Revenue and Profitability - The company's operating revenue for 2021 was ¥393,643,829, a decrease of 70.17% compared to ¥1,319,702,110 in 2020[22]. - The net profit attributable to shareholders for 2021 was ¥19,318,255.4, down 91.42% from ¥224,809,419 in 2020[22]. - The net profit after deducting non-recurring gains and losses was ¥14,566,327.07, a decline of 93.47% from ¥222,724,599.80 in 2020[22]. - The basic earnings per share for 2021 was ¥0.160, down 92.89% from ¥2.25 in 2020[22]. - The diluted earnings per share for 2021 was also ¥0.160, reflecting the same percentage decrease as basic earnings[22]. - The weighted average return on equity for 2021 was 1.96%, a significant drop of 63.60% from 65.56% in 2020[22]. - The company's performance declined due to changes in industry policies affecting LNG heavy truck demand, resulting in a significant drop in production and sales[75]. - In 2021, the company's revenue decreased by 70.17% and net profit attributable to shareholders dropped by 91.42% due to the decline in LNG heavy truck demand and rising LNG prices[84]. - The average selling price of the LNG supply system decreased by approximately 16%, negatively impacting the company's profitability[88]. Market Dynamics and Competition - The company achieved a market share of 33% in the LNG supply system sector in 2021, up from 30.4% in 2020, despite a decline in the LNG heavy truck market[38]. - The implementation of the National VI emission standards for heavy-duty diesel vehicles starting July 1, 2021, negatively impacted the LNG heavy truck market demand[38]. - The market share of natural gas vehicles and LNG heavy trucks dropped from 8.77% in 2020 to 4.22% in 2021[75]. - The company sold 12,000 units of the LNG supply system in 2021, compared to 43,449 units in 2020, reflecting a significant market presence[38]. - The rapid development of LNG commercial vehicles has driven the demand for related LNG supply system products, indicating a broad market outlook[37]. Strategic Investments and Projects - The company has made strategic investments in Jiangsu Shenqicheng Technology Co., Ltd., focusing on hydrogen fuel cell core components, aligning with the "dual carbon" policy direction[9]. - A new project for the production line of compressed hydrogen aluminum liner carbon fiber fully wrapped gas cylinders is planned, with an expected annual production capacity of 30,000 units[9]. - The company is enhancing its product structure by implementing a new project for the production of carbon fiber-wrapped hydrogen gas cylinders, aimed at increasing product competitiveness and sustainability[46]. - The company is preparing for the mass production of high-pressure LNG gas supply systems, with technology reserves being established for future applications[110]. Financial Position and Cash Flow - The cash flow from operating activities for 2021 was ¥55,166,569.6, a decrease of 32.96% compared to ¥82,288,210.7 in 2020[22]. - The net cash flow from operating activities decreased by 32.96% to ¥55.17 million in 2021 compared to ¥82.29 million in 2020[113]. - The company's cash and cash equivalents increased significantly by 600% to ¥513.21 million, compared to a decrease of ¥102.64 million in 2020[113]. - The company reported a total investment income loss of ¥2.04 million, accounting for -9.01% of total profit[116]. Research and Development - The company holds 106 patents, including 3 invention patents, indicating a strong focus on R&D and innovation in the LNG supply system sector[92]. - R&D investment as a percentage of operating income increased to 5.27% in 2021 from 3.33% in 2020, despite a decrease in absolute R&D spending by 23.1764 million CNY due to a 70.17% drop in operating income[111]. - The number of R&D personnel increased by 18.06% to 85 in 2021, with the proportion of R&D staff rising to 14.86% from 9.42%[111]. - The company is focusing on developing hydrogen supply systems in response to national carbon neutrality goals, with ongoing projects for liquid hydrogen storage and supply systems[110]. Operational Efficiency and Cost Management - The company is committed to cost reduction and efficiency enhancement through personnel optimization and strengthened cost accounting, aiming to lower production costs and improve product competitiveness[144]. - The total operating costs were aligned with revenue trends, with the cost of vehicle-mounted LNG modules at ¥217,920,367.77, a decrease of 71.19% from the previous year[103]. - Sales expenses decreased by 53.88% in 2021, totaling 21,208,301.21 CNY, due to a significant reduction in shipment volume compared to 2020[108]. - Management expenses fell by 21.43% to 32,732,504.76 CNY, with intermediary fees and office expenses decreasing by 5.56 million CNY and 5.18 million CNY respectively[108]. Governance and Compliance - The company held 3 shareholder meetings during the reporting period, all conducted in compliance with legal regulations[154]. - The board of directors convened 11 meetings, with all independent directors present, ensuring compliance with governance standards[155]. - The company maintains an independent operational structure, with no interference from the controlling shareholder in decision-making[160]. - The company has established various committees, including a strategic committee and an audit committee, to enhance governance[154]. Future Outlook and Growth Strategies - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[172]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[172]. - The company aims to enhance its core competitiveness by improving product quality and service, aligning with national low-carbon economic policies[139]. - The company is accelerating the layout of hydrogen fuel cell products to further expand its business scope, aligning with national policies that support the hydrogen energy industry as a key development direction[141].
致远新能(300985) - 2021 Q4 - 年度财报