, a decrease of 17.01% compared to CNY 1,783,181,437.28 in 2020[20] - The net profit attributable to shareholders was a loss of CNY 53,034,270.21, representing a decline of 566.74% from a loss of CNY 7,954,264.86 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 64,746,237.05, down 605.58% from a loss of CNY 9,176,306.54 in 2020[20] - The basic earnings per share were CNY -0.3822, a decrease of 567.02% from CNY -0.0573 in the previous year[20] - The diluted earnings per share were also CNY -0.3822, reflecting the same percentage decrease as basic earnings per share[20] - The weighted average return on net assets was -12.11%, a decline of 10.41% from -1.70% in 2020[20] - Total assets decreased by 7.01% to CNY 2,164,806,272.75 in 2021 from CNY 2,328,082,278.56 in 2020[21] - The company's net assets attributable to shareholders decreased by 11.43% to CNY 411,540,781.58 in 2021 from CNY 464,658,671.97 in 2020[21] - The company reported a total revenue of 1.5 billion RMB in 2021, representing a year-over-year increase of 10%[134] - The company reported a significant increase in revenue, reaching 1.5 billion RMB, representing a 20% year-over-year growth[145] Cash Flow and Investments - The net cash flow from operating activities increased by 59.99% to CNY 141,980,387.27, compared to CNY 88,741,854.78 in 2020[20] - The company reported a net cash flow from operating activities of CNY 148,227,820.99 in Q4 2021, following a negative cash flow in Q1 and Q3[25] - Operating cash inflow for 2021 was ¥1,275,881,606.02, a decrease of 8.92% compared to 2020[81] - Investment cash inflow rose by 114.79% to ¥3,341,700.00, primarily due to increased cash from asset disposals[82] - The net increase in cash and cash equivalents for 2021 was a decrease of 468.14%, primarily due to increased investments in new projects and repayment of bank loans[82] Market and Industry Challenges - The concrete industry faced challenges with an 8.81% year-on-year decrease in concrete production in 2021 due to market competition and demand decline[30] - The company experienced a significant decline in orders and cash collection difficulties due to reduced investment in real estate projects[33] - The construction industry faced significant challenges in 2021, with many real estate companies experiencing debt crises, leading to reduced funding for new projects[37] - The average collection rate for concrete enterprises dropped to 56% in 2021, a decrease of 14% compared to 2020, with the Northwest region seeing the most significant decline to 31%[39] - The company is facing risks in the concrete industry, including intense competition, low profit margins, and long accounts receivable cycles, which may strain liquidity[111][112][113] Strategic Initiatives and Future Outlook - The company plans not to distribute cash dividends or issue bonus shares[6] - The company has outlined potential risks in its future development outlook, which investors should consider[5] - The company is actively expanding its real estate projects, with ongoing developments in Lianyungang and Xi'an contributing stable profits and cash flow[51] - The company plans to strengthen market development efforts in municipal engineering projects in Shenzhen, focusing on cost reduction and efficiency improvement[104] - The company aims to enhance its technical innovation capabilities through increased investment in technology and training, improving resource utilization and production processes[105] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for potential deals[145] Governance and Compliance - The company has maintained a good governance structure, complying with relevant laws and regulations, ensuring no significant discrepancies exist in its governance practices[125] - The board of directors consists of 9 members, including 3 independent directors and 1 employee director, meeting legal requirements[125] - The company has established a comprehensive internal control system and information disclosure management to enhance transparency[126] - The company has implemented measures to protect minority shareholders' rights, including separate voting for small shareholders and a cash dividend policy[126] - The company has established a cash dividend policy, which was approved at the 2020 annual shareholders' meeting, stating that no cash dividends will be distributed for the 2020 fiscal year[164] Legal Matters - The company is involved in several legal disputes, with a total amount of 1,988.3 million RMB in ongoing cases related to contract disputes[197] - The company has ongoing litigation involving a total of 827.54 million RMB related to contract disputes with Shenzhen Pengcheng Construction Group[197] - The company has successfully resolved disputes with Guangdong Province Construction Engineering Group amounting to 351.1 million[199] - The company has ongoing litigation with Shenzhen Qitai Construction Group for 160.52 million, which has been concluded[199] - The financial implications of these legal matters could impact the company's future performance and market position[200]