Seashine(SZ:300885)2022-03-28 16:00Financial Performance - The company's operating revenue for 2021 was ¥314,719,612.20, representing a 45.47% increase compared to ¥216,351,032.22 in 2020[17]. - The net profit attributable to shareholders for 2021 was ¥84,375,806.28, a 34.73% increase from ¥62,626,061.05 in 2020[17]. - The net cash flow from operating activities increased by 68.24% to ¥79,053,208.48 in 2021, up from ¥46,988,301.48 in 2020[17]. - The basic earnings per share for 2021 was ¥0.5550, reflecting a 9.47% increase from ¥0.5070 in 2020[17]. - Total assets at the end of 2021 were ¥791,361,708.60, a 6.69% increase from ¥741,768,799.03 at the end of 2020[17]. - The company reported a weighted average return on equity of 11.72% for 2021, down from 14.97% in 2020[17]. - The company received government subsidies amounting to ¥3,937,377.79 in 2021, compared to ¥5,002,619.88 in 2020[22]. - The company achieved a total operating revenue of 314,719,600 CNY in 2021, representing a growth of 45.47% year-on-year[46]. - Operating profit for the company in 2021 was 96,961,348.85 CNY, up by 40.53% from the previous year[46]. - The net profit attributable to shareholders was 84,375,806.28 CNY, reflecting a year-on-year increase of 34.73%[46]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through new technologies and research[5]. - The company aims to improve its production efficiency and reduce costs through advanced powder metallurgy techniques, achieving a material utilization rate of up to 95%[10]. - The company plans to further invest in the MIM sector in 2022, focusing on high-end talent, land, and equipment to enhance market share[37]. - The company is actively exploring the soft magnetic products market for new energy vehicles and aims for significant market share growth in 2022[135]. - The company aims to transition its competitive strategy from "cost leadership" to "differentiation" over the next five years, focusing on personalized product solutions[131]. - The company is committed to entering high-end markets by enhancing its technical research capabilities[95]. - The company is focusing on expanding its market reach with advanced manufacturing techniques and new product development[95]. Research and Development - The company maintains a strong focus on R&D for new products and technologies, enhancing its competitive edge in the market[61]. - R&D expenses amounted to 12.81 million yuan, a significant increase of 55.52% year-on-year, supporting innovation efforts[73]. - The company has accumulated a total of 50 patents, with 3 new invention patents and 4 utility model patents added during the reporting period[72]. - The company signed a cooperation agreement with Nanjing University of Science and Technology to focus on key technologies in soft magnetic alloy light-curing 3D printing and debinding sintering processes[78]. - The company is developing a new high-performance, low-cost stainless steel impeller using rapid light curing 3D printing technology[95]. - The project aims to produce 500,000 units annually, potentially increasing sales by approximately 6 million yuan per year[95]. - The company is researching a new powder escape technology for producing compressor balance blocks, which will reduce production costs and improve product qualification rates[95]. Partnerships and Client Relationships - The company has established partnerships with major international firms, including Stanley Black & Decker and Bosch, to enhance its competitive edge[9]. - The electric tool components business accounted for 95.64% of the company's total revenue in 2021, with significant contributions from Stanley Black & Decker and TTI[43]. - The company has established long-term stable business relationships with global leaders such as Stanley Black & Decker, Bosch, TTI, and Makita, focusing on the mid-to-high-end market for powder metallurgy components[47]. - The company reported a significant increase in demand for powder metallurgy components from major electric tool manufacturers, with Stanley Black & Decker achieving a revenue of $15.6 billion in 2021, a 20% increase from 2020[62]. Governance and Management - The company has a governance structure that does not involve differential voting rights[156]. - The company has a supervisory board with 3 members, including 1 employee supervisor, ensuring compliance and oversight of major matters[143]. - The company has implemented a performance evaluation and incentive mechanism for directors and senior management, linking their compensation directly to the company's operating performance[146]. - The company has maintained a stable management team with no significant changes in key personnel[170]. - The company is committed to improving its organizational structure and performance assessment systems to achieve strategic goals[133]. - The company has a diverse board with members having extensive backgrounds in technology, finance, and management, enhancing its operational capabilities[161][162]. Financial Management and Internal Controls - The company has established a comprehensive internal control system to manage operational risks effectively, ensuring no significant omissions in its internal control design and execution[195]. - The company's internal control management is supervised by the audit committee and internal audit department, ensuring effective risk management[195]. - The internal control audit report confirmed that the company maintained effective internal controls related to financial reporting as of December 31, 2021[199]. - The company has committed to rectifying any identified deficiencies in internal controls promptly, although none were reported in the latest evaluation[198]. - The company has independent financial management and auditing departments, with a separate accounting system and financial decision-making processes[151]. Profit Distribution and Shareholder Relations - The company reported a total distributable profit of approximately 224.89 million RMB, with no cash dividends distributed during the reporting period[192]. - The company’s board of directors has emphasized the importance of maintaining cash reserves for future operational and project funding needs, leading to the decision not to distribute cash dividends for 2021[193]. - The company’s independent directors have fulfilled their responsibilities and ensured that minority shareholders' rights are adequately protected during the profit distribution process[191]. - The company implemented a profit distribution plan for the 2020 fiscal year, distributing a cash dividend of 7.5 RMB per 10 shares, totaling 60 million RMB (before tax) to shareholders[189]. Employee and Talent Management - The company has implemented a dual-track training mechanism for technical and management talents to enhance overall talent quality[80]. - The management team includes individuals with extensive backgrounds in technology and engineering, contributing to innovation[170]. - The company has a total of 312 employees, with 215 in production, 16 in sales, 40 in technical roles, 6 in finance, and 35 in administration[182]. - The educational background of employees includes 1 with a master's degree, 48 with bachelor's degrees, 70 with associate degrees, and 193 with vocational or lower education[183].