[年报]歌尔股份(002241):2021年年度报告（英文版）
原标题:歌尔股份:2021年年度报告（英文版） Section Ⅰ Important Notes, Contents and Interpretations The Board of Directors, the Board of Supervisors, directors, supervisors and senior management of the Company guarantee that the information presented in this report shall be together be wholly liable for the truthfulness, accuracy and completeness of its contents and free of any false records, misleading statements or material omissions, and will undertake individual and joint legal liabilities. Jiang Bin, the person in charge of the Company, and Li Yongzhi, the person in charge of accounting and the accounting department (accounting supervisor) guarantee that the financial report in this annual report is authentic, accurate and complete. All directors have attended the board meeting to review the annual report. The Company faces the risks in market, operation and management. Investors are kindly reminded to pay attention to possible investment risks. For details, see "Section III Discussion and Analysis of Management of the Company, XI Outlook for the Future Development of the Company" in this report. The future plans and some forward-looking statements mentioned herein are planned matters which shall not constitute a substantial commitment of the Company to investors. Therefore, both investors and relevant persons should maintain their risk awareness and understand the differences among plan, forecast and commitment. Please pay attention to investment risks. The profit distribution proposal considered and approved by the Board of Directors of the Company is as follows: based on the total share capital registered on the record date of equity distribution minus the repurchased shares in the Company's special repurchase account, the Company will distribute cash dividend of RMB 2.00 (tax inclusive) for per 10 shares to all the shareholders, as well as 0 bonus shares (tax inclusive), and there is no conversion of capital reserves into share capital. If any discrepancy between the English version and the Chinese version of the annual report, the Chinese version shall prevail. Contents SectionⅠImportant Notes, Contents and Interpretations ................................................................................................... 2 SectionⅡCompany Information and Key Financial Indicators .......................................................................................... 8 Section III Discussion and Analysis of Management of the Company ............................................................................. 13 Section IV Corporate Governance .................................................................................................................................... 48 Section V Environmental and social responsibilities ........................................................................................................ 86 Section VI Important Matters ........................................................................................................................................... 90 Section VII. Changes in Shares and Information about Shareholders ............................................................................ 112 Section VIII Information of Preferred Shares ................................................................................................................. 121 Section IX Information on the Bonds ............................................................................................................................. 122 Section X Financial Report ............................................................................................................................................. 123 Directory of Reference Files (1) Financial statements with signatures and seals of the legal representative, the person in charge of accounting and the person in charge of accounting department (accounting supervisor); (2) The originals of 2021 annual report and its abstract signed by the legal representative of the Company; (3) The originals of the audit report with the seal of Zhongxi Certified Public Accountants (special general partnership) Co., Ltd. and the signature and seal of the certified public accountants; (4) The originals of all company documents and announcements publicly disclosed in newspapers designated by China Securities Regulatory Commission (CSRC) during the reporting period. Interpretation
In this report, any difference between the sum of partial sums and the sum of detailed items is due to rounding. Section II Company Information and Key Financial Indicators I. Company Information
Accounting firm engaged by the Company
√ Applicable □ Not applicable
□ Applicable √ Not applicable Ⅵ. Key Accounting Data and Financial Indicators Whether the Company performed a retrospective adjustment or restatement of previous accounting data □ Yes √ No
is negative, and the audit report of last year shows that there is uncertainty in company's ability to continue as a going concern. □ Yes √ No The net profit before and after deducting non-recurring profits and losses, whichever is lower, is negative. □ Yes √ No Ⅶ. Differences in accounting data between domestic and foreign accounting standards 1. Differences in net profits and net assets in the financial reports disclosed according to international accounting standards and Chinese accounting standards □ Applicable √ Not applicable During the reporting period, there is no difference in net profits and net assets in the financial reports disclosed pursuant to international accounting standards and Chinese accounting standards 2. Differences in net profits and net assets in the financial reports disclosed according to foreign accounting standards and Chinese accounting standards □ Applicable √ Not applicable During the reporting periods no differences in net profits and net assets in the financial reports disclosed according to foreign accounting standards and Chinese accounting standards at the same time Ⅷ. Key Quarterly Financial Indicators Unit: RMB
the quarterly reports and semi-annual reports disclosed by the Company □ Yes √ No Ⅸ. Items and Amounts of Non-recurring Profits and Losses √ Applicable □ Not applicable Unit: RMB
It mainly refers to returned service charge for withholding individual income tax and other fees. Description of defining the non-recurring profit and loss items, which are listed in Explanatory Announcement No. 1 on Disclosure of the Information regarding the Companies Offering Their Securities to the Public - Non-recurring Profit and Loss, as recurring profit and loss □ Applicable √ Not applicable The Company did not classify any item of the non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Disclosure of the Information regarding the Companies Offering Their Securities to the Public - Non-recurring Profit and Loss, as recurring profit and loss in the reporting period. Section III Discussion and Analysis of Management of the Company Ⅰ. The situation of the industry during the reporting period During the reporting period, the Company's main business divides into three segments including precision components business, smart audio device business and smart hardware business. The main business of the company is categorized into the industry of the manufacturing of computer, communication, and other electronic equipment. The Company's main products include acoustics, optics, microelectronics, structural components and other precision components, as well as smart hardware products such as TWS smart earphones, virtual reality (VR)/augmented reality (AR) products, smart wearable devices, gaming console and accessories, and smart home products. The Company serves the leading global customers in the technology and consumer electronics industry by providing them with vertically integrated product solutions of precision components and smart hardware, as well as the related design, R&D and manufacturing services. In the mobile era when the smartphones became the core hardware devices, a large number of outstanding well-known enterprises in technology and consumer electronics industry had emerged worldwide based on the integration of advanced hardware devices, software content and innovative applications, and drove the whole industry and related enterprises in its industrial chain to achieve significant growth and enterprise development through a long period of time in the past. As the growth of the smartphone industry has slowed down in recent years, the global technology and consumer electronics industry has begun the transition from the mobile era to the post-mobile era. According to the statistics of IDC, a well-known consulting agency, the global smartphone shipment in 2021 reached about 1.35 billion units, with approximately 5.3% YoY increase, which has resumed growth in the post-epidemic era. But regarding to its overall performance in recent years, the growth of global smartphone industry has slowed down significantly. Therefore, the players in the global consumer electronics industry are actively exploring and planning on new opportunities of the future growth of the business. At the same time, advanced communication technologies such as 5G, along with AI, intelligent interaction, sensor, software algorithm are further integrated into the new generation of smart hardware products, thus creating a large number of new applications and demands. These new smart hardware products represented by VR/AR devices, smart wireless earphones, smart wearable devices and smart home products, have developed rapidly in recent years. According to the statistics of IDC, the global shipment of virtual reality (VR) products reached about 9.36 million units in 2021, with approximately 68.6% YoY increase. The global shipment of augmented reality (AR) products reached about 330,000 units, with approximately 13.8% YoY increase. The global VR industry continues its rapid development in 2021. More well-known manufacturers in consumer electronics and Internet industries actively invest in VR, which promotes the continuous development of related hardware technology and software content. The global market size of AR products is still relatively small, and AR hardware technology still faces challenges in chips, optical display, communication, power consumption, size and weight. However, AR products have shown great market potential, and have attracted the global attention. According to the statistics of Futuresource, a famous consulting agency, the global shipment of TWS smart earphones reached about 300 million units in 2021, with approximately 37% YoY increase. With more mature intelligent voice interaction functions and continuous improvement of user experience, the penetration rate of TWS smart earphones in overall earphone market continues to increase and is expected to keep growing in future. According to the statistics of CCS Insight, another well-known consulting agency, the global shipment of smart wearable products represented by smart watches and smart bands reached about 232 million in 2021, with approximately 20.2% YoY increase. While the market size is growing steadily, high-accuracy health monitoring technology is also under developing and improvement, which is expected to create new applications and market demands for smart wearable products in the future. The rapid development of the new generation of smart hardware products has also boosted the demand for related precision components such as high-precision optical components and modules, precision acoustic components, MEMS sensors and micro-system modules, haptic components, and precision structural parts, thus creating new directions and market space for precision components products. With the new development stage of the industry and the rise of smart hardware products, the industry also shows a clearer competition pattern. From the perspective of brand and enterprises, the global technology and consumer electronics industry shows a centralized trend in the competition. The leading enterprises with strong competitiveness and brand awareness demonstrate clear competitive advantages by leveraging their resource in technologies, talents, funds, brands and industrial ecosystem, and thus lead the technology and product innovation in the industry to a certain extent. From the perspective of supply chain, global technology and consumer electronics industry continued to shift the middle-end of the supply chain to China and other developing countries. In particular, with the continuous improvement of China's political/economic environment, fundamental infrastructure, industrial layout, management/technical talent resources and other aspects, the overall competitiveness of electronic manufacturing enterprises of China is improved significantly, thus effectively undertake the demand of global industry, and obtain new development opportunities. II. The Company’s main business during the reporting period The Company is committed to serve the leading customers in the global technology and consumer electronics industry by manufacturing services. The Company's main business divides into three segments including precision components business, smart audio device business and smart hardware business. The precision components business focuses on acoustics, optics, microelectronics, structural components, and other precision components. The related products include micro speaker/receiver, speaker module, haptic component (actuator), wireless charging device, antenna, MEMS microphone, MEMS sensors, micro-system module, VR optical component and module, AR optical component, AR light engine, precision structural parts and etc. The above-mentioned products are widely applied in devices such as smartphones, tablets, smart wireless earphones, VR, AR, smart wearable and smart home devices. Smart audio device business focuses on providing products related to audio, voice interaction, artificial intelligence, and other technologies. The main products include smart wireless earphones (TWS), wired/wireless earphones, smart speakers, etc. Smart hardware business focuses on providing products related to entertainment, health and home security. The main products include VR, AR, smart wearable products, gaming consoles and accessories, smart home products, etc. The Company has innovative competitive advantages in the fields of acoustics, optics, MEMS microelectronics and precision manufacturing, and owns many intellectual property rights in the field of precision parts and components. In addition, the Company has accumulated rich experience in projects by cooperating with industry-leading customers in the field of smart audio device and smart hardware through "ODM", "JDM" and other business modes. During the reporting period, the Company maintained a good, long-term cooperative relationship with leading customers in the global technology and consumer electronics industry, kept growing in the number of patent applications and in technological capabilities. As a result, the company has been constantly recognized by global customers for its product solutions and service capability, and remains being an industry-leading manufacturer in the fields of micro speakers, MEMS microphones, MEMS sensors, TWS, VR products, smart wearable products, gaming console and accessories, etc. During the reporting period, due to the continuous growth of demand of smart hardware products such as VR, TWS, smart wearable products, gaming consoles and accessories, and the related precision components, the Company has achieved significant growth in revenue and net profit. At the same time, the Company further improved its position in the industry. During the reporting period, the Company won many honors, including being ranked the 3rd company in the Top-100 China electronic component enterprises based on comprehensive economic indexes, the 86th company in the Top-500 private enterprises in China's manufacturing industry, the 164th company in the Top-500 private enterprises in China, as well as being the executive member company of CITIF. Ⅲ. Analysis of Core Competitiveness In technology and consumer electronics related fields, the Company has been widely recognized for precision manufacturing capabilities and obtains great reputation. Relying on the core capabilities and long-term experience in the field of precision manufacturing, the Company has continuously improved the processing accuracy, efficiency and quality of precision components and smart hardware products. The Company has in-house development capabilities of various core raw materials, and The Company adopted multiple advanced processes and technologies such as ultra-high-precision mold, high-precision metal/non-metal processing, ultrasonic technology and laser technology, to build industry-leading precision manufacturing capabilities in the production of precision optical components, MEMS microphones, MEMS sensors, micro-system modules and precision structural parts, thus ensuring the delivery of the products with high precision, high efficiency and high quality. At the same time, the Company actively explores the development of intelligent manufacturing mode based on the capacities of advanced equipment development and flexible automation production. In the fields of automation, machine vision and AI related to intelligent manufacturing, the Company has built a future-oriented core capability of intelligent manufacturing by continuing investing in independent R&D, introducing global advanced technologies, core equipment and best practice experience for system integration, thus improving the manufacturing in all aspects through the application of information, automation, artificial intelligence and other technologies. The Company promotes the transformation of its manufacturing to a more digitalized, connected, intelligent, and service-oriented model, and to build the core capabilities of future-oriented intelligent manufacturing. 2. Multi-technologies integration platform and strong team of R&D personnel The Company has established a product R&D and manufacturing platform integrating materials, structures, electronic circuits, software algorithms, wireless communication, advanced technology, testing, automation and other technologies. Through cross-domain technology integration, the Company provides customers with advanced and systematic solutions for precision components and smart hardware products. The Company attaches great importance to the integration and cultivation of outstanding talents in the fields of acoustics, optics, microelectronics, wireless communication, precision manufacturing, automation, and other sectors around the world. The Company has set up a team of technical personnel with profound technical strength and rich experience in product projects, and has made a long-term cooperation with many well-known universities and scientific research institutions, such as Beijing University of Aeronautics and Astronautics, Tsinghua University, Shanghai Jiao Tong University, Harbin Institute of Technology, Nanjing University, Southeast University, Changchun Institute of Optics, Fine Mechanics and Physics (CIOMP), Shandong University, China Ocean University(OUC), Changchun University of Science and Technology and Dalian University of Technology, which forms an open and comprehensive technology R&D platform in support of continuous innovation and R&D of technologies and products. During the reporting period, the Company applied for 3,468 patents, including 2,539 invention patents. A total of 2,675 patents (including 3,322 foreign patent applications), including 13,102 invention patents; Total of 15,525 patents have been granted, including 4,165 invention patents. 3. Continuous strategic innovation and transformation, and stable high-value customer relationships Facing the complex macroeconomic situation of domestic and overseas and the slowdown in the growth of the smartphone industry, the management of the Company actively carries out strategical innovation and transformation. While continuing to consolidate the core competitive advantages in the conventional precision component business, the Company firmly grasps the innovation opportunities of smart hardware products in technology and consumer electronics industry. Relying on the high-value customer resources and good customer relationships worldwide, the Company focuses on the market and technology and continues to explore new business growth opportunities in the fields of TWS, VR / AR, gaming and accessories, smart wearable devices, etc. The Company optimizes the allocation of strategical resource, supports strategical product development, continues strengthening and further utilize the customer resource advantages by closely following the world-class customers, in an effort to transform the needs of high-value customers into an inexhaustible driving force for the Company's sustainable development. 4. Excellent core management team Although the Company experiences a rapid and sound development, the core management team keeps a steady and efficient style as always. Facing the challenges and demands of smart hardware products in the post mobile era such as rapid development, high quality, high precision manufacturing, short delivery cycle and complex customer certification process, the core management team promptly response to the market and makes changes and innovations continuously, to keep and enhance the Company's capabilities of strategic management, operation, R&D, precision and intelligent manufacturing. The Company attaches importance to and promotes the internationalization, specialization and rejuvenation of its core management team, and actively brings in senior management talents and professionals from many international leading enterprises. At the same time, the Company has strengthened the echelon of its talent team, more and more young talents grow up into the Company's core management team through training and practice. The Company boasts a management team with both experience and vitality that continues to promote the Company's stable and fast development in the future. IV. Analysis of Main Business 1. Overview In 2021, the national economy was recovering after the outbreak of the epidemic, new changes presented in both domestic and overseas, and more challenges appeared in the process to maintain the stability of the economy. Under that situation, China government maintained the continuity and pertinence of macro policies, provided necessary support for economic recovery, and adopted a series of effective measures, such as optimizing enterprise supporting policies, improving business environment, strengthening technology innovation and stabilizing the industry and supply chain, which finally supported China's economy to achieve a relatively high growth rate among its fellow countries. Facing the complex global political and economic environment, the repeated COVID-19 outbreaks in some countries and regions, as well as the challenges in global supply chain operation, the management and all staff of the Company made their best efforts to respond, and successfully completed business development, project delivery, epidemic prevention and control, operation improvement and other important work. Finally, the Company has achieved excellent business results with a remarkable growth in both revenues and profits in 2021. In recent years, the growth of the global smartphone market has slowed down. However, COVID-19 has impacted people's lives and work style, bringing in significant increase of demand for smart hardware devices in the applications such as online telecommuting, social entertainment, sports and health. As a result, the emerging market of smart hardware products represented by VR, TWS, smart wearable, gaming consoles and accessories maintained a stable and rapid growth. Due to the Company's strategical investment in smart hardware business in recent years, the growth of the new smart hardware product market has accelerated the sound development of the Company's business, in both precision components, smart audio devices and smart hardware sectors. During the reporting period, the Company continued to uphold the product strategy of "precision components + smart hardware" by actively promoting the business of precision components, such as acoustics, optics, microelectronics and structural parts, as well as smart hardware products such as VR/AR, smart wireless earphones (TWS), smart wearable and smart home devices. Especially, the businesses in VR, TWS, gaming consoles and accessories has experienced a rapid growth. By continuing to focus on leading customers in the technology and consumer electronics industry and to improve customer service and relationships, the Company’s business development have also achieved fruitful results. The promotion of the internal reform of the Company has realized more efficient decision-making process, and the continuous improvement of the internal management and operation, lays a good foundation for the further development of the Company in the future. During the reporting period, the Company achieved a revenue of RMB 78,221.4186 million, with a 35.47% YoY increase. The Company realized a net profit attributable to shareholders of listed companies of RMB 4,274.703 million, with a 50.09% YoY increase. The operating cost of the Company was RMB 67,167.6667 million, with a 38.54% YoY increase. During the reporting period, the total amount of the Company's sales expenses, administrative expenses, R&D expenses and financial expenses was RMB 6,733.702 million, with an 11.81% YoY increase. During the reporting period, the Company further strengthened the development of new technologies, products and techniques, actively brought in high-level R&D talents, and invested RMB 4,301.3428 million in R&D, accounting for 5.50% of the revenue and During the reporting period, the net cash flow from operating activities of the Company was RMB 8,598.4755 million, with an 11.93% YoY increase. The main reasons are as follows: during the reporting period, the Company expanded the business scale, improved the operating cycle, and thus the net cash flow from operating activities increased. 2. Revenue and cost 1) Composition of operating revenue Unit: RMB
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