Xingmin ITS(002355)2022-04-29 16:00Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year[1]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 15% to 1.725 billion RMB[3]. - The company's operating revenue for 2021 was ¥1,418,483,588, a decrease of 3.19% compared to ¥1,465,176,759.79 in 2020[21]. - The net profit attributable to shareholders for 2021 was -¥547,542,880, representing a decline of 54.34% from -¥354,766,187.45 in 2020[21]. - The company reported a net profit of -¥556,976,932.83 for the year, with significant differences from cash flow due to long-term asset depreciation and impairment losses[71]. - The company reported a total revenue of 3,205 million for the year 2021[115]. - The company reported a net profit of -10,695,938.56 CNY for Wuxi Wisdom Drive, indicating ongoing challenges in profitability[97]. User Growth and Market Expansion - User data showed an increase in active users, reaching 2 million, which is a 25% increase year-over-year[2]. - The company plans to expand its market presence, targeting a 30% increase in market share in the next two years[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[122]. - The company anticipates that domestic automotive support policies will continue in 2022, potentially leading to further recovery in overall production and sales[32]. Product Development and Innovation - New product development includes the launch of an advanced telematics system, expected to contribute an additional 200 million RMB in revenue[4]. - The company is focusing on technological innovation and cost reduction to mitigate the impact of rising raw material prices and trade frictions[42]. - The company has successfully launched 5G TBOX mass production and expanded its visual direction and smart wearable product lines during the reporting period[43]. - The company is developing a new transportation management system based on the Beidou satellite navigation system, aiming to enhance operational efficiency and data transmission capabilities[60]. - The company is committed to building a new generation of road testing and intelligent networked flagship terminal products, enhancing its competitive edge in the market[64]. Strategic Acquisitions and Investments - A strategic acquisition of a technology firm was completed, valued at 300 million RMB, aimed at enhancing R&D capabilities[6]. - The company plans to invest 100 million RMB in new technology initiatives over the next year[7]. - A strategic acquisition of a smaller tech firm is in progress, which is projected to enhance the company's capabilities and add 100 million in annual revenue[122]. Financial Management and Governance - The company has established a complete product R&D, procurement, production, and sales system, ensuring independence from its controlling shareholder[108]. - The company maintains an independent financial accounting system and has established separate bank accounts, ensuring no shared accounts with the controlling shareholder[109]. - The company is committed to improving its performance evaluation and incentive mechanisms for management personnel[107]. - The company has a structured remuneration decision process based on performance and industry standards[125]. Environmental Compliance and Sustainability - The company is classified as a key pollutant discharge unit by environmental protection authorities, with specific emissions standards being adhered to[150]. - The company has established a comprehensive wastewater treatment station that processes wastewater through a series of steps including oil separation, pH adjustment, and biological treatment, ensuring compliance with discharge standards[153]. - The company has implemented real-time monitoring for five key wastewater indicators including COD, pH, ammonia nitrogen, and phosphate, with daily checks conducted to ensure compliance[154]. - The company has signed disposal agreements with third-party hazardous waste disposal units for the treatment of various hazardous wastes, including waste hydrochloric acid and waste lubricating oil[155]. Employee Management and Corporate Culture - The company is committed to improving employee welfare and corporate culture to foster a positive work environment and enhance team cohesion[44]. - The total number of employees at the end of the reporting period is 2,086, with 1,113 in the parent company and 863 in major subsidiaries[137]. - The company has established a performance evaluation system for senior management, with evaluations conducted by the remuneration and assessment committee[142]. - The company plans to continue focusing on talent development through targeted training programs for employees[140]. Risk Management - The company has identified potential risks in the market, including supply chain disruptions, and has outlined mitigation strategies[9]. - The company acknowledges potential risks from macroeconomic factors, including trade tensions and geopolitical issues[99]. - The company is closely monitoring raw material price fluctuations, particularly for steel, to mitigate production cost impacts[101]. Shareholder Relations and Transparency - The company emphasizes the protection of shareholder and creditor rights, ensuring timely and accurate information disclosure[165]. - The company maintains good communication with investors through various platforms, enhancing transparency and trust[165]. - The company has not reported any changes in shareholding for the majority of its board members during the reporting period[112]. Board and Management Changes - Several key executives, including the chairman and vice chairman, resigned due to personal reasons during the reporting period[115]. - The company appointed Zhao Feng as the new chairman on July 5, 2021, following the resignation of Wei Xiang[115]. - The company has made significant changes in its board and management, with multiple new appointments including vice presidents and independent directors[115]. Research and Development - The company reported a total of 260 R&D personnel in 2021, a decrease of 5.11% from 274 in 2020[67]. - Total R&D expenditure was ¥42,671,341.93, a decrease of 2.04% from the previous year, with R&D expenditure accounting for 3.01% of operating revenue[71]. - Research and development investments have increased by 30%, focusing on innovative solutions to drive future growth[122].