XZCE(SZ:002534)2022-03-30 16:00Financial Performance - The company's operating revenue for 2021 was CNY 6,578,131,091.07, representing a 22.83% increase compared to CNY 5,355,666,321.19 in 2020[29] - The net profit attributable to shareholders of the listed company decreased by 18.47% to CNY 420,289,602.33 from CNY 515,483,501.21 in the previous year[29] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 338,492,230.60, down 8.91% from CNY 371,617,123.31 in 2020[29] - The net cash flow from operating activities was CNY 823,823,744.92, a decrease of 3.36% compared to CNY 852,475,235.91 in 2020[29] - The total assets at the end of 2021 reached CNY 13,940,811,337.38, an increase of 33.93% from CNY 10,409,269,681.16 at the end of 2020[29] - The net assets attributable to shareholders of the listed company increased by 7.50% to CNY 3,637,381,104.10 from CNY 3,383,512,272.85 in 2020[29] - The basic earnings per share for 2021 was CNY 0.58, a decrease of 17.14% from CNY 0.70 in the previous year[29] - The diluted earnings per share also stood at CNY 0.58, reflecting the same percentage decrease as the basic earnings per share[29] - The weighted average return on net assets was 12.40%, down from 15.75% in 2020, indicating a decline of 3.35%[29] Cash Flow and Investments - The net cash flow from operating activities was CNY 823,823,744.92, a decrease of 3.36% from CNY 852,475,235.91 in the previous year[107] - Operating cash inflow totaled CNY 5,496,466,645.82, an increase of 37.72% compared to CNY 3,991,029,264.91 in 2020[107] - Net cash flow from investing activities decreased by 80.96% to -CNY 501,470,802.54, primarily due to fewer recoverable financial products[107] - Cash flow from financing activities increased by 2311.43% to CNY 1,034,801,775.48, mainly due to the issuance of convertible bonds[108] - The net increase in cash and cash equivalents was CNY 1,356,436,007.75, reflecting a growth of 161.08% from CNY 519,538,372.98 in 2020[107] - Cash and cash equivalents at year-end amounted to CNY 3,754,223,059.42, representing a 54% increase year-on-year[111] Revenue Segmentation - The equipment manufacturing sector contributed ¥6,452,594,476.37, accounting for 98.09% of total revenue, with a year-on-year growth of 21.92%[79] - The clean energy equipment segment saw a significant decline in revenue, dropping by 43.12% to ¥1,009,046,710.70 from ¥1,774,097,193.41 in 2020[79] - The solutions segment experienced a remarkable growth of 120.25%, generating ¥2,106,849,951.04 in revenue compared to ¥956,580,565.17 in the previous year[79] - Domestic sales accounted for 92.83% of total revenue, amounting to ¥6,106,391,403.15, with a year-on-year increase of 32.15%[79] Research and Development - Research and development investment reached 402.08 million yuan, an increase of 32% year-on-year, with a focus on solar power, biomass utilization, and carbon capture technologies[72] - The company has maintained an average annual R&D growth rate of 30% over the past three years, with total R&D investment reaching ¥402 million in 2021[95] - The company added 32 new effective patents during the reporting period, including 6 invention patents[95] - The company established a joint research center with Zhejiang University and Xi'an Jiaotong University to advance carbon capture and utilization technologies[171] Market and Competitive Position - The company is experiencing increasing market competition, both domestically and internationally, as it expands its overseas market presence[150] - Industry demand remains strong due to the dual carbon goals and energy structure adjustments in China, driving growth in the energy-saving and environmental protection sectors[152] - The market is shifting from product competition to solution competition, with companies needing to provide integrated energy-saving solutions to gain market share[152] - The company's overseas market competitiveness is improving, contributing significantly to its growth[153] Strategic Initiatives - The company is committed to becoming a global leader in energy-saving and environmental protection equipment, focusing on innovative energy solutions and digital services[68] - The company is actively pursuing a "traditional energy + new energy" development strategy, focusing on carbon capture and energy storage[99] - The company aims to achieve carbon peak and carbon neutrality goals in line with the "30·60 target" strategy[174] - The company is exploring innovative energy solutions and new business models in energy conservation and emission reduction[174] Subsidiaries and Acquisitions - The company established several subsidiaries during the reporting period, including Hangzhou Xizi Smart Energy Co., Ltd. and Zhejiang Xizi Carbon Technology Co., Ltd., with no significant impact on overall performance[143][146] - The company acquired a 51% stake in Lanjie Energy Technology (Shanghai) Co., expanding into advanced immersion high-pressure electrode boiler technology[75] - The company acquired Lanjie Energy Technology (Shanghai) Co., Ltd., expanding its equipment business into advanced immersion high-pressure electrode boiler technology[175] Risk Management - The company has established a complete risk control system for its hedging activities in hot-rolled futures, with a maximum margin not exceeding 100 million RMB[131] - The company faces risks related to raw material price fluctuations, particularly steel, and is implementing measures to stabilize procurement costs[164] Corporate Governance - The company established an independent financial department and internal audit department, ensuring a complete independent accounting system[190] - The company’s management structure is independent from the controlling shareholder, ensuring no mixed operations or shared offices[189] - The company’s financial independence is highlighted by its establishment of independent bank accounts and tax reporting[190]