BLIIC(SZ:300135)2022-04-26 16:00Financial Performance - The company reported a significant decline in net profit compared to the same period last year due to the ongoing pandemic and extreme weather affecting project timelines and asphalt demand [4]. - The company has maintained its core business and financial indicators, which are consistent with industry trends, with no major changes reported [4]. - The company's operating revenue for 2021 was ¥2,282,086,647.90, an increase of 13.06% compared to ¥2,018,394,403.25 in 2020 [19]. - The net profit attributable to shareholders was -¥73,519,763.10, a decrease of 1,961.85% from ¥3,948,755.22 in 2020 [19]. - The net cash flow from operating activities was ¥88,133,440.03, representing a 36.63% increase from ¥64,506,679.49 in 2020 [19]. - The total assets at the end of 2021 were ¥2,423,159,512.52, a decrease of 7.56% from ¥2,621,243,301.85 at the end of 2020 [19]. - The net assets attributable to shareholders decreased by 6.67% to ¥1,169,962,058.92 from ¥1,253,575,467.70 in 2020 [19]. - The basic earnings per share for 2021 was -¥0.080, a decline of 2,100.00% from ¥0.004 in 2020 [19]. - The weighted average return on equity was -6.07%, down from 0.31% in 2020 [19]. - The company achieved operating revenue of CNY 228,208.66 million, with a net profit attributable to shareholders of CNY -7,351.97 million, indicating a significant decline compared to the previous year [64]. - The company’s total assets amounted to CNY 242,315.95 million, and the equity attributable to shareholders was CNY 116,996.20 million [64]. Business Strategy and Development - The company has proposed a profit distribution plan with no cash dividends or stock bonuses, indicating a focus on capital preservation [6]. - The company has entered the general aviation industry to diversify its revenue streams and mitigate the cyclical nature of the asphalt industry [30]. - The company established Jiangsu Baoli Aviation Equipment Investment Co., Ltd. in 2015 to enter the general aviation industry, aiming to provide operational and industrial services [36]. - The company’s aviation segment was initiated in 2015 to diversify revenue streams and mitigate the cyclical nature of the asphalt business [64]. - The company plans to enhance its integrated service capabilities by transitioning from a traditional production and transportation model to a comprehensive service platform that includes design, production, logistics, and financing [87]. - The company aims to expand its market coverage and optimize customer structure by strengthening its sales team and management mechanisms, targeting both existing and new customers [89]. - The company is focused on mitigating risks associated with accounts receivable by implementing strict credit controls and requiring asset guarantees from clients [93]. - The company is expanding its market presence in regions such as Central China, Northwest, Southwest, Xinjiang, and Tibet to drive sales growth in asphalt business [74]. Industry Trends and Market Conditions - The asphalt industry is encouraged by national policies, with a projected increase in demand over the next 30 years as China aims to build a strong transportation network by 2035 [4]. - The asphalt industry is characterized by seasonality, with peak sales typically occurring from April to November each year [32]. - The asphalt industry is characterized by strong cyclicality and seasonality, with peak sales typically occurring from April to November [39]. - The asphalt market is becoming increasingly competitive as more companies enter the sector through various means, including mergers and acquisitions [38]. - The demand for professional asphalt in China is expected to be substantial, driven by national policies promoting infrastructure development, with a long-term outlook for sustainable growth [66]. - The asphalt industry is projected to experience rapid growth due to the government's infrastructure development plans, with a fixed asset investment plan of 4 trillion yuan disclosed by several provinces for the "14th Five-Year Plan" period [84]. Research and Development - The company holds 25 national invention patents and over 20 utility model patents, reflecting its commitment to research and development [59]. - The company has established partnerships with renowned research institutions to enhance its R&D capabilities and has been recognized as a high-tech enterprise in Jiangsu Province [59]. - The company aims to improve the competitiveness of its products through various R&D projects focused on green and sustainable technologies [111]. - The company is currently developing a functional polymer for steel bridge paving to reduce costs and improve durability, with ongoing progress [110]. - A project for high-content RAP (Reclaimed Asphalt Pavement) hot recycled asphalt mixture has been completed, achieving a waste asphalt blending rate of 30% [110]. - The development of high-content non-sticky wheel emulsified asphalt has been completed, enhancing road durability and reducing maintenance costs [110]. - The company is working on a semi-flexible pavement material to combine the advantages of rigid and flexible pavements, with ongoing research [111]. - The project for high polymer nano-composite materials in asphalt applications is in progress, aiming to enhance road performance [111]. Governance and Compliance - The company maintains a governance structure that complies with relevant laws and regulations, ensuring transparency and accountability [135]. - The board of directors consists of 7 members, including 3 independent directors, ensuring compliance with governance standards [136]. - The company has established a performance evaluation and incentive mechanism for senior management to enhance operational efficiency [137]. - The company emphasizes investor relations, providing multiple channels for communication and ensuring fair access to information for all shareholders [137]. - The company operates independently from its controlling shareholders, ensuring complete autonomy in assets, personnel, finance, and business operations [138]. - The company has adhered to legal and regulatory requirements in its operations, ensuring compliance with the Company Law and Securities Law [138]. - The company has established a robust internal control system to mitigate operational risks and ensure effective management [174]. - The company has implemented a comprehensive governance structure in compliance with relevant laws and regulations, enhancing decision-making fairness and ensuring sustainable operations [182]. Employee Management and Development - The company has a total of 328 employees at the end of the reporting period, with 107 in the parent company and 221 in major subsidiaries [167]. - The employee composition includes 123 production personnel, 46 sales personnel, 77 technical personnel, and 36 financial personnel [168]. - The company emphasizes a salary management system that links compensation to job performance, enhancing employee satisfaction and stability [169]. - The training program focuses on both internal and external development, aiming to improve employees' skills and management capabilities [170]. - The company has established a talent strategy to support its growth and development, focusing on high-quality talent recruitment and training [170]. Financial Management - The company has committed to improving its capital operations through refinancing to support business growth and reduce financing costs [89]. - The company has not reported any related party transactions during the reporting period [165]. - The company has not engaged in any major asset or equity sales during the reporting period [128][129]. - The company has not experienced any changes in the tenure of directors, supervisors, or senior management during the reporting period [142]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [181]. - The company has not engaged in any joint external investments during the reporting period [197].