KAN(002012)2022-03-28 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,829,712,079.64, representing an increase of 18.03% compared to ¥1,550,229,940.91 in 2020[20] - The net profit for 2021 was ¥149,716,992.67, a decrease of 11.07% from ¥168,357,844.88 in 2020[20] - The net profit attributable to shareholders of the listed company was ¥94,051,066.40, which is a slight increase of 1.58% from ¥92,587,329.49 in 2020[20] - The net cash flow from operating activities increased by 126.02% to ¥192,248,050.78 from ¥85,057,127.64 in 2020[20] - The basic earnings per share remained at ¥0.20, unchanged from the previous year[20] - The company's total revenue for 2021 reached ¥1,829,712,079.64, representing an 18.03% increase compared to ¥1,550,229,940.91 in 2020[64] - The company reported a net profit of ¥5,451,000 for the year, with a total profit of ¥6,800,000[60] - The company's total revenue for 2021 was CNY 1,655,971,357.73 from domestic sales, with a year-on-year increase of 13.88%[69] - The company’s revenue from paper-based functional materials was CNY 1,329,011,643.32, with a year-on-year increase of 16.68%[68] - The company reported a total revenue of 1,450 million in 2021, maintaining a consistent performance compared to previous years[124] Assets and Liabilities - The total assets at the end of 2021 were ¥2,414,939,670.10, an increase of 7.91% from ¥2,237,911,595.60 at the end of 2020[21] - The net assets attributable to shareholders of the listed company increased by 5.81% to ¥1,449,322,576.83 from ¥1,369,692,642.82 at the end of 2020[21] - The company's inventory decreased by 4.65% to ¥315,956,982.48, attributed to a reduction in raw materials and finished goods[89] - Short-term borrowings decreased by 4.12% to ¥211,865,895.51, reflecting a reduction in bank loans during the period[89] - The company reported a net increase in cash and cash equivalents of ¥211,205,310.62, a significant rise of 396.61% compared to the previous year[84] - The total approved guarantee amount for subsidiaries reached CNY 13,000 million, with an actual occurrence of CNY 1,805.59 million during the reporting period[198] Dividends and Profit Distribution - The company plans to distribute a cash dividend of ¥0.20 per 10 shares, based on a total of 467,625,470 shares[4] - The company reported a cash dividend of CNY 0.20 per 10 shares, with a total cash dividend amounting to CNY 9,352,509.40, representing 100% of the profit distribution total[157] - The profit distribution plan aligns with the company's operational situation and complies with relevant laws and regulations[158] Research and Development - Research and development (R&D) investment increased by 6.77% to ¥116,078,885.23 in 2021, accounting for 6.34% of operating revenue, down from 7.01% in 2020[82] - The number of R&D personnel decreased by 16.74% to 194 in 2021 from 233 in 2020, with a notable decline in the proportion of R&D staff[82] - The company holds over 90 patents, including more than 40 invention patents and 50 utility model patents, demonstrating strong R&D capabilities[53] - The company plans to increase R&D investment to maintain a leading market position amid the rapid emergence of new products and technologies[106] Market Position and Strategy - The company is positioned in the high-value paper-based functional materials sector, with significant growth opportunities driven by the increasing demand for eco-friendly products[30] - The company has established itself as a leader in the domestic electrolytic capacitor paper market, maintaining a high gross profit margin[33] - The company is the global leader in the sales of electrolytic capacitor paper, with the largest production base in the world[38] - The company aims to enhance its core competitiveness by focusing on technological innovation and optimizing product structure, particularly in response to the "Common Prosperity" initiative in Zhejiang[104] - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development and strategic acquisitions[126] Environmental and Social Responsibility - The company emphasizes environmental protection, having established strict management systems and improved wastewater reuse rates to lower emissions[112] - The company is actively promoting energy efficiency and has been recognized as a national "green factory," aligning with national carbon peak and carbon neutrality goals[56] - The company has prepared and disclosed its 2021 Social Responsibility Report, reflecting its commitment to social responsibility[170] Governance and Compliance - The company maintains a governance structure that complies with legal requirements, ensuring independent operations from its controlling shareholders[119] - The board of directors consists of 9 members, including 3 independent directors, meeting legal and regulatory requirements[117] - The company has a performance evaluation and incentive system linking management compensation to business performance[117] - The internal control system is effective, covering major aspects of the company's operations, with no significant or important deficiencies reported during the period[160] Challenges and Risks - The company has faced risks in future operations, which are detailed in the management discussion section of the report[4] - The company experienced a substantial decline in revenue in the second half of 2021 due to regulatory changes affecting internet loan operations, leading to a decision to reduce capital in its subsidiary[66] - The company faces increasing market competition from Japanese and European companies, which may impact sales revenue and profit levels[111] - Raw material costs, primarily wood pulp and plant fibers, significantly affect product costs and profit margins, with pressures from global supply chain issues due to the Russia-Ukraine conflict[111]