江天化学(300927) - 2021 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2021 was CNY 709,974,754.86, representing a 62.20% increase compared to CNY 437,705,981.44 in 2020[19] - The net profit attributable to shareholders for 2021 was CNY 75,825,895.54, a 37.85% increase from CNY 55,005,268.81 in the previous year[19] - The net profit after deducting non-recurring gains and losses was CNY 73,563,224.75, up 40.23% from CNY 52,457,417.16 in 2020[19] - The basic earnings per share for 2021 was CNY 0.9455, reflecting a 3.39% increase from CNY 0.9145 in 2020[19] - The total assets at the end of 2021 amounted to CNY 776,786,291.28, a 2.06% increase from CNY 761,139,421.79 at the end of 2020[19] - The net assets attributable to shareholders increased by 10.98% to CNY 596,316,652.17 from CNY 537,332,756.63 in 2020[19] - The net cash flow from operating activities for 2021 was CNY 38,491,711.65, a decrease of 26.69% compared to CNY 52,504,544.53 in 2020[19] - The weighted average return on equity for 2021 was 13.41%, down from 19.25% in 2020, indicating a decline of 5.84%[19] Revenue and Sales - The company's total revenue for the four quarters of 2021 was approximately CNY 710 million, with the highest revenue in Q4 at CNY 192.2 million[21] - The net profit attributable to shareholders for the year was CNY 75.8 million, with Q1 showing the highest profit of CNY 21.6 million[21] - The net cash flow from operating activities turned positive in Q4, reaching CNY 63.3 million, after negative cash flows in the first three quarters[21] - The revenue from polyformaldehyde reached 347.54 million yuan, accounting for 48.95% of total revenue, with an impressive year-on-year growth of 85.44%[63] - Domestic sales contributed 88.68% of total revenue, amounting to 629.59 million yuan, while overseas sales accounted for 11.32%, totaling 80.39 million yuan, marking an 82.55% increase year-on-year[64] Production Capacity and Operations - The designed production capacity for formaldehyde is 400,000 tons/year with a utilization rate of 90.44%[51] - The production capacity for polyoxymethylene is 80,000 tons/year with a utilization rate of 73.35%[51] - The production capacity for ultra-pure chloromethane is 20,000 tons/year with a utilization rate of 50.83%[51] - The production capacity for 1,3,5-trisacryloylhexahydro-s-triazine is 1,000 tons/year for both slurry and powder, with a utilization rate of 99.90%[51] - The production capacity for polyformaldehyde increased from 45,000 tons to 80,000 tons, and formaldehyde capacity rose from 280,000 tons to 400,000 tons, contributing to significant performance improvement[60] Research and Development - In 2021, the company applied for 9 patents, including 1 invention patent and 8 utility model patents, and received authorization for 7 utility model patents[42] - The company has committed to ongoing technological research and development to enrich its product system and explore new markets[30] - The company has a dedicated R&D center to encourage innovation and ensure the quality of new product development[173] - The company is actively investing in research and development for new technologies, with a budget allocation of 595 million for innovation initiatives[131] Risk Management and Compliance - The company has outlined potential risks in its future development outlook, which investors should be aware of[6] - The company has established a comprehensive and effective internal control system to ensure compliance and asset security[169] - The company has implemented strict internal approval processes for financial reporting to ensure accuracy and reliability[174] - The company has established clear regulations for the management and use of raised funds to ensure transparency[175] Environmental and Safety Measures - The company aims to improve its safety and environmental protection capabilities in line with national policies, which may lead to accelerated industry consolidation[30] - The company has implemented upgrades to pollution control facilities, ensuring stable compliance with emission standards[187] - All construction projects have undergone environmental impact assessments and received necessary approvals, including pollution discharge permits[187] - The company has developed a scientific emergency response plan for environmental incidents, actively addressing potential environmental and safety risks[191] Governance and Management - The company has a clear organizational structure with defined roles and responsibilities, ensuring effective coordination among departments[126] - The company has a total of 3 independent directors who fulfill their duties independently and fairly, ensuring the protection of minority shareholders' rights[123] - The company held its first extraordinary general meeting of shareholders in 2021 with a participation rate of 71.86%[128] - The management team has undergone changes, with several key personnel resignations in April 2021, impacting strategic direction[132] Future Outlook - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[132] - The company plans to distribute a cash dividend of RMB 2.88 per 10 shares, totaling RMB 23,097,600 (including tax) based on a total share capital of 80,200,000 shares[166] - The company aims to enhance shareholder value through a proposed dividend increase of 10% in the next fiscal year[132] Employee Management and Development - The total number of employees at the end of the reporting period was 195, with 123 in production, 16 in sales, 25 in technical roles, 6 in finance, and 25 in administration[160] - Employee training programs focus on professional skills development, primarily through internal training supplemented by external training[163] - The company has established a dual promotion channel for technical and management positions to enhance employee motivation and organizational efficiency[114]