YUXING(SZ:300305)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was CNY 1,365,126,378.96, representing a 36.48% increase compared to CNY 1,000,211,314.28 in 2020[16]. - The net profit attributable to shareholders for 2021 was CNY 241,242,934.89, a 54.45% increase from CNY 156,197,258.34 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was CNY 226,190,630.56, up 78.34% from CNY 126,830,447.44 in 2020[16]. - The basic earnings per share for 2021 was CNY 0.8451, reflecting a 56.01% increase from CNY 0.5417 in 2020[16]. - The total assets at the end of 2021 amounted to CNY 2,121,907,514.98, a 9.32% increase from CNY 1,940,919,121.28 at the end of 2020[16]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,818,017,934.84, an 8.66% increase from CNY 1,673,120,540.34 in 2020[16]. - The net cash flow from operating activities for 2021 was CNY 168,480,215.72, which is a 37.96% increase compared to CNY 122,119,172.50 in 2020[16]. - The weighted average return on equity for 2021 was 13.87%, up from 9.84% in 2020[16]. Market and Industry Trends - The domestic photovoltaic industry saw a 13.90% year-over-year increase in newly installed capacity, reaching 54.88 GW in 2021, with expectations for continued growth in the coming years[31]. - The overall demand for functional polyester films is expected to continue growing rapidly in the industrial sector, driven by advancements in raw materials and processing technologies[27]. - The demand for functional polyester films in the photovoltaic backsheet market continues to grow, driven by the rapid development of the solar photovoltaic industry and the emergence of new applications such as transparent backsheets[32]. - In 2021, the production capacity of power lithium batteries in China reached 220 GWh, a year-on-year increase of 165%, indicating a significant growth in demand for functional polyester films used in battery applications[34]. - The company is actively expanding its market presence, focusing on both domestic sales and international markets, with a self-operated export sales model[34]. Product Development and Innovation - The company is advancing the construction of a high-end functional polyester film project with an annual production capacity of 500 million square meters and a special solar backsheet polyester film production line with an annual capacity of 28,000 tons[27]. - The company is expanding its precision coating processing business to enhance the functionality of polyester films, targeting applications in optical release films and protective films[28]. - The company is focused on continuous improvement of product quality, achieving higher product yield rates through standardized quality control processes[48]. - The company emphasizes innovation and R&D, with ongoing development of new products such as high-transparency polyester films and medical film applications[46]. - The company is developing new products such as high-transparency low-haze conductive films and OCA optical adhesive films, which are expected to enhance market competitiveness[64]. Financial Management and Investments - The company issued 6 million convertible bonds, raising a total of ¥600 million, with a net amount of ¥591 million after deducting issuance costs[50]. - The company has a design capacity of 120,000 tons for polyester films, with a capacity utilization rate of 97.03%[38]. - The company has pledged 12,745.49 million in cash and bills to banks for credit facilities, indicating a reliance on external financing[74]. - The company reported a total of 482 employees at the end of the reporting period, with 336 in production roles[120]. - The company has a training plan that includes various training types, aiming to enhance employee skills and professional qualities[123]. Risk Management - The company faces risks related to raw material price fluctuations, intensified market competition, and high customer concentration[4]. - The company has implemented measures to mitigate the impact of rising raw material prices, including long-term contracts with suppliers[90]. - The company is actively managing project construction risks to ensure timely completion of new production lines[88]. Governance and Compliance - The company has established a robust governance structure in line with legal requirements, enhancing operational transparency and accountability[139]. - The company has maintained effective internal controls related to financial reporting with no significant deficiencies identified during the reporting period[134]. - The company has committed to ensuring independent operations, including independent management and financial systems, to protect shareholder interests[148]. - The company has established a performance evaluation and incentive mechanism linking management compensation to operational performance[90]. Shareholder Structure - The total number of shares outstanding is 288.75 million, with 19.45% being restricted shares[187]. - The company maintains a strong shareholder structure, with 80.55% of shares being unrestricted[187]. - Wang Jianxin is the largest shareholder, holding 23.62% of the shares, equivalent to 68,213,400 shares[192]. - The company has a diverse shareholder base, with significant holdings from both individual and institutional investors[193].