BESTEK(SZ:300822)2022-04-07 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,080,977,194.85, representing a 22.03% increase compared to ¥885,805,409.95 in 2020[18]. - The net profit attributable to shareholders decreased by 24.67% to ¥127,391,076.28 in 2021 from ¥169,116,186.80 in 2020[18]. - The net cash flow from operating activities was negative at -¥111,553,161.08, a decline of 159.15% compared to ¥188,598,376.70 in 2020[18]. - Basic and diluted earnings per share fell by 29.20% to ¥0.80 in 2021 from ¥1.13 in 2020[18]. - The total assets increased by 7.41% to ¥1,620,560,575.97 at the end of 2021, up from ¥1,508,714,875.59 at the end of 2020[18]. - The net assets attributable to shareholders rose by 6.42% to ¥1,212,844,769.95 at the end of 2021, compared to ¥1,139,627,845.83 at the end of 2020[18]. - The company achieved a revenue of 1.08 billion yuan in 2021, representing a year-on-year growth of 22.03%[49]. - The net profit attributable to shareholders was 127 million yuan, a decrease of 24.67% compared to the previous year[49]. - The gross profit margin for the smart control electronics industry was 22.08%, down by 9.02% year-on-year[51]. Dividend and Profit Distribution - The company reported a cash dividend of 1.50 RMB per 10 shares (including tax) based on a total of 160,005,000 shares[6]. - The company’s total distributable profit for the year was approximately 380,826,502.90 yuan, with the cash dividend representing 100% of the profit distribution[134]. - The total number of shares for the cash dividend distribution is based on 160,005,000 shares, with no stock bonus or capital reserve conversion planned for this year[134]. Research and Development - R&D investment increased to 48.94 million yuan, marking a 50.99% year-on-year growth[46]. - The company’s R&D investment amounted to ¥48,938,040.03 in 2021, representing 4.53% of total revenue, an increase from 3.66% in 2020[62]. - The number of R&D personnel increased by 24.73% from 186 in 2020 to 232 in 2021, with a notable rise in the proportion of personnel holding bachelor's degrees[62]. - The company is investing in R&D, with a budget increase of 25% for the upcoming year, focusing on innovative technologies[116]. - The company is focusing on enhancing its R&D budget by 20% to accelerate innovation and product development[152]. Market and Industry Outlook - The smart controller industry is projected to reach a global market size of approximately $2 trillion by 2024, with China's market expected to exceed ¥3 trillion by 2023, growing at an annual rate of about 12%[28]. - The global smart lighting market is expected to surpass $40 billion after 2022, with China's smart lighting output reaching ¥1,450 billion by 2023[29]. - The company operates in a rapidly growing industry with minimal cyclical fluctuations due to its diverse application fields[30]. - The company has established long-term stable partnerships with numerous global industry leaders, enhancing its competitive advantage in the market[31]. Risks and Challenges - The company faces risks including macroeconomic fluctuations, intensified market competition, and reliance on key customers[6]. - Customer concentration poses a risk, as changes in relationships with major clients could slow down or negatively impact performance[93]. - The company faces foreign exchange risk as its import and export business is settled in USD and HKD, with potential losses from RMB appreciation impacting operational performance[94]. - The company has a significant reliance on raw material costs, which affect profitability, and it plans to enhance cost control and maintain good relationships with suppliers to mitigate procurement risks[95]. Corporate Governance - The company emphasizes the importance of corporate governance, adhering to relevant laws and regulations, and ensuring independent operation from its controlling shareholders[99]. - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, ensuring compliance with legal regulations[101]. - The company maintains a robust investor relations strategy, providing timely and accurate information disclosure to ensure equal access for all shareholders[102]. - The company has established a strong supply chain management system to optimize resource sharing and enhance operational efficiency post-acquisition[95]. Employee and Compensation Policies - The company has implemented a multi-tiered employee compensation system to motivate staff and respect their contributions[131]. - The company emphasizes employee training and skill enhancement through targeted training programs[132]. - The board of directors approved a new compensation structure for executives, with an increase of 15% in base salaries to attract top talent[118]. Acquisitions and Investments - The company acquired a 70% stake in Suzhou Kome Electric Co., Ltd. through a capital increase and share transfer, expanding its business scope[56]. - The company made a significant equity investment of CNY 19,500,000.00 in Chengdu Huazhi Technology Co., Ltd., acquiring a 30% stake[75]. - The total amount of equity investments made during the reporting period was CNY 42,400,000.00[76]. Internal Control and Compliance - The company established a comprehensive internal control system to enhance operational efficiency and risk management[136]. - The internal control self-assessment report indicated that 100% of the assets and revenue of the evaluated units were included in the consolidated financial statements[138]. - There were no significant internal control deficiencies identified during the reporting period[140]. - The company has maintained compliance with environmental regulations and did not face any administrative penalties related to environmental issues[145]. Shareholder Structure and Rights - The total share capital increased from 106,670,000 shares to 160,005,000 shares due to a capital reserve distribution of 53,335,000 shares, representing a 50% increase[189]. - The company’s shareholder structure includes significant holdings by domestic legal entities, accounting for 64.23% of total shares[188]. - The company has a commitment to not transfer or delegate management of shares for 36 months post-IPO, ensuring stability in shareholding[150]. - The company has established a profit distribution plan for new and old shareholders to share retained earnings proportionally after the public offering, with distributions not exceeding the cumulative distributable profit[156].