*ST西发(000752) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was approximately ¥392.85 million, a decrease of 3.08% compared to ¥405.33 million in 2020[21]. - The net profit attributable to shareholders for 2021 was a loss of approximately ¥14.37 million, representing a decline of 202.28% from a profit of ¥14.05 million in 2020[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of approximately ¥151,873.25, down 104.77% from a profit of ¥3.19 million in 2020[21]. - The basic earnings per share for 2021 was -¥0.05, a decrease of 200.00% compared to ¥0.05 in 2020[21]. - The total assets at the end of 2021 were approximately ¥909.24 million, a slight decrease of 0.70% from ¥915.69 million at the end of 2020[21]. - The net assets attributable to shareholders decreased by 29.00% to approximately ¥35.18 million from ¥49.56 million at the end of 2020[21]. - The company reported a significant non-recurring loss of -¥331,807,873.97 in Q3 2021, impacting overall profitability[28]. - The company's total operating revenue for 2021 was ¥392,849,194.82, a decrease of 3.08% compared to ¥405,330,702.33 in 2020[42]. - Direct sales revenue decreased by 40.68% to ¥13,203,646.02, while distributor sales revenue decreased by 0.73% to ¥379,645,548.80[42]. - The gross profit margin for the main beer business was 23.49%, a slight decrease of 0.20% from the previous year[44]. Cash Flow and Investments - The net cash flow from operating activities improved to approximately ¥36.17 million, a significant increase of 172.38% from a negative cash flow of ¥49.97 million in 2020[21]. - The operating cash inflow decreased by 2.59% year-on-year to ¥448,859,611.84, while operating cash outflow decreased by 19.20% to ¥412,691,481.88[56]. - Investment activity cash inflow decreased by 100% year-on-year, as no investment activities occurred during the reporting period[56]. - The net increase in cash and cash equivalents decreased by 99.75% year-on-year, primarily due to reduced payments to suppliers and other parties[58]. - The company's long-term equity investments decreased by 0.97% year-on-year, totaling ¥238,557,433.50, which is 26.24% of total assets[63]. Operational Challenges - The company faces significant uncertainties regarding its financial information, particularly related to its subsidiary, Lhasa Beer, which has large uncollectible receivables[4]. - The company received a negative opinion on internal controls from its auditor, which has led to continued risk warnings on its stock trading[5]. - The company identified significant internal control deficiencies related to financial management at its subsidiary, Lhasa Beer, and is taking corrective actions[118]. - The company is actively working to improve management control over its subsidiaries, particularly Lhasa Beer, to address financial oversight issues[119]. - The company is facing competitive pressure from emerging breweries in the region, necessitating a focus on capacity enhancement and product upgrades[35]. Governance and Compliance - The company has maintained a stable management team with no significant turnover in key positions during the reporting period[93]. - The board of directors includes members with extensive backgrounds in management and investment, enhancing the company's strategic direction[94]. - The company confirmed no significant discrepancies between its governance practices and regulatory requirements[86]. - The company has a structured approach to determining the remuneration of its board members, based on performance and market standards[99]. - The company is committed to transparency in its financial reporting and governance practices, as evidenced by detailed disclosures in its reports[99]. Legal Matters - The company is involved in a significant lawsuit with a claim amounting to 368.46 million RMB, which has not been recognized as a liability[159]. - The company has been involved in multiple legal proceedings, including appeals and requests for retrials, with the latest ruling from the Sichuan Provincial High People's Court rejecting the company's retrial application in May 2020[162]. - The ongoing legal challenges may affect the company's market expansion and strategic initiatives moving forward[162]. - The company is actively monitoring the outcomes of these legal proceedings to assess their potential impact on future operations and financial health[162]. - The company has communicated its legal challenges through public announcements, ensuring transparency with stakeholders regarding ongoing litigation[161]. Future Outlook and Strategies - The company plans to enhance its product structure and focus on high-end beer production to adapt to market trends[31]. - The company aims to leverage e-commerce platforms to promote digital channels and expand its market beyond Tibet[35]. - The company plans to continue strengthening its market position and expanding its reach in new markets[39]. - The company is committed to resolving these disputes while maintaining its focus on core business operations and strategic growth[162]. - The company plans to raise up to ¥314,136,362 through a non-public offering of A-shares to repay debts, pending shareholder approval and regulatory approval[197].