[年报]光峰科技(688007):2021年年度报告（英文版）
原标题:光峰科技:2021年年度报告（英文版） Appotronics Corporation Limited Annual Report 2021 本报告为深圳光峰科技股份有限公司自愿披露的《2021年年度报告（英文版）》，对本报告的中英文版本理解上发生歧义时，以中文版本为准。 Annual Report 2021 is voluntarily disclosed by Appotronics Corporation Limited, and if the meaning of the translated version is different than the Chinese version, the Chinese version will control. Appotronics: Embarking on a New Journey Dear Shareholders, Appotronics, like many other companies, experienced an extremely challenging year in 2021. We achieved positive growth in operating incomes in this year, but at a slower growth rate. Despite the astonishing performance growth of Appotronics between 2016 and 2018, especially in 2018 when our operating incomes increased by up to 72% year on year, the growth rate of our performance slowed down after the Company get listed in 2019. After the th last three years of growing at a slow pace, we have moved to the 16 year from the establishment of Appotronics, encountering another crossroad - it’s time for us to start a new journey. Personally, the year 2022 is a new starting point for me. Coming back to the forefront as the CEO of the Company, I have more responsibilities on my shoulders and more courage for fighting in my heart, as if I were in 2016. Looking back to 2016, Appotronics decided to enter a strange field - cinema projection, and created the unique cinema SAAS mode relying on our enthusiasm. Thanks to our strong technology advantages and the unique business model, Appotronics moved forward with an overwhelming momentum on the cinema market and achieved “explosive” growth with installations of our cinema projections solutions increasing year by year. The year 2022 is also a new start for Appotronics. To achieve another “explosive” growth of Appotronics, we have established four major measures: 1. To enhance our product capability by keeping sufficiently sensitive to market demands while striving for extreme cost reduction, hence creating more hot-selling products; 2. To continuously promote the building of a hierarchical team with more young talents and transform the incentive mechanism to help young outstanding management and professional staff distinguish themselves, hence improving the competitiveness of the team; 3. To innovate the cooperation mode for cooperating with leading customers in various fields for rapidly acquiring market; and 4. To keep our keenness as a pioneer by sufficiently staying alerted to emerging market opportunities in pursuit of rapid breakthrough. Thanks to the great efforts made by the Company on the consumer market, we achieved the growth by nearly 50% in 2021 year on year for our Formovie own-brand business, accompanied with obvious increase in the gross margin. According to a report from IDC, Formovie ranked third in 2021 in terms of shipments on the overall household market. In addition, we are accelerating the pace of business layout in the field of vehicle-mounted displays, and have entered into cooperation with several vehicle manufacturers and tier-1 suppliers. The IATF 16949 certification achieved by the Company recently indicates that we have acquired the admission permit for entering the supply chain of global vehicle manufacturers. Standing in a world experiencing drastic changes, we encounter the fourth technological revolution consisting of “new display technologies, artificial intelligence, 5G, etc.”, in which laser display is one of the major “racetracks” in the fourth technological revolution. Appotronics is at the front line of this investment hot spot, and therefore should act immediately to seize the opportunities. Naturally, we should also keep a clear vision of the current conditions. The year 2022 is extremely extraordinary - “black swan” events occurring one after the other, repeated outbreak of the COVID-19 epidemic both in China and overseas, and the combat against the epidemic turning into a “protracted war” - the rising uncertainties lead to in-depth changes in the external environment. The hard external environment requires us to work more diligently and constantly enhance our resilience to move forward. Luckily, being dedicated to original innovation since its establishment, Appotronics is always making its way into the “unpopulated area” of technologies, and is never lack of the determination and confidence in solve tough problems. The evolution of technologies is leading to more and more new application scenarios, such as vehicle-mounted displays, aerospace projection display, and augmented reality (AR), which will create a trillion-level market. We have taken the lead in making layout for these fields. In this year, we upgraded the regular CSR report to the ESG report for the first time, which reflected our active efforts in fulfilling social responsibilities under the continuous mission of being an accountable and responsible listed company. Lastly, I’d like to present some of my personal opinions. The changes on the market have drawn much attention recently; however, despite the many factors that may lead to the fluctuation in stock prices within a short period of time, the true value of an enterprise eventually relies on the fundamental aspect of the company in the long run. We may pay back to investors in a better manner only by continuously focusing on the development of the Company, making every effort to improve the operation of the Company, and enhancing the intrinsic value of the Company. Last but not least, I would like to thank all shareholders and friends who have been caring for Appotronics! Time tells everything! LI Yi April 2022 Important Note I. The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the Company hereby warrant that the information contained in this Annual Report is true, accurate and complete and this Annual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Annual Report. II. The Company did not make profits at the time of getting listed, and has not made profits by now □ Yes √ No III. Alert of significant risks The Company has described in detail the risks that may exist in the production and operation of the Company. Refer to “Section III Discussion and Analysis of the Management- Risk factors” for the relevant risks. We draw the attention of investors to such risks in making investments. IV. All directors of the Company attended the meeting of the Board of Directors. V. Pan-China Certified Public Accountants (Special General Partnership) issued a standard unqualified auditor’s report to the Company. VI. LI Yi, Principal of the Company, WANG Yingxia, Person in Charge of the Accounting Body, and WANG Yingxia, Chief Accountant, hereby represent that the financial statements contained in this Annual Report are true, accurate and complete. VII. Profit distribution proposal or proposal for capitalization of capital reserve approved by the Board of Directors during the reporting period th Upon consideration at the 11 meeting of the second Board of Directors of the Company, it is approved to make profit distribution on the basis of the total shares on the record date of interest distribution, deducted by shares in the special securities account for repurchase by the Company - the Company proposed to distribute to all shareholders a cash dividend of RMB 1.05 (tax inclusive) for every 10 shares. As of April 25, 2022, the Company has a total of 452,756,901 shares and 0 shares in the special securities account for repurchase, leading to the total cash dividend of RMB 47,539,474.61 (tax inclusive). The cash dividends proposed by the Company for this year account for 20.37% of the net profits attributable to the shareholders of the listed company in the current consolidated financial statements of the Company. In the event of any change in the total shares of the Company after deducting the shares in the special securities account for repurchase by the Company due to relevant events prior to the record date of interest distribution, the Company intends to keep the total amount of distribution unchanged while correspondingly change the distribution proportion for each share. No capitalization of the capital reserve or bonus shares will be made or distributed in the profit distribution. The preliminary plan for profit distribution is still subject to approval at the general meeting of shareholders of the Company. VIII. Is there any material event concerning any special arrangement of corporate governance? □ Applicable √ N/A IX. Risk statement regarding forward-looking statements √ Applicable □ N/A The forward-looking statements contained herein regarding the future plans, development strategies or other matters of the Company do not constitute any substantive covenant made by the Company to the investors. Investors and relevant personnel should have sufficient know about the risks in this aspect, and understand the differences among plans, predictions, and promises. The investors should be aware of the risk of investment. X. Is there any non-operating occupation of funds by the controlling shareholder or its affiliates? No XI. Is there any external guarantee provided in contravention of the stipulated decision-making procedure No XII. Are the majority of the directors unable to guarantee the truthfulness, accuracy and completeness of the Annual Report disclosed by the Company? No XIII. Others □ Applicable √ N/A Table of Contents Section I Definitions .......................................................................................................................... 8 Section II Company Profile and Financial Highlights ..................................................................... 9 Section III Discussion and Analysis of the Management ................................................................ 15 Section IV Corporate Governance ................................................................................................... 48 Section V Environment, Social Responsibility, and Other Corporate Governance ................... 82 Section VI Significant Matters .......................................................................................................... 93 Section VII Changes in Shares and Shareholders .......................................................................... 125 Section VIII Preferred Shares ............................................................................................................ 135 Section IX Corporate Bonds ........................................................................................................... 136 Section X Financial Report ............................................................................................................ 137
Section I Definitions I. Definitions For purpose of this report, unless the context otherwise requires, the following terms shall have the meanings indicated below:
Section II Company Profile and Financial Highlights I. Company profile
II. Contact person and contact information
III. Media for information disclosure and place for keeping the annual reports
IV. Stock and depository receipts of the Company (I) Stock of the Company √ Applicable □ N/A
(II) Depository receipts of the Company □ Applicable √ N/A V. Other related information
VI. Main accounting data and financial highlights in the past three years (I) Main accounting data In RMB
(II) Financial highlights
Explanation about the main accounting data and financial highlights in the past three years √ Applicable □ N/A During the reporting period, the net profit attributable to shareholders of the listed company and the net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss increased 104.98% and 208.46%, respectively; the basic earnings per share, diluted earnings per share, and basic earnings per share after deduction of non-recurring profit or loss decreased by 108.00%, 104.00%, and 200.00%, primarily due to the following: 1. During the reporting period, the consolidated gross margin was improved due to the gradual resumption of incomes from the cinema business with a higher gross margin, and the growth in incomes from the core device business, household business, and large venue business. 2. During the reporting period, the non-recurring profit or loss increased year on year, primarily due to the performance compensation recognized in the profit or loss for the current period in the amount of RMB 37.9278 million, the government grants of RMB 87.7165 million recognized in the profit or loss for the current period. VII. Differences in accounting data under Chinese accounting standards and overseas accounting standards (I) Differences in net profit and net assets attributable to shareholders of the listed company disclosed on the financial statements according to the international accounting standards and the Chinese accounting standards □ Applicable √ N/A (II) Differences in net profit and net assets attributable to shareholders of the listed company disclosed on the financial statements according to the overseas accounting standards and the Chinese accounting standards □ Applicable √ N/A (III) Explanation about the difference between overseas and Chinese accounting standards □ Applicable √ N/A VIII. Financial highlights in 2021 by quarter In RMB
The high net profit attributable to shareholders of the listed company in the 2 quarter are caused by rd the performance compensation from GDC; the less net cash flow from operating activities in the 3 quarter was primarily due to stock building for preparation of peak sales period and payment for due notes; the th less net profit attributable to shareholders of the listed company in the 4 quarter was primarily due to the change in the product portfolio, decrease in the gross margin, and the increase in marketing expenses and personnel expenses. Explanation about the difference between quarterly data and the data disclosed on regular reports □ Applicable √ N/A IX. Items and amounts of non-recurring profit or loss √ Applicable □ N/A In RMB
Description of defining non-recurring profit or loss items illustrated in 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 X. Items at fair value √ Applicable □ N/A In RMB
XI. Explanation about performance indicators not under the Accounting Standards for Business Enterprises √ Applicable □ N/A The table below lists relevant indicators about the net profit excluding the effect of share-based payment expenses: In RMB
Section III Discussion and Analysis of the Management I. Discussion and Analysis of Business Situations Given the transformation of the Chinese economy from the stage of high growth to the stage of high-quality development, promoting the development of high-technology industries have been improved to the level of the national strategy, in which laser display is one of the national strategic emerging industries. During the reporting period, closely following the guidelines of the national strategy and under the strategic layout focusing on the main line of “core technologies + core devices + application scenarios”, the Company actively cultivates new growth curves while optimizing the business structure, and achieved stable growth in the operating performance to provide a strong momentum for the development of the Company in the next 3 to 5 years. 1. Rapid growth of the own-brand household business to start a new era of laser smart projection During the reporting period, the Company made great efforts for the To C business. The subsidiary achieved the growth of 50% year on year for its own-brand business, which accounted for nearly 50% of the total operating income of for the first time with obvious increase the in gross margin. Moreover, enhanced market investment to actively expand offline channels. The first offline experience store was opened in Chongqing in May 2021; and more experience stores opened in the year shortened the distance between consumers and our products. In terms of market shares, the Company is improving rapidly in the ranking for the household smart projection market. According to the IDC report, the brand ranked third in terms of sales volume on the overall household projection market of 2021. The subsidiary achieved significant breakthrough in product R&D and brand marketing. During the reporting period, launched R1 Nano, X1, and several other new household laser mini projector products, and cooperated with a globally renowned audio brand Bowers & Wilkins to release T1, the first panchromatic laser TV, which started a new era for laser projection. During the period of November 11, achieved the gross merchandise value (GMV) of over RMB 200 million throughout China as the champion for four consecutive years in both the online sales value and the sales volume of laser TVs. 2. Diversified innovative core device businesses to inject new power for continuous growth 2.1 Business of household core devices During the reporting period, the Company achieved growth for the business of household core devices, covering all leading domestic projector brands. With respect to laser mini projectors, the Company cooperated with partners such as Dangbei and Anker to integrated the upstream and downstream for jointly expanding the racetrack of laser mini projectors. During the reporting period, the Company provided laser mini projectors to Dangbei; the long- throw laser projection product X3 launched by Dangbei, positioned as a high-end flagship model, continuously ranked the first among hot products sold in JD.com, hence becoming one of the hot-selling projector products of the year in the industry with warm response from consumers. With respect to laser TV light generators and complete equipment, the Company provides laser TVs ViewSonic, Haier, and other partners, to assist partners in expanding the market space while accelerating the rapid popularization of our core technologies in the household field. For the overseas market, the Company has projects established for 4 targeted laser TV products with reference to customer demands, so as to show our strength on the overseas market focusing on high-quality projects. Meanwhile, the Company continuously expands the scope of partners along the ecology chain, hence promoting the overall development of the entire ecology and the positive development of the industry by making use of our core devices and technology advantages. 2.2 Business of innovative core devices Relying on our technology advantages in the laser display field, the Company has been actively exploring new application scenarios to create new performance growth points for the Company. During the reporting period, the Company took the lead in making layout for vehicle-mounted display, aviation display, cloud display, AR, and other innovative businesses. (1) For vehicle display, the Company has taken intelligent cockpit as the main coverage scenario to apply laser display in HUD, vehicle window projection, vehicle canopy by virtue of features such as small size, high brightness, low energy consumption and low heat dissipation. During the reporting period, the Company was included in the list of outstanding partners for Huawei Intelligent Automotive Solution, and provided the vehicle-mounted canopy for the demo vehicle with the latest cockpit of Huawei, namely the immersive projection on the vehicle roof. Moreover, the Company has entered into cooperation with several domestic and foreign vehicle manufacturers and tier-1 suppliers to continuously expand the customer base of vehicle-mounted display. (2) For aviation display, the Company has signed a strategic cooperation agreement with Airbus to explore various possibilities in aviation applications based on the laser light source technology and laser display solutions. In Zhuhai Airshow held in September 2021, the Company exhibited the laser display product prototype intended for civil aviation display applications, which is the first one launched on the world and first one exhibited in China. (3) In “book in the sky”, one of the innovative application projects of the Company, individual laser devices may reach the ultra high brightness of 100,000 lumens; relying on the extra-long projection technology, they can exceed the distance limit of 500 meters of conventional projection technologies, and can achieve far-distance imaging in the air at the distance of up to 3,000 meters. In the future, this solution may be used in dissemination projects of major events or government activities; we will continue to explore diversified scenarios of laser lighting. (4) AR display is one of the emerging display fields under active exploration by the Company. The Company makes uses of its advantages in original core technologies and devote human and material resources in the exploration for the AR display field, which have achieved stage-specific results. During the reporting period, the Company completed the demonstration of ultra-light, high-efficiency, high- definition AR modules. It’s expected to release the progress in the display effects and technology routs for various AR modules step by step in 2022. Given the constant optimization of AR modules, it’s expected that the DEMO modes and products of some AR modules may be launched by the end of 2022. 3. Sound development of the fundamental business of the Company to make stable contributions for performance During the reporting period, the Company kept the overall sound development of its fundamental businesses, i.e. the cinema projector business, the laser large venue business, and business education business. With respect to cinema projection, given the recovery of China from the COVID-19 epidemic in 2021, we built high-brightness theaters to facilitate differentiated operation by cinemas, and provided content video and audio ecological and other solutions. As a result, this business division achieved the operating income of RMB 360 million, up by about 110% year on year. Relying on the nearly 5,000 new installations of laser cinema light sources throughout China, we maintained the absolute leading position on the market. With respect to laser large venue projectors, we released the T series products in 2021, the 33,000- lumen laser large venue projector with the smallest size, lightest weight, best color, and lowest noise on the market for domestic independently developed 3DLP solutions. The Company doubled the incomes from the large venue projector business. According to the Market Survey Report on the Laser Project Market of Chinese Mainland in 2021 of All View Cloud, Appotronics ranked second in terms of sales value and third in terms of product shipment on the Chinese Mainland large venue laser projection market in 2021. With respect to business education, the continuous achievements of our own brands lead to effective increase in both the market shares and gross margin of this business. According to the Market Survey Report on the Laser Project Market of Chinese Mainland in 2021 of All View Cloud, Appotronics ranked first in terms of shipment and held leading market shares on the education projector market in 2021. II. Main business, business model, status of industry and R&D activities during the reporting period (I) Main business and main products or services 1. Main business As a globally leading technology enterprise for laser display, the Company mainly engages in the research, development, production and sales of laser display core devices and complete machines and application of laser display technology to different scenarios based on ALPD? laser display technology and architecture. By now, our businesses have been implemented in the household display, cinema projection, business education, large venue, and other application scenarios, and are expanding to the aviation, vehicle-mounted display, AR, and other fields. 2. Main products Our products may be classified into core laser display devices and complete laser display equipment. The core devices can be further classified into laser light source (cinema light source and large venue light （未完）  |