SBS(SZ:002098)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥2.26 billion, representing a 42.25% increase compared to ¥1.59 billion in 2020[20]. - The net profit attributable to shareholders decreased by 37.12% to approximately ¥126.13 million from ¥200.38 million in the previous year[20]. - The net profit after deducting non-recurring gains and losses increased by 247.20% to approximately ¥121.19 million from ¥35.15 million in 2020[20]. - The net cash flow from operating activities decreased by 53.26% to approximately ¥121.84 million from ¥260.67 million in 2020[20]. - The basic earnings per share decreased by 37.12% to ¥0.3523 from ¥0.5597 in the previous year[21]. - The total assets at the end of 2021 were approximately ¥2.11 billion, a decrease of 4.34% from ¥2.21 billion at the end of 2020[21]. - The net assets attributable to shareholders increased by 15.29% to approximately ¥943.79 million from ¥817.06 million in 2020[21]. - The weighted average return on equity for 2021 was 14.31%, down from 27.88% in 2020, reflecting a decrease of 13.55%[21]. - The company's total revenue for 2021 was approximately CNY 380.14 million, a decrease from CNY 679.86 million in 2020[27]. - The net profit attributable to shareholders for 2021 was CNY 17.42 million, down from CNY 55.61 million in 2020[27]. - The net cash flow from operating activities for 2021 was negative CNY 30.12 million, compared to positive CNY 106.66 million in 2020[27]. Business Expansion and Market Position - The company has expanded its business into cross-border e-commerce through the acquisition of a 65% stake in Shenzhen Jiazhi Chain Cross-Border E-commerce Co., Ltd. in 2017[19]. - The e-commerce business generated online sales revenue of CNY 520.82 million in 2021, a 49.80% increase from CNY 350.02 million in 2020[38]. - The cross-border e-commerce market in China reached a scale of CNY 1.98 trillion in 2021, with a year-on-year growth of 15%[34]. - The apparel industry in China saw a year-on-year growth of 8.5% in 2021, positively impacting the zipper industry[35]. - The company maintained its position as a leading player in the domestic zipper industry, with a significant market presence and multiple production bases[36]. Revenue and Sales Performance - The zipper business generated revenue of 1.71 billion RMB, up 40.95% from the previous year, while the cross-border e-commerce business reached 549.74 million RMB, growing by 46.48%[50]. - The sales revenue from self-owned brand products amounted to 520.81 million RMB, a 49.80% increase compared to 2020[45]. - The company's total revenue from domestic transactions was ¥1,394,918,697.69, with a year-on-year increase of 39.63%[55]. - The sales volume of strip zippers increased by 23.77% to 142,863,000 units, while production volume rose by 26.22% to 145,341,000 units[56]. - The sales volume of button products surged by 90.68%, reaching ¥47,935,357.00[53]. Research and Development - The company completed several R&D projects, including high-performance metal zippers and new types of zipper heads, enhancing product variety and customer satisfaction[77]. - The number of R&D personnel increased by 36.99% to 474, representing 10.95% of the total workforce[78]. - R&D expenses rose by 49.31% to ¥71,110,994.18, reflecting increased investment in R&D personnel[69]. - The company's R&D investment increased to ¥71,110,994.18 in 2021, a growth of 13.53% compared to ¥62,634,748.49 in 2020[79]. - R&D investment as a percentage of revenue decreased by 0.80 percentage points to 3.14% in 2021, due to a 42.25% increase in revenue[81]. Environmental Compliance and Sustainability - The company has implemented measures to comply with the GB21900-2008 discharge standards for various pollutants[164]. - The company has continuously increased its environmental investment, including regular updates to key water treatment processes and the establishment of special environmental protection funds[168]. - The company has established a sustainable development department to maintain a standardized environmental management system and operational processes[169]. - The company has complied with environmental regulations, processing wastewater and solid waste without any violations or administrative penalties during the reporting period[181]. - The company has established a comprehensive environmental incident emergency plan in collaboration with Shanghai Environmental Science Institute[177]. Governance and Shareholder Rights - The company is committed to protecting the rights of minority shareholders and ensuring fair treatment in shareholder meetings[118]. - The company has enhanced its governance structure by revising internal control systems and improving compliance with regulatory requirements[119]. - The company has established an independent internal audit system to ensure effective supervision and compliance with internal control measures[121]. - The company maintains complete independence from its controlling shareholders in terms of business operations, assets, and financial management[123]. - The company has a well-defined corporate governance structure with separate operational and financial departments, ensuring no interference from controlling shareholders[124]. Risks and Challenges - The company faces risks related to the potential change in control due to the judicial freeze of shares held by its major shareholder[106]. - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations[107]. - The company anticipates a decline in demand for zippers due to macroeconomic instability, which may impact its operating performance[109]. - The ongoing COVID-19 pandemic continues to pose risks to the company's operational performance, despite a general recovery in global economies[110]. - The company is exposed to fluctuations in raw material prices, which could increase production costs and reduce gross profit margins[111]. Financial Adjustments and Reporting - The company reported a restated inventory of CNY 250,933,935.71 after adjustments, an increase of CNY 119,840.25 from the previous figure[195]. - Deferred tax assets were restated to CNY 68,833,229.25, reflecting an increase of CNY 1,624,537.14[195]. - The company faced regulatory measures from the China Securities Regulatory Commission due to accounting errors related to cost and inventory misstatements in 2017 and 2018[200]. - The company’s financial report for 2021 received an unqualified opinion with an emphasis of matter regarding the ongoing investigation[190]. - The company has maintained its auditor, Huaxing Accounting Firm, for 19 years, with an audit fee of CNY 1.3 million[197].