DOWELL(SZ:300535)2022-04-21 16:00Financial Performance - The company's operating revenue for 2021 was ¥629,818,182.66, representing a 34.11% increase compared to ¥469,644,448.65 in 2020[19]. - Net profit attributable to shareholders for 2021 was ¥65,836,532.64, a 15.44% increase from ¥57,029,588.63 in 2020[19]. - The net cash flow from operating activities improved significantly to ¥53,586,543.12, compared to a negative cash flow of -¥27,346,795.52 in 2020, marking a 295.95% increase[19]. - Basic earnings per share for 2021 were ¥0.6446, up 13.87% from ¥0.5661 in 2020[19]. - Total assets at the end of 2021 reached ¥1,277,431,071.29, an 18.13% increase from ¥1,081,335,733.04 at the end of 2020[19]. - The company reported a weighted average return on equity of 7.63% for 2021, slightly up from 7.22% in 2020[19]. - The company achieved a sales revenue of 629.8 million, representing a year-on-year growth of 34.11%[50]. - The chemical division's sales revenue grew by 30.41% despite challenges from domestic economic slowdown and global pandemic[50]. - The wood industry segment, 威远木业, reported a sales revenue of 88.978 million, an increase of 66.75% year-on-year, becoming a new growth point for the company[50]. - The company achieved a net profit of 150 million RMB, an increase of 20% compared to the previous year[189]. Dividend and Profit Distribution - The company reported a profit distribution plan, proposing a cash dividend of 1.00 RMB per 10 shares (before tax) based on a total of 104,546,643 shares[6]. - For 2021, the company plans to distribute a cash dividend of RMB 1.00 per 10 shares, amounting to RMB 10,454,664.30 (including tax) based on a total share capital of 104,546,643 shares[175]. - The total distributable profit for the year was RMB 295,182,291.69, with cash dividends accounting for 100% of the profit distribution[173]. - The company’s profit distribution policy remains unchanged during the reporting period, ensuring the protection of minority shareholders' rights[171]. Market Expansion and Business Development - The company has expanded into new business areas, including intelligent manufacturing and eco-friendly wood panels, but faces challenges in brand establishment and market recognition[6]. - The company aims to increase market share by leveraging channel advantages and adjusting development strategies in response to industry dynamics[6]. - The company plans to enhance its market expansion efforts to capture opportunities in new sectors and improve operational management[6]. - The company recognizes the need for a longer timeframe to establish its presence in new markets and will focus on building service standards and brand recognition[6]. - The company is focused on expanding its international market presence and diversifying its business operations to maintain its competitive edge in the leather chemical industry[114]. Research and Development - The company plans to focus on the research and development of leather chemicals, which are essential for the leather production process[29]. - The company has established two R&D centers in Chengdu and Shanghai, focusing on key technologies in leather chemical manufacturing[58]. - The company is developing new products including environmentally friendly leather coloring agents and high-performance polyurethane coatings to enhance its product line and market competitiveness[88][89]. - The company aims to improve the cleanliness of leather production processes and expand its product offerings through innovative R&D projects[88][89]. - The company is focused on utilizing waste resources to develop eco-friendly materials, enhancing its market competitiveness and sustainability[89]. Environmental Management - The company has implemented organized discharge methods for pollutants, achieving a COD concentration of ≤ 500 mg/L and ammonia nitrogen concentration of ≤ 40 mg/L[186]. - The company operates five organized discharge points, with all emissions meeting the required atmospheric pollution discharge standards[186]. - The company has successfully reduced particulate matter emissions to ≤ 20 mg/m3 across various discharge points, ensuring compliance with environmental regulations[186]. - The company is committed to continuous improvement in environmental performance, aiming to further reduce pollutant discharge in the coming years[186]. - The company's environmental risk level is classified as "major environmental risk" according to the risk assessment results[200]. Governance and Management - The company established independent decision-making and supervisory bodies, ensuring no interference from major shareholders in operational activities[132]. - The financial department operates independently with dedicated accounting and auditing personnel, maintaining a separate accounting system and tax compliance[132]. - The company maintains a robust governance framework, ensuring financial independence and effective oversight[132]. - The current management team includes a general manager, a deputy general manager, and a financial director[149]. - The company has established a remuneration and assessment committee to determine the remuneration of directors and senior management[152]. Challenges and Risks - The company is facing risks from fluctuating raw material prices, significantly influenced by oil prices and environmental policies, which could impact product costs and profit margins[5]. - The company acknowledges the impact of the ongoing pandemic on raw material supply and pricing, which has created significant cost pressures for downstream enterprises[6]. - The company recognizes the risks posed by macroeconomic changes and policy impacts, emphasizing the need for strategic responses to external uncertainties[119]. - The company faces risks from raw material price fluctuations, heavily influenced by oil prices and macroeconomic policies, which could lead to increased product costs and reduced gross margins[120].