红宝丽(002165) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥3,428,598,128.22, representing a 31.32% increase compared to ¥2,610,810,227.92 in 2020[19] - The net profit attributable to shareholders for 2021 was ¥29,736,821.21, a decrease of 75.26% from ¥120,194,011.45 in 2020[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥8,447,824.56, down 93.22% from ¥124,519,618.58 in 2020[19] - The net cash flow from operating activities improved significantly to ¥326,030,842.39, compared to a negative cash flow of ¥94,913,742.97 in 2020, marking a 443.50% increase[19] - The total assets at the end of 2021 were ¥5,442,459,571.84, a 25.59% increase from ¥4,333,408,323.59 at the end of 2020[19] - The net assets attributable to shareholders increased by 28.28% to ¥2,132,833,741.80 at the end of 2021, up from ¥1,662,637,041.94 at the end of 2020[19] - The basic earnings per share for 2021 were ¥0.045, a decrease of 77.50% from ¥0.20 in 2020[19] - The diluted earnings per share also stood at ¥0.045, reflecting the same 77.50% decline compared to the previous year[19] - The weighted average return on net assets was 1.59%, down from 7.46% in 2020, indicating a significant decline in profitability[19] - The company reported a total profit for the period of 877.75 million yuan, a significant decline of 93.67% compared to the previous year[85] Revenue and Sales - The company achieved a total revenue of 342,859.82 million yuan, representing a year-on-year growth of 31.32%[85] - The revenue from polyurethane polyether reached 188,517.01 million yuan, an increase of 21.38% compared to the previous year[85] - The revenue from isopropanol amine amounted to 113,096.95 million yuan, reflecting a growth of 34.72% year-on-year[85] - The company’s overseas business generated revenue of 798,662,876.44 CNY, accounting for 29.67% of total revenue, reflecting a year-on-year increase of 12.55%[96] - The company’s export revenue accounted for 23.29% of total operating income, indicating a focus on domestic market expansion due to the pandemic[163] Production Capacity and Operations - The company has an annual production capacity of 150,000 tons for rigid polyurethane composite polyether, ranking among the top in the industry[76] - The company has established a production capacity of 10 million square meters for high flame-retardant polyurethane insulation boards, utilizing structural flame-retardant technology[48] - The company has an annual production capacity of 100,000 tons for isopropanolamine, with a competitive advantage due to its scale and technology[46] - The company’s epoxy propylene production facility has a capacity of 24,000 tons, which has received production licensing and is now operational[51] - The company has developed a high flame-retardant polyurethane insulation board with an annual production capacity of 10 million square meters, recognized by government and fire safety authorities[149] Market Trends and Challenges - The company faced challenges due to global pandemic impacts and supply chain disruptions, affecting overall economic recovery[30] - The global demand for DCP is rapidly increasing, with a sales growth rate of approximately 5% in China's DCP industry from 2016 to 2020, and stable growth expected in downstream industries such as automotive and shipbuilding[33] - The company is positioned to benefit from China's push towards carbon neutrality and green development, aligning with national policies[30] - The company anticipates that the market price of epoxy propane in 2022 will be lower than the previous year, which may impact total operating revenue[158] - The company faces risks related to raw material price fluctuations, with epoxy propane prices fluctuating around 11,000 yuan per ton due to geopolitical factors[162] Research and Development - Research and development investment increased by 69.66% to 11,890.96 million yuan, driven by the production ramp-up at the Taixing Chemical Company[88] - The company has established a national-level postdoctoral research station and provincial engineering technology centers to enhance R&D capabilities[67] - The company is actively developing new technologies and applications for polyether and isopropanolamine products to enhance brand value and profitability[50] - The company has developed multiple core technologies and holds various intellectual properties, including production processes for high flame-retardant polyether polyols and epoxy propane, which are crucial for maintaining industry leadership[164] Governance and Management - The company has established a robust governance structure, ensuring compliance with legal regulations and protecting shareholder interests[172] - The company emphasizes transparency in information disclosure, adhering to principles of authenticity, accuracy, completeness, and timeliness[178] - The company has implemented strict internal controls and reporting systems for insider information to ensure compliance with disclosure regulations[178] - The company’s board of directors and supervisory board operate in accordance with relevant laws and regulations, ensuring efficient decision-making and governance[175] - The company has a clear and complete asset structure, with ownership and operational control over its main operating assets, including land use rights and intellectual property[181] Strategic Partnerships - The company has established long-term strategic partnerships with major refrigerator manufacturers such as Bosch, Electrolux, and Whirlpool, enhancing its market position[43] - The company has established long-term partnerships with major appliance manufacturers, enhancing its market recognition and customer satisfaction[145] - The company has established a comprehensive global sales service network for isopropanol amine, which is widely used in various industries[59] Environmental and Safety Management - The company emphasizes the importance of safety and environmental management, having established comprehensive systems to comply with regulations and mitigate risks[161] - The company is committed to high-quality development, focusing on safety production and environmental management to ensure stable product supply[50] Employee and Shareholder Engagement - The company is focused on enhancing management and employee engagement through improved corporate culture and compensation mechanisms to prevent technology loss[166] - The company has a structured approach to remuneration, ensuring that it aligns with performance outcomes and shareholder interests[193] - The company is committed to protecting the legal rights of all shareholders[200]