Zhejiang Goldensea Co., Ltd. disclosed its annual report on April 25, 2022. The company achieved a total operating revenue of 760 million in 2021, increasing by 9.3%on a year-on-year basis. The net profit attributable to the parent company was 71.499 million,with a year-on-year decrease of 23.4%. The company said that the decline in net profit was mainly due to the rise in raw materials, freight and labor costs and the initiative to increase R & D investment that aimed to strengthen product competitiveness.
Great contribution made by the revenue of air filter net and plate in this period
From the perspective of business structure, air filter net and plate was the main source of business income. Specifically, the operating revenue of air filter net and plate was 350 million, accounting for 46.6% of revenue and 31.9% of gross profit margin.
Operating cash flow decreased significantly
In 2021, the operating cost of Goldensea was 550 million yuan, with a year-on-year increase of 17%, which is higher than the growth rate of 9.3% of operating revenue, resulting in a decrease in gross profit margin of 4.8%. The expense rate during the period was 16.5%, with an increase of 0.6 percentage points over the previous year. Operating cash flow decreased significantly by 54.9% to 69.273 million. In 21 years, in order to enhance the industry influence, the R & D investment ratio of the company was 27.1%, showing a significant growth trend compared with the same period of last year.
Overseas revenue accounts for about 56.13%, and the gross profit margin is about twice that of China.
The domestic revenue was 331 million yuan, accounting for about 43.86%, and the gross profit margin was 18.8%; The overseas business revenue was RMB 424 million, accounting for 56.13% and the gross profit margin was 33.8%. The gross profit margin of overseas business was about twice that of domestic business. In recent years, it has set up branches in Japan and Thailand, both of which show the best business performance.
A brief introduction of Zhejiang Goldensea Co., Ltd.
Zhejiang Goldensea Co., Ltd. (Stock Code: 603311. SH), founded in 1995 and headquartered in Shanghai, is an enterprise dedicated to the R & D and manufacturing of high-performance filter materials, functional filter materials and functional filter screens. The company's products are applicable to air purifiers, household, commercial, central air conditioners, automobiles, trains, aircraft, ships, air conditioning filtration systems, fresh air purification systems, etc.
During the Tokyo Olympic Games in 2021, most of the air conditioning filter nets in the Olympic village were produced by Goldensea, and more than 80% of which were used in Daikin air conditioners.
The company has established long-term and stable strategic cooperative relations with well-known brands in home appliance and automobile industries at both home and abroad. Customers in the field of household appliances include Gree, Midea and other national brands, Daikin (Mcquay), Mitsubishi, Sharp, LG, Samsung and other Japanese and Korean brands, York, Carrier, Trane and other American brands; The automotive field includes 3M, Sanden, General Motors, Hyundai, Nissan and other world-famous brands.
