Valiant(SZ:002643)2023-04-19 16:00Corporate Governance and Independence - The company operates independently from its controlling shareholders, with a complete and autonomous business, research and development, procurement, production, and sales systems[4]. - The company has a fully independent human resources function, capable of conducting its own recruitment and personnel arrangements[4]. - The company emphasizes its independence in financial management, with no personnel from the controlling shareholder receiving salaries from the company[4]. - The company maintains a clear separation of duties and responsibilities among its management team, ensuring no overlap with the controlling shareholder's enterprises[4]. - The company has a robust governance structure, ensuring transparency and accountability in its operations[4]. - The company has established a strategic committee to oversee long-term development and investment decisions, enhancing governance structure[28]. - The company has established a clear asset ownership structure with no reliance on shareholders for operational premises, maintaining complete control over all assets[30]. - The financial department operates independently with a dedicated accounting system, ensuring no shared bank accounts with controlling shareholders[30]. - The company has implemented a mechanism for accountability regarding annual report disclosures to enhance quality and transparency[37]. - The company has a robust supervisory board structure with five supervisors, ensuring compliance with legal regulations and oversight of major financial decisions[29]. - The company has a clear mechanism for selecting management personnel, with defined responsibilities and accountability[29]. - The company has no conflicts of interest with controlling shareholders, maintaining an independent operational structure[30]. - The company is committed to timely and accurate information disclosure, ensuring equal access for all shareholders[29]. Financial Performance - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2022, representing a year-over-year increase of 10%[12]. - The company reported a net profit of 6,829,715.45 yuan for 2022, a decrease of 80.3% compared to 34,739,772.53 yuan in 2021[58]. - The company's operating revenue for 2022 was ¥5,080,461,966.34, representing a 16.56% increase compared to ¥4,358,522,849.70 in 2021[82]. - The net profit attributable to shareholders for 2022 was ¥721,315,028.77, up 15.10% from ¥626,658,928.89 in the previous year[82]. - The net profit after deducting non-recurring gains and losses was ¥714,485,313.32, reflecting a 20.71% increase from ¥591,919,156.36 in 2021[82]. - The company's total assets at the end of 2022 were ¥9,259,733,391.95, a 17.57% increase from ¥7,875,710,805.32 at the end of 2021[82]. - The company has recorded a government subsidy of 35,892,428.45 yuan, which is closely related to its normal business operations[58]. - The company’s non-current asset disposal loss for 2022 was -5,676,718.49 yuan, compared to -591,313.38 yuan in 2021[58]. - The company’s cash flow from operating activities was CNY 98,299,970, a decrease of 5.91% year-on-year[181]. - The total cost of goods sold was CNY 3,061,269,275.72, which increased by 10.59% compared to the previous year, resulting in a gross margin of 39.74%[183]. - Research and development (R&D) investment amounted to CNY 371,313,871.25, accounting for 7.31% of operating revenue, up from 6.75% in the previous year[194]. Market Expansion and Strategic Initiatives - The company has a strategic focus on expanding its market presence and enhancing its operational capabilities[4]. - The company projects a revenue growth of 12% for the next fiscal year, targeting 1.68 billion RMB[12]. - New product launches are expected to contribute an additional 200 million RMB in revenue in 2023[12]. - Market expansion plans include entering two new provinces, which are projected to increase market share by 5%[12]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB allocated for potential mergers[12]. - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs by the end of 2023[12]. Research and Development - The company is committed to developing new technologies and products to enhance its competitive edge in the market[4]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency[12]. - The company has 483 patents in functional materials and 25 patents in life sciences and pharmaceuticals, indicating strong R&D capabilities[135]. - The company is focusing on high-end display materials and environmental materials R&D, aiming for mass production to maintain its leading position globally[175]. - The company is actively developing new semiconductor manufacturing materials and has established partnerships with over 10 domestic and international clients[151]. - The company has been developing perovskite solar cell materials since 2014, with some products now available for supply[130]. Operational Efficiency and Cost Management - The company has implemented a 6S site management plan to improve production environment and efficiency, alongside strict adherence to standard operating procedures (SOP) and statistical process control (SPC)[162]. - The company’s energy procurement costs accounted for over 30% of total production costs, indicating significant exposure to energy price fluctuations[156]. - The average price of raw material A decreased from 112,212.39 to 108,729.17, showing a decline of approximately 4.3% in the second half of the year[135]. - The average price of raw material C increased from 1,645.87 to 1,862.83, reflecting a rise of approximately 13.2% in the second half of the year[135]. - The company reported a significant increase in the cost of raw materials, which accounted for 60.99% of total operating costs, up from 57.29% in the previous year[188]. Product Development and Portfolio - The company has optimized its business sectors from three to four, now including "Environmental Materials, Electronic Information Materials, New Energy Materials, and Life Sciences and Pharmaceuticals"[62]. - The company is positioned in the chemical raw materials and chemical products manufacturing industry, focusing on functional materials such as LCD and OLED materials[89]. - The company is actively expanding into the new energy materials sector, with products including electrolyte additives for new energy batteries and perovskite solar cell materials[108]. - The company’s OLED materials include intermediates, sublimation premonomers, and finished materials, primarily used in OLED display panels[103]. - The company has initiated the "OLED Display Materials and Other Functional Materials Phase I Project" in Yantai Chemical Park to enhance its market share in OLED sublimation precursor materials[124]. - The company has launched a project to expand production capacity for new energy materials, including lithium-ion battery electrolyte additives, to meet market demand[130]. Customer and Supplier Relationships - The company has a stable customer base, maintaining long-term cooperative relationships with key clients[143]. - The top five customers accounted for 66.18% of the total annual sales, with the largest customer contributing ¥1,200,081,438.96, or 23.62% of total sales[171]. - The company’s top five suppliers accounted for 36.76% of the total annual procurement amount, with the largest supplier contributing CNY 609,235,643.10, or 23.30%[190].