YKS(SZ:300209)2022-04-28 16:00Financial Performance - The company achieved operating revenue of 1.764 billion RMB in 2021, a decrease of 64.91% compared to the previous year[6]. - The net profit attributable to the parent company was -2.676 billion RMB, indicating significant losses[6]. - The company's operating revenue for 2021 was ¥1,763,975,805.34, a decrease of 64.91% compared to ¥5,026,531,094.60 in 2020[26]. - The net profit attributable to shareholders was -¥2,676,053,483, representing a decline of 207.30% from -¥870,832,785.3 in the previous year[26]. - The basic and diluted earnings per share were both -¥6.4200, a decrease of 208.95% compared to -¥2.078 in 2020[26]. - The total assets at the end of 2021 were ¥1,276,219,550, down 71.87% from ¥4,537,247,145 at the end of 2020[26]. - The net assets attributable to shareholders decreased by 86.16% to ¥431,012,422.08 from ¥3,113,566,204 in 2020[26]. - The net cash flow from operating activities was -¥31,071,590.15, an improvement of 88.90% compared to -¥279,967,662.4 in 2020[26]. - The company reported a quarterly operating revenue of ¥797,715,609.16 in Q1 2021, which decreased to ¥287,868,427.00 by Q4 2021[29]. - The net profit attributable to shareholders in Q4 2021 was -¥1,520,366,534.44, significantly higher than the losses in previous quarters[29]. Cross-Border E-Commerce Performance - Cross-border e-commerce revenue was 1.588 billion RMB, down 66.55% year-on-year due to adverse market conditions[8]. - The total revenue from the company's cross-border e-commerce business was 1.588 billion CNY, representing a 66.55% decrease compared to 2020[44]. - The company's sales on Amazon amounted to 520.74 million CNY, a decline of 65.86% year-on-year[44]. - The core product categories included home improvement and household goods with revenue of 509.92 million CNY, and electronic products with revenue of 405.03 million CNY[45]. - The company has established a sales network covering over 200 countries and regions, utilizing platforms like Amazon, AliExpress, and Shopee[44]. - The company's cross-border e-commerce business revenue decreased significantly by 66.55% year-on-year due to adverse changes in Amazon's platform policies and intense competition in the European and American markets[96]. Inventory and Asset Management - The company recognized inventory impairment provisions of 771 million RMB for cross-border e-commerce business[7]. - A goodwill impairment provision of 724 million RMB was made related to the acquisition of Shenzhen Youkeshu Technology Co., Ltd.[7]. - Bad debt provisions of 104 million RMB were recorded due to slow progress in unfreezing funds on the Amazon platform[7]. - The company reported a significant investment loss of -10,100,965.44 RMB from the disposal of a subsidiary, indicating non-sustainable income sources[75]. - The company recorded an asset impairment loss of 1,592,587,045.03 RMB, primarily due to goodwill impairment and inventory write-downs[75]. - Inventory decreased to 257,013,734.70 RMB, down 6.69% as a result of selling off slow-moving stock and recognizing inventory impairment[77]. Operational Strategies and Future Outlook - The company plans to optimize operational efficiency and business models to adapt to external market changes[8]. - Despite challenges, the company remains optimistic about the long-term development of the cross-border e-commerce industry[8]. - The company aims to become a global leader in the cross-border e-commerce export industry, leveraging China's manufacturing and supply chain advantages[42]. - The company is focusing on expanding its cross-border e-commerce business in emerging markets such as Latin America and Southeast Asia through platforms like AliExpress and Shopee[93]. - The company plans to enhance its overseas warehouse and FBA procurement systems to improve data accuracy and operational efficiency, with a projected completion in 2022[68]. - The company is committed to diversifying its sales platforms and exploring new markets in Southeast Asia to enhance resilience against risks[88]. Governance and Compliance - The company emphasizes social responsibility and maintains communication with stakeholders to promote balanced interests[108]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information is provided to investors[110]. - The company has established a fair and transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[107]. - The company has not engaged in any related party transactions that would harm the interests of minority shareholders[104]. - The company is committed to maintaining transparency in its operations and governance, as evidenced by the detailed reporting of management changes[125]. - The company has established a framework to avoid any improper benefits through related party transactions, ensuring that losses incurred due to violations will be borne by the responsible parties[190]. Employee and Management Changes - The company experienced a significant management change with the resignation of Vice General Manager Tang Xiangsu and Director Yu Ronggang due to personal reasons[125]. - The company appointed Zhang Jun as Vice General Manager and Secretary of the Board on February 1, 2021, indicating a strategic shift in management[125]. - The total number of employees at the end of the reporting period was 1,030, with 1,012 from major subsidiaries and 18 from the parent company[145]. - The company has a total of 1,030 employees, with 160 in production, 320 in sales, 201 in technology, 79 in finance, 46 in administration, and 224 in management and other roles[146]. Research and Development - Research and development expenses decreased by 61.30% to 22,899,392.60 CNY, primarily due to a reduction in the number of R&D personnel[67]. - Research and development expenditure amounted to 38,468,689.53 RMB, representing 2.18% of operating revenue, an increase from 1.12% in the previous year[72]. - The number of R&D personnel decreased by 63.88% to 121, while their proportion of total employees remained stable at 11.75%[72]. - Research and development expenses increased by 30% in 2021, totaling 300 million RMB, focusing on AI and machine learning technologies[132]. Environmental Impact - The company operates primarily in the e-commerce sector, focusing on the retail and wholesale industry chain's downstream, with minimal environmental impact[161]. - No administrative penalties were incurred during the reporting period due to environmental issues[161]. - The company does not engage in major production activities, thus not participating in significant pollution control measures[161]. - The logistics model relies on third-party logistics companies for cross-border transportation, further reducing direct environmental impact[161]. Shareholder Engagement - The company held 1 annual general meeting and 5 extraordinary general meetings in 2021, ensuring shareholders' rights were upheld[103]. - The board of directors consists of 7 members, including 3 independent directors, and held 10 board meetings in 2021[105]. - The supervisory board has 3 members, including 1 employee supervisor and 2 shareholder supervisors, and convened 8 meetings in 2021[106]. - The company held its first temporary shareholders' meeting on January 11, 2021, with an investor participation rate of 24.49%[120].