RIFA PM(SZ:002520)2022-04-28 16:00Financial Performance - The company's operating revenue for 2021 was ¥2,184,768,797.69, representing a 14.11% increase compared to ¥1,914,575,371.02 in 2020[16] - The net profit attributable to shareholders decreased by 52.70% to ¥51,008,318.92 from ¥107,849,861.90 in the previous year[16] - The net profit after deducting non-recurring gains and losses dropped by 81.19% to ¥15,323,076.31, down from ¥81,455,419.89 in 2020[16] - The net cash flow from operating activities increased by 75.25% to ¥806,116,250.92, compared to ¥459,989,895.98 in 2020[16] - The total assets at the end of 2021 were ¥7,279,185,896.57, a 14.80% increase from ¥6,340,976,299.49 at the end of 2020[17] - The net assets attributable to shareholders rose by 21.29% to ¥3,509,440,944.02 from ¥2,893,366,950.01 in the previous year[17] - The basic earnings per share decreased by 53.33% to ¥0.07 from ¥0.15 in 2020[16] - The weighted average return on equity fell to 1.63%, down 2.07 percentage points from 3.70% in 2020[17] Market and Industry Trends - The company reported a 26.2% year-over-year increase in operating revenue for the machine tool industry in 2021, with a profit growth of 68.9% compared to the previous year[27] - The demand for high-end CNC machine tools is expected to grow significantly, driven by the transition from a "manufacturing power" to a "manufacturing strong power" in China[25] - The overall machine tool industry is experiencing a recovery, with improved market demand and export growth, despite challenges posed by the pandemic and international political factors[28] - The aviation MRO and ACMI services are projected to benefit from the rapid growth of the air cargo market, with China expected to become the largest aviation market by 2024 or 2025[30] Research and Development - The company is committed to advancing its R&D in high-end CNC machine tools and expanding its market presence in response to the evolving industry landscape[26] - Research and development expenses rose by 17.68% to ¥90,471,126.12, indicating increased investment in innovation[67] - The RFMX intelligent control system developed by the company has been well-received, with over 500 installations globally, enhancing production line management[39] - The company plans to launch the CLOCK1000 high-precision horizontal machining center in 2023, enhancing competitive strength[68] Strategic Initiatives - The company is focusing on developing customized solutions in intelligent manufacturing, enhancing integration and operational efficiency for clients[29] - The company aims to enhance its technological foundation in high-end CNC machine tools and expand into new business areas to seek growth opportunities[36] - The company is focusing on expanding its international market presence and has established strategic partnerships with major international bearing manufacturers[36] - The company plans to complete the upgrade of the 10th aircraft by May 2022 and the 11th aircraft by March 2023[96] Risk Management - The management has highlighted potential risks including market demand fluctuations and geopolitical conflicts in the future outlook section[5] - The company has significant exposure to foreign exchange risks due to its global operations and employs hedging strategies to manage these risks effectively[109] - The ongoing global pandemic poses a risk to market demand, potentially impacting the company's performance and operations[110] - Geopolitical tensions, particularly sanctions affecting relationships with Russian clients, pose risks to the company's leasing operations and overall strategic goals[113] Corporate Governance - The company maintains a strong commitment to transparency, ensuring timely and accurate information disclosure to all stakeholders[125] - The company has established a professional board to enhance internal controls and audit measures following the acquisition of MCM Company[79] - The company has a clear separation in personnel and operational structures from its controlling shareholders[128] - The company has established an internal control organization structure involving the shareholders' meeting, board of directors, supervisory board, management, and subsidiaries, ensuring effective division of responsibilities and checks and balances[162] Social Responsibility - The company actively pursues social responsibility, focusing on stakeholder satisfaction and sustainable development while creating value for shareholders[172] - The company is committed to environmental protection and energy-saving innovations, continuously developing new technologies and products that are environmentally friendly[179] - The company has implemented measures to reduce carbon emissions through improved manufacturing processes and energy efficiency initiatives[171] Shareholder Relations - The company plans to distribute no cash dividends for the year 2021, nor issue bonus shares or convert capital reserves into shares[160] - The company has a cash dividend policy that stipulates a distribution of at least 30% of the average distributable profit over the last three years, contingent on meeting cash dividend conditions[158] - The company has not proposed any cash dividend distribution plan despite having positive distributable profits for ordinary shareholders[160]