Financial Performance - The total revenue for the year ended December 31, 2021, was RMB 78,624,000, a decrease of 19.5% from RMB 97,608,000 in 2020[7]. - The gross profit for the same period was RMB 21,022,000, down 35.3% from RMB 32,487,000 in 2020[7]. - The net loss for the year was RMB 2,043,000 compared to a profit of RMB 5,549,000 in 2020, indicating a significant decline in profitability[7]. - The total comprehensive income for the year was RMB 9,089,000, an increase from RMB 5,549,000 in 2020, primarily due to revaluation gains[5]. - The company reported a basic and diluted loss per share of RMB 0.51 for the year, compared to earnings of RMB 1.39 per share in 2020[6]. - The company incurred a total tax expense of RMB 2,989,000 in 2021, down from RMB 4,207,000 in 2020, representing a decrease of approximately 29.0%[51]. - The company recorded a net loss of approximately RMB 2.0 million for the year ended December 31, 2021, compared to a net profit of approximately RMB 5.5 million for the year ended December 31, 2020[121]. Assets and Liabilities - The company's total assets as of December 31, 2021, were RMB 78,667,000, an increase from RMB 63,934,000 in 2020[10]. - The net asset value increased to RMB 68,246,000 from RMB 59,090,000 in the previous year, reflecting a growth of 15.5%[10]. - The cash and cash equivalents decreased to RMB 8,220,000 from RMB 16,545,000 in 2020, indicating a reduction in liquidity[10]. - The company had no contingent liabilities as of December 31, 2021[124]. - The company maintained a capital structure with total equity of approximately RMB 68,246,000 as of December 31, 2021, unchanged from the previous year[129]. Revenue Breakdown - Revenue from the sale of fiberglass grating was RMB 41,188,000 in 2021, down from RMB 45,562,000 in 2020, representing a decline of 9.9%[26]. - Revenue from phenolic grating decreased to RMB 160,000 in 2021 from RMB 250,000 in 2020, a drop of 36%[26]. - Revenue from epoxy wedge strips was RMB 37,276,000 in 2021, down from RMB 51,796,000 in 2020, reflecting a decrease of 28.2%[26]. - Total revenue from local customers in mainland China decreased to RMB 51,675,000 in 2021 from RMB 64,434,000 in 2020, representing a decline of approximately 19.8%[35]. - Total revenue from overseas customers decreased to RMB 26,949,000 in 2021 from RMB 33,174,000 in 2020, reflecting a decline of about 18.8%[35]. Operational Efficiency - The company’s operating profit before tax was RMB 946,000, down from RMB 9,756,000 in 2020, showing a decline in operational efficiency[7]. - Research and development costs were RMB 4,834,000 in 2021, down from RMB 6,000,000 in 2020, indicating a reduction of approximately 19.4%[42]. - Employee costs, including director remuneration, increased to RMB 14,105,000 in 2021 from RMB 13,390,000 in 2020, reflecting an increase of about 5.3%[40]. - The company recognized a provision for expected credit losses of RMB 274,000 for the year ended December 31, 2021, compared to RMB 1,426,000 in 2020, indicating a decrease of approximately 80.8%[87]. Market and Product Strategy - The company plans to continue its focus on research and development of fiberglass products in China, leveraging its subsidiary Nantong Meigu Composite Materials Co., Ltd.[13]. - The company aims to strengthen its market presence by promoting fiberglass products in countries along the "Belt and Road" initiative[103]. - The company plans to enhance product recognition through improved technology and effective cost control while hiring additional talent to support growth and expansion[101]. - The company expects steady growth in the overall fiberglass market in China in the coming years, driven by increased applications in various industries[100]. Compliance and Governance - The company complied with the corporate governance code as stipulated in the GEM Listing Rules during the fiscal year ended December 31, 2021[138]. - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group[141].
硅鑫集团(08349) - 2021 Q4 - 年度业绩