同益股份(300538) - 2021 Q4 - 年度财报

Financial Performance - The company reported a loss of approximately 45 million RMB due to overall production losses, primarily caused by prolonged power restrictions in Huizhou, which reduced production capacity by 40%[6]. - The company's operating revenue for 2021 was CNY 2,918,366,268.40, representing a 31.66% increase compared to CNY 2,216,513,161.18 in 2020[23]. - The net profit attributable to shareholders was a loss of CNY 26,380,439.33 in 2021, a decrease of 218.04% from a profit of CNY 22,349,344.29 in 2020[23]. - The net cash flow from operating activities was a negative CNY 233,210,361.34, worsening by 125.00% compared to a negative CNY 103,646,960.39 in 2020[23]. - The total assets at the end of 2021 were CNY 1,980,137,178.11, an increase of 133.50% from CNY 848,009,926.73 at the end of 2020[23]. - The basic and diluted earnings per share were both CNY -0.17 in 2021, a decline of 213.33% from CNY 0.15 in 2020[23]. - The weighted average return on equity was -4.89% in 2021, down from 4.88% in 2020, indicating a significant decline in profitability[23]. - The company reported a total revenue of CNY 2,918,031,243.91 after deducting certain income, compared to CNY 2,216,107,618.04 in 2020[24]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as the net profit for the last three accounting years has been negative[23]. Production and Capacity - The company plans to steadily advance production project construction in 2022, aiming to improve product capacity and yield rates, with expectations of significant operational performance improvement as capacity is gradually released[6]. - The company has established a flexible supply chain to reduce inventory costs and improve supply efficiency for downstream brand partners[57]. - The company established two new production bases in Jiangxi and Jiangsu, with the Jiangxi base starting production in Q4 2021 and expected to gradually ramp up production in 2022[62]. - The company has upgraded its production lines to include automated and intelligent manufacturing processes for composite materials[39]. - The composite materials project is still in the early production stage, with profitability not yet achieved due to production constraints and increased costs[63]. Market and Industry Trends - The engineering plastics market in China is projected to grow from 590,000 tons in 2019 to 680,000 tons in 2022, with a compound annual growth rate of 6.7%[34]. - The integrated circuit industry in China saw sales grow from ¥433.6 billion in 2016 to ¥884.8 billion in 2020, with a compound annual growth rate of 19.64%[36]. - The composite materials market in China is expected to grow significantly, with current plastic-steel ratios indicating substantial room for development[37]. - The company’s market position is strengthened by the increasing demand for engineering plastics and electronic materials in sectors like 5G, automotive, and consumer electronics[47]. Partnerships and Collaborations - The company has established partnerships with major firms such as DJI and Lens Technology, focusing on high-quality engineering plastics and composite materials[39]. - The company has established long-term partnerships with renowned suppliers such as Celanese, Samsung SDI, and Teijin, enhancing its competitive edge in the market[48]. - The company is actively developing high-end products including PAI, PI, and high-temperature nylon, aiming to enhance domestic production capabilities[39]. Research and Development - The company has obtained 2 invention patents and 14 utility model patents, with additional patents pending[54]. - The company is developing new high-performance materials, including high wear-resistant PA6 and PVDF specialty products, with some expected to achieve mass production in 2022[65]. - The company is focusing on niche markets such as mobile terminals, consumer electronics, and new energy vehicles to build a dual-driven development model[120]. - The company plans to establish a high-level R&D center to create a shared platform for material innovation, focusing on flame-retardant and lightweight materials[122]. Governance and Management - The board approved a profit distribution plan, proposing a cash dividend of 0.30 RMB per 10 shares (including tax) to all shareholders, based on a total of 181,918,573 shares[8]. - The board of directors has been restructured, now consisting of 7 members, including 3 independent directors, ensuring compliance with governance standards[1]. - The company has established a complete and independent corporate governance structure, with no mixed operations or shared offices with the controlling shareholder[147]. - The company has implemented a comprehensive internal control system to effectively mitigate operational risks and achieve control objectives[188]. Financial Management and Risks - The company is focusing on improving cash flow management to mitigate liquidity risks, especially with rising short-term borrowing and potential increases in market interest rates[133]. - The company faces risks related to market demand fluctuations and raw material procurement, which could impact performance[124][125]. - There is a risk of bad debts from accounts receivable, which could significantly impact cash flow if major clients face financial difficulties[131]. - The company is implementing a comprehensive risk management system to monitor macroeconomic trends and adjust strategic directions in response to global trade uncertainties[135]. Employee and Community Engagement - The company has established the Shenzhen Tongyi Charity Foundation with an initial fund of CNY 2 million, focusing on supporting vulnerable groups and educational initiatives[197]. - In 2021, the charity foundation donated CNY 208,000, primarily to the Guangdong Education Foundation and for flood relief efforts in Henan[197]. - The company emphasizes the protection of minority shareholders' rights and adheres to legal regulations for corporate governance[195]. - The company has engaged in community charity activities, including donations and support for local economic development[197].