SHAONENG(SZ:000601)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 3,966,084,621.64, a decrease of 20.03% compared to CNY 4,959,273,052.84 in 2020[17]. - The net profit attributable to shareholders of the listed company was CNY 27,670,137.31, down 87.08% from CNY 214,207,158.31 in 2020[17]. - The company reported a basic earnings per share of 0.03 CNY, down 85% from 0.20 CNY in 2020[18]. - The company's net profit attributable to shareholders after deducting non-recurring gains and losses was -10,839,536.26 CNY, a decrease of 105.39% compared to the previous year[18]. - Operating cash flow decreased by 32.47% to 332,029,803.26 CNY from 491,643,911.88 CNY in the previous year[18]. - Total revenue for 2021 was approximately CNY 3.97 billion, a decrease of 20.03% compared to CNY 4.96 billion in 2020[49]. - Power generation revenue accounted for 56.21% of total revenue, with a slight decline of 3.74% from the previous year[49]. - Trade revenue saw a significant decline of 66.15%, dropping from CNY 1.28 billion in 2020 to CNY 431.65 million in 2021[49]. - The company reported a net profit of CNY 83,530,480.98 for the year 2021, with a total distributable profit for shareholders amounting to CNY 1,069,081,064.05 after accounting for previous allocations[139]. Business Operations - The company has not made any changes to its main business since its establishment in 1993[17]. - The company has a competitive advantage in hydropower due to guaranteed electricity prices and a strong demand for electricity in Guangdong Province[26]. - The biomass power generation capacity of 360,000 kW ranks among the top in the country, with the largest single project capacity nationwide[28]. - The company is actively expanding its biomass energy business by providing high-quality steam to surrounding industrial parks, enhancing operational efficiency and competitiveness[30]. - The company has established a competitive advantage in the ecological paper tableware sector, being the largest producer in China and participating in the formulation of industry standards[33]. - The company is focusing on the clean renewable energy sector, with policies supporting the development of hydropower and biomass energy[84]. - The company is exploring the production of eco-friendly plant fiber products in response to increasing environmental awareness and government policies against plastic[86]. Environmental Compliance - The company and its subsidiaries are classified as key pollutant discharge units, with compliance in pollution discharge standards being strictly monitored[147]. - Total wastewater discharge for the year was 340,441.24 tons, with no exceedance of discharge standards[149]. - Total air emissions amounted to 88,233.21 tons, with SO2 emissions at 13.21 mg/m³, below the limit of 35 mg/m³[149]. - The company has implemented strict environmental protection measures to ensure compliance with discharge standards across all facilities[152]. - The total discharge of COD was 26,136.52 tons, with a concentration of 38.38 mg/L, well below the limit of 90 mg/L[151]. Corporate Governance - The board of directors consists of 9 members, all of whom were present during the meeting[6]. - The company has a diverse board with members having extensive experience in finance, management, and academia[114]. - The company is focused on maintaining stability in its leadership team while ensuring effective governance through its board of directors[112]. - The company has a structured approach to evaluate and adjust executive compensation based on performance metrics[122]. - The company has implemented a new accounting policy change and asset impairment provision[125]. Shareholder Relations - The profit distribution plan proposed by the board is to distribute a cash dividend of CNY 0.50 per 10 shares, totaling CNY 54,027,583.45[6]. - The cash dividend distribution accounted for 100% of the total profit distribution, aligning with the company's shareholder return policy[137]. - The company has established a shareholder return plan for 2020-2022, emphasizing consistent cash dividends during its growth phase[136]. - The company reported a total shareholding of 892,545 shares at the end of the year, with no changes in shareholding for the current year[111]. Legal and Financial Obligations - The company is involved in a legal dispute with a claim amounting to 27.64 million yuan (approximately $4.2 million), with ongoing proceedings[174]. - The company has frozen shares amounting to 272.4 million shares of Zhongju Gaoxin due to a court ruling related to an 800 million yuan loan dispute with Tibet Bank[176]. - The company is facing multiple enforcement actions from various financial institutions, including a 21.6 billion yuan loan dispute with Xiamen International Bank[178]. - The company has a total of 1.41 billion shares pledged to Xin Da Financial Leasing as collateral for a debt guarantee[176]. Research and Development - R&D investment amounted to ¥55,375,074.35 in 2021, an increase of 4.72% from ¥52,879,340.75 in 2020, representing 1.40% of operating revenue[66]. - The number of R&D personnel increased by 5.23% to 342 in 2021, with the proportion of R&D personnel rising to 7.47% from 6.27% in 2020[66]. - The company has developed a fluorine-free oil-resistant coating technology for paper tableware, aligning with new regulations effective in 2023, and has achieved qualified samples that meet FDA and EU standards[64]. Market Trends and Future Plans - The company is positioned to benefit from the growing market for clean renewable energy as the "carbon neutrality" and "carbon peak" policies are implemented[23]. - The market for biodegradable ecological paper products is expected to grow significantly due to stricter domestic plastic bans and increasing consumer awareness[88]. - The company plans to expand its biomass energy business by increasing the scale of combined heat and power generation, which is expected to significantly boost cash flow from operating activities in 2022[102].