Richful(SZ:300910)2022-04-11 16:00Financial Performance - The company's operating revenue for 2021 was ¥1,081,101,499.89, representing a 25.58% increase compared to ¥860,855,363.57 in 2020[27]. - The net profit attributable to shareholders for 2021 was ¥201,047,381.19, a 9.94% increase from ¥182,864,707.88 in 2020[27]. - The net profit after deducting non-recurring gains and losses was ¥196,705,836.41, up 9.27% from ¥180,012,926.94 in 2020[27]. - The company's total assets at the end of 2021 were ¥2,457,893,505.96, a 6.71% increase from ¥2,303,332,450.80 at the end of 2020[27]. - The basic earnings per share for 2021 was ¥1.34, down 15.19% from ¥1.58 in 2020[27]. - The weighted average return on equity for 2021 was 9.54%, a decrease of 8.10% compared to 17.64% in 2020[27]. - The company reported a net cash flow from operating activities of ¥58,120,552.43, a significant decrease of 73.17% from ¥216,637,443.05 in 2020[27]. - The company received government subsidies totaling ¥2,345,054.31 in 2021, down from ¥4,264,355.46 in 2020[33]. - The company reported a total of ¥4,341,544.78 in non-recurring gains in 2021, compared to ¥2,851,780.94 in 2020[36]. - The total operating costs amounted to ¥751,756,389.04, reflecting a year-on-year increase of 33.46%[110]. Market Position and Strategy - The company operates in the lubricant additive industry, focusing on improving the performance and lifespan of lubricants[14]. - The global lubricating oil additives market is expected to grow to 5.43 million tons by 2023, with a market size of approximately $18.5 billion[41]. - The company has established itself as a leading domestic lubricant additive supplier and is the first A-share listed company in this sector[46]. - The company is positioned to benefit from the restructuring of the international supply chain and accelerated domestic import substitution in the lubricating oil additive industry[72]. - The company aims to become a significant global supplier of lubricant additives, focusing on expanding its market presence and establishing strategic partnerships with international core customers[164]. - The company is committed to expanding its production capacity through technological upgrades and new construction projects, leveraging its existing infrastructure[167]. - The company aims to establish a balanced domestic and international market presence, actively pursuing globalization strategies[164]. Research and Development - The company emphasizes continuous R&D investment and technological innovation to enhance product quality and performance[63]. - The company has continuously increased R&D investment, leading to significant breakthroughs in the certification of composite products, including successful tests for high-pressure anti-wear hydraulic oil and various engine oils[73]. - The R&D team consists of 112 members, including 6 senior engineers, indicating a well-structured and experienced team dedicated to innovation[86]. - R&D investment in 2021 amounted to ¥46,822,715.22, representing 4.33% of operating revenue, an increase from 3.45% in 2020[129]. - The company completed the development of API SN grade gasoline engine oil compound, which will enhance technical innovation and core competitiveness, breaking the foreign monopoly[120]. - The company has completed the development of various new products, including calcium sulfonate grease and anti-rust agents, which are expected to generate significant economic benefits[125]. Operational Efficiency - The company has improved its management level by optimizing budget and performance management systems, enhancing talent development, and increasing operational efficiency[76]. - The company employs a direct sales model without using distributors, focusing on both production and trade customers[66]. - The procurement strategy is based on safety stock and demand-driven production, ensuring stable supply and quality of raw materials[68]. - The company has established a strict supplier management system to maintain long-term relationships with key raw material suppliers[68]. - The pricing mechanism considers production costs, market demand, and competition, allowing for flexible pricing strategies[69]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the annual report[6]. - The company has outlined potential risk factors and countermeasures in the management discussion section of the report[6]. - The company faces risks related to raw material price fluctuations and supply issues, implementing strategies to optimize supply channels and maintain safety stock[171]. - In 2021, the company's export ratio reached 48.05%, exposing it to foreign exchange risks, which it plans to mitigate through various pricing and settlement strategies[172]. Corporate Governance - The company’s financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management[5]. - The company has a commitment to transparency and has made all relevant documents available for public inspection[12]. - The company operates independently from its controlling shareholders, with no reliance on them for business operations, assets, or resources[194]. - The company has established an independent financial department with a dedicated accounting system and does not share bank accounts with any shareholders[196]. - The company held three shareholder meetings during the reporting period, with participation rates of 74.88%, 76.39%, and 71.92% respectively[197][200].