嘉麟杰(002486) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥1,155,244,089.58, a decrease of 1.37% compared to ¥1,171,293,263.40 in 2020[19] - Net profit attributable to shareholders for 2021 was ¥19,923,253.21, an increase of 19.47% from ¥16,675,847.62 in 2020[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥12,845,670.64, up 48.85% from ¥8,629,654.36 in 2020[19] - Basic earnings per share for 2021 were ¥0.0239, representing a 19.50% increase from ¥0.0200 in 2020[19] - The diluted earnings per share for 2021 was CNY 0.0239, an increase of 19.50% compared to CNY 0.0200 in 2020[20] - The weighted average return on equity rose to 2.09% in 2021 from 1.79% in 2020, reflecting a 0.30% increase[20] - Total assets decreased by 2.09% to CNY 1,226,491,863.83 at the end of 2021 from CNY 1,252,696,039.80 at the end of 2020[20] - Net assets attributable to shareholders increased by 2.47% to CNY 965,602,219.85 at the end of 2021 compared to CNY 942,281,033.90 at the end of 2020[20] - The company reported a net profit attributable to shareholders of CNY 18,883,708.82 in Q4 2021, a significant recovery from losses in the first three quarters[23] Revenue Breakdown - In 2021, the company achieved total revenue of ¥1,155,244,089.58, a decrease of 1.37% compared to the previous year, while net profit attributable to shareholders increased by 19.47% to ¥19,923,253.21[40] - Sales of fabrics and garments reached ¥1,139,789,309.85, representing a growth of 38.02% year-on-year, driven by the recovery in global consumption and garment exports[40] - Revenue from fabric products increased by 43.40%, reaching ¥303,324,187.44, up from ¥211,518,264.82 in the previous year[64] - The revenue from garment sales was CNY 836,465,122.41, representing 72.41% of total revenue, with a year-on-year increase of 36.16%[68] - The revenue from protective products significantly dropped to CNY 13,619,350.37, a decrease of 96.05% compared to the previous year[68] - Domestic sales increased by 30.85% to CNY 429,189,143.23, while export sales decreased by 13.90% to CNY 726,054,946.35[68] Cost and Expenses - The company faced significant cost pressures due to rising raw material prices, with notable increases in cotton and wool prices, as well as polyester, driven by global monetary policies and supply chain disruptions[35] - Transportation costs surged dramatically during the reporting period, with shipping prices peaking in September due to imbalances in logistics supply and demand, impacting the company's export operations[36] - Labor costs also increased, influenced by a shortage of workers in the textile industry, which has led to some manufacturing orders shifting overseas[36] - The company experienced a 6.74% increase in total operating costs, amounting to CNY 954,979,296.75, with raw materials constituting 77.95% of the total[73] - Sales expenses decreased by 12.77% to ¥66,731,262.69 in 2021 from ¥76,504,322.99 in 2020[79] - Management expenses increased by 12.76% to ¥83,921,449.11 in 2021 from ¥74,423,431.08 in 2020[79] - R&D expenses rose by 10.71% to ¥43,194,490.13 in 2021 from ¥39,015,074.62 in 2020[79] Research and Development - The company maintains a strong focus on R&D, particularly in high-end functional fabrics, and collaborates with renowned research institutions and universities to innovate new products[39] - The company increased its R&D investment to CNY 43.19 million, a 10.71% increase year-on-year, representing 3.74% of total revenue, up 0.41 percentage points from the previous year[52] - The company holds a total of 106 authorized patents, including 52 invention patents and 54 utility model patents, with 5 new patents granted during the reporting period[52] - The company has developed a new high-performance wool fabric that combines Merino wool with Trevira fibers, enhancing comfort and functionality for outdoor and sports apparel[53] - The company has developed several new textile products, including a fire-retardant knitted fabric and a moisture-wicking fabric, both of which have received customer orders[92] - The project for biodegradable functional knitted fabrics has completed small trials and is expected to enter mass production in the second half of 2022[92] Market and Industry Trends - The total retail sales of consumer goods in China for 2021 reached CNY 44.08 trillion, growing by 12.50% year-on-year[28] - The online retail sales in China amounted to CNY 13.09 trillion in 2021, an increase of 14.1% compared to the previous year[29] - The cumulative export value of textiles and clothing from China in 2021 was USD 315.466 billion, with clothing exports growing by 24.01% year-on-year[30] - The domestic sports market is projected to grow at a compound annual growth rate of 14.5% from 2020 to 2024, driven by increased consumer demand for functional sportswear[32] - The macroeconomic environment remains challenging, with weak consumer sentiment and slow recovery in disposable income, posing risks to the demand for mid-to-high-end textile products[44] Risk Management - The company faces potential risks from macroeconomic conditions, international situations, recurring pandemics, exchange rate fluctuations, and production factors[4] - The company is addressing foreign exchange risks by planning funds strategically and engaging in foreign exchange derivatives trading to mitigate adverse impacts[50] - The company has established a flexible supply chain and strong manufacturing capabilities to adapt to changes in the macroeconomic environment and mitigate risks from international trade policies[48] - The company is committed to sustainable practices and social responsibility, aiming to strengthen its position as a preferred supplier for high-end brands[50] - The company is actively monitoring the pandemic situation and has set up preventive measures to minimize potential disruptions to production and logistics[51] Corporate Governance - The company has not changed its controlling shareholder during the reporting period[18] - The company has maintained independence from its controlling shareholder in all aspects, including business, personnel, and finance[142] - The company held 1 annual general meeting and 3 extraordinary general meetings during the reporting period, with participation rates of 16.01% and 15.94% respectively[143][144] - The board of directors consists of 8 members, including 3 independent directors, meeting the legal requirements[137] - The company conducted 7 board meetings during the reporting period, with all resolutions passed and disclosed in a timely manner[137] - The supervisory board held 5 meetings, ensuring compliance with regulations and protecting shareholder rights[138] Environmental Responsibility - The company achieved a wastewater discharge compliance rate of 100% with the DB31/199-2018 standard, and all emissions were within regulatory limits[187] - The company expanded its waste gas collection coverage to 100% in treatment stations, achieving a reduction of approximately 2.8 tons per annum[187] - The company initiated carbon accounting work in 2021 and disclosed carbon footprint data to customers, aiming to achieve carbon neutrality goals[191] - Collaboration with VF Group on the CLEAN by Design project is expected to reduce greenhouse gas emissions by 8% and improve water conservation by 10%[192] - The company successfully completed the "13th Five-Year" energy consumption control targets, achieving significant results in energy efficiency[192] Future Outlook - The company aims to optimize its business structure and seek new profit growth points in response to changing domestic and international market conditions[51] - The company plans to enhance its core competitiveness through smart management and continuous product innovation, particularly in high-end functional fabrics[45] - The company aims to enhance its market competitiveness and economic benefits through innovative product development and strategic market expansion[92] - The company plans to conduct foreign exchange derivative transactions with a maximum amount not exceeding 60 million USD to mitigate foreign exchange risks[110] - The company has set a revenue guidance of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20%[146]