Jiayu (SZ:300117)2022-04-25 16:00Financial Performance - The company experienced a significant decline in performance, reporting a total impairment loss of approximately 1,308.35 million CNY, including 846.29 million CNY in credit impairment losses and 462.05 million CNY in asset impairment losses[5]. - The company's operating revenue for 2021 was ¥1,429,580,885.28, a decrease of 31.22% compared to ¥2,078,633,676.06 in 2020[24]. - The net profit attributable to shareholders was -¥1,347,833,122.56 in 2021, a decline of 1,767.76% from ¥80,816,729.13 in 2020[24]. - The total assets at the end of 2021 were ¥4,502,265,170.67, down 18.34% from ¥5,513,566,072.65 at the end of 2020[24]. - The net assets attributable to shareholders decreased by 93.14% to ¥100,013,923.88 from ¥1,457,192,149.38 in 2020[24]. - The basic earnings per share for 2021 was -¥1.880, a drop of 1,809.09% compared to ¥0.11 in 2020[24]. - The company reported a total of ¥60,088,513.58 in revenue deductions for 2021, compared to ¥29,025,936.21 in 2020[24]. - The company reported a significant increase in cash flow from operating activities in Q3 2021, reaching ¥433,468,396.73[26]. - The net cash flow from operating activities increased significantly to ¥251,742,033.88, up 1,561.28% from ¥15,153,508.64 in 2020[24]. Business Strategy and Market Position - The company plans to maintain a prudent approach to market development and risk control in response to ongoing pressures from the pandemic and macroeconomic regulations in the real estate sector[5]. - The company is actively engaged in signing new contracts for clean heating projects and total contracting for new energy PC, although project execution has been delayed due to external factors[5]. - The company is committed to expanding its photovoltaic and wind power EPC business, leveraging its project management capabilities[49]. - The company is focusing on the development of prefabricated buildings and green low-carbon construction as part of its future strategy[127]. - The company aims to enhance its brand advantage and select high-quality clients to mitigate operational risks and ensure steady growth in the system doors and windows business[131]. - The company plans to increase research and development investment in high-efficiency photovoltaic components and expand production capacity as needed to strengthen its market position[131]. Industry Trends and Challenges - The photovoltaic module business faced challenges due to fluctuations in the prices of upstream materials, leading to a decline in both revenue and profit from this segment[5]. - The construction decoration industry is transitioning from high-speed growth to high-quality development, with energy-saving standards for new buildings being a key focus[34]. - The company’s window and curtain wall business faced challenges, resulting in losses for the 2021 fiscal year, but it has made breakthroughs in the renewable energy sector to enhance resilience[46]. - The ongoing COVID-19 pandemic poses risks to production and operations, with potential impacts on various business performance metrics[144]. - The company has seen a significant increase in litigation cases due to the Evergrande incident, leading to further impairment losses being recognized in accordance with accounting standards[145]. Research and Development - The company is actively engaged in the research and development of energy-saving technologies and products, aligning with national policies for urban renewal and energy efficiency[39]. - The company added 15 new photovoltaic technology patents during the reporting period, bringing the total to 138 patents[48]. - The company is committed to technological innovation, focusing on the research and development of high-efficiency photovoltaic battery components and upgrading production capabilities[59]. - The company has completed the development of a balcony solar thermal window system, which has passed the Ministry of Housing and Urban-Rural Development's technology assessment, and is currently promoting its application in mid-to-high-rise residential buildings[106]. Governance and Compliance - The company adheres to strict governance structures and has established independent operational capabilities separate from its controlling shareholder[149]. - The company is committed to transparent information disclosure, ensuring all investors have equal access to company information[158]. - The company has been proactive in addressing compliance issues following regulatory warnings[177]. - The company has a governance structure that does not include differential voting rights arrangements[164]. Employee and Management Structure - The total number of employees at the end of the reporting period is 804, including 189 at the parent company and 615 at major subsidiaries[191]. - The professional composition includes 182 production personnel, 29 sales personnel, 357 technical personnel, 83 financial personnel, and 153 administrative personnel[191]. - The company has a diverse management team with various roles across multiple subsidiaries and affiliated companies[179]. - The company continues to expand its management structure with executives holding multiple positions across different entities[179]. Future Outlook - The company expects to achieve a contract amount of 7 billion yuan in 2022, with 6 billion yuan from the new energy sector and 1 billion yuan from the doors and windows business[132]. - The company has set a future outlook with a revenue target of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20%[171]. - The management team has emphasized a focus on sustainability, aiming for a 30% reduction in carbon footprint by 2025[171]. - The company plans to enhance asset management and improve asset liquidity by restructuring its existing production bases[136].