保力新(300116) - 2021 Q4 - 年度财报

Financial Performance - The company achieved operating revenue of 164 million yuan, an increase of 16.37% compared to the same period last year[5]. - The net profit attributable to the parent company was a loss of 133 million yuan, a reduction of 21.94% in losses year-on-year[5]. - The company's operating revenue for 2021 was RMB 163,505,219.43, representing a 16.37% increase compared to RMB 140,504,993.97 in 2020[76]. - The net profit attributable to shareholders for 2021 was a loss of RMB 133,322,924.74, an improvement of 21.94% from a loss of RMB 170,795,598.86 in 2020[76]. - The net cash flow from operating activities was RMB 12,737,460.36, a significant increase of 103.62% compared to a negative cash flow of RMB 352,205,283.73 in 2020[76]. - The company's basic and diluted earnings per share for 2021 were both -0.03, an improvement of 25.00% from -0.04 in 2020[76]. - The net profit of the company, excluding non-recurring losses, totaled -340 million yuan for 2020 and 2021[41]. - The operating loss was 135 million yuan, a reduction of 33.60% year-on-year, while the net profit attributable to shareholders was a loss of 133 million yuan, down 21.94% from the previous year[109]. Market and Product Development - The company is developing new formulation systems to reduce material costs in response to rising raw material prices for lithium batteries[10]. - The company is actively pursuing market expansion and new product development in the energy storage and electric vehicle sectors[68]. - The company has focused on the development of lithium-ion batteries, particularly in the low-speed and light transportation sectors[68]. - The company primarily produces 32700 cylindrical lithium iron phosphate batteries, facing competition from other battery technologies in both low-speed electric vehicles and energy storage markets[47][49]. - The company has developed various standard products and modules for small-scale energy storage, actively expanding into markets in Japan, the USA, India, and Africa[120]. - The company is developing a new lithium manganese oxide battery to meet market demand, aiming to enhance product variety and competitiveness[1]. - The company has improved the cycle performance of existing lithium iron phosphate batteries to meet specific market demands for long cycle life[1]. Production and Operational Efficiency - The company is executing a special upgrade plan to improve yield rates and material usage efficiency, aiming to save energy consumption in factories[10]. - The production capacity utilization rate was relatively low, leading to higher production costs and a smaller overall sales scale[118]. - The company has established a standardized management system and implemented refined management, significantly improving product quality and performance[109]. - The company has implemented a strict supplier management control program to ensure the quality of raw materials used in production[109]. - The company is focusing on optimizing production processes to shorten production cycles and enhance efficiency, which is expected to improve overall competitiveness[1]. Financial Strategy and Investments - The company plans to increase its net assets through a specific stock issuance, providing funding support for technological upgrades and R&D investments[10]. - The company has initiated a stock issuance to specific targets in April 2022, which is progressing smoothly and is expected to improve long-term operating performance[42]. - The company has signed investment agreements for a project to produce 5 million low-speed intelligent travel vehicles, with local government support[35]. - The company plans to invest in 17GWh lithium battery cell and 10GWh PACK capacity projects in Sanmenxia, Zaozhuang, and Huangshi, with local government backing[38]. - The company reported a net cash outflow from financing activities of ¥56,730,048.53 in 2021, a significant decrease from a net inflow in 2020[145]. Risks and Challenges - The company is facing high production costs and a small order scale, which affects its operating revenue[5]. - The company faces risks related to the inability to implement projects on time due to limited financial resources and reliance on local government support[38]. - The competitive landscape is intensifying with both domestic and international players entering the energy storage and low-speed vehicle markets[51][54]. - The company has not identified any major risks related to the fulfillment of contracts[129]. Shareholder and Management Information - Mr. Li Yao's stock holdings were passively reduced due to a court ruling, resulting in a decrease from 6.05% to 3.51% of total shares held[29]. - The controlling shareholder has committed to ensuring a net profit of no less than RMB 300 million from January 1, 2020, to December 31, 2022, or will compensate the company in cash[38]. - The company is pursuing a remaining performance compensation of RMB 4.093 billion from Mr. Li Yao, following his previous compensation of approximately RMB 11.09 billion[34]. Research and Development - Research and development (R&D) investment reached ¥9,592,742.93 in 2021, accounting for 5.87% of operating revenue, a significant increase from 0.14% in 2020[144]. - The company reduced its R&D personnel by 47.73% from 44 in 2020 to 23 in 2021, while the proportion of R&D personnel to total staff increased from 5.44% to 7.57%[144]. - The average cost reduction for new inorganic lithium iron phosphate products is expected to be no less than 13%[1]. Cash Flow and Asset Management - The company achieved a significant increase in operating cash inflow, totaling ¥275,407,834.11 in 2021, representing a 147.74% increase compared to 2020[145]. - Operating cash outflow decreased to ¥262,670,373.75, down 43.31% from the previous year, resulting in a net cash inflow from operating activities of ¥12,737,460.36, a turnaround from a net outflow in 2020[145]. - Cash and cash equivalents decreased by 10.39% from 144,739,368.78 CNY (18.67% of total assets) to 58,255,063.33 CNY (8.28% of total assets) due to investments and debt repayments[154]. - Accounts receivable decreased by 3.89% from 150,372,952.07 CNY (19.40% of total assets) to 109,197,810.31 CNY (15.51% of total assets) as a result of effective collection efforts[154]. - Inventory increased by 6.98% from 105,703,014.28 CNY (13.64% of total assets) to 145,180,250.77 CNY (20.62% of total assets) due to rising lithium battery prices[154].