Yanghe(SZ:002304)2022-04-28 16:00Financial Performance - The company's operating revenue for 2021 was approximately ¥25.35 billion, representing a 20.14% increase compared to ¥21.10 billion in 2020[11]. - The net profit attributable to shareholders for 2021 was approximately ¥7.51 billion, a slight increase of 0.34% from ¥7.48 billion in 2020[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥7.37 billion, which is a significant increase of 30.44% from ¥5.65 billion in 2020[11]. - The net cash flow from operating activities for 2021 was approximately ¥15.32 billion, showing a remarkable increase of 285.00% compared to ¥3.98 billion in 2020[11]. - The total assets at the end of 2021 were approximately ¥67.80 billion, reflecting a 25.86% increase from ¥53.87 billion at the end of 2020[11]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥42.49 billion, which is a 10.40% increase from ¥38.48 billion at the end of 2020[11]. - The basic earnings per share for 2021 were ¥5.0141, a slight increase of 0.60% from ¥4.9843 in 2020[11]. - The weighted average return on net assets for 2021 was 18.55%, down from 20.20% in 2020, indicating a decrease of 1.65%[11]. Revenue Breakdown - The company achieved a total operating revenue of CNY 25.35 billion in 2021, representing a year-on-year growth of 20.14%[18]. - The liquor segment accounted for 97.19% of total revenue, generating CNY 24.64 billion, which is a 21.17% increase from the previous year[31]. - The company’s high-end liquor segment generated CNY 21.52 billion in revenue, up 21.95% compared to the previous year[19]. - The ordinary liquor segment reported revenue of CNY 3.12 billion, reflecting a growth of 16.05% year-on-year[19]. - The wholesale distribution model accounted for CNY 24.27 billion in revenue, a year-on-year increase of 21.32%[21]. - Online direct sales reached CNY 364.63 million, with an 11.85% increase from the previous year[21]. Cash Flow and Investments - The company’s cash flow from operating activities was CNY 9.84 billion in the fourth quarter, indicating strong cash generation capabilities[14]. - Operating cash inflow reached ¥37,538,099,673.95 in 2021, representing a significant increase of 71.40% from ¥21,900,973,449.03 in 2020[48]. - Cash and cash equivalents increased by 362.24% to ¥13,603,817,188.08 in 2021, compared to ¥2,943,041,513.62 in 2020[50]. - The total investment amount for the reporting period reached ¥3,840,110,341.89, representing a 74.18% increase compared to ¥2,204,658,425.17 in the previous year[54]. Production and Inventory - The production volume of liquor in 2021 was 204,331.95 tons, an increase of 26.52% from 2020, while sales volume reached 184,001.07 tons, up 18.13%[25]. - The inventory of finished liquor at the end of the period was 44,857.61 tons, with a total inventory of semi-finished liquor at 619,449.64 tons[25]. - The company has a production capacity of 222,545 tons for finished liquor in 2021, with actual production capacity of 149,518.69 tons[25]. Marketing and Sales Strategy - The company implemented a marketing transformation, resulting in a clearer product planning and the completion of 715 SKU clean-up[31]. - The company plans to enhance brand influence through a clear strategic direction and operational model[66]. - Marketing strategies will include deepening market penetration and optimizing product structure in both domestic and international markets[65]. Corporate Governance and Management - The company is committed to maintaining a transparent governance structure in compliance with relevant laws and regulations[71]. - The company emphasizes a transparent performance evaluation and incentive mechanism for management, aligning with annual operational goals[72]. - The management team is composed of experienced professionals, with no salary payments made by the controlling shareholder[75]. - The company has established a governance structure to ensure compliance and performance evaluation[97]. Social Responsibility and Community Engagement - The company is committed to social responsibility, actively engaging in environmental protection and community support initiatives[30]. - In 2021, the company provided assistance to 177 low-income households, achieving a 100% poverty alleviation rate in the supported villages[133]. - The company invested a total of RMB 790,000 in material and cash donations for poverty alleviation efforts during the year[133]. - Jiangsu Yanghe Brewery actively promotes green development and low-carbon initiatives among employees, enhancing awareness of energy conservation and environmental protection[131]. Environmental Initiatives - The company invested CNY 30 million in wastewater treatment operations in 2021, with CNY 22 million allocated for upgrading wastewater treatment facilities to enhance pollutant removal rates[128]. - Jiangsu Yanghe Brewery's wastewater treatment plant has a designed capacity of 10,000 tons per day, utilizing a combination of physical, chemical, and biological treatment methods[128]. - The company has established emergency response plans for environmental incidents, which have been filed with relevant environmental protection authorities[130]. Future Outlook and Strategic Goals - The company aims for a revenue growth of over 15% year-on-year in 2022[65]. - The company plans to expand its market presence in international markets, targeting a 30% increase in overseas sales by 2023[90]. - The company has set a performance guidance of 12 billion RMB in revenue for 2022, reflecting a growth target of 14%[90]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[90].