Xiwang Foodstuffs(SZ:000639)2022-04-29 16:00Financial Performance - Xiwang Foodstuffs reported a total revenue of RMB 3.5 billion for the year 2021, representing a year-on-year increase of 15%[14]. - The company's net profit for 2021 was RMB 500 million, which is a 10% increase compared to the previous year[14]. - The company's operating revenue for 2021 was ¥6,354,734,814.25, an increase of 9.95% compared to ¥5,779,674,621.75 in 2020[20]. - The net profit attributable to shareholders decreased by 41.33% to ¥183,555,752.21 from ¥312,838,097.93 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was ¥158,980,151.36, down 44.63% from ¥287,122,283.22 in 2020[20]. - The net cash flow from operating activities was negative at -¥176,471,601.62, a decline of 125.12% compared to ¥702,648,968.04 in 2020[20]. - Basic earnings per share decreased by 41.38% to ¥0.17 from ¥0.29 in the previous year[20]. - The gross profit margin decreased by 3.34% year-on-year to 22.67%[71]. - The total revenue for the year 2021 reached ¥6,354,734,814.25, representing a year-on-year increase of 9.95%[69]. - The revenue from the plant oil segment amounted to ¥3,154,794,349.65, accounting for 49.64% of total revenue, with a growth of 10.37% from ¥2,858,400,915.74 in the previous year[69]. - The nutrition supplement segment generated ¥2,475,169,611.44, which is 38.95% of total revenue, reflecting a growth of 5.40% from ¥2,348,426,852.79 in 2020[69]. - The overseas revenue accounted for 32.34% of total revenue, amounting to ¥2,055,065,588.35, with a year-on-year growth of 4.85%[69]. Market Strategy and Expansion - Xiwang Foodstuffs plans to invest RMB 200 million in new product development and technology research in the upcoming year[14]. - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 30% increase in market share by 2023[14]. - The company expects a revenue growth forecast of 12% for 2022, driven by new product launches and market expansion efforts[14]. - The edible oil market is projected to exceed 45 million tons by 2023, with an annual growth rate of approximately 4.15%[30]. - The sports nutrition market in China is expected to reach CNY 859 million by 2023, driven by consumer upgrades and government initiatives promoting fitness[34]. - The company aims to enhance its brand competitiveness through a long-term brand development strategy and effective marketing[56]. - The company has established a nationwide marketing network with over 200,000 sales outlets and partnerships with nearly 1,000 distributors[60]. Product Development and Innovation - The company has developed 69 patents in 2021, including 16 invention patents, and has received tax benefits of approximately 9 million yuan from R&D expenses[45]. - The company launched a new green refining technology for corn oil, marking the first industrial application in the corn oil industry[51]. - The company introduced 60 new products, including 37 products specifically targeting the emerging live streaming and short video market[57]. - The company has implemented a patented "six-fold freshness preservation production process" to ensure the quality and health of its corn oil products[55]. - The company has actively adjusted its marketing strategies to respond to market changes, focusing on channel development and customer structure optimization[42]. Risk Management - Xiwang Foodstuffs has identified risks related to raw material price fluctuations and is implementing strategies to mitigate these risks[5]. - The company faces risks from fluctuating raw material prices due to global economic conditions and geopolitical tensions affecting supply chains[108]. Corporate Governance and Compliance - The company emphasizes transparency in information disclosure, utilizing multiple media outlets to ensure equal access to information for all shareholders[117]. - The company has established a strict quality management system to ensure food safety, although it remains vigilant against potential industry-wide food safety incidents[110]. - The company has implemented a robust governance structure, adhering to relevant laws and regulations to protect shareholder interests[115]. - The company has established independent operational management and functional institutions, ensuring no interference from controlling shareholders or related enterprises[122]. - The company has not reported any changes in the scope of consolidated financial statements compared to the previous year[166]. Shareholder Relations - The company held a total of 1 annual general meeting and 1 extraordinary general meeting during the reporting period, ensuring compliance with legal requirements for shareholder rights[115]. - The company has a dedicated investor relations manager to facilitate communication and respond to investor inquiries, enhancing transparency and interaction[117]. - The company did not propose any cash dividend distribution for 2021, despite having a positive profit available for distribution, due to ongoing cost pressures and the need to support future development projects[147]. Employee and Talent Development - The total number of employees at the end of the reporting period was 1,892, with 694 in sales, 552 in production, and 106 in technical roles[143]. - The company has implemented a performance-based salary policy to align employee compensation with company performance and individual contributions[145]. - The company has established a talent training system to enhance employee skills and promote internal talent development[146]. Financial Independence - The company maintains a complete and independent business system, with no instances of fund occupation by the controlling shareholder[120]. - The company has not provided guarantees for the controlling shareholder or its controlled enterprises, maintaining financial independence[121]. - The company has ensured compliance with all commitments made by its controlling shareholders and related parties, maintaining the independence of the listed company[160].