JAHEN(SZ:300955)2022-04-19 16:00Financial Performance - The company reported a profit distribution plan of 3.80 RMB per 10 shares (including tax) for a total of 100,800,000 shares[5]. - The company's operating revenue for 2021 was CNY 1,161,295,192.74, representing a 19.89% increase compared to CNY 968,606,344.36 in 2020[20]. - The net profit attributable to shareholders for 2021 was CNY 97,169,266.47, a 4.02% increase from CNY 93,411,508.52 in 2020[20]. - The net cash flow from operating activities increased by 32.39% to CNY 99,936,853.58 in 2021, compared to CNY 75,484,674.92 in 2020[20]. - The total assets at the end of 2021 reached CNY 1,357,869,202.64, a 55.38% increase from CNY 873,929,046.40 at the end of 2020[20]. - The net assets attributable to shareholders increased by 80.99% to CNY 957,072,421.64 at the end of 2021, compared to CNY 528,800,062.08 at the end of 2020[20]. - The basic earnings per share decreased by 16.94% to CNY 1.03 in 2021, down from CNY 1.24 in 2020[20]. - The company reported a total of CNY 2,892,855.39 in non-recurring gains and losses for 2021, compared to CNY 2,667,075.14 in 2020[25]. - The company achieved a total asset of CNY 1.358 billion as of December 31, 2021, representing a growth of 55.38% compared to the previous year[73]. - The net assets attributable to shareholders of the listed company reached CNY 957 million, an increase of 80.99% year-on-year[73]. - The company reported an operating revenue of CNY 1.161 billion for 2021, marking a year-on-year growth of 19.89%[73]. - The net profit attributable to shareholders of the listed company was CNY 97.17 million, reflecting a growth of 4.02% compared to the previous year[73]. - The net cash flow from operating activities was CNY 99.94 million, which is a 32.39% increase year-on-year[73]. Market Trends and Opportunities - The cosmetics market in China saw a retail sales increase from CNY 204.94 billion in 2015 to CNY 402.6 billion in 2021, with a growth rate of 14% in 2021[30]. - The company is positioned to benefit from the growing demand for personalized and differentiated products in the cosmetics OEM/ODM sector[30]. - The company has experienced a significant increase in its market opportunities due to the rising consumer income levels and the ongoing trend of consumption upgrades in the cosmetics industry[30]. - The collaboration between brand owners and manufacturers is deepening, with stable OEM/ODM partnerships becoming essential for product innovation and capacity expansion, aiding brand growth[31]. - The demand for cosmetics OEM/ODM services is increasing due to the stable growth of the Chinese cosmetics market, with local brands focusing on localized operations and e-commerce channels[32]. - The cosmetics industry in China is experiencing a growth phase, with significant opportunities for OEM/ODM enterprises as brand outsourcing needs diversify[33]. - The cosmetics production industry is characterized by low cyclicality and strong resilience to economic fluctuations, with production concentrated in the Yangtze River Delta and Pearl River Delta regions[38]. - The company is actively investing in R&D for lightweight plastics, recycling, and biodegradable plastic applications to address environmental concerns[64]. - The company is developing innovative personal care products and anti-aging products, aiming to enhance market competitiveness[91]. Risks and Challenges - The company emphasizes potential risks including market demand fluctuations, high customer concentration, and raw material price volatility[5]. - The top five customers accounted for 76.64% of total annual sales, with the largest customer contributing 30.92%[88]. - The company faces risks from rising raw material prices, particularly for PE and PP, which are heavily influenced by international crude oil prices, potentially impacting profit margins[136]. - The company has identified risks related to the feasibility of fundraising investment projects, which may not meet expected returns due to market changes[139]. - The company is facing risks from rising raw material prices, particularly for PE and PP, which are heavily influenced by international crude oil prices, potentially impacting profit margins[136]. - The company reported a significant inventory amount of 171.10 million yuan, accounting for 23.20% of current assets, which may lead to operational risks due to high capital occupation[138]. Corporate Governance - The company maintains complete independence from its controlling shareholder in terms of business, assets, personnel, and finance, ensuring a fully autonomous operational capability[150]. - The board of directors consists of 7 members, including 3 independent directors, all of whom comply with legal and regulatory requirements[147]. - The company has established a complete and independent business system, with no reliance on controlling shareholders for procurement, sales, design, or technology[150]. - The company has a fully independent financial department and accounting system, with no interference from the controlling shareholder in financial decisions[151]. - The company has established a transparent information disclosure system, ensuring all shareholders receive equal access to relevant information[148]. - The company has engaged in multiple research projects, enhancing its product development capabilities in the cosmetics sector[162]. - The company has not faced any penalties from securities regulatory authorities in the past three years for its current and recently departed directors, supervisors, and senior management[161]. - The company has not engaged in any related party transactions that would compromise its independence or operational integrity[152]. Research and Development - The company has established a comprehensive R&D system and a stable, efficient, and experienced technical R&D team to support product development[66]. - The company is collaborating with research institutions like Fudan University to advance its R&D capabilities in cosmetic technologies[75]. - The company has accumulated 163 domestic patents and 1 foreign patent, including 32 invention patents, 98 utility model patents, and 34 design patents[61]. - The company has invested RMB 21.95 million in R&D, representing an 18.48% increase compared to the previous year, and obtained 14 patents during the reporting period[75]. - The company is committed to increasing R&D investment to keep pace with customer demands for product updates and to avoid being outpaced by competitors[137]. Production and Operations - The company primarily engages in the OEM/ODM of daily chemical products and the design and production of plastic packaging containers, providing integrated services for cosmetics and household care products[41]. - The production model is mainly order-based, with a focus on OEM services while also providing ODM services for certain brand clients[53]. - The sales model involves direct sales and efficient supply chain management to quickly meet customer delivery needs, with pricing based on a cost-plus method[54]. - The company has a design capacity of 24,500 tons for cosmetics, with a utilization rate of 98%, and a design capacity of 87 million units for plastic packaging containers, with a utilization rate of 77%[61]. - The company has formed a synergistic strategy between its OEM/ODM business for daily chemical products and its plastic packaging business, leading to rapid growth in the daily chemical sector[55]. - The company has a clean production workshop with a 100,000-level standard, ensuring stable production capacity and quality control[69]. - The company is enhancing its smart manufacturing capabilities through the construction of digital management systems, including PLM, MES, and WMS[76]. Shareholder Engagement - The company held its annual general meeting with a participation rate of 75% on May 20, 2021, and two interim shareholder meetings with participation rates of 64.26% and 67.54% on July 15, 2021, and November 22, 2021, respectively[153]. - The company has ensured that minority shareholders had sufficient opportunities to express their opinions and protect their legal rights[180]. - The company has not provided guarantees for the controlling shareholder or its affiliates during the reporting period, nor has it allowed any fund occupation by the controlling shareholder[150]. - The company responded to 136 investor inquiries through the "Interactive Easy" platform and held one online performance briefing during the reporting period[193]. Environmental and Social Responsibility - The company has maintained compliance with environmental laws and regulations, achieving ISO 14001 certification for its main subsidiaries[194]. - The company has committed to sustainable development by focusing on energy conservation, emission reduction, and technological upgrades in its operations[194]. - The company has established a dedicated pandemic prevention task force and organized COVID-19 vaccination for employees in response to government directives[194]. - The company emphasizes quality over profit in its product philosophy, ensuring high-quality products and services for customers[192].