HUNING(SZ:300669)2022-04-22 16:00Financial Performance - The company reported a profit distribution plan of cash dividends of 2.30 RMB per 10 shares (including tax) based on a total of 128,470,351 shares[5]. - The company's operating revenue for 2021 was CNY 404,945,256.12, representing a 13.67% increase compared to CNY 356,251,065.78 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 50,437,440.09, a decrease of 6.99% from CNY 54,229,731.04 in 2020[19]. - The net profit after deducting non-recurring gains and losses was CNY 45,889,439.09, down 6.94% from CNY 49,310,614.54 in 2020[19]. - The company's cash flow from operating activities decreased by 41.75% to CNY 46,698,802.84 from CNY 80,172,554.91 in 2020[19]. - The total assets at the end of 2021 reached CNY 925,896,225.40, an increase of 47.35% from CNY 628,347,617.59 at the end of 2020[19]. - The gross profit margin for elevator and escalator manufacturing decreased to 26.40%, down from 31.14% in the previous year, due to rising raw material costs[72]. - The company reported a net profit attributable to shareholders of RMB 50,437,440.09 for the year 2021, with an undistributed profit of RMB 172,315,686.50 available for distribution to shareholders by the end of the year[167]. Market and Industry Outlook - The company faces risks including rising costs due to the COVID-19 pandemic, logistics issues, and intensified competition in the elevator industry[5]. - The company's future outlook includes addressing the challenges posed by high raw material costs and the need for market expansion[5]. - The elevator industry saw a shipment growth of approximately 15% in 2021, with the top five manufacturers experiencing a 20% increase[28]. - The total demand for elevator installations in old residential areas is projected to be between 2 to 4 million units[28]. - The national urbanization rate is expected to increase by approximately 1% annually during the 14th Five-Year Plan, indicating continued high demand in the elevator market[30]. - The government plans to construct 2.4 million units of affordable rental housing in 2022, accounting for 15-20% of new housing, which will drive the elevator industry[31]. - The aging population policy will accelerate the installation of elevators in existing residential complexes, creating new business opportunities for the company[30]. Product Development and Innovation - The company is engaged in the development, design, manufacturing, and sales of various elevator components to ensure safe operation[5]. - The company is focusing on developing high-quality safety devices, such as bidirectional brakes and electronic speed limiters, to meet increasing safety requirements[34]. - The PU roller guide shoes have achieved a significant breakthrough, with a carrying capacity twice that of rubber products and a lifespan increased by 20 times, ready for mass production[37]. - The company has filed 41 new patents in 2021, including 18 invention patents, and has a total of 37 authorized invention patents by the end of the year, with 71 pending[50]. - The company successfully developed a high-speed safety clamp with a maximum load of 20 tons and a maximum speed of 10 m/s, filling a domestic technical gap in this field[48]. - The company is developing multiple new products, including high-speed safety clamps and new limiters, to enhance market competitiveness[81]. Risk Management - The company is subject to risks related to insufficient production sites for new product industrialization[5]. - The company anticipates increased competition in the elevator industry due to the real estate sector's tightening, emphasizing the need for innovation to mitigate price competition[116]. - The risk of increased costs persists due to high prices of black metal materials, which cannot be fully passed on to the supply chain[119]. - The company plans to mitigate raw material price fluctuations by enhancing strategic cooperation with clients, increasing new product R&D, and optimizing resource allocation to improve efficiency[119]. Corporate Governance - The company's financial report is guaranteed to be true, accurate, and complete by its board of directors and management[4]. - The company has established a comprehensive and reasonable corporate governance structure and internal control system, but it needs to further improve these systems due to the continuous growth of its business scale and changes in the external macroeconomic environment[175]. - The company has a clear organizational structure with independent management and operational separation from controlling shareholders[132]. - The company has a governance structure that complies with its operational realities, ensuring effective management and oversight[132]. Shareholder Engagement and Remuneration - The annual shareholder meeting had a participation rate of 64.10% on May 17, 2021, and subsequent temporary meetings had participation rates of 64.09% and 65.47%[133]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 3.6273 million yuan[148]. - The company has a structured decision-making process for determining remuneration, involving the shareholders' meeting and the board of directors[148]. - The independent directors do not receive additional allowances beyond their remuneration[148]. Social Responsibility and Sustainability - The company actively engages in social responsibility initiatives, including support for employees facing difficulties due to illness, demonstrating a commitment to employee welfare[181]. - The company installed a 1 MW solar power generation facility at its new factory in Yuhang District, contributing to carbon emission reduction[177]. - The company emphasizes the protection of investors' rights, particularly for small and medium-sized shareholders, and has improved its governance structure to ensure long-term, stable, and healthy development[179].