[年报]恩捷股份(002812):2021年年度报告（英文版）
原标题:恩捷股份:2021年年度报告（英文版） 2021 Annual Report April 2022 Section 1 Important Notes, Contents and Definitions The Board of Directors and its members, the Supervisory Committee and its members, and the senior management warrant that the contents of the Annual Report are truthful, accurate and complete, without any false statement, misrepresentation or major omission, and that they are jointly and severally liable for them. Paul Xiaoming Lee, the Company’s legal representative, Li Jian, financial controller, and Deng Jinhuan, financial manager (“Accounting Principal”) hereby declare and warrant that the contents of the Financial Statements in this Annual Report are truthful, accurate and complete. All Directors were present at the Board meeting to review this Annual Report. The forward-looking statements in this Annual Report, such as estimates of operating results, are among the planned matters of the Company, subjected to uncertainties and do not constitute material commitments of the Company to investors. Investors are advised to pay attention to investment risks. The future plans, development strategies and other forward-looking descriptions in this Report do not constitute material commitments of the Company to investors. Investors and related persons should be fully aware of the risks in connection therewith and should understand the difference between plan, forecast and commitment. Investors are advised to pay attention to investment risks. For details, please refer to the “3. Risks The Company May Face” under the “XI. Outlook for the Company’s Future Prospects” in the Section 3 “Management Discussion and Analysis” of this Report. 1. Risk relating to lithium-ion battery separator film business being regulated by national policies In recent years, various countries have intensively introduced industry policies to support the development of new energy vehicle industry. Benefiting from policy support, the production value of new energy vehicle industry rapidly increased, driving the rapid development of the upstream lithium battery industry. If there are significant adverse changes in domestic and overseas subsidy policy, carbon emissions, renewable energy application and other relevant industry policies in the future, the relevant policies may have a negative impact on the development of the whole industry chain of new energy vehicle, thus having an adverse impact on the upstream lithium-ion battery separator film industry and the Company’s operation result. 2. Fierce market competition risk The rapid growth of the new energy vehicle industry has driven the fast development of lithium-ion battery separator film in the upstream part. With the high gross profit margin of lithium-ion battery separator film, many domestic enterprises are attracted to invest in this segment. Massive investment funds are driving the rapid increase in production capacity, and this segment is currently becoming increasingly competitive. The increasingly fierce competition will have an adverse impact on the results of the Company if it can’t deeply understand the law of industrial development and make constant efforts for technological innovation and operational management improvement to improve product quality and reduce production costs. 3. Risk of price fluctuation of major raw materials The major raw materials used by the Company are subjected to price fluctuation to some extent, especially polypropylene and polyethylene, whose prices are affected by the strong fluctuations of the international crude oil price. The results of the Company may be adversely affected by the gross profit margin which may be affected to some extent if the prices of major raw materials fluctuate sharply due to the macroeconomic developments, the demand and supply relation for enterprises in the upstream and downstream parts and other factors. 4. Risk relating to construction in progress The Company needs a great amount of investment funds for the under-construction projects in the production bases, such as Jiangsu Energy, Jiangsu Ruijie, Chongqing Energy, Jiangxi Ruijie, Hungary Project and Jiangxi Enpo. If the Company fails to raise sufficient funds in time, or complete the projects and put into operation on schedule, the production, operation and profitability will be adversely affected. 5. Risk of technology leakage and talent outflow An enterprise engaging in lithium-ion battery separator film requires advanced technology and process, rich management experience and deep understanding of the industry. To ensure the ability of constant innovation and the steady growth of business, the Company should have teams consisting of steady high-quality employees in scientific research, management and sales. The Company constantly improves the mechanisms for talent cultivation, incentive, promotion and restriction, but there is still the possibility of the outflow of core employees from the Company. In case of leakage of the core technology or the departure of core employees, the production and operation of the Company may be adversely affected. 6. Risk of technological progress and alternatives Lithium-ion battery is mainly used for mobile phones, computers, new energy vehicles and energy storage power stations. After development for many years, lithium-ion batteries have been superior to traditional secondary batteries, such as nickel-cadmium batteries, nickel-hydrogen batteries and lead-acid batteries with respect to volumetric specific energy, mass specific energy, mass specific power, cycle life, charge/discharge efficiency, becoming a new energy industry with priority support and key development from the governments. Although the lithium-ion battery is currently the first choice for electronics and pure electric vehicles, and other emerging batteries like all-solid-state batteries and other technologies are not yet mature and still need a long time before commercialization, the market demand for lithium-ion battery will be affected when emerging batteries such as all-solid-state batteries break the technical bottlenecks, achieve mass production and are fully commercialized, and the lithium-ion battery separator film in the industry chain will also be affected adversely. 7. Risk of exchange rate fluctuation The export sales volume of the Company increases constantly as it expands its business scale and gradually strengthens the development in the international market. If the RMB exchange rate and the foreign exchange rate in the countries where our products were sold fluctuate sharply in the future, the results of the Company may be affected to some extent. 8. Risk of China-US trade frictions Since 2018, China-US trade disputes have occurred frequently. The U.S. has restricted import of Chinese products by means of tariff increases to reduce the trade deficit with China. Lithium-ion batteries are also among the products subject to the tariff increase. From the perspective of industry chain, the total revenue of the Company has been less affected by the China-US trade disputes because the exports to US account for a small proportion in the total revenue of the Company. However, if the demands of the downstream customers change due to the China-US trade frictions, the results of the Company may be affected adversely. In addition, some of the Company’s raw materials and mechanical equipment are imported from overseas. If the trade frictions between the U.S. and China intensifies and results in changes in the global trade environment, but the Company fails to make timely adjustments, the stability of the Company’s supply chain may be adversely affected. 9. Risk of COVID-19 pandemic Since 2020, the COVID-19 pandemic broke out in China and other parts of the world, and spread rapidly. During the Reporting Period, the Company has resumed normal production and operation in all respects. However, there still exists great uncertainty about the global pandemic situation and its control, and the overseas spread also imposes risk of importing cases to China. If the international pandemic can’t be controlled effectively in the future and spread continuously for a long time, the global economy and new energy vehicle industry will be affected adversely, and the results of the Company will be affected negatively. 10. Management risk after expansion of business scale With the development of the Company’s business, the scale of the Company’s assets and business will be further expanded, which raises higher requirements for the management level of the Company. The management risk arises if the capabilities of the Company to manage the production, sales, quality control and risks can’t meet the requirements for scale expansion, and the systems for talent cultivation, organization pattern and management are not further improved. The Board of Directors has reviewed and approved the following profit distribution scheme: To distribute a cash dividend of RMB 3.03 (tax inclusive) and 0 bonus share (tax inclusive) for every 10 shares to all the shareholders, taking 890,821,385 shares as the base, without converting the reserve fund into share capital. Contents Section 1 Important Notes, Contents and Definitions ................................................... 2 Section 2 Company Profile & Key Financial Indicators ............................................... 9 Section 3 Management Discussion and Analysis ........................................................ 13 Section 4 Corporate Governance ................................................................................. 47 Section 5 Environment and Social Responsibility ...................................................... 68 Section 6 Significant Events........................................................................................ 72 Section 7 Share Changes and Shareholder Details ................................................... 107 Section 8 Details about Preferred Shares ............................................................... 116 Section 9 Details about bonds ................................................................................ 117 Section 10 Financial Report ...................................................................................... 122 Documents Available for Inspection I. Financial statements signed and sealed by the legal representative, the person in charge of finance and the person in charge of the accounting department of the Company. II. The original copy of audit report containing the seal of the accounting firm and the signature and seal of the certified public accountant. III. The original copies of all documents and announcements of the Company which have been publicly disclosed in newspapers designated by the China Securities Regulatory Commission during the Reporting Period. IV. The original text of the 2021 annual report signed by the chairman of the Board of Directors. V. The place where the above documents are maintained: the Company’s Securities Department.Definitions
I. Corporate Information
IV. Registration Changes
Accounting firm hired by the Company
√ Applicable □ N/A
Whether the Company is required to retroactively adjust or restate prior years’ accounting data √ Yes □ No
audit report for the latest year shows that there is uncertainty about the Company’s ability to continue as a going concern □ Yes √ No The lower of the net profit before and after deduction of non-recurring gains or losses is negative □ Yes √ No VII. Differences in Accounting Data under Accounting Standards of the PRC and the International Accounting Standards 1．Differences in net profits and net assets disclosed in the financial reports prepared under the accounting standards of the PRC and international accounting standards □ Applicable √ N/A There is no difference in the net profits and net assets disclosed in the financial reports for the Reporting Period prepared under the accounting standards of the PRC and international accounting standards. 2．Differences in net profit and net assets disclosed in the financial reports prepared under the accounting standards of the PRC and overseas accounting standards. □ Applicable √ N/A There is no difference in the net profits and net assets disclosed in the financial reports for the Reporting Period prepared under the accounting standards of the PRC and overseas accounting standards. VIII. Key Financial Indicators by Quarter Unit: RMB
Company □ Yes √ No IX. Items and Amounts of Non-Recurring Gains or Losses √ Applicable □ N/A Unit: RMB
The Company didn’t have details of other profit and loss items that meet the definition of non-recurring profit or loss. Description of defining the non-recurring profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No. 1 – Non-recurring Profit or Loss as recurring profit or loss items □ Applicable √ N/A The Company didn’t define the non-recurring profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No. 1 – Non-recurring Profit or Loss as recurring profit or loss items. Section 3 Management Discussion and Analysis I. Industry Overview of the Company during the Reporting Period The Company is required to comply with the disclosure requirements for “rubber and plastic product manufacturing” in “chemical industry-related business” set forth in the Self-Regulatory Guidelines for Listed Companies of the Shenzhen Stock Exchange No. 3 – Industry Information Disclosure. 1. Industry conditions and the industry position of the Company In 2021, the global NEV market underwent a period of rapid growth. Major countries around the world have been consistently increasing investment in new energy industries focused on lithium battery technology. Against the backdrop of China’s national strategic objectives of carbon neutrality and carbon peaking, China’s NEV and energy storage industries will also continue to develop rapidly. As one of the four key components of lithium batteries, separators are playing an important role in the development of new energy industries in China and even the world. The Company is a world leader in the lithium battery separator industry, capable of competing on the global scale in terms of production capacity, product quality, cost efficiency, and technology R&D. The Company has been integrated into the supply chain systems of most mainstream lithium battery manufacturers around the world, supplying products covering the major application fields of power lithium batteries, consumer lithium batteries and energy storage lithium batteries. The Company experienced rapid growth in 2021 as production capacity and revenue grew substantially, ranking first in the world in terms of production capacity and shipments of separators. In order to actively seize upon development opportunities in the industry, the Company will continue to expand production capacity and diligently explore domestic and foreign markets, thereby meeting the demand of global mid-to-high-end lithium battery customers for the Company’s highly consistent and safe wet process separator products and services. 2. Industry development trends The high-speed growth of NEVs worldwide and expanding market scale of the lithium battery industry have brought broad market prospects and historic development opportunities to the lithium battery separator industry. According to a research report by Chuancai Securities, the domestic yield of separators in 2021 was 7.9 billion sq m, representing a YoY increase of 112.5%, among which the yield of wet separators is 6.06 billion sq m, accounting for 76.7%, representing a YoY growth of 132%. In the future, the rapid growth of energy storage will further bring about an incremental market for wet and dry separators. (1) Downstream customers continue to increase their production capacity requirements of separator companies. With the rapid growth of the NEV and energy storage markets, the production capacity and output of lithium battery manufacturers continue to expand. According to announcements and public information of the Company’s main downstream customers, the production capacity of the Company’s existing customers will reach 1,396GWh by 2025, an increase of more than 1,000GWh from the end of 2020, corresponding to an annual demand for separators in excess of 15 billion sq m. Lithium battery separators are an indispensable and important raw material for lithium battery manufacturing, and stable and reliable production capacity has become an important prerequisite for separator companies to undertake large-scale orders from downstream customers. Therefore, separator manufacturers with production capacity advantages can continue to deepen cooperation with important customers, which is conducive to further increasing market share. (2) The proportion of coating films in lithium-ion battery applications is on the rise. The lithium-ion battery is one of the core components in new energy vehicles. As the new energy vehicle market is switching from being policy-oriented to market-driven, manufacturers have continuously raised their requirements of the key indicators such as battery safety, battery life, and service life. While coating inorganic ceramic materials, PVDF, and aramid on the base film can effectively enhance the puncture resistance and heat resistance of lithium-ion battery separator films and provide liquid absorption capacity, improving battery safety, service life and other performances. Therefore, the shipment of coating films occupies an increasing proportion of lithium-ion battery separator films. This trend provides greater future development space for separator companies that have mastered the core formulation and processing of high-quality separator coatings. In addition, with safety guaranteed, separator films are becoming thinner and lighter. Thinner and lighter lithium-ion battery separator films effectively raise the energy density in lithium-ion batteries so that more electrode materials can be accommodated in the battery per volume or weight, thereby improving battery life. Therefore, regardless of consumer-related or power-related, under the premise of ensuring safety and service life as well as high-rate and high-power charging/discharging, the thinner is the better. Becoming thinner and lighter is an important trend in the development of lithium-ion battery separator film industry. In addition, polypropylene, polyethylene and other polyolefin materials are the main base materials of film materials, which are also further expanded. It is a key direction in the research and development of the base material to improve the temperature resistance of the base material through chemical modification or by adding inorganic filler and other composite materials based on the existing base material system. In addition, because the polarity of polyolefin material is greatly different from that of electrolyte solution, it is also an important direction in the research and development of base material for power lithium-ion battery separator film to improve （未完）  |