*ST西发(000752) - 2021 Q4 - 年度财报

Financial Performance - The company’s operating revenue for 2021 was ¥392,849,194.82, a decrease of 3.08% compared to ¥405,330,702.33 in 2020[22]. - The net profit attributable to shareholders for 2021 was -¥14,372,990.07, representing a decline of 202.28% from ¥14,052,996.41 in 2020[22]. - The net cash flow from operating activities improved to ¥36,168,129.96 in 2021, a significant increase of 172.38% compared to -¥49,968,631.36 in 2020[22]. - The total assets at the end of 2021 were ¥909,239,979.41, a slight decrease of 0.70% from ¥915,687,317.49 at the end of 2020[22]. - The net assets attributable to shareholders decreased by 29.00% to ¥35,184,074.04 at the end of 2021 from ¥49,557,064.11 at the end of 2020[22]. - The company reported a basic earnings per share of -¥0.05 for 2021, a decline of 200.00% from ¥0.05 in 2020[22]. - The weighted average return on equity was -33.92% in 2021, a decrease of 66.96% from 33.04% in 2020[22]. - The company experienced a negative net profit after deducting non-recurring gains and losses for the recent three accounting years[23]. Audit and Internal Control Issues - The audit report from Zhongxing Caiguanghua Accounting Firm included a qualified opinion regarding going concern, indicating potential risks for the company's future operations[6]. - The company has been subject to additional risk warnings and delisting risk due to the negative opinion on internal controls from the auditing firm[6]. - Significant internal control deficiencies were identified related to the financial management of the subsidiary, Lhasa Beer, particularly concerning large receivables[118]. - The internal control audit report issued a negative opinion due to the presence of significant defects in financial reporting controls[122]. - The company failed to maintain effective financial internal controls as of December 31, 2021, according to the internal control audit report[124]. - The board of directors acknowledges the adverse impact of the audit report's qualified opinion and is committed to resolving the issues promptly[149]. Shareholder Engagement and Governance - The company held 6 shareholder meetings during the reporting period[85]. - A total of 11 board meetings were convened, complying with legal and regulatory requirements[85]. - The supervisory board conducted 6 meetings, adhering to the relevant laws and regulations[85]. - The company ensures equal access to information for shareholders through designated disclosure platforms[85]. - The annual shareholders meeting had a participation rate of 30.77% on June 4, 2021, where key reports and proposals were approved, including the 2020 financial report and the three-year shareholder return plan for 2021-2023[90]. - The company is actively engaging with shareholders to ensure transparency and alignment on future strategies and financial performance[90]. Market and Operational Strategy - The company aims to enhance its product structure and focus on high-end beer production to improve profitability in a competitive market[33]. - The company plans to enhance its brand influence and expand its market presence outside Tibet, leveraging its established brand advantages and digital channels[36]. - The company aims to optimize its management system and improve its marketing framework to adapt to the competitive landscape and consumer preferences[36]. - The company plans to deepen its main business in the Tibet region and develop new products to meet the diverse market demands of younger consumers[75]. Legal and Financial Challenges - The company is involved in a lawsuit with a claim amount of 368.46 million yuan regarding a loan repayment dispute[158]. - The company has been involved in multiple legal disputes, indicating potential financial implications[159]. - The company is actively managing its legal disputes to mitigate financial impacts[167]. - The company has reported ongoing litigation that may affect its financial position and operational focus[172]. - The company is involved in a complex legal environment with multiple cases that could impact its future financial performance[173]. Debt and Receivables Management - The company has established a project team to track the progress of debt recovery and ensure effective execution of repayment plans[143]. - As of December 31, 2021, the company had overdue receivables totaling CNY 515.94 million, with a repayment plan in place from the debtors[147]. - The company is actively communicating with creditors to resolve historical litigation issues and improve its operational status[142]. - The company anticipates that the impact of ongoing litigation will be eliminated by the end of 2022 if the proposed measures are effectively implemented[143]. Environmental and Regulatory Compliance - The company has established a wastewater treatment facility with a design capacity of 2,000 m³/d, achieving a 100% operational rate for pollution control equipment[127]. - The company has implemented measures for energy conservation and emission reduction, aligning with national green development initiatives[130]. - The company has no reported administrative penalties for environmental issues during the reporting period[128]. - The company was notified of an administrative penalty by the Tibet Regulatory Bureau of the China Securities Regulatory Commission, involving a warning and a fine of 600,000 yuan[197]. Future Outlook and Strategic Plans - The company plans to raise a total of approximately ¥314,136,362 through a non-public offering of A-shares, with the net proceeds intended for debt repayment[183]. - The company has decided to temporarily abandon the commercial opportunity for a 300,000-ton beer expansion project in Lhasa Economic and Technological Development Zone, with plans to acquire 100% of the project company by December 31, 2024[195]. - The company is seeking to recover debts from multiple defendants, including joint liability claims[158].