亚太实业(000691) - 2021 Q4 - 年度财报

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, marking a year-on-year increase of 15%[19]. - The company's operating revenue for 2021 was CNY 521,559,903.94, representing a 96.25% increase compared to CNY 265,756,701.42 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 16,204,628.33, a decrease of 9.93% from CNY 17,990,173.81 in 2020[21]. - The net profit after deducting non-recurring gains and losses was CNY 14,228,109.24, a significant increase of 652.87% from CNY 1,889,849.87 in 2020[21]. - The net cash flow from operating activities improved to CNY 66,129,660.20, a 191.32% increase from a negative CNY 72,413,717.18 in 2020[21]. - The company reported a basic earnings per share of CNY 0.0501, down 10.05% from CNY 0.0557 in 2020[21]. - The weighted average return on equity for 2021 was 14.67%, a decrease of 6.62% from 21.29% in 2020[21]. - The company reported a net profit margin of 12% for the fiscal year 2021, an improvement from 10% in 2020[105]. - The company achieved operating revenue of CNY 521,559,903.94, representing a year-on-year increase of 96.25% from CNY 265,756,701.42[54]. Shareholder Information - As of December 31, 2021, the controlling shareholder, Lanzhou Yatai Industrial Group Co., Ltd., held 86,960,995 shares, accounting for 26.90% of the total share capital[19]. - No cash dividends or stock bonuses will be distributed to shareholders for the year 2021[5]. - The company’s total remuneration for directors, supervisors, and senior management during the reporting period amounted to 1.41 million yuan[118]. - The independent directors receive an annual allowance of 50,000 yuan, while external non-independent directors receive 30,000 yuan[118]. - The company has a performance-based remuneration system for management, linking bonuses to annual operational performance[118]. Business Transformation and Strategy - The company has undergone a significant business transformation from real estate to fine chemical manufacturing since June 2020[19]. - The company plans to focus on the research and development of fine chemical products, with an emphasis on increasing production capacity by 20% in the next fiscal year[19]. - The company aims to expand its market presence in the fine chemical sector, targeting a 10% market share increase by 2023[19]. - The company aims to become a full industry chain company in the fine chemical sector over the next 2-3 years, focusing on research, production, and sales[83]. - The company plans to enhance R&D efforts, eliminate outdated equipment, and maximize production capacity to achieve annual sales revenue and performance targets[84]. Research and Development - The company has a strong R&D advantage in catalyst conversion rates and waste treatment processes, holding several patents in the field[42]. - Research and development expenses rose to CNY 16,411,077.21 in 2021, marking a 93.10% increase from CNY 8,498,530.64 in 2020[66]. - The company has a strong R&D capability with 3 invention patents and 14 utility model patents, focusing on the production of pyridine derivatives[46]. - The company is investing in new product development, with a budget allocation of 50 million RMB for R&D in 2022[104]. Environmental and Social Responsibility - The company has committed to enhancing its environmental and social responsibility initiatives in line with industry standards[19]. - The company has obtained various important licenses, including a safety production license valid until March 2025, and an environmental permit for wastewater discharge[44]. - The company has a pollution discharge permit with specific annual discharge limits for COD, ammonia nitrogen, and other pollutants, valid until March 2026[44]. - The company has been recognized as a "provincial-level green factory" and has passed clean production audits and evaluations in 2021[152]. - The company actively engages in environmental monitoring and has implemented a self-monitoring plan that includes real-time monitoring of wastewater and volatile organic compounds[151]. Market and Industry Position - The company operates in the fine chemical industry, focusing on pharmaceutical and pesticide intermediates, with a significant market presence in China[28]. - The main business revenue primarily comes from the operating income of the subsidiary Cangzhou Lingang Yanuo Chemical Co., Ltd.[33]. - The company’s main products include pyridine, nitrated products, and other chemical products, with applications in pesticides, pharmaceuticals, and feed additives[34]. - The company has established stable relationships with numerous high-quality domestic and international clients, primarily large chemical enterprises, ensuring consistent demand and reduced costs[49]. Risk Management - The company has outlined potential risks and corresponding mitigation strategies in the management discussion section of the report[4]. - The company faces market risks related to the growth of the downstream pharmaceutical and agricultural industries, which could negatively impact performance if market expansion is below expectations[85]. - The company is exposed to raw material price fluctuation risks, as the cost of key raw materials constitutes a significant portion of operating costs[85]. - The company has a tax policy risk, as it currently benefits from a 15% corporate income tax rate due to its status as a high-tech enterprise[87]. Governance and Compliance - The company has been actively improving its governance structure in compliance with relevant laws and regulations, ensuring a healthy development and compliance operation[94]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring autonomous business capabilities[95]. - The company is focused on maintaining compliance and protecting the rights of minority shareholders[127]. - The company has committed to ensuring that related party transactions are conducted at fair prices, adhering to legal procedures and internal control systems[175]. Internal Control and Audit - The company maintains effective internal control over financial reporting in all material aspects as of December 31, 2021[143]. - The internal control self-assessment report was disclosed on April 19, 2022, confirming no major deficiencies in non-financial reporting[143]. - The internal control audit report issued by the accounting firm aligns with the company's self-assessment report[143]. - The company has strengthened internal audit supervision and subsidiary management to enhance internal control effectiveness[138]. Future Commitments and Transactions - The company has committed to lease the wastewater treatment plant to Lingang Yano Chemical under reasonable and fair conditions, ensuring it is not provided to third parties[184]. - The performance commitment period will be verified after the issuance of the 2022 audit report, expected by April 2023[187]. - The company has committed to ensuring that any future equity incentive policies will align with the execution of return compensation measures[167]. - The company guarantees the legality and binding nature of its commitments regarding related party transactions and competition[200].