RUIFENG CHEM(SZ:300243)2022-03-30 16:00Financial Performance - The company's revenue for 2021 reached ¥1,858,407,907.25, representing a 42.75% increase compared to ¥1,301,874,623.93 in 2020[31]. - Net profit attributable to shareholders was ¥92,868,545.21, an increase of 8.80% from ¥85,354,039.84 in the previous year[31]. - The net profit after deducting non-recurring gains and losses was ¥106,169,960.01, up 33.81% from ¥79,345,621.25 in 2020[31]. - The net cash flow from operating activities was ¥111,139,670.47, a significant increase of 121.27% compared to ¥50,227,627.89 in 2020[31]. - Basic earnings per share increased to ¥0.40, up 8.11% from ¥0.37 in 2020[31]. - Total assets at the end of 2021 were ¥1,688,335,544.59, reflecting a 28.19% increase from ¥1,317,092,667.59 at the end of 2020[31]. - Shareholders' equity attributable to the company was ¥894,038,413.51, a 19.87% increase from ¥745,843,493.19 in 2020[31]. - The company achieved total operating revenue of CNY 1,858.41 million, a year-on-year increase of 42.75%[78]. - The net profit attributable to shareholders reached CNY 92.87 million, reflecting an 8.80% year-on-year growth[78]. Production Capacity and Expansion - The company added 20,000 tons of MBS and 20,000 tons of MC production capacity in both 2020 and 2021, with ongoing projects including a 60,000 tons biodegradable polymer material PBAT project and a 20,000 tons epoxy chloropropane project[10]. - The company has a total production capacity of 180,000 tons, with ACR and MBS products each having a capacity of 70,000 tons, and MC products having a capacity of 40,000 tons[42]. - The company has expanded into the engineering plastic additives market, achieving a production capacity of 30,000 tons per year for engineering plastic additives by modifying existing MBS production lines[44]. - The company plans to invest in a new production capacity of 16,000 tons/year for ACR impact modifiers and has a total capacity of 70,000 tons/year for ACR products with a utilization rate of 97.53%[68]. - The company plans to expand its production capacity with new projects, including a 60,000 tons/year biodegradable polymer material PBAT project[112]. Market and Competition - The company faces intensified competition in the ACR product market, necessitating ongoing product development and quality improvements to avoid homogenization risks[9]. - The company is actively expanding its product lines, including new ventures into engineering plastic additives and biodegradable materials, while acknowledging the associated market and technical risks[12]. - The company is entering new product areas, including engineering plastic additives and biodegradable materials PBAT, which may face market competition and demand uncertainties[145]. - The company is exploring the competitive landscape of biodegradable materials and the implications of national policies on degradable materials[149]. - The company is assessing the impact of new capacity on market demand and profitability for biodegradable products[151]. Research and Development - The company is focusing on R&D for new products such as ACR processing aids and MBS impact modifiers[25]. - The company is committed to transparency regarding its patent applications and any related disputes in the PBAT sector[151]. - The company is engaged in ongoing research and development for PBAT technology to enhance production efficiency[149]. - The company’s R&D investment amounted to ¥93,013,659.39 in 2021, representing 5.01% of operating revenue, an increase from 4.84% in 2020[105]. - The company is developing high compatibility MBS resin to meet market demands for improved compatibility and transparency[103]. Raw Material Management - The company has experienced significant fluctuations in raw material prices, with styrene and butadiene prices rising sharply in the first half of the year before declining in the fourth quarter[5]. - The company has implemented measures to mitigate risks related to raw material price volatility, including diversifying procurement channels and adjusting sales prices accordingly[5]. - The average procurement price of methyl methacrylate increased by 20.57% from the previous year, reaching 11,299.22 CNY/ton[66]. - The procurement cost of butadiene rose by 35.97% year-on-year, with the current price at 7,647.04 CNY/ton[66]. - The average procurement price of acrylic acid butyl ester increased by 93.60% from the previous year, now at 13,667.60 CNY/ton[66]. Legal and Compliance - The company has a legal dispute involving patent rights with Zhongke Qicheng New Materials Technology (Hainan) Co., Ltd., with the latest developments indicating a favorable outcome for the company[13]. - The company has established a complete governance structure in accordance with the Company Law and its articles of association[164]. - The company has implemented a robust information disclosure system to ensure timely and accurate communication with investors[161]. - The company has not reported any significant related party transactions or conflicts of interest[167]. Financial Management - The company completed the issuance of 3.4 billion CNY in convertible bonds to fund the construction of a 60,000-ton PBAT biodegradable plastic project and to supplement working capital[83]. - The company raised a total of CNY 34,000 million through the issuance of convertible bonds, with a net amount of CNY 333,448,330.19 after deducting issuance costs[125]. - The company reported a net increase in cash and cash equivalents of ¥95,368,018.85, a remarkable rise of 245.69% compared to ¥27,587,564.69 in 2020, mainly due to funds raised from convertible bonds[107]. - The company has a comprehensive production capacity of 180,000 tons, with advanced production equipment and high automation levels[74]. Corporate Governance - The company has established independent operational capabilities, ensuring no interference from controlling shareholders in decision-making[159]. - The governance structure is compliant with relevant laws and regulations, enhancing transparency and shareholder rights[158]. - The company has maintained a stable management structure, with no reported penalties from regulatory bodies for its executives[171][173]. - The company’s board and management team have maintained stable shareholding structures with no significant changes reported during the period[167]. Employee Management - The company had a total of 888 employees at the end of the reporting period, with 659 in the parent company and 221 in major subsidiaries[198]. - The professional composition includes 219 production personnel, 67 sales personnel, 90 technical personnel, 17 financial personnel, and 87 administrative personnel[198]. - Specific training plans have been developed for various positions, including onboarding, management training, and safety training, to improve employee skills and knowledge[200].