浙江众成(002522) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 1,795,970,214.16, representing a 23.90% increase compared to CNY 1,449,498,108.94 in 2020[20]. - The net profit attributable to shareholders for 2021 was CNY 177,636,979.44, a 4.74% increase from CNY 169,601,154.89 in 2020[20]. - The net cash flow from operating activities decreased by 28.13% to CNY 222,209,108.70 in 2021 from CNY 309,194,838.97 in 2020[20]. - The total assets at the end of 2021 were CNY 3,586,793,973.50, a 7.51% increase from CNY 3,336,337,027.00 at the end of 2020[20]. - The net assets attributable to shareholders increased by 5.39% to CNY 2,026,672,397.46 at the end of 2021 from CNY 1,923,043,041.87 at the end of 2020[20]. - The company reported a basic earnings per share of CNY 0.20 for 2021, up 5.26% from CNY 0.19 in 2020[20]. - The company achieved a total operating revenue of 1,795.97 million yuan in 2021, representing a year-on-year growth of 23.9%[59]. - The net profit attributable to the parent company was 177.64 million yuan, an increase of 4.74% compared to the previous year[59]. - The revenue from plastic products was CNY 958.58 million, accounting for 53.37% of total revenue, with a year-on-year growth of 16.08%[67]. - The revenue from synthetic rubber manufacturing reached CNY 779.87 million, which is 43.42% of total revenue, showing a significant increase of 36.84% compared to the previous year[67]. Dividend Distribution - The company plans to distribute a cash dividend of 0.30 RMB per 10 shares to all shareholders based on a total share capital of 905,779,387 shares as of the end of 2021[5]. - The cash dividend plan for 2021 proposed a distribution of RMB 27,173,381.61, at a rate of RMB 0.30 per 10 shares, based on a total share capital of 905,779,387 shares[188]. - The company distributed cash dividends of RMB 72,462,360.96, accounting for 42.73% of the net profit attributable to shareholders in the consolidated financial statements for the year 2020[186]. Business Operations and Strategy - The main business transitioned in 2018 from focusing solely on POF shrink film to include both POF shrink film and thermoplastic elastomer products[18]. - The company has established a production capacity of approximately 70,000 tons for high-end thermoplastic elastomer products, including SEP, SEPS, and SEBS[33]. - The company has implemented a procurement strategy that balances basic and forecasted inventory, minimizing inventory depreciation risks while enhancing production efficiency[41]. - The company’s sales model includes both direct sales and distribution channels, allowing for rapid market penetration and brand recognition globally[42]. - The company is investing 284.74 million yuan in a new production line for 30,000 tons of new polyethylene shrink film, with 71.38 million yuan already invested[47]. - The company is focusing on R&D for high-value-added products, aiming for early mass production of new materials and technologies[62]. - The company aims to enhance its product offerings by focusing on high-value thermoplastic elastomers and expanding its market presence both domestically and internationally[116]. Market Position and Competition - The company is the largest POF shrink film producer in China, achieving sales of over 40,000 tons in 2021, maintaining a leading position in the industry[32]. - The company has consistently ranked first in domestic sales and second globally in the POF shrink film industry since 2009, only behind Sealed Air Corporation[32]. - The company’s products are utilized in various applications, including food, beverages, daily necessities, cosmetics, and electronic products, highlighting their functional and environmentally friendly characteristics[35]. - The company is exposed to currency fluctuation risks due to significant foreign procurement and export activities, with over 60% of its products sold internationally[122]. - The company is addressing potential industry competition arising from its controlling shareholder's real estate development activities, with plans to resolve this through acquisition strategies[135]. Research and Development - The company has obtained multiple patents for its POF shrink film and thermoplastic elastomer products, enhancing its R&D capabilities[46]. - The company’s R&D investment amounted to ¥63,840,252.16, representing a year-on-year increase of 17.93% compared to ¥54,132,699.19 in 2020[82]. - The number of R&D personnel increased to 136, up by 11.48% from 122 in 2020, with R&D personnel accounting for 13.41% of the total workforce[81]. - The company continues to invest in R&D for new products, with several new applications in different fields being prepared for industrial production[56]. - The company is in the process of developing several new products, including EVOH high barrier shrink film and POF shrink film with PCR materials, which are expected to enhance competitiveness and market presence[80]. Environmental Compliance - The company achieved a total COD discharge of 14.584 tons, which is within the permitted limits[200]. - The company has not exceeded any of the specified pollution discharge limits across various pollutants[200]. - The environmental compliance status indicates a strong adherence to pollution control regulations[200]. Governance and Management Changes - The company underwent a significant change in control, with 226,444,847 shares (25.00% of total shares) transferred to Changde City Development Group, making it the new controlling shareholder[18]. - The company experienced a change in control, leading to a complete re-election of the board and supervisory committee in December 2021[141]. - The company’s chairman, Chen Jian, and several other board members resigned due to the change in control and subsequent re-election process[141]. - The company has maintained independence from its controlling shareholder, with a complete separation in business, assets, personnel, and financial operations[131]. - The company is committed to maintaining transparency and compliance with regulatory requirements during leadership transitions[141]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its reports[5]. - The company faces risks from raw material price fluctuations, particularly for linear low-density polyethylene and polypropylene, which are linked to international oil prices[121]. - Supplier concentration risk is present, with over 80% of raw materials sourced from major suppliers like Dow Chemical and BASF, which could lead to supply shortages[122]. - The company plans to improve its governance structure and enhance its talent acquisition strategy to support its growth objectives[119]. Employee and Compensation Policies - The company has a strict salary policy linking employee compensation to overall corporate performance and individual performance assessments[182]. - The total number of employees at the end of the reporting period was 1,008, with 663 in the parent company and 355 in major subsidiaries[180]. - The company has implemented a comprehensive training program for employees, emphasizing practical effectiveness and departmental needs[183].