Stock Code: 603195 Stock Name: Gongniu Group
公牛集团股份有限公司
GONGNIU GROUP CO., LTD.
Annual Report 2021
April 2022
Important Notes
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Gongniu Group Co., Ltd. (hereinafter referred to as the
“Company”) hereby guarantee that the contents of this Report are true, accurate and complete
and free of any misrepresentations, misleading statements or material omissions, and collectively
and individually accept legal responsibility for such contents.
2.All the directors of the Company attended the board meeting for the review of this Report.
3. Pan-China Certified Public Accountants LLP has issued an independent auditor’s report with
unmodified unqualified opinion for the Company.
4. Ruan Liping, the Company’s legal representative, Zhang Lina, the Company’s Chief Financial
Officer, and Luo Yuebo, head of the Company’s financial department (equivalent to financial
manager) hereby guarantee that the financial statements carried in this Report are true, accurate
and complete.
5. Final dividend plan approved by the Board of Directors
As audited by Pan-China Certified Public Accountants LLP, net profit attributable to shareholders
of the Company as the parent stood at RMB2,780,360,732.66 for 2021, and the cumulative distributable
profit of the Company as the parent was RMB3,726,954,923.09 as at 31 December 2021.
The 2021 final dividend plan is as follows: Based on the total share capital at the record date of the
dividend payout, the Company intends to pay a cash dividend of RMB24 (tax inclusive) per 10 shares to
shareholders. According to the total share capital of 601,180,520 shares at the date when this Report was
authorized for issue, the total cash dividend payout is expected to be RMB1,442,833,248.00, accounting
for 51.89% of the net profit attributable to the listed company’s shareholders during 2021. Where any
change occurs to the total share capital at the record date of the dividend payout due to a repurchase of
restricted shares, etc., the cash dividend per share shall remain the same while the total payout amount
shall be adjusted accordingly.
The final dividend plan is subject to final approval by the general meeting of shareholders.
6. Risk warning regarding forward-looking statements
√ Applicable □ Not applicable
Any plans, development strategies and other forward-looking statements mentioned in this Report
shall not be considered as promises to investors. Investors and those concerned shall be sufficiently
aware of the risks and understand the differences between plans and forecasts and promises.
7. Indicate whether any of the controlling shareholder or its related parties occupied the
Company’s capital for non-operating purpose.
N/A
8. Indicate whether the Company provided any guarantee for any external party in violation of the
prescribed decision-making procedure.
N/A
9. Indicate whether over half of the directors refused to guarantee the truthfulness, accuracy and
completeness of this Report.
N/A
10. Major risk warning
The Company has described the possible risks in this Report. For further information, please refer
to contents under the heading “Possible risks” under Item VI (IV) in “Part III Management Discussion
and Analysis”.
11. Other information
□ Applicable √ Not applicable
To Shareholders
The year 2021 saw recurrent waves of the COVID-19 pandemic and a volatile
business environment. Amid a complex external environment and numerous difficulties, we
accepted the challenges, forged ahead and achieved steady growth in operating results.
Thus, our operating revenue increased 23.22% year on year to RMB12.385 billion and the
net profit attributable to our shareholders amounted to RMB2.78 billion, up 20.18% from
the previous year.
Stay true to original aspiration and show resilience
Amid the difficult market conditions of 2021, we remained true to our original
aspiration, focused on improvements in products and services, and devoted ourselves to the
attainment of higher performance in all aspects of our operation. We demonstrated our
resilience through various achievements, including the steady development in various
businesses, the further enhancement of product market share, brand recognition and
reputation while further consolidating our industry leadership with adaptors and wall
switches, the rapid growth of LED lighting, domestic electrical appliances and low-voltage
electricals. Consequently, we laid the foundation for our long-term sustainable
development.
Innovation and growth fueled by ecosystem synergy
We strengthened the ecosystem synergy of products and channels by centering on the
two segments in 2021, namely the smart home ecosystem and new energy. With home
lighting as the core, w
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