华夏航空(002928) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was ¥3,967,414,529.34, a decrease of 16.08% compared to ¥4,727,891,755.42 in 2020[6]. - The net profit attributable to shareholders for 2021 was -¥98,709,575.91, representing a decline of 116.11% from ¥612,889,904.77 in 2020[6]. - The net profit after deducting non-recurring gains and losses was -¥106,244,395.43 in 2021, down 121.36% from ¥497,423,896.75 in 2020[6]. - The net cash flow from operating activities was ¥915,326,273.22, a decrease of 9.16% from ¥1,007,667,347.40 in 2020[6]. - The total assets at the end of 2021 were ¥16,202,858,827.78, an increase of 40.80% from ¥11,507,588,172.59 at the end of 2020[6]. - The net assets attributable to shareholders decreased by 8.15% to ¥3,616,430,226.42 at the end of 2021 from ¥3,937,458,588.62 at the end of 2020[6]. - In 2021, the company reported a basic earnings per share of -¥0.0975, down 115.23% from ¥0.6400 in 2020[6]. - The company achieved operating revenue of 3.967 billion yuan, a decrease of 16.08% year-on-year, primarily due to the impact of the ongoing COVID-19 pandemic and related travel restrictions[74]. - Passenger revenue accounted for ¥3,658,184,719.99, representing 92.21% of total revenue, down 19.44% from ¥4,540,857,508.91 in 2020[107]. - Operating costs totaled ¥3,786,313,761.62, a decrease of 7.06% from ¥4,073,913,789.20 in 2020[111]. Operational Challenges - The total passenger turnover (RPK) for the year was significantly impacted by market conditions, reflecting a need for strategic adjustments[7]. - The management team highlighted the necessity of adapting to changing market dynamics to achieve set performance targets[7]. - The company experienced a significant decline in quarterly performance, with the third quarter showing a net profit of -¥142,349,913.70[7]. - The average daily aircraft utilization rate was 5.81 hours, a decrease of 32% year-on-year, reflecting operational challenges during the pandemic[74]. - The available ton-kilometers (ATK) decreased by 21.67% year-on-year to 95,473.27 million kilometers, with domestic ATK down by 21.34% and international ATK down by 72.35%[92]. - The available seat-kilometers (ASK) fell by 19.68% to 857,948.54 million kilometers, with domestic ASK down by 19.35% and international ASK down by 71.83%[92]. - The passenger turnover (RPK) decreased by 16.55% to 620,829.08 million kilometers, with domestic RPK down by 16.20% and international RPK down by 84.11%[92]. - The cargo and mail turnover (RFTK) decreased by 31.65%, reflecting a significant drop in international cargo turnover by 99.47%[92]. Strategic Initiatives - The company aims to enhance its market presence and operational efficiency in the upcoming fiscal year[7]. - Future growth strategies include potential market expansions and partnerships to increase route offerings[7]. - The company has committed to ongoing research and development of new technologies to improve service delivery and operational capabilities[7]. - The company is focused on improving its comprehensive load factor and passenger load factor to enhance profitability[7]. - The company has signed a long-term route cooperation agreement with the Wuhu municipal government to develop Wuhu as a regional aviation hub[87]. - The company launched 7 new cross-province routes from Quzhou, enhancing travel options for local residents[87]. - The company aims to enhance safety culture and capabilities while expanding its transportation network[171]. - The company plans to maintain its strategic goal of becoming a "world-class regional airline industry integration leader" while adhering to pandemic prevention measures in 2022[171]. Market Trends and Industry Insights - The domestic aviation industry saw a passenger transport volume of 441 million in 2021, a year-on-year increase of 5.5%[48]. - By the end of 2021, the total number of airports in China reached 248, with 199 airports having an annual throughput of less than 3 million passengers[53]. - It is projected that by 2025, the number of civil transport airports in China will exceed 270, with most new airports being regional airports, indicating significant growth potential for regional aviation[53]. - The demand for regional aviation is driven by the economic development needs of small and medium-sized cities, which require improved accessibility to facilitate tourism and business travel[54]. - The government plans to increase the number of civil transport airports to approximately 450 by 2035, further supporting the expansion of regional aviation services[53]. - Local governments are actively promoting the development of regional aviation, implementing measures to attract airlines and enhance airport infrastructure[59]. - The regional aviation sector is characterized by high operational demands, including frequent takeoffs and landings, which require advanced dispatch and operational capabilities[65]. Risk Management - The company emphasizes the importance of risk awareness among investors regarding its forward-looking statements[7]. - The company faces risks from macroeconomic fluctuations, which can impact demand in the aviation sector due to its reliance on business, trade, and tourism[184]. - The company is exposed to fuel price volatility, which significantly affects operational costs and profit levels, with recent adjustments in fuel surcharge mechanisms[187]. - The company manages foreign exchange risks related to aircraft purchases and maintenance materials, which are primarily denominated in USD[190]. - The company primarily holds interest-bearing debt in RMB and USD, with fluctuations in interest rates posing a risk to interest expenses[191]. - The company aims to optimize its capital structure and broaden financing channels to mitigate risks associated with interest rate fluctuations[191]. Research and Development - The company has established a risk management system for derivative investments, including regular internal audits to effectively prevent risks[148]. - The company is in the trial production phase for several R&D projects, including a smart airport system and a customer relationship management system, with no significant impact on profits expected[123]. - Research and development expenses increased by 5.75% to 21,472,067.44 yuan, accounting for 0.54% of operating revenue[126]. - The number of R&D personnel decreased by 10.14% to 186, with a notable drop in master's degree holders by 45.45% to 6[126]. Subsidiaries and Investments - The company has established several subsidiaries, including Huaxia Aviation Education Technology Co., Ltd., which generated a net profit of 22.65 million yuan, contributing significantly to the overall profit[168]. - The company invested in new subsidiaries, including a travel agency with a registered capital of ¥300,000 and an aviation industry company with ¥10 million in registered capital[114][115]. - The company has temporarily supplemented working capital with idle raised funds amounting to CNY 100 million, which will be returned within twelve months[158]. - The company has changed the use of part of the raised funds to purchase aircraft, with the decision approved by the board and independent directors[161].