Zhejiang Yinlun Machinery Co.Ltd(002126)
Work report of the board of directors in 2021
In 2021, facing the complex and changeable external environment, the company further defined the strategy of deep ploughing heat management and focusing on new energy development; Taking the opportunity of applying for the quality management innovation award of Zhejiang Province, the company further combed, built and refined the construction of management system; In terms of technology leadership, it further clarified the direction and focus of technology and product R & D, especially in new energy heat management and industrial heat exchange products. In 2021, the company's operating revenue increased steadily and basically achieved the sales target set at the beginning of the year, with a significant increase year-on-year. However, due to the rise in the price of raw materials, the increase in logistics costs, tariffs and other factors, the net profit decreased to a certain extent.
1、 Operation of the company in 2021
During the reporting period, the company achieved an operating revenue of 78164159 million yuan, a year-on-year increase of 23.60%; The net profit attributable to shareholders of listed companies was 2203743 million yuan, a year-on-year decrease of 31.47%. Among them, the sales revenue of new energy heat management business was 8384707 million yuan, a year-on-year increase of 189.67%.
2、 Meetings of the board of directors held during the reporting period
In 2021, the board of directors of the company convened and held meetings of the board of directors in strict accordance with relevant laws and regulations, the articles of association, the rules of procedure of the board of directors and other relevant provisions to review and make decisions on various major matters of the company. A total of 12 board meetings were held throughout the year. The details of each meeting and the proposals considered and adopted are as follows:
Date of meeting and matters to be considered at the session
The 8th board of directors 1 Proposal on the transfer of equity and related party transactions of Tiantai Yinxin microfinance Co., Ltd. at the 5th meeting on February 5
February 22 the 8th board of directors 1 Report on the use of previously raised funds
Sixth meeting
April 13 the 8th board of directors 1. 2020 annual work report of the board of directors
The 7th meeting 2. 2020 general manager's work report
3. 2020 annual report and summary
4. 2020 financial statement report
5. Financial budget report for 2021
6. Remuneration assessment scheme for directors and senior managers in 2021
7. 2020 profit distribution plan
8. Special report on the deposit and use of raised funds in 2020
9. Self evaluation report on internal control of the company in 2020
10. Proposal on applying for comprehensive credit line from financial institutions
11. Proposal on providing guarantee for subsidiaries
12. Proposal on the prediction of daily connected transactions in 2021
13. Proposal on re employment of accounting firm
14. Proposal on changes in accounting policies
15. Proposal on convening the 2020 annual general meeting of shareholders
April 29 the 8th board of directors 1.2021 first quarter report
8th meeting 2 Proposal on capital increase to Shanghai Yinqi investment partnership (limited partnership)
May 18 the 8th board of directors 1 Proposal on adding new guarantees for subsidiaries
Ninth meeting
June 2 the 8th board of directors 1 Proposal on clarifying the specific plan for the company to issue convertible corporate bonds
10th meeting 2 Proposal on the public issuance of convertible corporate bonds for listing
3. Proposal on establishing a special account for raising funds through public issuance of convertible corporate bonds and authorizing the signing of a tripartite supervision agreement
June 25 the 8th board of directors 1 Proposal on replacing self raised funds invested in projects with raised funds
11th meeting 2 Proposal on capital increase to Shanghai yinlun heat exchange system Co., Ltd. with raised funds 3 Proposal on using some idle raised funds for cash management
July 23 the 8th board of directors 1 Proposal on the closing of some raised and invested projects of non-public offering of shares in 2017 and permanent replenishment of working capital with the surplus funds raised at the 12th meeting
2. Proposal on adding new guarantees for subsidiaries
3. Proposal on increasing the implementation location and subject of the public offering of convertible bonds raised investment project (new energy passenger vehicle heat pump air conditioning system project)
4. Proposal on convening the second extraordinary general meeting of shareholders in 2021
August 27 the 8th board of directors 1.2021 semi annual report and its summary
The 13th meeting 2. Special report on the deposit and use of raised funds in the half year of 2021
3. Proposal on using the raised funds to increase the capital of Zhejiang yinlun new energy heat management system Co., Ltd
October 8 the 8th board of directors 1 Proposal of the 14th Meeting on capital increase and foreign investment to Shanghai Yinqi investment partnership (limited partnership)
October 27 the 8th board of directors 1.2021 third quarter report
Fifteenth meeting
December 20 the 8th board of directors 1 Proposal on the extension of some investment projects with raised funds
Sixteenth meeting 2 Proposal on capital increase to Zhejiang yinlun new energy heat management system Co., Ltd
During the reporting period, the management of the company implemented the resolutions of the board of directors in strict accordance with the requirements of relevant laws and regulations and within the scope of authority.
3、 Performance of special committees of the board of directors
The board of directors of the company has four special committees, namely, investment strategy committee, audit committee, remuneration and assessment committee and Nomination Committee. During the reporting period, all special committees of the board of directors earnestly performed their duties in accordance with relevant policy requirements and system norms, followed the principles of honesty, trustworthiness and diligence, gave full play to their professional advantages and functions, and provided good support for the scientific decision-making of the board of directors. Discussed and gave professional opinions on the company's regular reports, internal and external audits, selection and employment of accounting firms, profit distribution, related party transactions, foreign investment, foreign guarantee and other important matters.
The independent directors shall be responsible for the company's independent rights and interests, and the independent directors shall strictly abide by the provisions of the company's articles of association and relevant laws and regulations, and actively perform their duties in accordance with the law.
The independent directors have submitted the report on the work of independent directors in 2021 to the board of directors and will report on their work at the 2021 annual general meeting of shareholders of the company.
5、 Implementation of resolutions of the general meeting of shareholders
In 2021, the board of directors of the company convened and held the 2020 general meeting of shareholders, the first extraordinary general meeting of shareholders in 2021 and the second extraordinary general meeting of shareholders in 2021 in strict accordance with relevant laws and regulations, the articles of association, the rules of procedure of the general meeting of shareholders and the rules of procedure of the board of directors.
During the reporting period, the board of directors of the company conscientiously implemented the resolutions of the general meeting of shareholders in strict accordance with the requirements of relevant laws and regulations, implemented the profit distribution plan for 2020 approved by the general meeting of shareholders in 2020, and renewed the appointment of the accounting and audit institution in 2021; The implementation of the second phase of the employee stock ownership plan, the closing and replenishment of some raised investment projects in non-public offering in 2017, and the completion of the issuance of convertible bonds. For details, see the company's announcement of the resolution of the general meeting of shareholders published in the securities times, Shanghai Securities News and cninfo online.
6、 Business objectives and ideas in 2022
(I) business objectives
In 2022, the company's operating revenue will be 8.8 billion yuan and strive to reach 9.2 billion yuan, of which the sales revenue of new energy products will account for more than 25%. Strengthen cost control to ensure that the annual net profit margin of sales increased by 1-2 percentage points year-on-year.
The above data are formulated by the company based on market demand, production capacity and other comprehensive factors, and do not represent the company's profit forecast. Whether it can be realized depends on many factors such as macroeconomic environment, market conditions, industry development and the efforts of the company's management team. There are uncertainties, so investors should pay special attention.
(II) business ideas
First, firmly adhere to the three strategic directions of secondary entrepreneurship, and adhere to customer-oriented, problem-oriented and result oriented.
Second, continue to introduce excellent performance into the company, continue to deepen and enrich the connotation of YBS management mode, and create a management system more suitable for the actual situation of yinlun. Adhere to the construction of benchmark factory and 0ppm production line, and build core competitive advantages around excellent technology, excellent management and excellent quality.
Third, through the guidance of performance management and comprehensive budget management, pay more attention to the improvement of the company's operating efficiency and continuously reduce the three expense rates.
Fourth, continue to increase investment in new energy products and seize the window period. All business entities should assign tasks and objectives at all levels, benchmark customers, benchmark targets and benchmark peers, and introduce measures to invest their strongest strength in them and strive for the global leading position of new energy heat management products.
Fifth, strengthen team building. Cadres at all levels should make young people who dare to take responsibility, innovate and work hard grow rapidly and become the cornerstone of yinlun's sustainable development. Carry out effective work around "four unification, three forces" and "positive and negative list". Adhere to the functional departments to contact the enabling product line, adhere to the promotion and summary of ABC post mode, and speed up the rotation plan of training young backbone.
(III) key work direction in 2022
1. Accelerate the improvement of business efficiency
Through research and benchmarking analysis, the company's operating efficiency has great room for improvement. The board of directors decided to make a major adjustment to the weight proportion of annual assessment indicators of the business entity and the functional departments of the headquarters from 2022.
In 2022, all business entities and functional departments should strictly comply with the requirements and ensure the completion of tasks. The board office and the financial headquarters will track, review and supervise the implementation of the annual budget of each business entity month by month and quarter by quarter, timely find gaps and urge rectification. For difficult problems, they should be upgraded quickly, and higher-level leaders should take the lead to study and solve them until the general manager and chairman. Customer managers, chief product engineers and factory directors are the main cornerstone of improving business efficiency.
We should also make breakthroughs in new materials, new technologies, new processes and new equipment, tap the potential from improving the comprehensive quality of employees, encourage cadres and employees to innovate, add value and empower, and build comprehensive competitiveness. At the same time, the financial headquarters shall take the lead to take measures to strictly conduct comprehensive budget management to ensure that the three expense rates are reduced to a reasonable level year by year.
2. Accelerate the development of new energy products
Since 2022, in order to accelerate the development of new energy products and achieve the annual goal, the board of directors has decided to sign a single assessment responsibility with the management team on the development of new energy products, with the purpose of promoting everyone to allocate the best quality resources to the new energy sector, and devote more than 50% of the energy of the top leaders at all levels to the new energy sector, especially the leading research and development of core products and the establishment of strategic customer partnership, And the key indicators of products continue to surpass peers, maintain leadership and build core competitiveness. All business entities, sectors and functional departments should form their own characteristics and advantages through three benchmarking, and implement the responsibility of superiors to subordinates and the guarantee of subordinates to superiors at all levels.
3. Pay attention to product quality and reduce three guarantees compensation
In 2021, the company's quality Three Guarantees compensation is still at a high level, which has a direct impact on the company's operating efficiency. In 2022, the company's three guarantees compensation for product quality must be effectively curbed. Quality is the life of silver wheel, quality is the brand of silver wheel, quality is the soul of silver wheel, and quality is the self-esteem of silver wheel people. In 2022, the company's quality improvement and major project office shall infiltrate the company's quality culture into every employee and supplier. The company's quality work should be customer-oriented, problem oriented and result oriented, and learn from the four standard working methods of standard acquisition, standard comparison, standard construction and excellent standard, so as to effectively improve product quality and reduce internal and external quality losses.
4. Improve the YBS management system
In 2021, the company applied for the quality award of Zhejiang provincial government and won the quality innovation award. During the application process, the company further summarized and refined YBS and formed a relatively perfect and systematic management mode.
In 2022, we will continue to enrich the connotation of the three systems and three goals of YBS, especially the supporting measures for the landing, and further improve the tools and methods based on the sorting of YBS and the actual needs and phased requirements of yinlun's development
