Securities code: Xinxiang Richful Lube Additive Co.Ltd(300910) securities abbreviation: Xinxiang Richful Lube Additive Co.Ltd(300910) Announcement No.: 2022009 Xinxiang Richful Lube Additive Co.Ltd(300910) 2021 annual report summary I. important tips the summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should carefully read the full text of the annual report in the media designated by the CSRC. In addition to the following directors, other directors attended the meeting of the board of directors to consider the annual report in person
Name of director not present in person position of director not present in person reason for not attending the meeting name of the entrusted person
The audit opinion of Zhonghui Certified Public Accountants (special general partnership) on the company's financial report this year is: standard unqualified opinion. Changes of accounting firm during the reporting period: the accounting firm of the company has not changed this year, and it is Zhonghui accounting firm (special general partnership). Tips on non-standard audit opinions □ applicable √ not applicable the company was not profitable at the time of listing and is not profitable at present □ applicable √ not applicable to the profit distribution plan of common stock or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable
The company's profit distribution plan for ordinary shares reviewed and approved by the board of directors is: Taking 150000000 as the base, distribute cash dividends of 8.00 yuan (including tax) to all shareholders for every 10 shares, give bonus shares of 0 shares (including tax), and transfer capital reserve to all shareholders for every 10 shares.
Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation Xinxiang Richful Lube Additive Co.Ltd(300910) stock code Xinxiang Richful Lube Additive Co.Ltd(300910)
Shenzhen Stock Exchange
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Shang Qingchun, Zhou Wenxuan
Office address: dachaoying Town, Xinxiang County (north of Xinhuo Road) dachaoying Town, Xinxiang County (north of Xinhuo Road)
Fax: 03735466288
Tel: 0373546666203735466662
E-mail [email protected]. [email protected].
2. Introduction to main business or products during the reporting period
(1) Main business
The company is mainly engaged in the R & D, production and sales of fine chemical products such as oil additives and carbon free paper color developing agents. The company has perfect production equipment and production technology. Relying on its technical and product advantages, it has developed into a leading supplier of lubricating oil additives in China and a major supplier of carbon free paper developer in the world.
As a national high-tech enterprise, the company has passed the certification of ISO 9001 quality management system, ISO 14001 environmental management system, ISO 45001 occupational health and safety management system and ISO 50001 energy management system. It is the director unit of Shanghai lubricating oil industry association, the director unit of additive Professional Committee of Shanghai lubricating oil industry Association, Petrochina Company Limited(601857) and the member unit of lubricating grease professional committee of Chemical Industry Federation Founding unit of China standard development and Innovation Alliance for engine lubricating oil and director unit of China Paper Chemical Industry Association. The company takes "aiming at the international market and developing high and new technology" as its corporate purpose, and its R & D and innovation ability has attracted the attention of the industry. The company has established a number of laboratories, testing and analysis centers, and formed a perfect quality control and product R & D system. It has also established a good cooperation mechanism with China Petroleum & Chemical Corporation(600028) Petrochemical Research Institute, Petrochina Company Limited(601857) Dalian lubricating oil research and development center and other scientific research institutes. The overall technical level of the company is leading in China. At present, it has a number of invention patents at home and abroad. The company has mastered a number of industry-leading core technologies. At present, it has obtained 20 Chinese authorized invention patents, 3 foreign authorized invention patents and 3 utility model patents, and a number of Chinese and foreign invention patents are being applied for.
The company's main products are lubricating oil additives and carbon free paper color developing agents, which are fine chemical materials. According to the industry classification guidelines for listed companies issued by China Securities Regulatory Commission in 2012, the company belongs to the manufacturing industry of chemical raw materials and chemical products, and the industry code is C26. According to the industrial classification of national economy (GB / t47542017) issued by the National Bureau of statistics, the industry of the company is "special chemical products manufacturing (c2662)" under the category of "chemical raw materials and chemical products manufacturing (C26)".
(2) Main products
The company's products are fine chemicals, which can be divided into lubricating oil additives and carbon free paper color developing agents according to their uses, of which the leading products are lubricating oil additives.
① Lubricating oil additive
Lubricating oil additive refers to the additive added into lubricating oil to change the quality and performance of lubricating oil products to a certain extent. Lubricating oil additive is divided into single agent and composite agent. Single agent is an additive product with single characteristics after the classification of lubricating oil additives according to their functions. Generally, it only has a single effect on the improvement of lubricating oil performance. Single agent products mainly include detergent, dispersant, antioxidant and anti-corrosion agent (ZDDP), high-temperature antioxidant, etc; It mainly provides various kinds of processing agents, such as single oil and compound agents, which are mainly used for the above-mentioned automotive and composite products. The lubricating oil additives produced by the company can be widely used in automobile engine (including natural gas engine) lubricating oil, aerospace engine oil, railway locomotive engine oil, ship engine oil, industrial lubricating oil, grease, emulsion explosive and other fields.
② Toneless paper developer
The company's carbon free paper developer products are widely used in various multiple invoices, receipts, express orders, blank printing paper, etc. made of carbon free paper. The color developing agent of carbonless paper is usually divided into reactive clay color developing agent and resin color developing agent. The resin color developing agent can be divided into phenolic resin color developing agent and salicylic acid resin color developing agent.
As shown in the following figure: usually, the front of multi-layer carbonless paper is coated with carbonless paper developer (company product), and the back of the paper is coated with colorless dye microcapsule. Under the pressure of pen tip and printing needle, the colorless dye microcapsule breaks, releasing colorless dye to react with carbonless paper developer to achieve the function of color development.
(3) Main business model of the company
Relying on continuous R & D investment and continuous technological innovation, and relying on technical and product advantages, the company can provide customers with high-quality products in new material development, process improvement and product application. The business model of "based on safety stock, production by sales and purchase by production" is implemented in the operation. The specific modes adopted in the three main links of sales, production and purchase are as follows:
① Sales model
The Sales Department of the company prepares the annual sales plan according to the annual budget and the overall planning requirements of the company, and decomposes and prepares the monthly sales plan. The sales department decomposes and implements the annual sales objectives to each sales division and marketing personnel. In order to control the occurrence of disordered sales and disordered pricing, the company has formulated the "three items and three levels" approval system for sales audit, that is, the "three items" approval of the minimum price, credit limit and credit accounting period for sales orders, and then the level classification of the approval authority of sales orders, as shown in the following table:
The company uniformly formulates three levels of approval for sales
Policy document level 1 Level 2 Level 3
Sales order (price exceeding limit, credit period, salesman, Department Manager, deputy general manager in charge of sales
Credit limit)
Sales order (not exceeding the price limit, credit period, salesman and department manager)-
Credit limit)
The company continuously accumulates customer resources by participating in professional exhibitions and sales, various professional meetings, querying various professional books and periodicals, actively visiting potential downstream customers, telephone and network contact, and maintains customers by providing good product quality and stable supply capacity.
The company's products are all sold directly by the company without adopting the dealer model. The types of customers include production-oriented customers and trade-oriented customers. For trading customers, the company has no special restrictions on the regional scope and pricing of the company's products, which belongs to buyout sales. The sales policy is consistent with that of production customers and the revenue recognition policy is also consistent with that of production customers.
② Production mode
In order to adapt to the changeable market demand and fierce market competition, the company mainly adopts the market-oriented on-demand production mode, and appropriately prepares goods according to the market demand and safety inventory. That is, under the condition of ensuring safety stock, the company mainly adopts the method of determining production by sales. The sales department prepares the sales plan and transmits it to the operation Department. The operation department makes the production plan according to the sales plan and inventory, transmits the production plan to the production workshop and arranges the production as a whole. The quality inspection department shall inspect and supervise the raw materials and finished products. The finance department is responsible for cost accounting, guiding the statistical work of the production workshop, supervising the inventory of products in process, and monthly cost accounting and analysis. The company has determined the existing production mode according to the technical characteristics of products, production process, market demand and other factors.
③ Procurement mode
The company's products are fine chemicals, and the main raw materials purchased are mostly downstream products, by-products or derivatives of crude oil, mainly including base oil, isooctanol, phosphorus pentasulfide, styrene, zinc oxide, tetrapolypropylene, salicylic acid α Olefins, polyisobutylene, diphenylamine, etc. there are many suppliers of the above raw materials, and the market price is relatively open and transparent. In order to ensure the quality of raw materials and the continuous stability of supply, the company has established a supplier management system, strictly screened raw material suppliers, established a list of qualified suppliers, maintained a long-term and stable cooperative relationship with suppliers of important raw materials, and supervised and managed qualified suppliers.
The company mainly adopts the procurement mode of "based on safety stock, production based on sales and purchase based on production". At the same time, the company will make appropriate and appropriate preparations in advance for future production and use according to the expansion forecast of future sales market and the recent fluctuation of some raw material prices and the expected future trend. In the whole process of material supply, the operation Department of the company acts as a bridge. Through the ERP information system, the operation Department analyzes the sales plan submitted by the sales department (such as the oil business department) in real time, confirms the sales plan in combination with the inventory, makes the production plan, and transmits the production plan to the production workshop. The production workshop analyzes the material demand according to the production plan and makes the material requisition plan to the operation Department, Based on the above information, the operation department makes a ROP plan and purchase requisition and sends it to the procurement department. The procurement department compares the list of qualified suppliers of the company and gives priority to the suppliers that have entered the list for inquiry. If there is no supplier in the list that can provide the required raw materials, the company will make a public inquiry and select the appropriate supplier among the quoted suppliers according to the company's audit system. The purchase department shall sign a purchase contract or issue a purchase order with the supplier according to the approved supplier. After the goods arrive, the quality inspection department shall accept the purchased raw materials, approve the qualified raw materials for warehousing, and the finance department shall conduct accounting treatment according to the relevant documents and vouchers.
④ Price formation mechanism of the company's products
During the reporting period, the company reasonably determined the market guiding quotation of various categories and models of products in combination with the comprehensive situation of product production cost, expected trend of raw material price, customer demand and market competition. There are certain differences in sales prices between different models of similar products due to different product technical performance indicators and raw material composition.
On the basis of the above market guiding quotation, the sales personnel of the company negotiate with the customers to finally determine the sales price of the products, and both parties sign the sales contract accordingly. At the same time, some customers will also propose customized products that meet their performance index requirements. In this case, the company will negotiate with customers to adjust the sales price.
The determination of the company's sales price is mainly considered from the following aspects:
Ⅰ. Overall consideration of price formation: the company formulates the product price system on the basis of product production cost, considering the relationship between market supply and demand and competition, different customer demand and other factors;
Ⅱ. Cost change feedback mechanism: the purchasing department regularly transmits the price fluctuation of main raw materials to relevant departments and personnel, including the financial department. The financial department regularly calculates the product cost according to the latest price fluctuation of raw materials, and reports to relevant departments and personnel, including the person in charge of sales, for pricing reference;
Ⅲ. Special personalized strategy: Based on the company's strategic objectives, or the listing of new products, or the needs of competition, the company formulates personalized pricing strategies for individual products or individual customers, but needs to perform special approval or collective consultation procedures.
The company has formed the current business model by combining the nature and characteristics of its main business, main products, main resources, production technology and process, as well as the national industrial policy, market conditions, upstream and downstream development, enterprise development stage and other comprehensive factors.
(4) Key drivers of performance
During the reporting period, under the leadership of the board of directors, the company's management carried out various work steadily around the development strategy to consolidate and enhance the company's core competitiveness. During the reporting period, the company achieved operating income of 108110
