华业香料(300886) - 2021 Q4 - 年度财报

Financial Performance - The company achieved operating revenue of 246.41 million yuan, an increase of 19.42% year-on-year[5]. - The net profit attributable to shareholders was 17.55 million yuan, a decrease of 54.40% year-on-year, primarily due to rising raw material prices and shipping costs[5]. - Non-recurring gains and losses decreased by approximately 10.88 million yuan compared to the previous year, mainly due to a reduction in listing rewards by 12 million yuan[5]. - The company's operating revenue for 2021 was CNY 246,413,472.86, representing a 19.42% increase compared to CNY 206,021,034.71 in 2020[17]. - The net profit attributable to shareholders decreased by 54.40% to CNY 17,552,194.93 from CNY 40,217,022.85 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 10,741,839.38, down 48.35% from CNY 22,524,546.68 in 2020[17]. - The net cash flow from operating activities increased significantly by 214.96% to CNY 27,689,981.43 from CNY 11,158,117.40 in 2020[17]. - The total assets at the end of 2021 were CNY 569,379,494.75, a 4.27% increase from CNY 547,813,965.43 at the end of 2020[18]. - The net assets attributable to shareholders increased by 1.58% to CNY 522,226,449.03 from CNY 515,823,185.06 in 2020[18]. - The basic earnings per share decreased by 62.96% to CNY 0.2354 from CNY 0.8633 in 2020[17]. - The diluted earnings per share also decreased by 62.96% to CNY 0.2354 from CNY 0.8633 in 2020[17]. - The weighted average return on equity was 3.39%, down from 12.30% in the previous year[17]. - The gross profit margin for the flavor and fragrance segment was 22.52%, a decrease of 6.37% from the previous year[60]. Market and Sales - The company continues to expand its domestic market, with both sales volume and revenue showing growth despite challenges[5]. - The company has been recognized as one of the top ten enterprises in the Chinese flavor industry for several consecutive years[32]. - Over 65% of the company's products are exported internationally, establishing stable business relationships with renowned companies such as Firmenich and Givaudan[32]. - Domestic sales contributed ¥85,107,501.25 (34.54% of total revenue), while international sales accounted for ¥161,305,971.61 (65.46% of total revenue), marking a 14.69% increase in international sales[58][63]. - The company’s overseas sales accounted for 65.46% of total sales, highlighting its reliance on international markets[110]. Risk Management - Key risks highlighted include fluctuations in raw material prices, environmental protection risks, and market competition risks[5]. - The company emphasizes the importance of maintaining operational capabilities amidst various risks, including natural disasters and major epidemics[5]. - The company actively monitors raw material price trends and implements measures to manage costs effectively[41]. - The company faces risks from increased competition in the flavor and fragrance industry, necessitating improvements in R&D and brand recognition[107]. - The ongoing COVID-19 pandemic has impacted the company's procurement, production, and sales processes, affecting overall business operations[113]. Research and Development - The company has increased its R&D investment to optimize production processes and improve the utilization rate of by-products[32]. - The company has 18 invention patents and 32 utility model patents, demonstrating its strong innovation capabilities[48]. - The company is recognized as a "National High-tech Enterprise" and has received various awards for its R&D team and innovation capabilities[48]. - Research and development expenses rose by 24.41% to ¥12,812,867.27, accounting for 5.20% of total revenue, compared to 4.99% in 2020[71]. - The number of R&D personnel increased by 17.95% to 46, with R&D personnel accounting for 17.69% of the total workforce[71]. Production and Operations - The company maintains a flexible production plan based on market demand and inventory levels, utilizing a "sales-driven production" model[39]. - The company has established a digital management system for real-time monitoring of production status, enhancing production efficiency and product quality[39]. - The company’s production facilities are divided into specialized workshops for different types of lactones, ensuring efficient production processes[39]. - The company is currently constructing an additional capacity of 1,200 tons/year for the production of butyrolactone series flavoring agents[43]. - The company is expanding production capacity with a project to produce 3,000 tons of synthetic flavoring agents annually, which has good market prospects[109]. Environmental Responsibility - The company has made significant investments in environmental protection technologies, ensuring compliance with pollution control standards[48]. - The company has established a comprehensive environmental management system and obtained ISO 14001:2015 certification, demonstrating its commitment to environmental protection[183]. - The company achieved a 100% compliance rate for wastewater discharge, waste gas discharge, and solid waste disposal in 2021, with all major pollutants' emissions decreasing by 5.73% compared to 2020[184]. - The company has implemented a real-time online monitoring system for wastewater discharge, connected to environmental protection departments[171]. - The company has not faced any penalties from government departments regarding internal control deficiencies[166]. Governance and Management - The company maintains a governance structure compliant with relevant laws and regulations, ensuring no significant discrepancies with the requirements of the China Securities Regulatory Commission[120]. - The board of directors consists of 9 members, including 3 independent directors, meeting the legal requirements for board composition[117]. - The company has established a performance evaluation and incentive system linking management compensation to business performance[119]. - The management team is committed to maintaining transparency and effective communication with shareholders and stakeholders[126]. - The company has established a comprehensive training system to enhance employee skills and support strategic goals, including various training programs[155]. Future Outlook - The company has set a future outlook with a revenue target of 1.5 billion RMB for 2022, indicating an expected growth of 25%[134]. - The company plans to enhance its technological innovation capabilities to meet domestic and international market demands[98]. - The company aims to strengthen brand construction and expand production scale through the investment projects funded by the raised capital[98]. - The company plans to enhance marketing strategies and improve sales efficiency, aiming for a comprehensive domestic market coverage[100]. - The company is focusing on capital increase through retained earnings to support future growth initiatives[124].