Financial Performance - The company's operating revenue for 2021 was ¥644,384,542.46, a decrease of 31.89% compared to ¥946,032,673.09 in 2020[28]. - The net profit attributable to shareholders for 2021 was ¥101,876,191.46, down 1.37% from ¥103,290,722.87 in 2020[28]. - The net cash flow from operating activities decreased by 50.82% to ¥36,180,512.53 in 2021 from ¥73,574,577.78 in 2020[28]. - The total assets at the end of 2021 increased by 10.82% to ¥784,090,343.65 from ¥707,533,321.04 at the end of 2020[28]. - The net assets attributable to shareholders rose by 18.39% to ¥654,069,040.90 at the end of 2021 compared to ¥552,488,216.14 at the end of 2020[28]. - The basic earnings per share for 2021 was ¥0.28, a decrease of 3.45% from ¥0.29 in 2020[28]. - The company reported a total of ¥15,354,920.57 in non-recurring gains and losses for 2021, compared to ¥2,851,028.32 in 2020[34]. - The company experienced a net profit of ¥32,490,079.05 in Q4 2021, which was the highest quarterly profit for the year[31]. - The company’s weighted average return on equity for 2021 was 16.89%, down from 21.04% in 2020[28]. - The company reported a net profit attributable to shareholders of CNY 10.19 million, a slight decrease of 1.37% year-on-year, indicating stable profitability despite revenue decline[60]. Market and Product Development - The company implemented an innovative development strategy focusing on "potassium extension and chlorine transformation," aiming to enhance the production and sales of high-value-added products such as wet electronic chemicals and food additives[6]. - The company plans to continue focusing on market expansion and new product development in the upcoming year[38]. - The domestic demand for potassium hydroxide increased steadily in 2021, with total consumption rising compared to 2020, driven by traditional industries such as fertilizers and pharmaceuticals[40]. - The production of electronic-grade and photovoltaic-grade fine potassium products is a key focus, catering to modern industries such as electronics and new energy[42]. - The company is actively adjusting its product and channel structure to promote high-end markets more aggressively[40]. - The company is developing electronic-grade potassium hydroxide with sodium content below 50ppm, which has passed semiconductor customer verification[49]. - The company is committed to advancing R&D for G4 and G5 grade electronic hydrochloric acid, as part of its innovation strategy[95]. - The company is focusing on wet electronic chemicals as a key product for future development, driven by the rising demand in semiconductor, solar photovoltaic, and display panel industries[95]. Supply Chain and Raw Material Costs - The main profit source for the company is potassium hydroxide, with a significant loss in hydrochloric acid products due to increased costs and lower sales of high-grade hydrochloric acid[7][8]. - The company faces risks related to supplier dependence, particularly on potassium chloride, which is scarce and primarily sourced from a few state-owned enterprises[9]. - The price of potassium chloride, a key raw material for potassium hydroxide production, surged by over 90% during the reporting period[40]. - The average procurement price of potassium chloride increased by 36.43% year-on-year due to the impact of the COVID-19 pandemic and supply chain disruptions[49]. - The cost of raw materials, particularly potassium chloride, increased by over 90%, leading to a corresponding price adjustment for products[61]. Research and Development - The company has applied for 13 patents and has 9 patents under review related to potassium hydroxide production technology[49]. - The company has invested in R&D, establishing a provincial engineering technology research center for potassium hydroxide preparation and comprehensive application[58]. - Research and development expenses amounted to CNY 10,096,784.10, an increase of 12.50% compared to CNY 8,974,627.58 in 2020[73]. - The number of R&D personnel increased by 26.98% from 63 in 2020 to 80 in 2021, with R&D personnel now accounting for 13.61% of the total workforce[76]. - The R&D investment as a percentage of operating income rose to 1.57% in 2021 from 1.02% in 2020[76]. Operational Efficiency and Capacity - The company employs a continuous production model with high automation, ensuring efficient production processes[47]. - The designed capacity for potassium hydroxide is 90,000 tons with a utilization rate of 90.92%[50]. - The designed capacity for hydrochloric acid is 160,000 tons with a utilization rate of 76.30%[50]. - The designed capacity for sodium hypochlorite is 40,000 tons with a utilization rate of 165.74%[50]. - The company has a current production capacity of 40,000 tons per year for sodium hypochlorite, with plans to enhance both production volume and quality following the completion of fundraising projects[41]. Financial Management and Governance - The company reported a cash dividend of 0.50 RMB per 10 shares (including tax) based on a total of 480,000,000 shares, with no bonus shares issued[14]. - The total distributable profit for the year was 174,568,866.73 yuan, with no retained earnings distributed for future years[148]. - The company has established a governance structure that clearly defines the rights and responsibilities among shareholders, the board, and management[162]. - The company has a robust governance structure in place, complying with relevant laws and regulations, ensuring clear responsibilities among its governing bodies[100]. - The company has established a complete and independent business system, ensuring independence from its controlling shareholders in operations, assets, and finances[101]. Environmental and Social Responsibility - The company emphasizes the importance of environmental safety and has adopted a circular economy model to enhance its market competitiveness[95]. - Carbon emissions decreased by 25% year-on-year due to the suspension of polyvinyl chloride resin production at the end of 2020[161]. - The company has implemented pollution prevention facilities and established management systems to ensure stable operation[158]. - The company donated nearly 100,000 yuan in disinfectants to support flood relief efforts during the 2021 Henan floods[162]. Future Outlook - The company provided a future outlook with a revenue guidance of 1.5 billion RMB for 2022, indicating a projected growth of 25%[108]. - The company plans to significantly increase the sales of potassium hydroxide products in the phosphate potassium salt market, especially during the spring fertilization peak season[95]. - The company aims to enhance the proportion of high-end products, ensuring that sales in niche markets such as new materials, pharmaceuticals, and photovoltaic sectors remain unaffected[95]. - The company is expanding its market presence in Southeast Asia, targeting a 20% increase in sales from this region by 2023[110].
华融化学(301256) - 2021 Q4 - 年度财报