凯龙高科(300912) - 2021 Q4 - 年度财报

Financial Performance - The company's total revenue for 2021 was 82,826.81 million yuan, a year-on-year decrease of 26.26% due to a significant decline in downstream market demand for its main products [6]. - The company's operating revenue for 2021 was ¥828,268,096.29, a decrease of 26.26% compared to ¥1,123,182,896.18 in 2020 [27]. - The net profit attributable to shareholders for 2021 was -¥126,803,814.79, representing a decline of 227.39% from a profit of ¥99,536,515.83 in 2020 [27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥158,596,285.11, a decrease of 343.33% compared to ¥65,178,127.72 in 2020 [27]. - The net cash flow from operating activities was ¥12,299,714.50, down 87.90% from ¥101,651,168.82 in 2020 [27]. - The total assets at the end of 2021 were ¥1,826,933,270.85, a decrease of 5.05% from ¥1,924,172,897.22 at the end of 2020 [27]. - The net assets attributable to shareholders at the end of 2021 were ¥1,065,868,554.89, down 12.15% from ¥1,213,335,747.20 at the end of 2020 [27]. - The basic earnings per share for 2021 was -¥1.13, a decline of 198.26% from ¥1.15 in 2020 [27]. - The weighted average return on net assets was -11.03% in 2021, a decrease of 24.23% from 13.20% in 2020 [27]. - The company reported a significant drop in both revenue and profit, indicating challenges in its operational performance [27]. Market Conditions - The production and sales of commercial vehicles in China fell by 10.7% and 6.6% respectively in 2021, with heavy truck sales down by 13.8% [6]. - The heavy-duty truck market in China saw a significant decline, with sales dropping by 13.8% in 2021 compared to 2020, impacting the company's performance [39]. - The company experienced a negative impact on its operations due to factors such as chip shortages and rising raw material prices in 2021 [38]. - Domestic sales represented 99.60% of total revenue, while international sales dropped significantly by 73.80% to ¥3,287,777.13 [58]. Production and Operations - The company faced production interruptions due to the COVID-19 pandemic, particularly affecting its subsidiary, which halted operations in July and August 2021, impacting the shipment and sales of its products [7]. - The company has established partnerships for the National VI project with major clients, resulting in a total of 34 models in production [9]. - The company is focused on enhancing product quality and internal management to reduce service costs and improve overall efficiency [10]. - The company has developed a diesel engine exhaust after-treatment system that meets the National VIb standard, successfully tested and applied in Dongfeng's diesel engines [49]. - The company has established a complete industrial chain for diesel engine exhaust after-treatment, providing both subsystem products and full turnkey solutions [51]. Research and Development - Research and development expenses increased significantly due to concentrated investments in National VI and non-road National IV projects, reflecting the company's commitment to innovation [7]. - R&D expenses for the company were 14,049.10 million CNY in 2021, accounting for 16.96% of revenue, indicating a significant investment in innovation [47]. - The company has obtained 243 patents, including 51 invention patents, ensuring a solid foundation for maintaining industry leadership [48]. - The company is focused on R&D to maintain a competitive edge, as the internal combustion engine emission regulations are continuously upgraded [43]. - The company is developing several key projects, including the National VI electric control nozzle and the gas-cooled SCR reaction system, which are expected to become new sales and profit growth points [69]. Financial Management - The company does not plan to distribute cash dividends or issue bonus shares for the year [13]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years [27]. - The company has established a complete and independent governance structure, ensuring operational independence from controlling shareholders [120]. - The company has a structured human resources management system to attract and retain talent, ensuring operational stability and competitiveness [165]. Governance and Compliance - The board of directors consists of 7 members, including 3 independent directors, meeting legal requirements [117]. - The company has established a comprehensive internal control system, with no significant deficiencies identified in financial and non-financial reporting controls [167]. - The company emphasizes the importance of brand development and aims to enhance brand recognition through various promotional activities [110]. - The company actively engages with investors through various channels, ensuring fair access to information for all shareholders [174]. Strategic Initiatives - The company plans to implement fundraising investment projects to expand its operational scale and enhance customer service capabilities [105]. - The company aims to maintain a technological leadership position in the post-treatment market through the development of dual-injection systems and other advanced technologies [69]. - The company is focused on strategic initiatives that include potential mergers and acquisitions to enhance its competitive position in the market [131]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to 500 million yuan earmarked for strategic investments [141]. Employee Management - The total number of employees at the end of the reporting period was 1,310, including 1,021 at the parent company and 289 at major subsidiaries [154]. - A total of 29,465 training sessions were conducted for employees in 2021, with 315 frontline skilled workers receiving training [157]. - The company has established a stock incentive plan to align employee interests with corporate goals and improve governance [155]. - The company aims to enhance the professional and innovative capabilities of technical personnel and improve the skills of all positions in 2022 [157]. Environmental Responsibility - The company strictly adheres to national and local environmental protection laws and regulations, actively fulfilling its corporate environmental responsibilities [176]. - The company has successfully developed exhaust treatment products for mobile sources such as automobiles and ships, which are widely applied in the market, effectively controlling emissions and meeting regulatory requirements [176]. - Since the outbreak of COVID-19 in 2020, the company has taken significant measures to protect employee health, including sourcing protective materials and conducting thorough disinfection of facilities [176].