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*ST美谷(000615) - 2013 Q4 - 年度财报
2014-04-25 16:00
Financial Performance - The company reported no cash dividends or stock bonuses for the year[5]. - The company's operating revenue for 2013 was CNY 643,919,203.09, a decrease of 11.81% compared to CNY 730,148,635.61 in 2012[22]. - The net profit attributable to shareholders was a loss of CNY 36,642,072.91, representing a decline of 945.91% from a profit of CNY 4,331,687.61 in the previous year[22]. - The net cash flow from operating activities was negative CNY 59,698,229.40, a decrease of 155.01% compared to a positive cash flow of CNY 108,515,899.76 in 2012[22]. - The company reported a basic and diluted earnings per share of CNY -0.17, down 950% from CNY 0.02 in 2012[22]. - Total assets at the end of 2013 were CNY 1,204,078,527.60, a decrease of 17.86% from CNY 1,465,947,720.15 at the end of 2012[22]. - The company's total revenue for 2013 was CNY 636,483,532.14, a decrease of 12.39% compared to the previous year[31]. - The company reported a net loss of ¥36,642,072.91 for 2013, with no cash dividends proposed, reflecting a 0% payout ratio[55]. - The company reported a significant increase in prepayments from CNY 98,444,382.00 to CNY 179,547,551.74, an increase of approximately 82.54%[154]. - The total comprehensive income for the year was 29,662,706 yuan, combining both net profit and other comprehensive income[172]. Shareholder Information - The total share capital remains at 15,490.846 million shares after the transfer of state-owned shares[14]. - The largest shareholder, Hubei Jiaxin Investment Group Co., Ltd., holds 2,209.7489 million shares, accounting for 14.26% of the total share capital[14]. - The second largest shareholder, Hubei Chemical Fiber Development Co., Ltd., holds 23,504,325 shares, accounting for 11.10% of the total share capital[81]. - Hubei Chemical Fiber Development Co., Ltd. reduced its holdings by 1,900,000 shares, representing 0.90% of the total share capital during the reporting period[83]. - The company has completed the judicial unfreezing of shares held by Hubei Jiaxin Investment Group Co., Ltd., totaling 24,195,950 shares, which accounted for 11.43% of the total share capital[83]. - The company’s largest shareholder, Hubei Jiaxin Investment Group Co., Ltd., pledged 34,668,370 shares, accounting for 16.38% of the total share capital, to Beijing Jinghan Investment Group Co., Ltd. for financing purposes[84]. Operational Challenges - The company faces operational risks due to industry challenges such as structural imbalances and rising labor costs[9]. - The company has limited production capacity and needs to enhance its core competitiveness[9]. - The company has not disclosed any new product developments or market expansion strategies in the report[9]. - The company has not made any profit distributions or capital reserve transfers in the past three years due to unfavorable industry conditions[54]. - The company is actively addressing environmental pressures by investing in technology upgrades to meet increasing regulatory standards[50]. Management and Governance - The company has established a comprehensive quality management system, achieving ISO9001, ISO14001, and OHSAS18001 certifications[35]. - The company has a well-established management team with extensive production and technical experience[35]. - The company has independent directors with academic and professional backgrounds, contributing to governance and oversight[104]. - The management team includes professionals with engineering and economic expertise, ensuring a well-rounded approach to business operations[104]. - The company maintains independence from its controlling shareholder in business, personnel, assets, organization, and finance[138]. Audit and Compliance - The company emphasizes the accuracy and completeness of its financial reports, taking legal responsibility for any misstatements[4]. - The audit report issued by Zhonghuan Haihua on April 24, 2014, provided a standard unqualified opinion, affirming that the financial statements fairly represented the company's financial position as of December 31, 2013[133]. - The audit committee reviewed the 2013 annual audit work plan and confirmed the schedule for the financial report audit with the accounting firm Zhonghuan Haihua[128]. - The independent directors and audit committee found that the financial statements prepared before the annual audit were in compliance with relevant regulations and accurately reflected the company's financial status[129]. Investment and Development - The company signed a cooperation agreement with Xinjiang Swan Special Fiber Co., Ltd. to establish a joint venture for a 20,000-ton modal project[21]. - The company plans to develop a 5,000-ton functional cellulose fiber pilot line and support the establishment of a joint venture for a 20,000-ton modal production project[50]. - The company has invested significantly in pollution control measures, operating a 24-hour wastewater treatment system with real-time monitoring of discharge parameters[57]. - The company has applied for 21 patents in 2013, establishing itself as a postdoctoral innovation practice base in Hubei Province[34]. Employee and Compensation - The company reported a total employee count of 2,989 as of the end of 2013, with 2,629 in production, 19 in sales, 287 in technology, 15 in finance, and 39 in administration[113]. - The total remuneration for directors, supervisors, and senior management in 2013 amounted to CNY 2.787 million, with the highest individual remuneration being CNY 240,000 for the president[109]. - The company follows a performance-based remuneration system for its senior management, which is influenced by overall business performance and individual contributions[108]. Market and Sales - The company’s main business revenue from viscose filament yarn was CNY 63,928,000, down 12.44% year-on-year due to a decline in product sales prices[25]. - The sales volume of viscose filament yarn increased by 12.15% to 57,971.9 tons in 2013, compared to 51,690.63 tons in 2012[25]. - The company aims to expand its market presence by entering two new provinces, aiming for a 20% increase in market share by the end of the next fiscal year[118]. Legal and Regulatory Issues - The company is facing litigation risks that may lead to significant uncertainties regarding the change of its controlling shareholder[84]. - The company’s subsidiary received a court ruling to freeze or seize bank deposits up to 25 million RMB in a dispute with Zhongjin Huiding Hubei Investment Management Co., Ltd.[84]. - There were no significant legal disputes or media controversies reported for the company during the year[63][64].