双象股份(002395) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was approximately CNY 1.47 billion, representing a 9.55% increase compared to CNY 1.34 billion in 2020[20]. - The net profit attributable to shareholders for 2021 was approximately CNY 50.48 million, a 19.66% increase from CNY 42.19 million in 2020[20]. - The net profit after deducting non-recurring gains and losses was approximately CNY 49.50 million, which is a significant increase of 62.97% compared to CNY 30.37 million in 2020[20]. - The company's total assets at the end of 2021 were approximately CNY 2.06 billion, reflecting a 32.28% increase from CNY 1.56 billion at the end of 2020[20]. - The basic earnings per share for 2021 was CNY 0.1882, up 19.64% from CNY 0.1573 in 2020[20]. - The weighted average return on equity for 2021 was 5.63%, an increase from 4.83% in 2020[20]. - The company's main business revenue for 2021 was CNY 1,449,071,023.59, representing a year-on-year increase of 9.29% compared to CNY 1,325,947,955.77 in 2020[51]. - The total revenue from the ultra-fiber product reached approximately ¥472.43 million, with a year-on-year increase of 6.60% in average selling price from ¥29.30 to ¥31.23 per meter[59]. - The company reported a significant reduction in financial expenses by 61.62%, down to approximately ¥4.99 million, primarily due to foreign currency exchange rate fluctuations[70]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2021, representing a 10% increase compared to the previous year[113]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was approximately CNY 584,252, a drastic decrease of 99.38% compared to CNY 94.94 million in 2020[20]. - The operating cash flow net amount decreased by 99.38% to CNY 584,252.15, attributed to increased cash outflows for procurement exceeding cash inflows from sales[52]. - Investment cash inflow dropped by 84.86% to ¥39,746,296.30, while investment cash outflow surged by 112.41% to ¥214,191,521.45, resulting in a net cash outflow of ¥174,445,225.15[74]. - Financing cash inflow increased by 27.47% to ¥101,977,797.94, primarily due to new borrowings by the parent company[74]. - The net increase in cash and cash equivalents fell by 198.34% to -¥199,518,926.12, largely due to significant payments for project equipment[75]. Production and Capacity - The company achieved a total of 8,000 tons/year production capacity for high-end optical-grade PMMA materials, marking a significant milestone in domestic production capabilities[31]. - The production capacity for PMMA is 80,000 tons per year, with a utilization rate of 62.31%[43]. - The design capacity for synthetic leather is 15 million meters per year, with a utilization rate of 93.76%[43]. - The company has a total of 30,000 tons per year of PMMA capacity under construction, indicating ongoing expansion efforts[43]. - The company established a wholly-owned subsidiary, Chongqing Shuangxiang Optical Materials Co., Ltd., in April 2021, expanding its operational footprint[66]. Market and Competitive Landscape - The market for synthetic leather in China remains stable, with significant growth potential for high-end products like ultra-fine fiber leather[30]. - The optical-grade PMMA market is primarily dominated by international chemical giants, highlighting the competitive landscape the company faces[31]. - The company is positioned as the first domestic enterprise to achieve large-scale production of high-end optical-grade PMMA materials, addressing the high demand in various industries[31]. Research and Development - The company holds 9 authorized invention patents and 16 utility model patents as of December 31, 2021, reflecting its strong R&D capabilities[48]. - Research and development expenses increased by 5.75% year-on-year, totaling approximately ¥54.43 million, reflecting the company's commitment to innovation[70]. - The company completed several R&D projects, including new ultra-fiber boxing gloves and vacuum-formed ultra-fiber shoe leather, aimed at enhancing product quality and market share[71]. - The company aims to expand its product applications in high-end furniture and apparel markets through innovative material development[71]. - The company plans to enhance R&D investment through its "China Ultra-fine Fiber Synthetic Leather Innovation R&D Base" and "Ultra-fine Fiber New Materials Technology Research Institute" to maintain technological leadership[94]. Environmental and Social Responsibility - The company has implemented effective waste gas treatment systems, including RTO systems for organic waste gas, ensuring compliance with emission standards[179]. - The company has constructed two standard rainwater discharge outlets to manage stormwater effectively[180]. - The company has not reported any environmental pollution incidents, indicating stable operation of pollution control facilities[180]. - The company has made significant contributions to social employment and tax compliance, reflecting its commitment to corporate social responsibility[191]. - The company donated a total of 100,000 RMB (approximately $15,000) to support local agricultural projects in 2021[189]. Governance and Compliance - The board of directors includes three independent directors, constituting over one-third of the total board members, ensuring compliance with governance regulations[103]. - The company has established specialized committees within the board, including a nomination committee, compensation and assessment committee, and audit committee, to provide professional advice[103]. - The company has established a comprehensive internal control system to ensure compliance with laws and regulations, including various management rules and procedures[104]. - The company has implemented a transparent information disclosure system, ensuring timely and accurate communication with investors[104]. - The company has established a comprehensive contract management system to ensure legal compliance and financial oversight in contract execution[153].