中创新航(03931) - 2022 - 年度业绩

Financial Highlights Financial Highlights The Group achieved significant financial growth in 2022, with revenue increasing by 198.9% to approximately RMB 20.375 billion, profit attributable to owners of the Company growing by 393.9% to approximately RMB 692 million, and basic earnings per share increasing by 290.8% 2022 Annual Financial Highlights | Indicator | 2022 (RMB millions) | 2021 (RMB millions) | Growth Rate | | :--- | :--- | :--- | :--- | | Revenue | 20,374.94 | 6,817.12 | 198.9% | | Profit attributable to owners of the Company | 691.63 | 140.03 | 393.9% | | Basic Earnings Per Share (RMB Yuan) | 0.4408 | 0.1128 | 290.8% | Consolidated Financial Statements Consolidated Statement of Profit or Loss For the year ended December 31, 2022, the Group's revenue reached RMB 20.375 billion, a 198.9% increase from RMB 6.817 billion in 2021, with gross profit growing to RMB 2.104 billion and profit for the year significantly increasing to RMB 694 million Key Data from 2022 Consolidated Statement of Profit or Loss | Item | 2022 (RMB thousands) | 2021 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 20,374,942 | 6,817,115 | | Gross Profit | 2,103,520 | 510,950 | | Operating Profit | 711,659 | 113,122 | | Profit for the Year | 693,537 | 111,540 | | Profit attributable to owners of the Company | 691,626 | 140,029 | | Basic Earnings Per Share (RMB Yuan) | 0.4408 | 0.1128 | Consolidated Statement of Financial Position As of December 31, 2022, the Group's total assets increased by 134.2% to RMB 90.461 billion, total liabilities rose to RMB 48.885 billion, and net assets reached RMB 41.575 billion, primarily driven by business expansion, production base construction, and H-share listing proceeds Summary of Consolidated Statement of Financial Position as of December 31, 2022 | Item | 2022 (RMB thousands) | 2021 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 53,101,171 | 20,034,407 | | Current Assets | 37,359,447 | 18,586,078 | | Total Assets | 90,460,618 | 38,620,485 | | Current Liabilities | 32,774,951 | 9,890,350 | | Non-current Liabilities | 16,110,208 | 3,744,011 | | Total Liabilities | 48,885,159 | 13,634,361 | | Net Assets | 41,575,459 | 24,986,124 | - Total assets increased by 134.2%, primarily due to continuous investment in production bases leading to an increase in property, plant, and equipment, and an increase in bank deposits from H-share issuance proceeds[63] - Total liabilities increased by 258.5%, mainly due to increased material purchases from business expansion, higher trade and bills payables, and increased syndicated project loans to meet investment needs[64] Notes to the Consolidated Financial Statements Accounting Policies and Disclosure Changes This year, the Group changed its accounting policy for government grants, reclassifying asset-related grants from deferred income to direct deduction from asset carrying amounts, and revenue-related grants to direct deduction from relevant expenses, with retrospective application and restatement of comparative financial statements - Before the change, asset-related government grants were recognized as deferred income; after the change, they are directly deducted from the asset's carrying amount and recognized as a reduction in depreciation expense over the asset's useful life[15] - Before the change, revenue-related government grants were presented separately; after the change, they are directly deducted when reporting the related expenses[15] Impact of Accounting Policy Changes on 2021 Statement of Profit or Loss (RMB thousands) | Item | Change Impact | | :--- | :--- | | Cost of Sales | +132,672 | | Selling Expenses | +11,144 | | Administrative Expenses | +77,643 | | Research and Development Expenses | +62,733 | | Government Grants and Subsidies | -284,192 | Revenue In 2022, total revenue was RMB 20.375 billion, with power battery sales contributing RMB 18.324 billion, accounting for 89.9%, and Mainland China being the primary market, contributing 98.1% of revenue Revenue by Product Line (RMB thousands) | Product Line | 2022 | 2021 | | :--- | :--- | :--- | | Sales of Power Batteries | 18,323,505 | 6,065,200 | | Sales of Energy Storage System Products and Others | 2,051,437 | 751,915 | | Total | 20,374,942 | 6,817,115 | Revenue by Major Geographic Market (RMB thousands) | Region | 2022 | 2021 | | :--- | :--- | :--- | | Mainland China | 19,988,435 | 6,643,764 | | Europe | 83,175 | 67,161 | | Asia | 213,353 | 44,371 | | United States | 89,979 | 61,653 | | Total | 20,374,942 | 6,817,115 | Segment Information The Group primarily operates in a single business segment in China, focusing on the design, R&D, production, and sales of power batteries and energy storage system products, with revenue from customers G and X each exceeding 10% of total revenue in 2022 - The chief operating decision maker reviews only one single business reportable segment[24] Revenue from Major Customers (RMB thousands) | Customer | 2022 | 2021 | | :--- | :--- | :--- | | Customer G | 8,056,758 | 3,537,094 | | Customer X | 3,457,134 | Not Applicable | | Customer C | Not Applicable | 946,661 | Dividends The Board of Directors resolved not to recommend the payment of a final dividend for the year ended December 31, 2022 - No dividends were paid or proposed during the year 2022[30][83] Management Discussion and Analysis Industry Overview The global and Chinese new energy vehicle markets continue rapid growth, driving a surge in power battery demand, with global NEV sales up 61.6% and power battery installations up 71.8% in 2022, while the energy storage market shows significant potential amid clean energy transition and energy security needs - Global new energy vehicle sales reached 10.831 million units in 2022, a 61.6% year-on-year increase[39] - In 2022, China's new energy vehicle production and sales reached 7.058 million and 6.887 million units respectively, both increasing by over 90% year-on-year, with an electrification rate of 25.6%[39] - Global power battery installations for new energy vehicles reached 511.7 GWh in 2022, a 71.8% year-on-year increase, with the Chinese market accounting for 58%[42] - The energy storage market has immense development potential, driven by the introduction of wind and solar energy storage policies, cost compensation mechanisms, and growing demand for residential PV and energy storage in Europe and America[45] Business Review In 2022, the Group's performance significantly improved, achieving four consecutive years of multi-fold growth in power battery installations, expanding customer base, launching innovative products, successfully listing on the HKEX, and establishing new industrial bases domestically and internationally - Key products include ternary products (high energy density, ultra-fast charging) and phosphate-based products (ultra-high safety, long lifespan), offering energy storage solutions for power, industrial, commercial, and residential scenarios[48][49] - In the power battery market, the Group consolidated its BEV market position, expanded into PHEV/REEV markets, secured new designated customers like NIO, Dongfeng, and FAW, and commenced mass production deliveries to Smart and Honda[50] - In the energy storage market, the Group expanded into industrial, commercial, and residential energy storage, securing designated projects from multiple state-owned power enterprises, system integrators, and leading solar and wind power companies[50] - In 2022, 1,571 patents were applied for, covering the entire battery industry chain[51] - Successfully listed on the Main Board of the Stock Exchange, and added new industrial bases in Meishan, Sichuan, Jiangmen, Guangdong, and Europe[50] Future Outlook The Group will adhere to a technology and product leadership strategy, continuously innovating across materials, structure, manufacturing, and systems, with a focus on new battery technologies like solid-state lithium batteries, while expanding into hybrid vehicle and energy storage markets and accelerating international expansion - Technological innovation: Committed to maintaining leadership in advanced chemical energy storage materials, intelligent manufacturing, high-performance batteries and systems, new battery types (solid-state lithium batteries, lithium-sulfur batteries), and full lifecycle management[53] - Market expansion: While consolidating the BEV market, the PHEV/REEV hybrid market will be developed as a rapid growth pole; the energy storage market will become another new business growth driver[55] - Internationalization strategy: Accelerate the construction of European industrial bases, ensure mass production on schedule, and enhance international market share and brand recognition[56] Financial Review In 2022, the Group's revenue grew by 198.9% to RMB 20.375 billion, and gross profit increased by 311.7% to RMB 2.104 billion, with improved margins due to economies of scale and sales growth, while assets and liabilities significantly expanded to support business and capacity, and provisions were made for certain patent litigation claims Key Financial Ratios for 2022 | Financial Indicator | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Gross Margin (%) | 10.3% | 7.5% | +2.8 ppt | | Net Sales Margin (%) | 3.4% | 1.6% | +1.8 ppt | - Power battery revenue increased by 202.1% to RMB 18.324 billion, primarily due to capacity release and growing customer demand[60] - Energy storage systems and other revenue increased by 172.8% to RMB 2.051 billion, mainly due to continuous expansion in the energy storage market[61] - Capital expenditure was RMB 29.989 billion, a 211% year-on-year increase, primarily for capacity expansion[69] - The debt-to-equity ratio (net debt/equity) increased from 3.1% in 2021 to 17.7% in 2022, mainly due to increased borrowings for project construction[67] - Regarding the patent litigation with CATL, the Company has made provisions totaling RMB 8.64 million for claims related to patents one, three, and four, and believes that claims related to patents two and six are unlikely to require an outflow of economic benefits[76][77][78] Other Information Use of Proceeds from Listing The Company listed on the Stock Exchange on October 6, 2022, raising net proceeds of approximately HKD 9.98 billion, of which approximately HKD 3.75 billion was used by December 31, 2022, primarily for new production facility construction, with remaining funds to be utilized as disclosed in the prospectus Use and Application of Listing Proceeds (HKD millions) | Purpose | Net Proceeds Raised | Net Proceeds Used | Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | | Construction of New Production Facilities | 7,984.08 | 3,718.05 | 4,266.03 | | Research and Development of Advanced Technologies | 998.01 | 0.00 | 998.01 | | Working Capital and General Corporate Purposes | 998.01 | 32.24 | 965.77 | | Total | 9,980.10 | 3,750.29 | 6,229.81 | Compliance with Corporate Governance Code From its listing to the end of 2022, the Company complied with all applicable provisions of the Corporate Governance Code, with the only deviation being the same individual serving as both Chairman and President (CEO), an arrangement the Board believes ensures leadership consistency and decision-making efficiency with adequate safeguards - The Company has complied with the Corporate Governance Code, with the only deviation being from Code Provision C.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate[85] - Ms. Liu Jingyu serves concurrently as the Company's Chairman and President; the Board believes this arrangement facilitates leadership consistency and efficient decision-making, and will review this structure periodically[86] - The Audit Committee has reviewed the annual audited consolidated financial statements, chaired by Mr. Wang Susheng, an independent non-executive director with appropriate professional qualifications[87]