Annual Report 2021

30 Sunny Optical Technology (Group) Company Limited • ANNUAL REPORT 2021 Management Discussion and Analysis 管理層討論與分析 Funding and Treasury Policy The Group derives its working capital mainly from cash on hand and net cash from operating activities. The Board expects that the Group will rely on net cash from operating activities, bank borrowings and debt financing to meet the demand of working capital and other capital expenditure requirements in the short run. In the long run, the Group will be mainly funded by net cash from operating activities and, if necessary, by additional bank borrowings, debt financing or equity financing. There were no material changes in the funding and treasury policy of the Group for the year ended 31 December 2021. As at 31 December 2021, the Group had current assets of app r o x i ma t e l y RMB27 , 989 . 3 m i l l i on ( 31 De c embe r 2020 : approximately RMB25,629.5 million), comprising bank balances and cash of approximately RMB5,605.2 million (31 December 2020: approximately RMB2,841.8 million); and current liabilities of approximately RMB11,873.5 million (31 December 2020: approximately RMB13,411.1 million). The Group’s current ratio was approximately 2.4 times (31 December 2020: approximately 1.9 times). The Group’s total assets as at 31 December 2021 was approximately RMB38,773.8 million, represented an increase by approximately 9.4% as compared to that as at 31 December 2020. Operating Activities Cash inflow from operating activities was mainly generated from cash receipt from sales of the Group’s products. Cash outflow from operating activities was mainly used for the purchases of raw materials, staff costs, selling and distribution expenses, R&D expenditure and administrative expenses. Net cash from operating activities was approximately RMB6,979.0 million for the year ended 31 December 2021 and net cash from operating activities was approximately RMB7,160.0 million for the year ended 31 December 2020. The trade receivables turnover days (average of the opening and closing trade receivables balances/revenue × 365 days) decreased from approximately 73 days for the year ended 31 December 2020 to approximately 60 days for the year ended 31 December 2021. The decrease in trade receivables turnover days was mainly attributable to the revenue from those customers with longer credit terms grew faster during the year of 2020. 財政政策 本集團營運資金主要來自手頭現金及經營活動 所得現金淨額。董事會預期本集團將依賴經營 活動所得現金淨額、銀行借貸及債務融資以應 付短期內的營運資金及其他資本開支需求。長 遠而言，本集團主要會以經營活動所得現金淨 額以及額外銀行借貸、債務融資或股權融資 （如有需要）所得資金經營。截至二零二一年 十二月三十一日止年度，本集團的財政政策並 無重大變動。 於二零二一年十二月三十一日，本集團的流動 資產約為人民幣 27,989,300,000 元（二零二零 年十二月三十一日：約人民幣 25,629,500,000 元 ）， 包 括 銀 行 結 餘 及 現 金 約 人 民 幣 5,605,200,000 元（二零二零年十二月三十一 日：約人民幣 2,841,800,000 元）；及流動負 債約為人民幣 11,873,500,000 元（二零二零年 十二月三十一日：約人民幣 13,411,100,000 元）。本集團的流動比率約為 2.4 倍（二零二零 年十二月三十一日：約 1.9 倍）。本集團於二 零二一年十二月三十一日的總資產約為人民 幣 38,773,800,000 元，較二零二零年十二月 三十一日增加約 9.4% 。 經營活動 經營活動所得現金流入主要來自本集團產品銷 售現金收入。經營活動所用現金流出主要用於 購買原材料、員工成本、銷售和分銷開支、研 發開支及行政開支。截至二零二一年十二月 三十一日止年度的經營活動所得現金淨額約 人民幣 6,979,000,000 元，而截至二零二零年 十二月三十一日止年度的經營活動所得現金淨 額則約人民幣 7,160,000,000 元。 貿易應收款項周轉日數（期初和期末貿易應收 款項平均餘額╱收入 ×365 日）由截至二零二零 年十二月三十一日止年度的約 73 日下降至截至 二零二一年十二月三十一日止年度的約 60 日。 貿易應收款項周轉日數下降主要是因為二零二 零年較長賬期客戶的收入增長較快。