Company Overview - Zhejiang Shibao Company Limited's H shares were listed on the Hong Kong Stock Exchange on May 16, 2006, and later transferred to the main board on March 9, 2011, with stock code 1057[20]. - The company has over 30 years of experience in the automotive industry, providing various steering products for commercial vehicles, passenger cars, and new energy vehicles[21]. - The company is one of the first in China to independently develop hydraulic and electric power steering systems, with ongoing R&D in intelligent steering technology for smart and autonomous vehicles[21][22]. Financial Performance - The company achieved a revenue of RMB 1,177,915,845.96 in 2021, representing a year-on-year increase of 6.88%[32]. - The gross profit from main business was RMB 216,657,158.84, a decrease of RMB 28,106,445.37 compared to the previous year, resulting in a gross profit margin of 19.49%[32]. - The company achieved operating revenue of RMB 1,177,915,845.96, an increase of 6.88% year-on-year[37]. - Net profit attributable to shareholders was RMB 34,156,323.88, a decline of 16.38% compared to the previous year[42]. - The automotive parts and components manufacturing segment generated revenue of RMB 1,111,484,125.40, accounting for 94.36% of total revenue, with a year-on-year increase of 3.83%[44]. - The company's overseas revenue reached RMB 168,978,934.14, a significant increase of 77.83% year-on-year, reflecting successful market expansion[44]. Research and Development - R&D expenses amounted to RMB 80,484,534.57, up 21.93%, representing 6.83% of operating revenue, indicating a focus on safety, intelligence, automation, energy-saving, and lightweight technologies[38]. - The number of R&D personnel rose by 13.82% to 346, with their proportion in the workforce increasing to 21.15%[60]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[132]. - Research and development expenses are set to increase by 30% in 2022, focusing on advanced manufacturing technologies[118]. Market and Industry Trends - The automotive industry in China saw a production and sales increase of 3.4% and 3.8% respectively in 2021, with significant growth in new energy vehicles[36]. - The sales volume of new energy vehicles in China exceeded 3.5 million units in 2021, with a market share of 13.4%[81]. - The automotive market in China is projected to maintain stable demand in 2022, supported by macroeconomic stability and improvements in supply chain issues[81]. Strategic Goals and Future Plans - The strategic goal is to offer intelligent driving solutions and products to global leading automotive groups, with a focus on developing steering systems and key components with international competitiveness[20]. - The company plans to focus on the transformation and upgrading of products and technologies, particularly in the areas of intelligent and autonomous driving steering products[32]. - The company plans to focus on the development of electric steering, electro-hydraulic steering, and steer-by-wire technologies, with expectations for mass production in the future[83]. - The company aims to enhance the safety and comfort of driving by providing intelligent driving solutions and products to leading global automotive groups[82]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2023[118]. Risks and Challenges - The company faces risks related to industry fluctuations, product quality, and raw material price volatility, which could impact its operational performance[85][89]. - The company has a high proportion of accounts receivable, which poses a risk of bad debts if collection efforts are unsuccessful or if customers face financial difficulties[92]. Governance and Compliance - The company has established a governance structure that meets the listing requirements of both mainland China and Hong Kong, ensuring transparency in financial reporting[22]. - The company has complied with relevant laws and regulations during the reporting period[140]. - The financial statements for the year ended December 31, 2021, were audited by Tianjian Accounting Firm[185]. Employee and Management Practices - The total employee compensation and benefits amounted to RMB 195,301,727.62 in the reporting period, an increase from RMB 166,894,129.30 in 2020[110]. - The company has established a flexible talent introduction and incentive policy to attract external talent[174]. - The compensation for senior management is determined by the board, considering industry standards and internal employment conditions[160]. Shareholder and Financial Policies - The company plans not to distribute cash dividends or issue bonus shares for the 2021 fiscal year, focusing instead on retaining profits for operational needs and loss compensation[104][106]. - The company’s profit distribution policy emphasizes cash dividends, with a principle of distributing no less than 20% of the distributable profit in cash annually[99]. - The company has no significant foreign currency risk as sales and purchases are primarily conducted in RMB, and no hedging arrangements are in place[107].
浙江世宝(01057) - 2021 - 年度财报