Dare Auto(SZ:300473)2022-04-27 16:00Financial Performance - The company's operating revenue for 2021 was ¥3,663,844,900.34, representing an increase of 8.20% compared to ¥3,386,292,919.88 in 2020[20]. - The net profit attributable to shareholders in 2021 was ¥23,561,503.66, a significant turnaround from a loss of ¥422,805,340.24 in 2020, marking a 105.57% increase[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥12,889,863.53, compared to a loss of ¥436,082,860.44 in the previous year, reflecting a 102.96% improvement[20]. - The basic earnings per share for 2021 was ¥0.18, a recovery from a loss of ¥3.71 per share in 2020, indicating a 104.85% increase[20]. - The total assets at the end of 2021 amounted to ¥4,660,433,598.71, which is a 1.16% increase from ¥4,607,026,883.56 at the end of 2020[20]. - The net assets attributable to shareholders increased by 8.64% to ¥2,108,606,958.43 at the end of 2021, up from ¥1,940,911,947.62 in 2020[20]. - The company reported a total of ¥10.67 million in non-recurring gains for the reporting period, primarily from government subsidies and the reversal of impairment provisions[25]. - The company reported a total revenue of 2,792.48 million in the fiscal year 2021[118]. Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥39,340,870.34, a decrease of 87.69% compared to ¥319,511,467.63 in 2020[20]. - The company raised a net amount of RMB 28,922.32 million through a stock issuance on May 18, 2021, with RMB 20,322.32 million allocated to the "Mechatronic Automotive Components Construction Project" to enhance product efficiency and energy-saving capabilities[41]. - The company reported a net increase in cash and cash equivalents of -¥50,909,550.67, a decline of 71.96% compared to the previous year[72]. - The company utilized a total of RMB 150,000,000 of idle raised funds to supplement working capital, with a usage period not exceeding 12 months[92]. - The company reported an investment loss of ¥8,503,678.51, primarily due to the write-off of the subsidiary Carcoustics Liechtenstein AG, accounting for -33.57% of total profit[73]. Market and Product Development - The automotive industry showed resilience in 2021, with China's vehicle production and sales increasing by 3.4% and 3.8% year-on-year, respectively, marking a recovery from three consecutive years of decline[29]. - New energy vehicles (NEVs) in China achieved production and sales of 3.55 million and 3.52 million units, respectively, representing a year-on-year growth of 160%, with a market penetration rate of 13.4%[30]. - The company maintains a leading position in the NVH (Noise, Vibration, and Harshness) and lightweight product sectors, serving major global automotive brands such as BMW and Daimler[32]. - The company plans to enhance its product line in the fields of hydrogen fuel cells and solid-state batteries, indicating a commitment to innovation and market expansion[32]. - The company is actively expanding its product applications in the new energy vehicle sector, with a focus on innovative products such as battery flame retardant covers and electromagnetic shielding covers[41]. Research and Development - The company has developed solid-state batteries and membrane electrode products, with samples provided to local Japanese customers for testing[33]. - The company has established a global R&D team with over 200 professionals, including 16 PhDs, focusing on diverse fields such as thermal insulation, noise reduction, and lightweight materials[49]. - The company invested ¥228,208,174.04 in R&D, representing 6.23% of total revenue, slightly up from 6.21% in the previous year[69]. - The company is committed to increasing investment in R&D projects to mitigate risks associated with customer development and product quality[101]. Corporate Governance - The company maintains strict compliance with corporate governance standards and operates independently from its controlling shareholder, ensuring no interference in decision-making or operations[110]. - The company has established a complete and independent business system, including procurement, production, sales, and R&D, with no financial or resource occupation by the controlling shareholder[112]. - The company emphasizes investor relations management, aiming to provide equal access to operational and future development information for investors[111]. - The company has a well-defined governance structure, including independent boards and committees, operating in accordance with legal and regulatory requirements[114]. Employee and Management - The total number of employees at the end of the reporting period was 4,071, with 1,419 in the parent company and 2,652 in major subsidiaries[140]. - The company emphasizes a performance-oriented compensation policy, linking employee salaries to overall company performance[142]. - The company has established a systematic training mechanism to enhance employee skills and adaptability to strategic adjustments[143]. - The company experienced a change in management with the appointment of Zhang Feng as the new CFO on December 7, 2021[119]. Risk Management - The company has faced various risk factors affecting its operations, which are detailed in the management discussion and analysis section of the report[6]. - The company is facing risks from supply chain pressures, including ongoing challenges with raw material prices and logistics costs[101]. - The company is committed to reducing costs and increasing efficiency amid rising raw material prices and freight costs, thereby improving profitability[41]. Dividend Policy - The company plans to distribute a cash dividend of ¥0.50 per 10 shares to all shareholders, based on a total of 134,918,958 shares[6]. - The cash dividend represents 100% of the total profit distribution amount, with a distributable profit of 111,775,864.15 CNY[147]. - The company proposed a cash dividend of 0.50 CNY per 10 shares, totaling 6,745,947.90 CNY for the year 2021[148].