龙星化工(002442) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 3,438,539,047.58, representing a 49.78% increase compared to CNY 2,295,745,792.80 in 2020[18]. - The net profit attributable to shareholders for 2021 was CNY 171,634,188.69, a significant increase of 121.59% from CNY 77,455,520.89 in 2020[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 170,212,638.81, up 243.73% from CNY 49,519,517.01 in the previous year[18]. - The basic earnings per share for 2021 was CNY 0.3576, which is a 121.56% increase compared to CNY 0.1614 in 2020[18]. - The total assets at the end of 2021 were CNY 2,795,621,357.39, reflecting an 11.07% increase from CNY 2,517,077,655.44 at the end of 2020[18]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,506,884,863.34, a 14.62% increase from CNY 1,314,654,276.08 in 2020[18]. - The company reported a negative net cash flow from operating activities of CNY -13,594,326.94 in 2021, a decrease of 105.47% compared to CNY 248,739,250.96 in 2020[18]. - The weighted average return on net assets for 2021 was 12.20%, an increase of 6.13% from 6.07% in 2020[18]. - The company experienced a quarterly revenue of CNY 951,008,510.21 in Q4 2021, with a net profit of CNY 29,286,634.63 attributable to shareholders[21]. - The company’s carbon black sales revenue was CNY 3,224.88 million, up 51.94% from the previous year[49]. - Domestic sales accounted for 94.19% of total revenue, while international sales made up 5.81%, with the latter growing by 68.07% year-over-year[47]. Research and Development - The company invested CNY 143.64 million in research and development during the reporting period, with a total of 79 patents granted, including 11 invention patents[39]. - The company has achieved breakthroughs in high-dispersion white carbon black, which has transitioned from the research phase to mass production[40]. - The company’s carbon black production technology is at a mature stage, maintaining international advanced levels in various reactor designs and energy recovery applications[39]. - The company is currently developing special carbon black products, including pigment carbon black and conductive carbon black, which are expected to enhance product offerings and market competitiveness[61]. - The company has completed several R&D projects aimed at improving production efficiency and product quality, which are expected to enhance future profitability[61]. - The company has a total of 165 R&D personnel, including 62 with bachelor's degrees and 3 with master's degrees[38]. Environmental and Social Responsibility - The company reported a total investment of 1.5 billion yuan in pollution prevention facilities by the end of 2021, achieving ultra-low emission standards[162]. - In 2021, the actual emissions were 2.49 tons of particulate matter, 34.22 tons of SO2, and 67.48 tons of NOx, all below the permitted limits[162]. - Longxing Chemical's wastewater reuse rate exceeded 95%, significantly reducing freshwater extraction[161]. - The company has established an emergency response plan for environmental incidents, updated in 2019[164]. - The company has adopted green procurement strategies to reduce greenhouse gas emissions throughout its supply chain[167]. - The company actively engages in social responsibility initiatives and aims to create a harmonious corporate environment[168]. - The company has been recognized as a key high-tech enterprise under the National Torch Program and has passed REACH regulation registration[168]. Corporate Governance - The company has established a complete and independent business operation system, with no reliance on the controlling shareholder for operations[93]. - The board of directors consists of 9 members, including 3 independent directors, meeting the legal requirements[89]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking their compensation directly to performance[95]. - The independent directors have not raised any objections to the board's resolutions during the reporting period, ensuring governance integrity[91]. - The company has a robust internal control system and governance structure, complying with relevant laws and regulations[88]. - The company emphasizes the importance of R&D investment to improve product technology and maintain competitive advantage in the carbon black industry[81]. Market and Industry Position - The carbon black industry experienced stable growth in market demand during 2021, with significant revenue and profit increases in the first three quarters, although profits declined in the fourth quarter due to reduced tire market demand and rising raw material oil prices[28]. - The company ranked second among members of the China Rubber Industry Association's carbon black branch in terms of revenue and production volume[28]. - The company aims to expand its market by replacing imports in high-grade conductive carbon black and pigment carbon black, focusing on the development of carbon-based new materials[28]. - The company’s main business includes the production and sales of carbon black, white carbon black, and coal tar products, positioning itself as a key player in the domestic carbon black industry[31]. Employee Development and Training - The total number of employees at the end of the reporting period is 1,349, with 730 in the parent company and 619 in major subsidiaries[130]. - The company has upgraded its compensation system to a comprehensive new system, with fixed salary accounting for 54%, variable salary for 26%, and other allowances for 20%[132]. - In 2021, the company planned 44 training sessions with a completion rate of 100%, training 12,424 individuals at a cost of 285,055.94 yuan[133]. - The company has established a new training room equipped with 100 dual desks and various training equipment to enhance training effectiveness[133]. - The company has implemented a salary structure that includes six major sequences and 16 job levels, enhancing employee development opportunities[132]. Financial Management - The company’s financial leverage is moderate, with a debt-to-asset ratio of 46.10%, indicating a reasonable level of financial risk[85]. - The company has a comprehensive employee rights protection system, ensuring compliance with labor laws and providing various employee benefits[175]. - The company emphasizes cash dividend distribution to provide reasonable returns to investors while maintaining sound operational practices[173]. - The company has implemented a stock incentive plan to align the interests of management with those of shareholders[103]. Safety and Compliance - The company has established a comprehensive safety management system, ensuring safe operation of equipment and production processes[176]. - The company has completed its safety management goals for 2021, achieving zero major accidents and zero occupational disease incidents[187]. - The company has implemented a risk management and hidden danger investigation mechanism, focusing on continuous improvement and prevention[190]. - The company has developed comprehensive emergency response plans and conducts regular drills to enhance employee preparedness for emergencies[193].