扬帆新材(300637) - 2021 Q4 - 年度财报

Financial Performance - The company's operating performance experienced a significant decline compared to the previous year, consistent with industry trends[6]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[7]. - The financial report has been confirmed as true, accurate, and complete by the company's management[5]. - The company maintains its core competitiveness and major financial indicators have not undergone significant adverse changes[6]. - Future plans and development strategies are subject to risks, and investors are advised to be aware of these risks[6]. - The company has not reported any major changes in its main business operations during the reporting period[6]. - The company's operating revenue for 2021 was ¥720,861,862.33, representing a 45.80% increase compared to ¥494,410,008.76 in 2020[21]. - The net profit attributable to shareholders decreased by 76.13% to ¥6,600,130.88 in 2021 from ¥27,649,214.30 in 2020[21]. - The net profit after deducting non-recurring gains and losses was ¥8,921,264.30, down 64.62% from ¥25,217,231.35 in the previous year[21]. - The net cash flow from operating activities was ¥43,854,515.59, a decrease of 32.26% compared to ¥64,739,758.59 in 2020[21]. - The total assets at the end of 2021 were ¥1,399,526,483.81, an increase of 13.58% from ¥1,232,225,820.64 at the end of 2020[21]. - The company reported a basic earnings per share of ¥0.03, down 75.00% from ¥0.12 in 2020[21]. - The weighted average return on equity decreased to 0.87% in 2021 from 3.56% in 2020, a decline of 2.69 percentage points[21]. Market and Industry Trends - The company is focused on the radiation curing industry, with significant growth potential in UV curing products due to increasing environmental regulations[31]. - There is a growing demand for new types of photoinitiators suitable for UV LED light sources, prompting increased R&D investment[32]. - The Chinese pharmaceutical market is expected to reach RMB 1.7 trillion in 2021, with a compound annual growth rate (CAGR) of 5.40% from 2016 to 2021[39]. - The demand for pesticide intermediates has shown significant growth, with the global pesticide market sales increasing from USD 25.7 billion in 2001 to USD 57.5 billion in 2020, reflecting an average annual growth of 4%[40]. - The market for pharmaceutical intermediates in China is projected to exceed RMB 290 billion by 2026, driven by the expanding pharmaceutical industry[39]. - The printing and dyeing industry in China achieved a production volume of 60.58 billion meters in 2021, marking a year-on-year growth of 11.76%[40]. Research and Development - The company is leveraging its product and technical advantages to innovate in the fields of UV curing materials and light initiators, responding to the growing demand in various industries[34]. - The company is focusing on the development of UV-LED light initiators and low-migration light initiators, with a production capacity of over 30,000 tons per year for chlorinated titanium dioxide[34]. - The company has established a provincial-level R&D center equipped with top domestic research facilities[67]. - The company is actively promoting the innovation and R&D of new photoinitiators based on its industrial chain and process technology advantages[66]. - Key R&D focuses include new synthesis technologies for sulfur-containing fine chemicals and the development of environmentally friendly formulations suitable for UV-LED light sources[122]. - The company has completed the development of 1 product for the oxime ester photoinitiator, which has passed scientific achievement identification, aiming to develop high-purity, low-cost industrial production technology[98]. - The company has completed the development of 2 products in the free radical photoinitiator series, which will expand the application range and positively impact future operations[99]. Production and Capacity - The company has two production bases in Zhejiang and Inner Mongolia, enhancing its competitive advantage and global influence in the photoinitiator sector[58]. - The production capacity utilization rate for photoinitiators is 29.01%, with a designed capacity of 15,000 tons[66]. - The company has invested in a new production line for photoinitiators with a capacity of 11,000 tons, which has been completed and put into operation[66]. - The Inner Mongolia production base officially commenced production in May 2021, with a designed annual capacity of 29,000 tons for photoinitiators and pharmaceutical intermediates[81]. - The company aims to become a leading global supplier of UV-curable new materials, focusing on thiol compounds and expanding into pharmaceuticals, pesticides, dyes, and electronics[117]. - In 2022, the company plans to steadily release production capacity at its Inner Mongolia base, targeting a production capacity of 29,000 tons per year for photoinitiators and pharmaceutical intermediates[118]. Financial Management - The company's total operating costs rose to ¥585,579,927.67, reflecting a 61.61% increase year-on-year[87]. - The total investment amount for the reporting period was ¥150,529,715.91, reflecting a decrease of 18.98% from the previous year's investment of ¥185,798,613.50[109]. - The company's long-term borrowings decreased by 6.34% to ¥35,500,000.00, primarily due to the reduction of long-term borrowings maturing in over one year[105]. - The company reported a significant increase in financial expenses by 42.07%, primarily due to increased loan interest payments[97]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 5.1555 million[165]. - The remuneration decision process involves the Board's Compensation and Assessment Committee, with final approval from the Board and shareholders[163]. Governance and Compliance - The company has a governance structure with a clear distinction between independent and non-independent directors[152]. - The board of directors held a total of 5 meetings during the reporting period, with all members actively participating[167]. - The audit committee conducted 5 meetings, ensuring compliance with legal regulations and maintaining high standards of internal control[170]. - The company is committed to maintaining transparency and accountability in its financial reporting and governance practices[170]. - The company has established a comprehensive internal control system that effectively covers major aspects of its operations, with no significant omissions identified[181]. - The internal control self-assessment report indicated that 100% of the total assets and operating income of the evaluated units were included in the company's consolidated financial statements[183]. Environmental Responsibility - The company has a wastewater treatment facility with a capacity of 300 tons per day, utilizing advanced treatment processes to ensure compliance with discharge standards[188]. - The company reported a total of 6.909 tons of COD and 0.159 tons of NH3-N discharged from its wastewater, both within the regulatory limits[187]. - The company has implemented a pollution prevention facility that operates continuously, ensuring effective treatment of wastewater and emissions[188]. - The company is actively pursuing green factory initiatives, focusing on automation and production process optimization to enhance sustainability[196]. - No administrative penalties were imposed on the company during the reporting period, indicating compliance with environmental regulations[195]. Human Resources - The total number of employees at the end of the reporting period was 894, with 205 in the parent company and 689 in major subsidiaries[173]. - The professional composition includes 643 production personnel, 20 sales personnel, 118 technical personnel, 21 financial personnel, and 92 administrative personnel[174]. - The company aims to attract and retain key talent through competitive compensation and incentive systems[175]. - In 2021, the company focused on internal training, particularly for new employees and middle management, to enhance professional skills and corporate competitiveness[177]. Risks and Challenges - The company faces risks from macroeconomic factors, including the impact of COVID-19 on production and logistics, which could affect performance[125]. - Rising raw material prices and labor costs pose risks to profitability, prompting the company to enhance cost control measures and improve operational efficiency[129][131]. - The company is addressing market competition risks by leveraging its entire industry chain and exploring new profit growth points[128].