Original link: https://ljf.com/2022/05/23/1098/
The profit distribution plan for the reporting period or the plan to convert the capital reserve into share capital approved by the board of directors
Audited by PricewaterhouseCoopers Zhongtian Certified Public Accountants (special general partnership), as of December 31, 2021, the company’s net profit attributable to shareholders of the company in 2021 was 1,402,476,092.00 yuan (consolidated statement), and the parent company was available for distribution at the end of 2021 The profit is RMB 2,345,235,157.00. As reviewed and approved at the third meeting of the second board of directors and the third meeting of the second board of supervisors, the company’s 2021 profit distribution plan is as follows:
Based on the total share capital of 66,806,310 shares registered on the disclosure date of this announcement, it is proposed to distribute a cash dividend of RMB 21.00 (tax included) to all shareholders for every 10 shares, and based on this calculation, the total proposed cash dividend of RMB 140,293,251.00 (tax included) accounts for the consolidated The proportion of net profit attributable to shareholders of listed companies in the statement is 10.00%. In 2021, the company will not issue bonus shares and will not convert the common reserve fund to increase the share capital. If the total share capital of the company changes before the equity registration date for the implementation of equity distribution, the company intends to maintain the total distribution amount unchanged, adjust the distribution ratio per share accordingly, and will announce the details of the adjustment separately. This plan needs to be submitted to the general meeting of shareholders for deliberation and approval before implementation.
Business situation discussion and analysis
In 2021, the company will stick to technology and innovation and continue to maintain the momentum of development. According to the strategic deployment of the board of directors, under the leadership of the company’s management, the company achieved operating income of 5,837,051,300 yuan, a year-on-year increase of 28.84%; realized a total profit of 1,598,031,900 yuan, a year-on-year increase of 2.67%; realized a net profit attributable to owners of the parent company of 1,402,476.61 10,000 yuan, a year-on-year increase of 2.41%.
During the reporting period, the company continued to strengthen the development idea with technology as the core driving force, and focused on the following work:
(1) Focus on own brand and technology research and development, and consolidate the company’s competition barriers
During the reporting period, the company’s own brand revenue was 5,766,923,300 yuan, accounting for 98.80%, a year-on-year increase of 40.77%.
Obtained good market recognition. The research and development investment was 441 million yuan, a year-on-year increase of 67.74%; the number of research and development personnel at the end of the reporting period was 555, a year-on-year increase of 45.29%, and 270 new domestic and foreign authorized patents were obtained.
(2) Deeply cultivate the domestic market and further expand the layout of the global market
During the reporting period, the company’s domestic revenue was 2,473,306,000 yuan, accounting for 42.37%, and the overseas market revenue was 3,363,745,300 yuan, accounting for 57.63%.
Description of the main business, business model, industry situation and research and development of the company during the reporting period
Main business, main products or services
The company’s main business is the design, research and development, production (implemented in the form of entrusted processing and production) and sales of intelligent hardware such as intelligent cleaning robots. The main products include intelligent sweeping robots, hand-held vacuum cleaners, commercial cleaning robots and washing machines.
Development stage, basic characteristics, and main technical thresholds of the industry
In 2021, the domestic omni-channel retail sales of clean electrical appliances will be 30.9 billion yuan, a year-on-year increase of 28.9%, and the retail sales will be 29.8 million units, a year-on-year increase of 2.6%.
According to the “2021 Home Appliance Market Summary and 2022 Trend Outlook” series of reports released by GFK, the market size of domestic sweeping robots in 2021 will be around 11 billion yuan, a year-on-year increase of 21.7%.
Analysis of the company’s industry status and its changes
In 2021, the company’s R&D investment is 441 million yuan, a year-on-year increase of 67.74%. As of December 31, 2021, the company has 555 R&D personnel, a year-on-year increase of 45.29%, and 270 new domestic and overseas authorized patents.
Development and future development trends of new technologies, new industries, new formats and new models during the reporting period
Since 2020, product function innovation has driven the clean electrical appliance industry to open a new growth channel. In 2021, the clean electrical appliance industry will continue its high growth momentum. According to the total data from Aowei Cloud, the omni-channel retail sales of clean electrical appliances will be 30.9 billion yuan in 2021. , an increase of 28.9% year-on-year, and retail sales of 29.8 million units, a year-on-year increase of 2.6%.
R & D progress
A. Research and development and application of polymer power battery pack
Cordless vacuum cleaners are hand-held, so not only must they have good suction and battery life, but they must also be light in weight, so that users can save effort when picking them up. These three points are the core experience of hand-held vacuum cleaners, but they restrict each other. The longer the suction power is, the shorter the battery life will be. To maintain the battery life, the battery will be increased to increase the weight, so I want to do these three points at the same time. The most critical is higher battery energy density. The energy density of a battery is the ratio of the capacity of the battery to its weight. The higher the energy density, the more power the battery can provide under the same weight, or the lighter weight it can maintain under the same amount of power.
At present, most vacuum cleaners we have seen use liquid cylindrical lithium batteries. This battery technology is mature, but due to the existence of the metal casing, the weight of the battery is increased, and the cylindrical shape also limits the space utilization. In addition, lithium batteries are consumables, and their lifespan directly affects the lifespan of vacuum cleaners, while general cylindrical lithium batteries have limited cycle life, high heat during work, and insufficient continuous output capability.
The company is the first to apply polymer batteries to vacuum cleaners, bringing a new direction to the vacuum cleaner industry
The company’s main sales customers <br />The sales of the top five customers are 3,016,725,900 yuan, accounting for 51.69% of the total annual sales
The company’s main suppliers <br />The purchase amount of the top five suppliers is 2,276,049,700 yuan, accounting for 69.64% of the total annual purchase amount
cash flow
Net cash flow from operating activities for the current period 1,518,872,092, compared to 1,518,214,521 for the same period of the previous year, the percentage of change (0.04%)
Industry pattern
In 2021, the clean electrical appliance industry will continue its high growth momentum. According to data from Aowei Cloud, in 2021, the omni-channel retail sales of clean electrical appliances will be 30.9 billion yuan, a year-on-year increase of 28.9%, and the retail volume will be 29.8 million units, a year-on-year increase of 2.6%. Major players in the domestic market include Stone Technology, Ecovacs, Xiaomi, Yunjing, etc. Major competitors in overseas markets include iRobot, Ecovacs, shark, eufy, etc. There are many brands of sweepers in the domestic and foreign markets, the homogeneity of products in the low-end market is relatively serious, and the brands and products in the mid-to-high-end market that the company focuses on are relatively scarce.
Industry Trends <br />According to the data of Aowei Cloud, in 2019, the domestic robot vacuum cleaner market is dominated by models below 2,000 yuan, accounting for 79% of sales. With the self-cleaning upgrade, the proportion of sales of models below 2,000 yuan will drop sharply to 45% in 2021, and sales will decrease by 39% year-on-year in 2020. The proportion of sales of models above 3,000 yuan climbed from 2% in 2019 to 29% in 2021. In just one year, the proportion of high-end models dominated by self-cleaning mopping exceeded that of traditional mid-range models.
In the “Double Eleven” in 2021, among the sales of online cleaning robot sub-types, the sales of self-cleaning products accounted for 75%, and the sales of non-self-cleaning products accounted for 25%. In 2020’s “Double Eleven”, the sales of self-cleaning products accounted for 16%, and the sales of non-self-cleaning products accounted for 84%. It can be seen that in the domestic market, self-cleaning products have become the general trend.
The market competition in the intelligent sweeping robot industry is becoming increasingly fierce, and the brand concentration will continue to increase
The main players in the intelligent sweeping robot market include service robot companies, traditional home appliance companies, etc. With the increase of market participants, the competition will become more intense. According to the statistics of Aowei Cloud, in 2021, among the top 10 brands of sweeping robots in China, the total retail sales share of Roborock Technology, Ecovacs, Yunjing and Xiaomi has reached 20%. 87%.
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