THD(SZ:300397)2022-04-25 16:00Financial Performance - The company reported a significant decline in performance during the reporting period, with specific reasons and measures for improving profitability detailed in the management discussion section [4]. - The profit distribution plan approved by the board proposes a cash dividend of 0.00 RMB per 10 shares, with no bonus shares issued, based on a total of 517,636,745 shares [4]. - The company's operating revenue for 2021 was ¥558,578,734.86, a decrease of 54.31% compared to ¥1,222,639,512.74 in 2020 [19]. - The net profit attributable to shareholders for 2021 was -¥72,113,605.08, representing a decline of 170.08% from ¥102,900,853.73 in 2020 [19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥104,004,035.20, a decrease of 210.00% compared to ¥94,545,133.08 in 2020 [19]. - The net cash flow from operating activities was ¥30,563,348.43, down 90.85% from ¥334,043,574.04 in 2020 [19]. - The company reported a basic and diluted earnings per share of -¥0.15 for 2021, a decrease of 162.50% from ¥0.24 in 2020 [19]. - The company experienced a significant decline in quarterly net profit, with the fourth quarter showing a loss of -¥73,594,148.04 [22]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as the net profit before and after deducting non-recurring gains and losses has been negative for the last three accounting years [19]. Risk Management - The company emphasizes the importance of risk awareness among investors regarding future plans and forecasts, as outlined in the risk management section [4]. - The financial report is guaranteed to be true, accurate, and complete by the company's management, including the CEO and accounting heads [3]. - The company acknowledges the impact of the COVID-19 pandemic and geopolitical tensions, particularly the US-China trade friction, on its operational revenue and profitability expectations [149]. - The company emphasizes the importance of enhancing its management system to mitigate risks associated with rapid expansion and ensure effective decision-making [146]. - The company is focused on addressing new technology R&D risks, ensuring that the development of high-tech products aligns with market trends and customer needs [148]. Research and Development - The company has increased its R&D expenditure by 14.80% compared to the same period last year, emphasizing the importance of technological innovation and product development [68]. - The company is committed to enhancing its R&D capabilities and product delivery in the RF device sector to maintain its position as a key supplier for base station equipment manufacturers [35]. - The company has established a collaborative innovation mechanism with military and civilian universities and research institutions, promoting technology transfer and application [63]. - The company reported a capitalized R&D expenditure of ¥26,029,380.05 in 2021, which accounted for 21.53% of total R&D investment [101]. - The company is developing a multifunctional underwater robot aimed at enhancing rescue capabilities in harsh marine conditions, currently in the prototype testing phase [98]. - The company is focusing on the integration of machine learning and iterative processes to improve fault simulation in virtual environments, which is crucial for enhancing operational efficiency [96]. Business Strategy and Market Outlook - The company has transformed from a single military product business to an innovative technology enterprise integrating military and civilian products, enhancing its core technology and economic value [30]. - The company aims to enhance product innovation and expand its business scope despite a decline in order volume due to market adjustments [35]. - The company aims to create a long-term growth segment through the development of big data solutions for urban emergency management and public services [43]. - The company plans to focus on disruptive technological innovation and the development of key 5G communication technologies and core components over the next decade, aligning with national strategies [134]. - The company aims for a revenue target of no less than CNY 1.7 billion for 2022, with a maximum expense growth rate of 20% excluding consolidation factors, highlighting potential uncertainties in achieving this goal [135]. Subsidiaries and Investments - The company has established two new subsidiaries, Tianhe Jiamo and Guangsu Xincai, focusing on thermal insulation resin films and high-performance substrate products for semiconductor and electronic applications [39]. - The company has expanded from 1 subsidiary before listing to 16 subsidiaries, increasing the complexity of management and operational risks [146]. - The company has completed a significant equity investment, acquiring a 40% stake in a technology firm for 20,400,300 [116]. - The company has invested in two subsidiaries, Tianhe Jiamei and Guangsu Chip Materials, to enhance the self-controllability of its supply chain in key materials [71]. Financial Management - The company reported a total of 251,630,294.78 in financial assets, with a net change of 169,065,306.82 by the end of the period [119]. - The company has not engaged in significant non-equity investments during the reporting period [118]. - The total amount of funds raised in 2021 was approximately ¥589.99 million, with a net amount of ¥573.36 million after deducting related fees [121]. - The company reported accounts receivable of 184 million yuan, accounting for 7.25% of the audited total assets for 2021, indicating potential risks in cash flow management [147]. - The company's cash flow from operating activities showed a significant discrepancy from net profit, mainly due to enhanced management of accounts receivable and the impact of non-cash items like goodwill impairment [105]. Corporate Governance - The company has established a governance structure with no differential voting rights arrangements [165]. - The board consists of seven members, including three independent directors [167]. - The company has adopted a proactive approach to consider the interests of minority shareholders in its decision-making processes [180]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.5771 million [176]. - The company has established a comprehensive internal control evaluation report for the year 2020 [182]. Employee Management - The total number of employees at the end of the reporting period was 1,671, with 360 in the parent company and 1,311 in major subsidiaries [184]. - The company emphasizes talent development through annual training plans, focusing on enhancing professional skills and innovation capabilities [187]. - The company has a comprehensive salary management system, ensuring alignment with job value and differentiated treatment based on technical and professional capabilities [185]. - The company has implemented an employee stock ownership plan and stock option incentive plan to enhance employee motivation and align interests with corporate goals [77].