QINQIN FOODS(01583)

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亲亲食品(01583) - 2019 - 中期财报
2019-08-29 08:02
Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 377,218 thousand, a decrease of 15.8% compared to RMB 447,838 thousand in 2018[16] - Operating profit increased significantly to RMB 30,869 thousand, representing a growth of 167.4% from RMB 11,543 thousand in the previous year[16] - Profit attributable to shareholders rose by 34.0% to RMB 32,011 thousand, up from RMB 23,888 thousand in 2018[16] - Gross profit for the same period was RMB 123,601 thousand, down from RMB 131,398 thousand in 2018, indicating a decrease of about 5.7%[26] - The profit before tax for the period was RMB 25,802,000, with a net profit of RMB 23,888,000, compared to RMB 23,888,000 in the previous year[83] - Basic and diluted earnings per share for the period were RMB 0.051, compared to RMB 0.043 in the previous year, representing an increase of approximately 18.6%[26] Cash and Liquidity - Cash and cash equivalents increased by 44.9% to RMB 820,242 thousand, compared to RMB 566,085 thousand at the end of 2018[16] - Net current assets improved by 41.9% to RMB 739,007 thousand, up from RMB 520,946 thousand in the previous year[16] - Current ratio improved to 5.6 times, compared to 4.2 times in the previous year, indicating better liquidity[16] - The group had cash and bank balances of RMB 820.2 million, an increase from RMB 566.1 million as of December 31, 2018[156] - The group's net working capital was RMB 739.0 million, up from RMB 520.9 million as of December 31, 2018[156] Equity and Assets - Total equity increased by 26.6% to RMB 1,099,326 thousand, compared to RMB 868,297 thousand at the end of 2018[16] - Total assets as of June 30, 2019, amounted to RMB 1,264,474 thousand, an increase from RMB 1,050,718 thousand at the end of 2018, reflecting a growth of about 20.3%[32] - The company’s total assets as of June 30, 2019, included significant investments in property, plant, and equipment, totaling RMB 256,773,000, reflecting ongoing capital investments[101] Inventory and Receivables - The company reported a significant reduction in inventory, which decreased to RMB 67,343 thousand from RMB 101,757 thousand, a decline of about 33.7%[32] - As of June 30, 2019, the company's net receivables amounted to RMB 6,826,000, a decrease from RMB 9,049,000 as of December 31, 2018, representing a reduction of approximately 24.5%[106] - The company’s impairment provision for receivables was RMB 94,000 as of December 31, 2018, which was not present as of June 30, 2019, indicating an improvement in receivables quality[106] Segment Performance - As of June 30, 2019, the total revenue from the jelly products segment was RMB 258,586,000, while the total revenue from the puffed food segment was RMB 78,397,000[80] - Sales of jelly products in the first half of 2019 amounted to approximately RMB 258.6 million, a decrease of 10.4% year-on-year, accounting for 68.6% of the group's total revenue[137] - Sales of puffed products in the first half of 2019 were approximately RMB 78.4 million, a decrease of 28.4% year-on-year, accounting for 20.8% of the group's total revenue[138] - Sales of seasoning products in the first half of 2019 were approximately RMB 33.9 million, a decrease of 20.6% year-on-year, accounting for 9.0% of the group's total revenue[141] - Sales of candy and other products in the first half of 2019 were approximately RMB 6.4 million, a decrease of 9.0% year-on-year, contributing 1.7% to the group's total revenue[142] Capital Expenditures and Commitments - The group reported capital commitments of approximately RMB 80.9 million as of June 30, 2019, compared to RMB 5.3 million as of December 31, 2018[158] - The company has signed capital commitments of approximately RMB 56.162 million related to the construction of factories, warehouses, and office buildings in the Xiaogan region of China[121] - The group reported a total capital expenditure of RMB 39,074,000 for the six months ended June 30, 2019[80] Corporate Governance and Management - The board of directors consists of 12 members, including 3 executive directors and 4 independent non-executive directors[196] - The audit committee, composed of four independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2019, and recommended adoption by the board[195] - The company has adhered to the corporate governance code and the standard code for securities transactions by directors throughout the reporting period[185] Strategic Initiatives - The company has adjusted its product structure, focusing on new product development to enhance product variety and increase overall profitability[134] - The group aims to enhance its product offerings by focusing on natural, healthy, and premium products, leveraging customer-centric strategies for product innovation[146] - The group is expanding its distribution channels, including convenience stores and e-commerce platforms, to increase sales and market presence[151] - The group is committed to upgrading its product lines to meet consumer trends towards low sugar, low salt, and no preservatives, particularly in jelly and puffed products[148] Shareholder Information - Sure Wonder Limited holds 35.26% of the company's shares, amounting to 238,051,905 shares[176] - Tianli Investment Limited owns 6.76% of the company's shares, totaling 45,645,799 shares[176] - The total number of issued shares as of June 30, 2019, is 675,096,557 shares[177] - The company granted stock options totaling 17,320,000, with 2,960,000 options canceled or expired, leaving a balance of 14,360,000 options[180]
亲亲食品(01583) - 2018 - 年度财报
2019-04-25 08:30
Company Overview [Company Information](index=3&type=section&id=Company%20Information) This chapter provides key corporate information including the company's basic registration details, board members, key executives, legal advisors, auditors, and share registrars - The company's Chairman is Xu Qingliu, CEO is Zhu Hongbo, and CFO is Huang Weiliang[12](index=12&type=chunk) - The company's auditor is PricewaterhouseCoopers[12](index=12&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) In FY2018, the company's revenue increased by 4.8% year-on-year, but operating profit declined by 35.9%; however, due to improved gross margin and exchange gains, profit attributable to shareholders turned from a loss of RMB 6.536 million in 2017 to a profit of RMB 32.760 million, with a robust financial position, no bank borrowings, and significant growth in net current assets and net assets Key Financial Performance (Consolidated Income Statement) | Metric | 2018 (RMB thousands) | 2017 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 761,819 | 727,257 | 4.8% | | Operating Profit | 3,435 | 5,361 | -35.9% | | Profit/(Loss) Attributable to Company Shareholders | 32,760 | (6,536) | 601.2% | | Basic Earnings/(Loss) Per Share | RMB 0.058 | RMB (0.014) | - | Key Financial Ratios | Metric | 2018 | 2017 | Change (percentage points) | | :--- | :--- | :--- | :--- | | Gross Margin | 30.5% | 25.2% | 5.3 | | Return on Equity | 3.8% | -1.0% | 4.8 | | Current Ratio (times) | 3.9 | 3.5 | - | Key Financial Position (Consolidated Statement of Financial Position) | Metric | 2018 (RMB thousands) | 2017 (RMB thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 566,085 | 294,447 | | Bank Borrowings | None | None | | Net Current Assets | 520,946 | 308,403 | | Net Assets | 868,297 | 671,383 | [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Chairman's statement highlights significant improvement in the Group's FY2018 performance, with revenue growing 4.8% to RMB 762 million, gross profit increasing 27.1% to RMB 233 million, and a successful turnaround to a profit attributable to shareholders of RMB 32.8 million, driven by new high-margin products, reduced promotions, and RMB 24.5 million in exchange gains, with future focus on food and snack business innovation, distribution network consolidation, and production efficiency enhancement FY2018 Performance | Metric | FY2018 | FY2017 | Change | | :--- | :--- | :--- | :--- | | Revenue | RMB 761.8 million | RMB 727.3 million | +4.8% | | Gross Profit | RMB 232.5 million | RMB 183.0 million | +27.1% | | Profit/(Loss) Attributable to Shareholders | RMB 32.8 million | (RMB 6.5 million) | Turned loss into profit | - Key drivers for profit growth include higher selling prices and gross margins for new products, reduced product promotion activities and expenses during the year, and exchange gains of **RMB 24.5 million** (compared to exchange losses of RMB 12.6 million last year)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Group will continue to focus on developing its food and snack business, enhancing core competitiveness through product innovation, consolidating its distribution network, upgrading production facilities, and strictly controlling food safety[21](index=21&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) In 2018, the Group achieved 4.8% revenue growth and 27.1% gross profit growth in China's challenging yet opportunistic casual food industry, with gross margin improving 5.3 percentage points to 30.5%, driven by product structure optimization, successful new product launches, and exchange gains; while jelly and seasoning products grew steadily, puffed food remained stable, and confectionery declined, the Group is actively expanding into new maltose and rice wine businesses, upgrading its management system with IBM, strengthening R&D and promotion, expanding new retail channels, and improving production facilities to seize consumption upgrade opportunities and enhance core competitiveness, maintaining a robust financial position with ample cash and no loans [Business Review](index=6&type=section&id=Business%20Review) In 2018, the Group's total sales revenue increased by 4.8% to RMB 761.8 million, and gross profit increased by 27.1% to RMB 232.5 million, with gross margin improving from 25.2% to 30.5%, primarily driven by the launch of new high-margin products and reduced promotional expenses; core jelly products saw a 6.7% revenue increase, seasoning products grew significantly by 13.7%, puffed food slightly increased by 0.9%, while confectionery and other products experienced a 15.3% revenue decline 2018 Revenue Performance by Business Segment | Business Segment | 2018 Sales (RMB millions) | 2017 Sales (RMB millions) | Year-on-Year Growth | % of Total Revenue (2018) | | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 435.2 | 407.9 | 6.7% | 57.1% | | Puffed Food | 210.3 | 208.3 | 0.9% | 27.6% | | Seasoning Products | 87.3 | 76.8 | 13.7% | 11.5% | | Confectionery and Others | 29.0 | 34.2 | -15.3% | 3.8% | | **Total** | **761.8** | **727.2** | **4.8%** | **100%** | - The improvement in gross margin was primarily due to product mix adjustment (increased proportion of new products) and reduced product promotion activities and expenses during the year[27](index=27&type=chunk) - The Group comprehensively upgraded jelly and puffed food products, including packaging, flavors, and technology, which increased average selling prices and gross margins; jelly product gross margin increased from **24.2% to 27.8%**, and puffed food gross margin increased from **30.3% to 36.1%**[30](index=30&type=chunk)[33](index=33&type=chunk) [Future Outlook and Strategies](index=9&type=section&id=Future%20Outlook%20and%20Strategies) Looking ahead, the Group's core strategy will be product innovation, seizing consumption upgrade opportunities to develop natural, healthy, and high-end products; strategically, the company will optimize its management system in collaboration with IBM, strengthen R&D and social media promotion, clearly position its three core product lines (jelly, puffed food, seasoning), actively expand into new retail and e-commerce channels, and continuously invest in automated production facilities to reduce costs, enhance efficiency, and improve product quality - In November 2018, the Group entered into a strategic cooperation with Xiaogan Municipal Government to establish a maltose and rice wine R&D and production base, aiming to expand its product lines and achieve diversified development[37](index=37&type=chunk) - The company engaged IBM for a management consulting project aimed at reshaping its sales-product-supply chain-centric operational management system to comprehensively enhance operational efficiency[38](index=38&type=chunk) - Regarding channel expansion, the Group will strengthen its existing distribution network while focusing on expanding into snack brand stores, convenience stores, campus stores, and enhancing cooperation with new retail partners like Alibaba and JD.com[43](index=43&type=chunk) - The Group will enhance production automation by introducing advanced foreign production lines and equipment upgrades to reduce labor costs and improve production efficiency[44](index=44&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) As of the end of 2018, the Group maintained a robust financial position with a net cash balance and no bank loans; cash and bank balances significantly increased to RMB 566.1 million, and the current ratio improved from 3.5 times to 3.9 times, indicating strong liquidity and solvency, while total equity grew 29.3% to RMB 868.3 million Key Liquidity Indicators | Metric | As of December 31, 2018 (RMB millions) | As of December 31, 2017 (RMB millions) | | :--- | :--- | :--- | | Cash and Bank Balances | 566.1 | 294.4 | | Bank Loans | 0 | 0 | | Net Current Assets | 520.9 | 308.4 | | Current Ratio | 3.9 times | 3.5 times | | Total Equity | 868.3 | 671.4 | - During the year, due to the depreciation of RMB against HKD and USD, the Group recorded total exchange gains of **RMB 24.5 million**, compared to exchange losses of RMB 12.6 million in 2017[55](index=55&type=chunk) - The Board did not recommend the payment of a final dividend for the year ended December 31, 2018[56](index=56&type=chunk) [Biographies of Directors and Senior Management](index=13&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This chapter details the personal biographies of the company's executive directors, non-executive directors, independent non-executive directors, and senior management team members, covering their age, position, responsibilities, industry experience, educational background, and appointments in other listed companies, comprehensively showcasing the company's governance and management team's professional backgrounds - Mr. Xu Qingliu, Chairman of the Board, is the son of Non-executive Director Mr. Xu Lianjie, possessing over **14 years** of experience in the food and snack business and extensive experience in investment management[60](index=60&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Mr. Zhu Hongbo, CEO, was appointed in January 2017, previously serving in Hengan International's Strategic Management Department, with extensive experience in marketing and corporate management[68](index=68&type=chunk) - The independent non-executive director team possesses diverse professional backgrounds, covering business management consulting, legal, financial, and investment fields[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk) [Corporate Governance Report](index=19&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance practices for FY2018, confirming compliance with all code provisions of the HKEX Corporate Governance Code, detailing the board's composition and operations, the clear distinction between Chairman and CEO roles, the structure and responsibilities of various committees (Audit, Remuneration, Nomination), and disclosing directors' meeting attendance, while also confirming the establishment of risk management and internal control systems reviewed by external consultants to ensure effective operation - The company confirmed that it has complied with all code provisions of the Corporate Governance Code throughout the year ended December 31, 2018[82](index=82&type=chunk) - The Board comprises **12 directors**, including **3 executive directors**, **5 non-executive directors**, and **4 independent non-executive directors**, ensuring checks and balances and independent decision-making[86](index=86&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee have all been established, with independent non-executive directors forming a majority or all members, to fulfill their oversight responsibilities[95](index=95&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk) - The company engaged external consultants to assist the internal audit department in reviewing the internal control system, and the Board considers the existing risk management and internal control systems to be reasonably effective during the year[107](index=107&type=chunk) [Environmental, Social and Governance (ESG) Report](index=28&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28ESG%29%20Report) This report details the company's ESG practices in 2018, highlighting environmental efforts in energy conservation and emission reduction through clean energy use and purification facility upgrades, resulting in year-on-year decreases in exhaust gas, wastewater, and greenhouse gas emissions; socially, the company adheres to labor laws, protects employee rights, health, and safety, provides training, maintains strict supply chain management and product quality control for food safety, implements anti-corruption policies, and actively participates in community welfare activities [Environmental Performance](index=28&type=section&id=Environmental%20Performance) In 2018, the company made positive environmental progress, significantly reducing major pollutant emissions through promoting natural gas use, upgrading fume purification facilities, and optimizing wastewater treatment systems, with total exhaust gas emissions decreasing by 33.3% and total greenhouse gas emissions by 7.8% year-on-year, while unit product energy consumption and water consumption decreased by 16.0% and 6.5% respectively, demonstrating effectiveness in improving energy and water resource efficiency 2018 Major Emission Reduction Status | Emission Category | 2018 Year-on-Year Change | | :--- | :--- | | Total Exhaust Gas Emissions (NOx, SO2, Particulates) | -33.3% | | Wastewater Volume | -1.9% | | Total Greenhouse Gas Emissions | -7.8% | | Hazardous Waste Generated Per Unit Product | -47.4% | 2018 Resource Utilization Efficiency Improvement | Metric | 2018 Year-on-Year Change | | :--- | :--- | | Water Consumption Per Unit Product | -6.5% | | Energy Consumption Per Unit Product | -16.0% | 2018 Greenhouse Gas Emissions Data | Greenhouse Gas Emissions | 2018 | 2017 | Unit | | :--- | :--- | :--- | :--- | | Direct Greenhouse Gas Emissions | 3,883.80 | 5,692.64 | tonnes of CO2 equivalent | | Energy Indirect Greenhouse Gas Emissions | 20,543.74 | 20,787.58 | tonnes of CO2 equivalent | | **Total Greenhouse Gas Emissions** | **24,427.54** | **26,480.22** | **tonnes of CO2 equivalent** | [Social Responsibility](index=34&type=section&id=Social%20Responsibility) In terms of social responsibility, the company strictly adheres to labor laws, safeguarding employees' legitimate rights in remuneration, leave, health, and safety, while firmly prohibiting child and forced labor, and has established a comprehensive training system for employee development; regarding supply chain management, the company implements strict supplier screening and evaluation procedures, and for product responsibility, it ensures product safety through comprehensive quality monitoring and food safety management systems, having obtained ISO9001, HACCP, and other certifications, in addition to establishing an anti-corruption reporting mechanism and actively participating in community welfare activities such as child care and elder care - The company strictly complies with the Labor Law, upholding fair, just, and open employment principles, opposing any form of discrimination, and prohibiting the use of child or forced labor[149](index=149&type=chunk)[159](index=159&type=chunk) - The company has established a strict supplier evaluation, selection, and assessment system, incorporating environmental, social, and ethical factors into its considerations[160](index=160&type=chunk) - All of the company's production bases comply with national food safety standards and have obtained international certifications such as ISO9001, ISO22000, and HACCP for certain production bases to ensure product quality and safety[161](index=161&type=chunk)[164](index=164&type=chunk) - The company actively participates in social welfare initiatives, including visiting children on Children's Day, caring for the elderly on Chongyang Festival, and hosting university faculty and student visits for learning[170](index=170&type=chunk) [Directors' Report](index=40&type=section&id=Directors%27%20Report) This report outlines the company's principal activities, financial performance, and corporate governance matters for FY2018, during which the company primarily engaged in the manufacturing and sale of food and snacks in China; the Board did not recommend a final dividend, and the report details directors' and major shareholders' equity interests, changes in share option schemes, continuing connected transactions, and the use of proceeds from the 2018 new share placement, confirming the company maintained sufficient public float and complied with all relevant laws and regulations - In February 2018, the company raised approximately **RMB 161 million** in net proceeds through the placement of **95,000,000 new shares**, primarily for brand and product promotion, strengthening sales channels, upgrading production facilities, and new product R&D[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) Share Option Scheme Movements (FY2018) | Participant | Balance at Beginning of Year | Granted During Year | Cancelled/Lapsed During Year | Balance at End of Year | | :--- | :--- | :--- | :--- | :--- | | Directors | 120,000 | 520,000 | 0 | 640,000 | | Other Employees | 8,690,000 | 10,480,000 | (2,490,000) | 16,680,000 | | **Total** | **8,810,000** | **11,000,000** | **(2,490,000)** | **17,320,000** | Major Customer and Supplier Concentration (FY2018) | Category | % of Total | | :--- | :--- | | Largest Customer | 0.9% | | Top Five Customers | 4.1% | | Largest Supplier | 5.1% | | Top Five Suppliers | 17.0% | - During the reporting period, the Group engaged in continuing connected transactions with related party Fujian Shuncheng Flour Development Co., Ltd., involving the purchase of flour amounting to **RMB 5.331 million**, which was reviewed and confirmed by the independent non-executive directors[196](index=196&type=chunk)[197](index=197&type=chunk) Financial Statements [Independent Auditor's Report](index=54&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued an unqualified audit opinion on Qinqin Food Group's 2018 consolidated financial statements, affirming that they present a true and fair view of the Group's financial position and operating results, with two key audit matters highlighted: revenue recognition, due to the high volume and wide geographical spread of sales transactions, requiring attention to whether revenue is recognized in the correct accounting period; and the recognition of deferred tax assets, which relies on judgments and estimates of future profitability - The auditors believe that the consolidated financial statements present a true and fair view of the Group's financial position in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance[255](index=255&type=chunk) - Key Audit Matter One: Revenue Recognition; the auditors confirmed that the Group's sales revenue recognition method complies with its accounting policies through sampling tests, IT control environment assessments, and confirmations[261](index=261&type=chunk) - Key Audit Matter Two: Recognition of Deferred Tax Assets; the auditors, by evaluating management's profit forecasts, the reasonableness of key assumptions, and sensitivity analysis, concluded that management's judgments and estimates for deferred tax asset recognition are sufficiently supported[263](index=263&type=chunk) [Consolidated Financial Statements](index=59&type=section&id=Consolidated%20Financial%20Statements) This chapter presents the Group's core financial statements for the year ended December 31, 2018, including the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, and consolidated statement of cash flows, comprehensively illustrating the company's operating performance, financial position, changes in shareholders' equity, and cash flow during the reporting period FY2018 Consolidated Financial Statements Key Data | Metric | 2018 (RMB thousands) | 2017 (RMB thousands) | | :--- | :--- | :--- | | **Income Statement:** | | | | Revenue | 761,819 | 727,257 | | Gross Profit | 232,501 | 182,978 | | Operating Profit | 3,435 | 5,361 | | Profit/(Loss) for the Year | 32,760 | (6,536) | | **Statement of Financial Position (Period-end):** | | | | Total Assets | 1,050,718 | 792,863 | | Total Liabilities | 182,421 | 121,480 | | Total Equity | 868,297 | 671,383 | | **Cash Flow Statement:** | | | | Net Cash Generated from Operating Activities | 86,157 | (33,791) | | Net Cash Used in Investing Activities | (73) | (5,468) | | Net Cash Generated from Financing Activities | 161,039 | 0 | [Notes to the Consolidated Financial Statements](index=65&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations and supplementary information to the primary financial statements, covering the company's general information, basis of preparation, significant accounting policies (e.g., revenue recognition, financial instruments, impairment), accounting estimates and judgments, and detailed breakdowns and explanations of key items such as segment information, revenue, expenses, taxation, assets, liabilities, equity, and related party transactions - The company adopted new Hong Kong Financial Reporting Standards (HKFRS) 9 'Financial Instruments' and 15 'Revenue from Contracts with Customers' effective January 1, 2018, and restated comparative data for 2017; the primary impact was the reclassification of certain promotional expenses paid to customers from 'distribution and selling expenses' as a deduction from 'revenue'[301](index=301&type=chunk)[311](index=311&type=chunk)[334](index=334&type=chunk) Segment Results (2018) | Segment | Revenue (RMB thousands) | Gross Profit (RMB thousands) | | :--- | :--- | :--- | | Jelly Products | 435,238 | 120,996 | | Puffed Food | 210,273 | 76,000 | | Seasoning Products | 87,307 | 28,056 | | Confectionery and Other Products | 29,001 | 7,449 | | **Total** | **761,819** | **232,501** | - The company adopted a share option scheme in May 2017; as of the end of 2018, there were **17,320,000** unexercised share options, with related expenses of **RMB 3.115 million** recognized during the year[499](index=499&type=chunk)[503](index=503&type=chunk) [Five-Year Financial Summary](index=121&type=section&id=Five-Year%20Financial%20Summary) This chapter provides a summary of the Group's key financial data for the past five fiscal years (2014-2018), visually illustrating the long-term trends in the company's revenue, profit, assets, liabilities, and shareholders' equity, showing that revenue rebounded in 2018 after declines in 2016 and 2017, while shareholders' equity demonstrated continuous growth Five-Year Performance Summary | For the Year Ended December 31 (RMB thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 761,819 | 727,257 | 980,902 | 1,020,051 | 1,216,135 | | Profit/(Loss) Before Income Tax | 39,031 | (2,256) | 57,449 | 87,821 | 126,285 | | Profit/(Loss) Attributable to Shareholders | 32,760 | (6,536) | 31,522 | 63,752 | 91,619 | Five-Year Assets and Liabilities Summary | As of December 31 (RMB thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,050,718 | 792,863 | 894,854 | 775,000 | 843,885 | | Total Liabilities | 182,421 | 121,480 | 218,157 | 129,766 | 260,225 | | Equity Attributable to Shareholders | 868,297 | 671,383 | 676,697 | 645,234 | 583,660 |