Workflow
惠云钛业(300891) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 1,552,700,559.80, representing a 62.63% increase compared to CNY 954,745,074.83 in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 196,976,609.86, a significant increase of 121.00% from CNY 89,129,940.82 in 2020[17]. - The net profit after deducting non-recurring gains and losses was CNY 204,251,191.58, up 135.52% from CNY 86,723,810.92 in 2020[17]. - The net cash flow from operating activities reached CNY 174,026,363.96, marking a 169.54% increase from CNY 64,563,871.52 in 2020[17]. - The total assets at the end of 2021 were CNY 1,820,473,149.97, a 30.83% increase from CNY 1,391,466,845.73 at the end of 2020[17]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,305,373,593.84, reflecting a 14.43% increase from CNY 1,140,766,841.27 at the end of 2020[17]. - The company reported a basic earnings per share of CNY 0.49 for 2021, an increase of 81.48% from CNY 0.27 in 2020[17]. - The weighted average return on equity for 2021 was 16.12%, up from 10.44% in 2020, indicating improved profitability[17]. - The company's operating revenue reached ¥1,550,026,192.56, representing a year-on-year increase of 63.12%[64]. - The gross profit margin improved to 23.62%, up by 3.63% compared to the previous year[64]. - The company's export revenue increased by 74.74% year-on-year, reaching CNY 483,480,421.24, while domestic sales grew by 57.69% to CNY 1,069,220,138.56[62]. Dividend Distribution - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares to all shareholders, based on a total of 400,000,000 shares[4]. - The cash dividend distribution accounted for 100% of the total profit distribution amount, with no stock dividends or capital reserve transfers proposed[165]. - A cash dividend of 1 yuan per 10 shares (totaling 40,000,000 yuan) was proposed, representing 20.31% of the net profit attributable to shareholders[167]. - The company plans to retain undistributed profits for future distribution, considering its ongoing business development and funding needs[167]. Risk Management - The report emphasizes the importance of understanding the risks associated with future development strategies and operational plans, which are subject to market conditions[4]. - The company has outlined potential risk factors and countermeasures in the report, highlighting the need for investor awareness[4]. - The company faces risks from price volatility in the titanium dioxide market, which significantly impacts revenue and profit levels[107]. - The company relies on titanium concentrate as a key raw material, with potential supply risks from environmental policies affecting production in the Panxi region[107]. - The company is improving its management's sensitivity to foreign exchange market fluctuations to mitigate potential risks[111]. Production and Capacity - The production of titanium dioxide in China reached 3.79 million tons in 2021, an increase of 280,000 tons or 8.0% year-on-year[27]. - The company has an annual production capacity of 50,000 tons for rutile titanium dioxide and 30,000 tons for anatase titanium dioxide, with an additional 30,000 tons per year capacity from the first phase of the plastic-grade rutile titanium dioxide project[33]. - In 2021, the company achieved a titanium dioxide production volume of 82,300 tons, an increase of 18.75% year-on-year, and a sales volume of 81,200 tons, up 17.69% year-on-year[53]. - The company has officially commenced production of the first phase of the "80,000 tons/year plastic-grade rutile titanium dioxide post-processing expansion project," increasing production capacity by 30,000 tons and enhancing product structure and value-added[40]. Research and Development - The company holds 6 invention patents and 14 utility model patents, which enhance product quality and technological standards[51]. - The company has strengthened R&D efforts for titanium dioxide products, adjusting product structure to enhance market competitiveness[40]. - The company is in the trial production phase for several new products, including high-purity titanium dioxide ultrafine powder for various applications, aimed at enhancing market competitiveness[72]. - The company plans to continue investing in new technologies and products to strengthen its market position and meet future quality demands[72]. - Research and development expenses increased by 58.70% to ¥43,961,142.70, indicating a focus on innovation and product development[71]. Environmental Compliance - The company is committed to maintaining compliance with environmental regulations and standards[176]. - The company has zero financial reporting major defects and important defects[174]. - The company reported a total sulfur dioxide (SO2) emission of 22,788.58 kg, equivalent to 892.5 tons per annum from the calcination chimney[178]. - The company has ongoing construction projects, including a 30,000 tons/year titanium dioxide project and an 80,000 tons/year sulfuric acid titanium dioxide project, with normal production status reported[181]. - The company has obtained various environmental permits, including a national industrial product production license valid until December 29, 2024[183]. Governance and Management - The company has established a board of directors consisting of 9 members, including 3 independent directors, complying with legal and regulatory requirements[116]. - The company has a supervisory board with 3 supervisors, including 1 employee representative, ensuring compliance with laws and regulations[117]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, ensuring a complete and independent business structure[119]. - The company has established a fair and transparent performance evaluation and incentive mechanism for its directors, supervisors, and senior management[121]. - The company has a complete and independent R&D, procurement, production, and sales system, capable of operating independently in the market[120]. Employee Management - The total number of employees at the end of the reporting period was 1,101, with 984 in the parent company and 117 in major subsidiaries[158]. - The company emphasizes a competitive and fair salary structure to attract and retain talent, aligning with its economic performance and sustainability principles[161]. - The training plan focuses on internal talent development and external recruitment to enhance the workforce's capabilities[162]. - The company plans to strengthen its talent acquisition strategy to support new technology and market breakthroughs[162]. Strategic Partnerships - The company aims to establish strategic partnerships with strong and reputable international market players to navigate complex market environments[104]. - The company has established stable partnerships with major titanium ore suppliers in the Panxi region to ensure a steady supply of titanium concentrate[108]. - The company is actively exploring import channels for titanium concentrate to mitigate supply risks and price increases in the market[108]. Future Outlook - The company plans to enhance its market share in the domestic titanium dioxide market, leveraging its marketing center in Guangzhou and international exhibitions[105]. - The company aims to strengthen its market position through strategic partnerships and potential acquisitions in the future[132]. - The company will increase investment in its main business to boost sales revenue and net profit[196].