[年报]公牛集团(603195):公牛集团2021年年度报告（英文版）
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时间：2022年04月27日 00:17:00 中财网 |
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原标题:公牛集团:公牛集团2021年年度报告（英文版）
Stock Code: 603195 Stock Name: Gongniu Group
公牛集团股份有限公司
GONGNIU GROUP CO., LTD.
Annual Report 2021
April 2022
Important Notes
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Gongniu Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading statements or material omissions, and collectively and individually accept legal responsibility for such contents.
2. All the directors of the Company attended the board meeting for the review of this Report.
3. Pan-China Certified Public Accountants LLP has issued an independent auditor’s report with unmodified unqualified opinion for the Company.
4. Ruan Liping, the Company’s legal representative, Zhang Lina, the Company’s Chief Financial Officer, and Luo Yuebo, head of the Company’s financial department (equivalent to financial manager) hereby guarantee that the financial statements carried in this Report are true, accurate and complete.
5. Final dividend plan approved by the Board of Directors
As audited by Pan-China Certified Public Accountants LLP, net profit attributable to shareholders of the Company as the parent stood at RMB2,780,360,732.66 for 2021, and the cumulative distributable
profit of the Company as the parent was RMB3,726,954,923.09 as at 31 December 2021. The 2021 final dividend plan is as follows: Based on the total share capital at the record date of the
dividend payout, the Company intends to pay a cash dividend of RMB24 (tax inclusive) per 10 shares to
shareholders. According to the total share capital of 601,180,520 shares at the date when this Report was
authorized for issue, the total cash dividend payout is expected to be RMB1,442,833,248.00, accounting
for 51.89% of the net profit attributable to the listed company’s shareholders during 2021. Where any
change occurs to the total share capital at the record date of the dividend payout due to a repurchase of
restricted shares, etc., the cash dividend per share shall remain the same while the total payout amount
shall be adjusted accordingly.
The final dividend plan is subject to final approval by the general meeting of shareholders. 6. Risk warning regarding forward-looking statements
√ Applicable □ Not applicable
Any plans, development strategies and other forward-looking statements mentioned in this Report shall not be considered as promises to investors. Investors and those concerned shall be sufficiently
aware of the risks and understand the differences between plans and forecasts and promises. 7. Indicate whether any of the controlling shareholder or its related parties occupied the Company’s capital for non-operating purpose.
N/A
8. Indicate whether the Company provided any guarantee for any external party in violation of the prescribed decision-making procedure.
N/A
9. Indicate whether over half of the directors refused to guarantee the truthfulness, accuracy and completeness of this Report.
N/A
10. Major risk warning
The Company has described the possible risks in this Report. For further information, please refer to contents under the heading “Possible risks” under Item VI (IV) in “Part III Management Discussion
and Analysis”.
11. Other information
□ Applicable √ Not applicable
To Shareholders
The year 2021 saw recurrent waves of the COVID-19 pandemic and a volatile business environment. Amid a complex external environment and numerous difficulties, we accepted the challenges, forged ahead and achieved steady growth in operating results. Thus, our operating revenue increased 23.22% year on year to RMB12.385 billion and the net profit attributable to our shareholders amounted to RMB2.78 billion, up 20.18% from the previous year.
Stay true to original aspiration and show resilience
Amid the difficult market conditions of 2021, we remained true to our original aspiration, focused on improvements in products and services, and devoted ourselves to the attainment of higher performance in all aspects of our operation. We demonstrated our resilience through various achievements, including the steady development in various businesses, the further enhancement of product market share, brand recognition and reputation while further consolidating our industry leadership with adaptors and wall switches, the rapid growth of LED lighting, domestic electrical appliances and low-voltage electricals. Consequently, we laid the foundation for our long-term sustainable development.
Innovation and growth fueled by ecosystem synergy
We strengthened the ecosystem synergy of products and channels by centering on the two segments in 2021, namely the smart home ecosystem and new energy. With home lighting as the core, we further expanded our offering of LED lighting products and developed smart solutions that integrate healthy lighting, professional lighting effect and smart control, doing so in an effort to bring consumers a healthier, smarter and more comfortable lighting experience. A string of household products was launched for household electricity consumption scenarios. Moreover, to provide a broader range of high-quality products and services, we extended our service scope from inside the house to the courtyard and aimed at the smart security segment. We increased our market presence in electric connection for new energy and developed multiple related products such as charging plugs and charging points.
Given the trend of consumption upgrading and one-stop shopping among young people, we constantly evolved the channel system by embracing change and proactive innovation. With reliance on the Company's edges in powerful channel management and multicategory integration, we upgraded our physical stores and established a network of exclusive centers and stores for multicategory integrated sales covering wall switches, LED, bathroom heaters, low-voltage electrical products and smart clothes drying racks. As a result, strong sales performance was attained. In response to the trend among industry channels to pursue the business side and the emergence of invisible channels, the Company put much effort in top corporate customers and has currently established a solid partnership with many top real estate and home decoration enterprises. In addition, the Company embraces new trends as it explores new paths and platforms for online e-commerce channels and overseas online channels.
Driven by technological innovation and empowered by digital and intelligent transformation
Over the past year, we have persisted with a “professional and dedicated” attitude and increased R&D investments to enhance our hard power. Specifically, R&D and operation headquarters were established in Shenzhen and Shanghai to carry out hardware and software R&D, industrial design and IoT platform construction, through which the Company won many international and domestic design awards during the year, including five iF Design Awards, and the Design Intelligence Award. Meanwhile, we were granted 470 patents. We employed our R&D achievements as the means to propel business reform. We actively embraced digital transformation to empower the production and sales system. With the support of the information technology, we have enhanced the fine management capabilities of channels and sales with higher efficiency. Substantial improvements in operating capacity have been achieved through the promotion of a lean, automatic, digital and smart supply-chain system.
BBS was constantly deepened and capability was cultivated to go further We also applied the Bull Business System (BBS) to a larger part of the Group during 2021. Through the introduction of a series of lean management tools, our lean management capabilities in innovative growth, cost reduction and efficiency improvement and risk control have been improved with excellent results, providing a strong guarantee for the Group to "go further”.
Systematic strengthening of ESG efforts
In 2021, we strengthened our ESG efforts to promote social welfare by investing more than RMB32 million in public-welfare programs with respect to culture and education, health and hygiene, helping the poor and those in need. When Hong Kong was hit by the pandemic, we promptly organized a task group to offer our help, donated more than 20,000 pieces of products in various categories and supported the construction of Hong Kong’s makeshift hospitals and efforts to fight the pandemic. Meanwhile, we continued to optimize the corporate governance structure, promoted the implementation of measures related to “carbon neutrality and carbon emission peak” and ensured the deeper implementation of the ESG strategy. This year, we have disclosed our first ESG report. We have accumulated experience in product, marketing, supply chain and branding through 27 years of development. And we will continue to build comprehensive competitive edges in pursuit of sustainable growth, and repay shareholders with better results. As always, we will take vigorous actions and forge ahead towards the goal of “Becoming a Leader in the International Civil Electric Industry”.
The Board of Directors of Gongniu Group Co., Ltd
11 April 2022
Contents
Part I Definitions ............................................................................................................................. 8
Part II General Information of the Company and Key Financial Indicators............................ 10
Part III Management Discussion and Analysis ............................................................................. 15
Part IV Corporate Governance ...................................................................................................... 45
Part V Environmental and Social Responsibility ........................................................................ 71
Part VI Significant Events ............................................................................................................... 76
Part VII Changes in Ordinary Shares and Information about Shareholders .............................. 98
Part VIII Relevant Information of Preference Shares ................................................................... 110
Part IX Relevant Information of Corporate Bonds .................................................................... 111
Part X Financial Statements ........................................................................................................ 111
| Documents available for
reference | The financial statements for the year ended 31 December 2021 signed and
stamped by the legal representative, the Chief Financial Officer, and the head
of the financial department |
| | The Independent Auditor’s Report for the year ended 31 December 2021
stamped by the CPA firm, as well as signed and stamped by the relevant
certified public accountants |
| | The originals of all the Company’s documents and announcements disclosed
on newspapers and websites designated by CSRC during the Reporting
Period |
Part I Definitions
I Definitions
The expressions in the left column in the table below refer to the contents in the right column unless
| Definitions of frequently used terms | | |
| The “Company”,
“Gongniu”, or “we” | refers to | Gongniu Group Co., Ltd. |
| Reporting Period | refers to | The period from 1 January 2021 to 31 December 2021 |
| Liangji Industrial | refers to | Ningbo Liangji Industrial Co., Ltd., the Company’s controlling
shareholder |
| Xiaozhou Investment | refers to | Shenzhen Xiaozhou Investment Co., Ltd., the Company’s
shareholder |
| Hillhouse Daoying | refers to | Zhuhai Hillhouse Daoying Investment Partnership (Limited
Partnership) , the Company’s shareholder |
| Ninghui Investment | refers to | Ningbo Ninghui Investment Management Partnership (Limited
Partnership) , the Company’s shareholder |
| Suiyuan Investment | refers to | Ningbo Suiyuan Investment Management Partnership (Limited
Partnership) , the Company’s shareholder |
| Bowei Investment | refers to | Anji Bowei Enterprise Management Partnership (Limited
Partnership) , the Company’s shareholder |
| Qiyuanbao | refers to | Ningbo Qiyuanbao Investment Management Partnership
(Limited Partnership) , the Company’s shareholder |
| Cixi Gongniu | refers to | Cixi Gongniu Electrics Co., Ltd. |
| Shanghai Gongniu | refers to | Shanghai Gongniu Electrics Co., Ltd. |
| Ningbo Gongniu | refers to | Ningbo Gongniu Electrics Co., Ltd. |
| Banmen Electric
Appliance | refers to | Ningbo Banmen Electric Appliance Co., Ltd. |
| Gongniu Photoelectric | refers to | Ningbo Gongniu Photoelectric Technology Co., Ltd. |
| Gongniu Precision | refers to | Ningbo Gongniu Precision Manufacturing Co., Ltd. |
| Gongniu Digital | refers to | Ningbo Gongniu Digital Technology Co., Ltd. |
| Bull International Trading | refers to | Ningbo Bull International Trading Co., Ltd. |
| Xingluo Trading | refers to | Ningbo Xingluo Trading Co., Ltd. |
| Electric Sales | refers to | Ningbo Gongniu Electric Sales Co., Ltd. |
| Bull HK | refers to | Bull International Trading (HK) Limited |
| Gongniu Low Voltage | refers to | Ningbo Gongniu Low Voltage Electric Co., Ltd. |
| Baidi Electrics | refers to | Shanghai Baidi Electrics Co., Ltd. |
| Hangniu Hardware | refers to | Hangzhou Hangniu Hardware and Electrical Co., Ltd. |
| Liangniu Hardware | refers to | Hangzhou Liangniu Hardware and Electrical Co., Ltd. |
| Feiniu Hardware | refers to | Hangzhou Feiniu Hardware and Electrical Co., Ltd. |
| Niuweiwang Trading | refers to | Suzhou Niuweiwang Trading Co., Ltd. |
| Cixi Libo | refers to | Cixi Libo Electric Co., Ltd. |
| Yaoyang Trading | refers to | Yichang Yaoyang Trading Co., Ltd. |
| Huantian Trading | refers to | Hubei Huantian Technology Co., Ltd. |
| Jianke Trading | refers to | Changde Jianke Trading Co., Ltd. |
| Chenhao Electronic | refers to | Beijing Chenhao Electronic Technology Co., Ltd. |
| Dalitek | refers to | Dalitek Intelligent Technology (Shanghai) Inc. |
| Hainan Dacheng | refers to | Hainan Dacheng Supply Chain Management Co., Ltd. |
| Domestic Electrical
Appliance | refers to | Ningbo Gongniu Domestic Electrical Appliance Co., Ltd. |
| The “Articles of
Association” | refers to | The Articles of Association of Gongniu Group Co., Ltd. |
| The “Company Law” | refers to | The Company Law of the People’s Republic of China |
| The “Securities Law” | refers to | The Securities Law of the People’s Republic of China |
| A-stock | refers to | RMB-denominated ordinary stock |
| CSRC | refers to | China Securities Regulatory Commission |
| The Ministry of Finance | refers to | The Ministry of Finance of the People’s Republic of China |
| STA | refers to | The State Taxation Administration of the People’s Republic of
China |
| Sinolink Securities | refers to | Sinolink Securities Co., Ltd. |
| PCCPA or the
“Independent Auditor” | refers to | Pan-China Certified Public Accountants LLP |
| RMB
RMB’000
RMB’0,000
RMB’00,000,000 | refers to | Expressed in the Chinese currency of Renminbi
Expressed in thousands of Renminbi
Expressed in tens of thousands of Renminbi
Expressed in hundreds of millions of Renminbi |
II Terminology
| Civil electrical
appliances | refers
to | Products that are typically purchased at the discretion of consumers and
are suitable for use at home, in the office and on other occasions for
power connection, transmission, storage, conversion, control and other
functions, such as adaptors, wall switches and sockets, circuit breakers,
distribution boxes, LED lamps, etc. |
| Adaptors | refers
to | Products that are produced in accordance with GB/T 2099.3-2015 Plugs
and Socket-outlets for Household and Similar Purposes -- Parts 2-5:
Particular Requirements for Adaptors, GB/T 2099.7-2015 Plugs and
Socket-outlets for Household and Similar Purposes -- Parts 2-7:
Particular Requirements for Extension-cord Sockets and GB/T 2099.1-
2008 Plugs and Socket-outlets for Household and Similar Purposes --
Part 1: General Requirements, as well as similar foreign standards, and
are commonly referred to as adaptors in the Company.
Consumers or peer companies often call adaptors socket-outlets, power
strips, portable sockets, extension-cord sockets, or power converters. |
| PDU | refers
to | Power Distribution Unit. PDU is an electric connection product suitable
for power distribution at the data center end that can make power
distribution more orderly, reliable, safe, professional and beautiful and
make power supply maintenance more convenient and reliable. |
| Wall switches
and sockets | refers
to | Wall switches and wall sockets. Specifically, a wall switch refers to a
device mounted on the wall for switching on/off the current of one or
more circuits and is commonly used to control the on/off status of
lighting lamps. A wall socket, also known as a fixed socket, is an
electrical accessory mounted on the wall, with a socket inserted with a
pin of a plug and installed with terminals for connecting soft cables and
hard wires, and is often used to provide a power supply interface for
electrical products. |
| Smart
ecosystem | refers
to | A novel, intelligent household appliance network that builds an
interconnected smart home ecosystem. |
| LED lighting | refers
to | Light sources that are produced using light-emitting diodes (such as LED
bulb lamps), or luminaries that are produced using LED as a light source. |
| No-main-lamp
lighting | refers
to | A lighting design style and lighting without the main light source, that is,
a lighting design technique through which downlights, spotlights, light
belts, track lights and other luminaries are used to create a light (light and
shadow) atmosphere in a point-line-surface combination manner. |
| Charging plugs | refers
to | Portable chargers that are suitable for AC charging of new energy
vehicles and special protectors used to connect household sockets and
electric vehicles, with such functions as over-voltage and under-voltage
protection, over-current protection and leakage protection. |
| Charging
points | refers
to | Fixed charging devices for AC charging of new energy vehicles that often
require special wiring and installation in garages and special parking
spaces, with such functions as over-voltage and under-voltage protection,
over-current protection, leakage protection, insulation detection, |
| | | electricity billing, timed charging and reserved charging. |
| Digital
accessories | refers
to | Accessories that are used directly or indirectly in the use of digital
products, such as USB cables, chargers and portable chargers. |
| Circuit
breakers | refers
to | A mechanical switching device that can connect, carry and disconnect the
current both under normal circuit conditions and under specified
abnormal circuit conditions. They are also known as automatic switches
and are widely used in households, factories and other distribution
circuits. |
| Embedded
products | refers
to | Products that are embedded in objects such as furniture and used to
provide solutions for power supply, electricity consumption, lighting and
signal transmission. |
| Distribution,
delivery, visit
and sales | refers
to | A sales model in which specialized vehicles are used to provide retail
stores with goods distribution, goods delivery, visit services and door-to-
door sales on a regular basis along a fixed planned route. |
| BBS | refers
to | Bull Business System |
Part II General Information of the Company and Key Financial Indicators
I Corporate Information
| Company name in Chinese | 公牛集团股份有限公司 |
| Abbr. | 公牛集团 |
| Company name in English | GONGNIU GROUP CO.,LTD. |
| Abbr. | GONGNIU |
| Legal representative | Ruan Liping |
II Contact Information
| | Board Secretary | Securities Representative |
| Name | Liu Shengsong | Jin Xiaoxue |
| Address | Tower 20, Baoshi Plaza, 487 Tianlin
Road, Xuhui District, Shanghai | Tower 20, Baoshi Plaza, 487 Tianlin Road,
Xuhui District, Shanghai |
| Tel. | 021-33561091 | 021-33561091 |
| Fax | 021-33561091 | 021-33561091 |
| E-mail
address | [email protected] | [email protected] |
III General Company Information
| Registered address | East Zone of Guanhaiwei Town Industrial Park, Cixi City,
Zhejiang Province |
| Changes of registered address | N/A |
| Office address | Tower 20, Baoshi Plaza, 487 Tianlin Road, Xuhui District,
Shanghai |
| Zip code | 201103 |
| Company website | http://www.gongniu.cn |
| Email address | [email protected] |
IV Media for Information Disclosure and Place where this Report Is Lodged
| Media and websites where this Report is
disclosed | China Securities Journal, Shanghai Securities News,
Securities Daily, and Securities Times |
| Stock exchange website where this Report is
disclosed | http://www.sse.com.cn |
| Place where this Report is lodged | The Securities Department of the Company |
V Stock Profile
| Stock profile | | | | |
| Class of stock | Stock exchange | Stock name | Stock code | Formerly used stock
name |
| A-stock | Shanghai Stock
exchange | Gongniu Group | 603195 | / |
VI Other Information
| Domestic CPA firm appointed
by the Company | Name | Pan-China Certified Public Accountants LLP |
| | Office address | Block B, China Resources Building, 1366
Qianjiang Road, Jianggan District, Hangzhou |
| | Accountants
writing signatures | Qian Zhongxian, and Chen Hui |
| Sponsor that exercised
supervision over the Company
in the Reporting Period | Name | Sinolink Securities Co., Ltd. |
| | Office address | 23/F, Zizhu International Plaza, 1088 Fangdian
Road, Pudong New District, Shanghai |
| | Representatives
writing signatures | Du Chunjing, and Feng Bing |
| | Supervision
period | From 6 February 2020 to 31 December 2022 |
VII Key Financial Information for the Past Three Years
(I) Key accounting information
| Key accounting
information | 2021 | 2020 | 2021-
over-
2020
change
(%) | 2019 |
| Operating revenue | 12,384,916,337.51 | 10,051,128,834.05 | 23.22 | 10,040,439,724.07 |
| Net profit attributable
to the listed
company’s
shareholders | 2,780,360,732.66 | 2,313,430,074.14 | 20.18 | 2,303,722,676.44 |
| Net profit attributable
to the listed
company’s
shareholders before
exceptional gains and
losses | 2,632,476,489.56 | 2,221,818,427.52 | 18.48 | 2,223,572,707.11 |
| Net cash generated
from/used in
operating activities | 3,014,326,741.14 | 3,437,202,711.65 | -12.30 | 2,297,332,006.05 |
| | 31 December 2021 | 31 December 2020 | Change
of 31
December
2021 over
31
December
2020 (%) | 31 December
2019 |
| Equity attributable to
the listed company’s
shareholders | 10,755,751,576.63 | 9,137,392,569.09 | 17.71 | 5,551,303,841.96 |
| Total assets | 15,473,904,666.62 | 12,437,541,574.38 | 24.41 | 7,416,562,760.11 |
(II) Key financial indicators
| Key financial indicator | 2021 | 2020 | 2021-over-
2020 change
(%) | 2019 |
| Basic earnings per share
(RMB/share) | 4.63 | 3.89 | 19.02 | 4.27 |
| Diluted earnings per share
(RMB/share) | 4.63 | 3.89 | 19.02 | 4.27 |
| Basic earnings per share before
exceptional gains and losses
(RMB/share) | 4.39 | 3.73 | 17.69 | 4.12 |
| Weighted average return on equity
(%) | 28.28 | 26.87 | Up by 1.41 per
centage points | 52.36 |
| Weighted average return on equity
before exceptional gains and losses
(%) | 26.77 | 25.81 | Up by 0.96 per
centage point | 50.54 |
Explanations about the key accounting and financial information for the past three years: □ Applicable √ Not applicable
VIII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards
(I) Differences in net profit and equity attributable to the listed company’s shareholders under CAS and IFRS
□ Applicable √ Not applicable
(II) Differences in net profit and equity attributable to the listed company’s shareholders under CAS and foreign accounting standards
□ Applicable √ Not applicable
(III) Reasons for accounting data differences above
□ Applicable √ Not applicable
IX Key Financial Information for 2021 by Quarter
| | Q1
(January-March) | Q2
(April-June) | Q3
(July-September) | Q4
(October-December) |
| Operating revenue | 2,574,274,208.31 | 3,245,498,210.56 | 3,192,748,363.27 | 3,372,395,555.37 |
| Net profit
attributable to the
listed company’s
shareholders | 606,926,576.50 | 814,485,351.00 | 784,888,414.96 | 574,060,390.20 |
| Net profit
attributable to the
listed company’s
shareholders before
exceptional gains
and losses | 558,179,910.56 | 762,665,900.61 | 774,913,239.77 | 536,717,438.62 |
| Net cash generated
from/used in
operating activities | 355,943,367.97 | 1,235,659,159.38 | 581,991,433.98 | 840,732,779.81 |
Indicate whether any of the quarterly financial data in the table above differs from what have been
disclosed in the Company’s past periodic reports.
□ Applicable √ Not applicable
X Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
| Item | 2021 | Notes (if
applicable) | 2020 | 2019 |
| Gain or loss on disposal of non-
current assets | -9,714,625.18 | | -669,979.13 | -3,929,202.33 |
| Exceptional tax rebates,
reductions and exemptions
given with ultra vires approval,
in lack of official approval
documents or for other reasons | | | | |
| Government grants through
profit or loss (exclusive of
government grants consistently
given in the Company’s
ordinary course of business at
fixed quotas or amounts as per
governmental policies or
standards) | 388,196,973.94 | | 126,164,339.75 | 65,476,712.73 |
| Capital occupation charges on
non-financial enterprises that
are recognized in profit or loss | 8,121,324.51 | | 407,671.23 | 1,032,715.90 |
| Gain equal to the amount by
which investment costs for the
Company to obtain
subsidiaries, associates and
joint ventures are lower than
the Company’s enjoyable fair
value of identifiable net assets
of investees when making
investments | | | | |
| Gain or loss on non-monetary
asset swaps | | | | |
| Gain or loss on assets entrusted
to other entities for investment
or management | 171,623,256.63 | | 166,225,979.47 | 105,161,168.16 |
| Allowance for asset
impairments due to acts of God
such as natural disasters | | | | |
| Gain or loss on debt
restructuring | | | | |
| Restructuring costs in staff
arrangement, integration, etc. | | | | |
| Gain or loss on the over-fair
value amount as a result of
transactions with distinctly
unfair prices | | | | |
| Current profit or loss on
subsidiaries obtained in
business combinations
involving entities under
common control from the
period-begin to combination
dates, net | | | | |
| Gain or loss on contingencies
that do not arise in the
Company’s ordinary course of
business | | | | |
| Gain or loss on fair-value
changes on held-for-trading and
derivative financial assets and
liabilities & income from
disposal of held-for-trading and
derivative financial assets and
liabilities and other debt
investments (exclusive of the
effective portion of hedges that
arise in the Company’s
ordinary course of business) | 11,107,836.63 | | -114,631,050.00 | -129,159.06 |
| Reversed portions of
impairment allowances for
receivables and contract assets
which are tested individually
for impairment | | | | |
| Gain or loss on loan
entrustments | | | | |
| Gain or loss on fair-value
changes in investment property
of which subsequent
measurement is carried out
using the fair value method | | | | |
| Effects of all adjustments
required by taxation,
accounting and other applicable
laws and regulations on current
profit or loss | | | | |
| Income from charges on
entrusted management | | | | |
| Non-operating income and
expense other than the above | -327,898,293.86 | RMB295
million
was paid
for the fine
imposed
by the
anti-trust
decision
Zhe Shi
Jian An
(2021) No.
4. | -47,932,397.93 | -73,067,799.01 |
| Other gains and losses that
meet the definition of
exceptional gain/loss | 2,739,167.53 | | 1,014,971.00 | |
| Less: Income tax effects | 96,291,397.10 | | 38,967,887.77 | 14,394,467.06 |
| Non-controlling interests
effects (net of tax) | | | | |
| Total | 147,884,243.10 | | 91,611,646.62 | 80,149,969.33 |
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed
in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
XI Items Measured at Fair Value
√ Applicable □ Not applicable
Unit: RMB
| Item | Opening balance | Closing balance | Change in the period | Effect on
current
profit |
| Held-for-trading
financial assets | 2,863,300,000.00 | 5,926,600,000.00 | 3,063,300,000.00 | |
| Derivative
financial assets | 27,159,170.00 | 3,613,050.00 | -23,546,120.00 | |
| Total | 2,890,459,170.00 | 5,930,213,050.00 | 3,039,753,880.00 | |
XII Other Information
□ Applicable √ Not applicable
Part III Management Discussion and Analysis
I Discussion and Analysis on Operations
Amid a complex business environment in 2021, the Company achieved steady growth in operating results. For the year, operating revenue increased 23.22% year on year to RMB12.385 billion and the net
profit attributable to the Company’s shareholders amounted to RMB2.78 billion, up 20.18% from the previous year.
In 2021, the Company continued to strengthen BBS and improve its own operating capability. It maintained robust growth in core advantageous businesses of adaptors and wall switches and sockets,
accelerated business development with respect to new energy and the smart ecosystem, and successfully
launched a string of new products to the market, demonstrating a strong growth momentum. In 2021, the Bull brand was once again among the “China’s 500 Most Valuable Brands” released by World Brand Lab, with an increase of RMB1.852 billion in brand value compared with 2020, reaching RMB17.634 billion. In addition, the Company and its subsidiaries, Ningbo Gongniu, Gongniu Photoelectric and Gongniu Digital, were certified as high-tech enterprises again in the year. Meanwhile,
the Company was honored as “National Industry-Education Integration Enterprise” by the National Development and Reform Commission and the Ministry of Education, granted the “AAAAA Good Standardizing Practice Certificate” by the China Association for Standardization, and recognized as Top
100 Manufacturing Enterprises of Zhejiang Province, First Batch of Cloud Enterprises in Manufacturing
Industry of Zhejiang Province, Seventh Batch of Enterprises in Zhejiang Province for Big Data Demonstrative Application and Advanced Entity of Quality Management in Zhejiang Province in 2021. In 2021, the Company achieved sound results in the following aspects: (I) With deep insight into user needs, the Company continued to launch innovative products such as smart and ecosystem-based home appliances and new energy-based electrical products. In 2021, the Company firmly captured the major trends of consumption upgrade, intelligent transformation, and new energy. With deep insight into user needs, it continued to launch innovative
products such as smart and ecosystem-based home appliances and new energy-based electrical products.
Throughout the year, up to five design awards were earned at home and abroad. As of the date of this
report, the Company has won a total of 51 design awards at home and abroad, including the Red Dot Award (Germany), the iF Award (Germany), the IDEA Award, the Red Star Design Award (China), the AWE Award, and the Design Intelligence Award. In addition, technical strengths were further enhanced,
with 470 new patents and 13 new software copyrights granted in 2021. As of the date of this report, the
Company boasts 1,956 valid patents and 41 software copyrights. 1. The electric connection business （未完）
