XMGF(SZ:300770)2022-04-27 16:00Financial Performance - In 2021, the company achieved an operating revenue of 1.409 billion yuan, a year-on-year increase of 15.43%[5] - The net profit attributable to shareholders was 680 million yuan, reflecting a growth of 18.23% compared to the previous year[5] - The net cash generated from operating activities reached 1.045 billion yuan, marking a significant increase of 99% year-on-year[5] - The company's operating revenue for 2021 was CNY 1,409,053,885.84, representing a 15.43% increase compared to CNY 1,220,689,478.56 in 2020[40] - The net profit attributable to shareholders for 2021 was CNY 679,736,362.64, an increase of 18.23% from CNY 574,933,872.63 in 2020[40] - The net cash flow from operating activities reached CNY 1,044,506,313.75, showing a significant increase of 99.00% compared to CNY 524,888,063.78 in 2020[40] - Basic earnings per share for 2021 were CNY 2.96, up 18.88% from CNY 2.49 in 2020[40] - The asset-liability ratio at the end of the year was approximately 18%, indicating a stable financial condition[5] User Base and Market Presence - By the end of 2021, the company had a total user base of 266 million, setting a new historical high[7] - As of the end of 2021, the user base for online video (including short videos) reached 975 million, an increase of 47.97 million from the end of 2020, accounting for 94.5% of internet users in China[56] - The IPTV user base reached 349 million by the end of 2021, with a net increase of 33.36 million users compared to the previous year[56] - The company had a total of 1,958 million effective IPTV users and 246 million effective users of cloud audio-visual apps by the end of 2021[90] Content and Product Development - In 2021, the company launched several premium content products, including the variety show "National Music Classic" and the documentary "Super Ingredients" to diversify its offerings[10] - The company aims to build a multi-functional family portal that integrates various services, targeting the younger Z generation[10] - The internet audio-visual business revenue was 537.19 million yuan, growing by 18.75%, with Guangdong IPTV value-added services contributing 345.86 million yuan, up 17.33%[76] - The content copyright business saw revenue of 117.74 million yuan, a significant increase of 116.60%[82] Technological Innovation and R&D - The company has accumulated 44 patents, 119 software copyrights, and 217 trademarks as of December 2021, showcasing its strong technological innovation capabilities[11] - The company is committed to advancing technological innovation, including research in big data, artificial intelligence, and blockchain, to support new business models[158] - Research and development expenses amounted to ¥46,342,150.49, which is 3.29% of total revenue, showing an increase from 3.13% in the previous year[111] - The number of R&D personnel increased by 11.94% to 75, with a higher proportion of staff holding bachelor's degrees at 77.33%[109] Governance and Management - The company held a total of 1 annual general meeting and 4 extraordinary general meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholders' rights[178] - The board of directors convened 10 meetings during the reporting period, with a composition of 9 directors, including 3 independent directors, ensuring effective governance[179] - The supervisory board held 7 meetings, consisting of 6 supervisors, including 3 employee representatives, maintaining oversight of the company's operations and financial activities[180] - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholders and actual controllers, ensuring compliance with relevant laws and regulations[181] Investment and Financial Management - The total investment amount for the reporting period was ¥76,335,740, representing a 32.64% increase compared to ¥57,550,001 in the same period last year[127] - The company has a total of ¥107,553.18 million raised from its initial public offering, with ¥55,212.48 million utilized to date, leaving a balance of ¥55,302.38 million[129] - The company invested ¥7,066.98 million in the all-media integration cloud platform project, achieving a cumulative investment of ¥25,889.97 million, which is 68.29% of the adjusted total investment[133] - The company has not made any significant equity investments during the reporting period[127] Risks and Challenges - The company recognizes the risk of concentrated revenue sources, particularly from Guangdong IPTV, and is working to diversify its income streams while enhancing service quality[163] - The company faces potential risks from industry policy changes and regulatory scrutiny, which could impact its operations and market competition[161] - The company is addressing the risk of slower-than-expected user growth in its IPTV services by enhancing brand building and market promotion efforts[166] - The company has established mechanisms to mitigate risks related to intellectual property disputes, ensuring compliance with copyright laws[168]