VTR(SZ:300381)2022-04-22 16:00Financial Performance - The company's operating revenue decreased by 1.18% compared to the same period last year[4]. - The net profit attributable to shareholders decreased by 173.53% year-on-year, primarily due to asset impairment losses, rising raw material and energy prices, and production limitations caused by power outages[4]. - The company's operating revenue for 2021 was ¥1,892,160,336.27, a decrease of 1.18% compared to ¥1,914,764,458.88 in 2020[17]. - The net profit attributable to shareholders was -¥118,910,123.08, representing a decline of 173.53% from ¥161,706,004.11 in the previous year[17]. - The net cash flow from operating activities decreased by 46.27% to ¥216,929,263.66 from ¥403,726,106.50 in 2020[17]. - The total assets at the end of 2021 were ¥4,479,934,615.27, down 4.12% from ¥4,672,225,564.65 at the end of 2020[17]. - The company's basic earnings per share for 2021 was -¥0.2426, a decrease of 169.89% compared to ¥0.3471 in 2020[17]. - The weighted average return on equity was -4.10%, a decline of 10.04% from 5.94% in the previous year[17]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, with a figure of -¥133,979,417.42 for 2021[17]. - The company's revenue decreased by 1.18% compared to the previous year, while the net profit attributable to shareholders dropped by 173.53% due to various factors including impairment losses related to the vitamin B12 business[38]. Asset Management and Divestment - The company plans to divest assets related to its biopharmaceutical segment to alleviate operational burdens and enhance cash flow, aiming for faster industrial upgrades[4]. - The company is currently planning to divest its pharmaceutical business assets while continuing to operate in the biopharmaceutical and biomanufacturing sectors[33]. - The company plans to acquire minority stakes in subsidiaries to enhance its strategic position in the market[146]. Market Position and Industry Trends - The company is positioned in the growing bioenzyme preparation industry, which is expected to see stable high growth due to increasing demand from downstream industries[28]. - The steroid hormone raw material drug industry in China has become a global production center, with the country's annual output accounting for about one-third of the world's total[28]. - The functional feed additive market in China grew from RMB 25.05 billion in 2009 to RMB 48.4 billion in 2017, with a CAGR of approximately 9%[29]. - The demand for functional feed additives is expected to increase due to the "antibiotic-free" trend, leading to accelerated industry consolidation and growth opportunities for companies with core technologies[29]. - The company is the largest supplier of feed enzymes in China and aims to solidify its leading position while expanding internationally to capture new market shares[32]. - The market for antibiotic alternatives in feed additives is expected to grow significantly following the implementation of the Ministry of Agriculture's 2019 announcement prohibiting the use of growth-promoting drug additives[32]. Research and Development - The company has a strong focus on R&D, with 4 proprietary technologies, 11 core technologies, and 227 invention patents[40]. - Research and development expenses increased by 5.66% year-on-year, attributed to new technology introductions and increased personnel costs[43]. - The company is developing new products, including a new type of protease for cleaning products, which has completed experimental development and is in the sales phase[63]. - There are ongoing R&D projects aimed at optimizing enzyme production processes to reduce costs and enhance product competitiveness[63]. - The company has filed for 10 new patents in the last year, focusing on innovative biotechnological solutions[129]. Corporate Governance - The company has established a governance structure that complies with the requirements of the Company Law and the Shenzhen Stock Exchange regulations, ensuring effective internal control and risk management[115]. - The board of directors consists of 7 members, including 3 independent directors, and has established four specialized committees to enhance governance effectiveness[116]. - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and financial management, ensuring no interference in its operations[119]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation to performance effectively[116]. - The company has a complete and independent financial management system, with dedicated accounting personnel and independent decision-making capabilities[119]. Environmental Responsibility - The company reported a total of 749.32 tons of hazardous waste generated, with a permitted discharge of 1477.5 tons per annum, and no instances of exceeding discharge limits[172]. - The concentration of non-methane total hydrocarbons was reported at 0.73 mg/l, well below the standard of 120 mg/l[172]. - The company has a total nitrogen discharge concentration of 7 mg/l, which is below the regulatory limit of 40 mg/l[172]. - The company has achieved a total COD discharge of 36.25 mg/L, significantly below the limit of 450 mg/L, with an annual total of 0.6406 tons[173]. - The company has engaged third-party services for hazardous waste disposal, ensuring compliance with environmental regulations[187]. Employee and Stakeholder Engagement - The company has established a performance evaluation system for senior management, ensuring that employee income is closely linked to work performance[150]. - The company conducted various online training sessions during the reporting period to enhance employees' professional knowledge and skills[151]. - The participation rate of investors in the 2021 annual general meeting was 36.76%, indicating a strong engagement from shareholders[120]. - The company emphasizes employee rights protection and implements various training programs to enhance employee skills[190]. - The company actively fulfills its corporate social responsibilities while creating value for shareholders[189]. Future Outlook - The company expects a revenue growth of 10% to 12% for the upcoming fiscal year, projecting revenues between 1.32 billion RMB and 1.344 billion RMB[129]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales in that region by 2023[129]. - Future guidance indicates a revenue growth target of 20% for the next fiscal year, aiming for 1.44 billion RMB[199]. - The company is exploring partnerships with local distributors to enhance supply chain efficiency, which is expected to reduce costs by 5%[200].