YONGAN FORESTRY(000663)

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永安林业(000663) - 2019 Q4 - 年度财报
2020-04-29 16:00
Financial Performance - The company's operating revenue for 2019 was ¥702,153,143.62, a decrease of 6.98% compared to ¥754,832,074.55 in 2018[20] - The net profit attributable to shareholders was -¥235,965,814.03, showing an improvement of 82.25% from -¥1,329,508,756.35 in the previous year[20] - The net cash flow from operating activities was ¥70,941,911.37, a significant increase of 148.27% compared to -¥146,960,566.23 in 2018[20] - The total assets at the end of 2019 were ¥2,577,236,076.87, down 7.58% from ¥2,788,596,507.63 in 2018[20] - The net assets attributable to shareholders decreased by 29.32% to ¥572,846,454.52 from ¥810,485,745.86 in 2018[20] - The basic earnings per share improved to -¥0.7 from -¥3.9 in 2018, reflecting an 82.05% increase[20] - The weighted average return on equity was -33.91%, an improvement of 56.16% from -90.07% in the previous year[20] Revenue and Sales - In 2019, the company achieved operating revenue of 702 million yuan, with a net profit attributable to the parent company of -236 million yuan[38] - The sales revenue from hotel furniture reached 240 million yuan, an increase of 8.1% year-on-year, with overseas sales growing by 18.17%[40] - The revenue from finished furniture sales was 90 million yuan, a significant increase of 65.65% year-on-year[41] - The revenue from the furniture decoration sector increased by 179.62% year-on-year, amounting to 15.85 million yuan[41] - Domestic sales accounted for 82.71% of total revenue, totaling approximately 580.76 million yuan, while international sales increased by 5.63% to 121.39 million yuan[44] Production and Operations - The total annual logging area was 17,100 acres, a decrease of 7.56% year-on-year, while timber production reached 44,800 cubic meters, an increase of 54.48% year-on-year[39] - The company achieved timber sales of 44,800 cubic meters, also reflecting a year-on-year increase of 54.48%, with no sales debts occurring throughout the year[39] - The production of various types of fiberboard was 162,700 cubic meters, a decrease of 15.30% year-on-year, while sales were 156,700 cubic meters, down 16.91% year-on-year[40] - The company reported a gross margin of 29.73% in the furniture decoration sector, reflecting a year-on-year increase of 363.10%[46] Financial Management - The company reported a net cash decrease of CNY 44,119,448.70, an improvement of 80.35% compared to the previous year's decrease[59] - Inventory increased by 4.81% to CNY 863,929,464.30, reflecting a rise in furniture products[63] - Short-term borrowings increased by 6.01% to CNY 1,117,585,624.00, indicating a rise in short-term financing[63] - The financial expenses increased by 12.74% to ¥70,366,198.14, primarily due to rising interest costs[54] Strategic Initiatives - The company plans to enhance its forestry operations by participating in national strategic reserve forest projects and exploring ecological industry development[30] - The company aims to improve the efficiency of its engineered wood products by expanding product advantages and developing new types of boards[31] - The company is focused on expanding its high-end custom furniture brand in the domestic market while actively exploring overseas markets[38] - The company plans to enhance its product innovation and drive industry development by focusing on high-end customized furniture markets[82] Shareholder and Profit Distribution Policies - The company plans not to distribute cash dividends or issue bonus shares[8] - The company has approved a profit distribution policy ensuring a minimum annual cash dividend of 20% of the distributable profit, unless significant changes in the operating environment occur[91] - The company plans to distribute at least 30% of the average annual distributable profit over the last three years in cash dividends, provided there are no major investment plans or significant capital expenditures[92] - The company emphasizes cash dividends over stock dividends, prioritizing cash distributions when conditions are met[92] Compliance and Governance - The company has committed to avoiding any non-operating fund occupation or competitive business activities that may harm the interests of its shareholders[99] - The company has maintained a strict adherence to legal and regulatory requirements in its financial dealings[98] - The company has established a complete and independent corporate governance structure[119] - The company guarantees the independence of its management and operations, ensuring no interference from controlling entities[118] Risks and Challenges - The company faces risks related to forest resource management due to low harvesting levels and high raw material costs, and plans to enhance resource cultivation effectiveness[87] - The company is addressing financial risks by improving communication with financial institutions and managing capital costs effectively[88] - The company reported a significant impact on exports due to the US-China trade war, with exports nearly stagnating in the second half of 2019[153] Subsidiary Performance - The subsidiary, Fujian Senyuan Furniture Co., Ltd., reported a main business revenue of RMB 346.58 million, a year-on-year increase of 20.33%[80] - The operating loss for the subsidiary was RMB 155.88 million, which represents a year-on-year increase of 52.32%[80] - The net loss for the subsidiary was RMB 136.31 million, reflecting a year-on-year increase of 55.47%[80]
永安林业(000663) - 2019 Q3 - 季度财报
2019-10-30 16:00
Financial Performance - Operating revenue for the reporting period was CNY 217,870,778.66, an increase of 35.68% year-on-year[8]. - Net profit attributable to shareholders was a loss of CNY 13,376,497.25, a decline of 64.59% compared to the same period last year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 15,410,080.41, a decrease of 63.75% year-on-year[8]. - Basic earnings per share were -CNY 0.04, a decrease of 63.64% year-on-year[8]. - The net loss for the current period was CNY 13,434,278.14, a decrease in loss compared to CNY 37,670,471.85 in the previous period[52]. - The total comprehensive loss for the current period was CNY 13,067,349.92, compared to a loss of CNY 36,787,195.54 in the previous period[53]. - Basic and diluted earnings per share were both -0.04, an improvement from -0.11 in the previous period[53]. - The company's total liabilities and equity amounted to CNY 1,889,698,008.89, a decrease from CNY 1,928,658,480.35 in the previous period[52]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,722,293,208.02, a decrease of 2.38% compared to the end of the previous year[8]. - Total assets decreased from CNY 2,788,596,507.63 to CNY 2,722,293,208.02, a decline of approximately 2.37%[44]. - Non-current assets totaled CNY 1,234,831,201.14, down from CNY 1,305,966,701.80, representing a decrease of about 5.43%[44]. - Current liabilities increased to CNY 1,855,929,351.25 from CNY 1,812,276,137.41, an increase of approximately 2.16%[43]. - The company's equity attributable to shareholders decreased from CNY 810,485,745.86 to CNY 773,155,919.39, a decline of approximately 4.6%[44]. - Total liabilities decreased from CNY 1,951,276,951.42 to CNY 1,923,480,334.50, a reduction of about 1.43%[43]. - The total current liabilities represent approximately 65% of total liabilities, highlighting a short-term financial obligation focus[77]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 22,314,384.14, an increase of 122.45% compared to the same period last year[8]. - Cash flow from operating activities was ¥580,617,917.50, compared to ¥549,642,752.08 in the previous period[66]. - The net cash flow from operating activities for Q3 2019 was ¥22,314,384.14, a significant improvement compared to a net outflow of ¥99,405,039.96 in the same period last year[67]. - Total cash inflow from operating activities amounted to ¥627,755,896.71, while cash outflow was ¥605,441,512.57, resulting in a net cash inflow[67]. - The ending balance of cash and cash equivalents was ¥88,059,041.18, down from ¥139,501,910.93 at the end of the previous year[68]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,265[12]. - The largest shareholder, Fujian Yong'an Forestry (Group) Co., Ltd., held 19.27% of the shares, amounting to 64,884,600 shares[12]. - The company reported a total of CNY 21,895,000 in irregular guarantees, which represents 26.74% of the latest audited net assets[35]. Regulatory and Compliance - The company is actively addressing regulatory inquiries from the China Securities Regulatory Commission, indicating a commitment to compliance and transparency[24]. - The company is preparing for its annual shareholder meeting, where key resolutions regarding financial performance and future strategies will be discussed[24]. - The company is focused on improving its financial reporting and addressing any discrepancies identified in previous audits[22]. Performance Commitments - The company has committed to performance compensation agreements for the years 2015, 2016, and 2017, with forecasted net profits of CNY 110.3 million, CNY 135.15 million, and CNY 163.78 million respectively[26]. - If the actual cumulative net profit does not meet the forecasted amounts, the responsible parties will compensate the company with a total of 4,304,773 shares, which will be repurchased and canceled[27]. - The performance compensation obligations will be fulfilled by the responsible parties through share repurchase and cash compensation if necessary[27]. - The company has established a performance compensation agreement to ensure compliance with the profit commitments made during the asset restructuring[26]. Investment and Financing Activities - Cash obtained from loans increased by 82.66% to ¥1,072,200,000.00 from ¥587,000,000.00, indicating a rise in borrowing[18]. - The company received ¥1,072,200,000.00 in cash from borrowings during the financing activities, up from ¥587,000,000.00 in the same quarter last year[68]. - The company incurred financial expenses of ¥50,006,531.07, an increase from ¥44,088,958.37 in the previous period[57].
永安林业(000663) - 2019 Q2 - 季度财报
2019-07-24 16:00
Financial Performance - The company's operating revenue for the first half of 2019 was ¥368,424,481.41, a decrease of 16.12% compared to ¥439,248,962.37 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥24,912,592.74, an improvement of 22.53% from a loss of ¥32,155,983.42 in the previous year[17]. - The total assets at the end of the reporting period were ¥2,780,179,151.35, a slight decrease of 0.30% from ¥2,788,596,507.63 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 3.01% to ¥786,065,162.37 from ¥810,485,745.86 at the end of the previous year[17]. - The basic and diluted earnings per share improved to -¥0.07, up 22.22% from -¥0.09 in the same period last year[17]. - The company reported a net profit of 408.23 million yuan for the first half of 2019, which is a decrease compared to the previous year[58]. - The company reported a net loss of 286.3 million RMB in the current period, compared to a loss of 275 million RMB in the previous period[156]. Cash Flow - The net cash flow from operating activities improved significantly to -¥1,891,584.28, a 98.86% increase compared to -¥165,756,744.71 in the same period last year[17]. - The cash flow from operating activities showed a significant improvement, with a reduction in cash outflow by 98.86% compared to the previous year[35]. - The cash flow from operating activities increased to ¥189,759,818.85, compared to ¥134,544,465.04 in the first half of 2018[146]. - The total cash inflow from operating activities was primarily driven by an increase in cash received from sales, which amounted to ¥170,869,374.98, compared to ¥125,746,340.35 in the first half of 2018[146]. - The company experienced a net decrease in cash and cash equivalents of ¥4,200,762.70 during the first half of 2019, an improvement from a decrease of ¥81,822,318.39 in the previous year[147]. Assets and Liabilities - Cash and cash equivalents at the end of the reporting period amounted to ¥187.66 million, representing 6.75% of total assets, an increase of 2.00% compared to the previous year[39]. - Accounts receivable decreased to ¥332.84 million, accounting for 11.97% of total assets, down 3.19% year-on-year due to provisions for bad debts[39]. - Inventory increased to ¥801.59 million, now representing 28.83% of total assets, up 9.58% year-on-year[39]. - Short-term borrowings rose significantly to ¥1.14 billion, accounting for 41.12% of total liabilities, an increase of 22.17% year-on-year[39]. - The total liabilities stood at CNY 1,968,298,927.91, compared to CNY 1,951,276,951.42 at the end of 2018, indicating a slight increase in financial obligations[127]. Market and Sales Performance - The company achieved a revenue of 368.42 million RMB in the first half of 2019, a decrease of 16.12% compared to the previous year due to reduced sales in engineered wood products[31]. - The production of various types of fiberboard decreased by 19.83% to 75,600 cubic meters, with sales down by 24.97% to 69,100 cubic meters[33]. - The sales revenue from hotel furniture was 164 million RMB, a decline of 10.97% year-on-year[33]. - Domestic sales totaled ¥308.89 million, reflecting a decrease of 15.29% year-on-year, while international sales increased by 29.00% to ¥56.76 million[37]. Risks and Challenges - The company faces various risks and has detailed countermeasures in its report, urging investors to pay attention to investment risks[5]. - The company faces risks in forest resource management due to low logging quotas and intends to enhance monitoring and explore new ecological industries[50]. - The company is facing financial risks due to tight operating loan limits influenced by macroeconomic factors, international exchange rates, and trade policies[54]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company has a total of 10,323,209 shares that need to be compensated due to performance commitments, with 4,304,773 shares already compensated as of May 22, 2019[58]. - The total number of ordinary shareholders at the end of the reporting period is 17,274[109]. - The largest shareholder, Fujian Yong'an Forestry (Group) Co., Ltd., holds 64,884,600 shares, representing 19.27% of total shares[109]. Legal Matters - The company is involved in multiple ongoing lawsuits with amounts in dispute, including 3,823.74 million CNY related to a share transfer contract dispute[66]. - The company is awaiting judgment on a case involving a claim of 786.25 million CNY for asset transfer[66]. - The company has a pending case against Hainan Youga requiring a payment of 315.18 million CNY, which is currently in the retrial stage[65]. Corporate Governance and Compliance - The company has faced regulatory scrutiny, including a notice from the China Securities Regulatory Commission regarding compliance issues[94]. - The company has complied with the regulatory requirements by publishing corrections to its 2018 annual report on June 15, 2019[70]. - The company is actively managing its stockholder communications and compliance with regulatory requirements[94].
永安林业(000663) - 2018 Q4 - 年度财报
2019-06-14 16:00
Financial Performance - The company's operating revenue for 2018 was approximately ¥754.83 million, a decrease of 36.66% compared to the previous year[17]. - The net profit attributable to shareholders was a loss of approximately ¥1.33 billion, representing a decline of 3,401.03% year-on-year[17]. - The basic earnings per share for 2018 was -¥3.90, a decrease of 3,350.00% compared to the previous year[17]. - Total assets at the end of 2018 were approximately ¥2.79 billion, down 32.57% from the previous year[18]. - The net assets attributable to shareholders decreased by 62.16% to approximately ¥810.49 million[18]. - The cumulative impact of significant accounting errors on net profit for 2017 was a decrease of ¥28,477,548.09 compared to 2016[19]. - The total operating revenue for 2017 was reduced by ¥48,332,657.81 due to accounting corrections[19]. - The company reported a net profit attributable to shareholders of -¥1,259,579,649.04 in Q4 2018, marking a significant loss[24]. - The company reported a significant loss in Q3 2018 with a net profit attributable to shareholders of -¥37,773,123.89[24]. - The company reported a significant decrease in revenue, achieving 755 million yuan, with a net profit attributable to shareholders of -1.33 billion yuan[39]. Revenue Breakdown - Total revenue for 2018 was ¥754.83 million, a decrease of 36.66% compared to ¥1,191.70 million in 2017[44]. - The furniture segment generated ¥282.35 million, accounting for 37.40% of total revenue, down 59.70% from ¥700.64 million in 2017[44]. - The engineered wood manufacturing segment saw revenue of ¥396.63 million, representing a 3.66% increase from ¥382.62 million in 2017, with a gross margin of 9.73%[46]. - Domestic sales contributed ¥639.91 million, making up 84.77% of total revenue, a decline of 39.73% from ¥1,061.81 million in 2017[44]. - Foreign sales amounted to ¥114.92 million, which is 15.23% of total revenue, down 11.52% from ¥129.89 million in 2017[44]. Operational Challenges - The company experienced a 55.21% decline in hotel furniture sales revenue, totaling 222 million yuan, primarily due to macroeconomic factors and reduced orders from high-end hotels[41]. - The company is facing challenges due to restricted logging policies and market liquidity issues affecting the furniture industry[49]. - The company has acknowledged accounting errors in revenue and cost recognition for its subsidiary, which affected the financial results for 2016 and 2017[18]. Strategic Initiatives - The company is focusing on expanding its custom furniture and decoration design business as part of its growth strategy[16]. - The company plans to enhance forestry operational efficiency through projects focused on cultivating large-diameter and precious timber[31]. - The company aims to improve operational efficiency by exploring ecological industry development beneath forest canopies[31]. - The company is focusing on developing aging-friendly furniture systems and new product designs to improve sales revenue and profit levels[56]. - The company plans to enhance its production capabilities and marketing strategies, focusing on high-end customized furniture for hotels and luxury residences[84]. Research and Development - The company's R&D investment increased by 62.15% to ¥22,954,000 in 2018, representing 3.04% of total revenue, up from 1.19% in 2017[56]. - Research and development projects include the selection of tree seedlings and chemical weeding trials, aimed at improving forest management and reducing production costs[54]. - The company has implemented 12 technical innovation projects, including drying tail gas and variable frequency energy-saving technologies[85]. Cash Flow and Financial Management - Operating cash inflow decreased by 28.91% to ¥883,661,231.27, while operating cash outflow decreased by 11.86% to ¥1,030,621,797.50, resulting in a net cash flow of -¥146,960,566.23, a decline of 299.16%[58]. - The company reported a net cash decrease of ¥224,547,198.18, a decline of 873.65% compared to the previous year, attributed to reduced sales and government subsidies[59]. - The company has committed to investing 20,000 million in working capital, with 100% of the funds utilized as of June 1, 2016[76]. Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The company has established a profit distribution policy emphasizing reasonable returns to investors, with a minimum annual cash dividend ratio of 20% of distributable profits[94]. - The company did not distribute any cash dividends in 2016, 2017, and 2018 due to negative retained earnings and ongoing investment projects[96]. - The company has a complete decision-making process for any adjustments to its cash dividend policy[96]. Governance and Compliance - The company has established a robust corporate governance structure to maintain the independence of its board and shareholder meetings[107]. - The company has committed to ensuring the independence of its operations, including labor, personnel, and compensation management, from other controlled entities[107]. - The company has not faced any penalties from securities regulatory authorities in the past three years[186]. Market Position and Future Outlook - The company has maintained a leading position in the forestry industry in Fujian Province, recognized as a key enterprise in agricultural industrialization[31]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share within the next three years[180]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[180].
永安林业(000663) - 2019 Q1 - 季度财报
2019-04-29 16:00
Financial Performance - The company's revenue for Q1 2019 was ¥125,064,034.66, representing a 1.34% increase compared to ¥123,407,486.47 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥18,155,678.94, an improvement of 25.28% from a loss of ¥24,297,496.50 in the previous year[8] - The net cash flow from operating activities improved significantly, with a net outflow of ¥5,993,570.38, a 95.75% reduction from a net outflow of ¥140,862,797.61 in the same period last year[8] - The basic earnings per share improved to -¥0.05 from -¥0.07, reflecting a 28.57% increase[8] - The company reported a net loss of CNY 1,183,834,091.73 in retained earnings as of March 31, 2019, compared to a loss of CNY 1,165,678,412.79 at the end of 2018[32] - Net loss for Q1 2019 was CNY 18,430,337.05, compared to a net loss of CNY 23,287,037.55 in the same period last year, showing an improvement of 20.5%[40] - The company reported a total comprehensive income of -5,422,879.04 CNY, compared to -12,035,980.54 CNY in the same quarter last year, reflecting a 55% improvement[45] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,833,969,561.16, an increase of 1.63% from ¥2,788,596,507.63 at the end of the previous year[8] - Current assets increased to CNY 1,537,502,705.74 as of March 31, 2019, up from CNY 1,482,629,805.83 on December 31, 2018, representing a growth of 3.4%[29] - Total liabilities rose to CNY 2,013,155,537.33, compared to CNY 1,951,276,951.42, an increase of 3.2%[31] - Total liabilities as of Q1 2019 amounted to CNY 1,070,490,404.60, an increase from CNY 1,042,387,155.92[37] - Current liabilities increased to CNY 1,863,553,836.34 from CNY 1,812,276,137.41, a rise of 2.3%[31] - The company’s total liabilities increased by 1.5% compared to the previous year, indicating a growing leverage position[56] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,794[11] - The largest shareholder, Fujian Yong'an Forestry (Group) Co., Ltd., holds 19.03% of the shares, amounting to 64,884,600 shares, with 32,440,000 shares pledged[11] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12] - The company’s total equity attributable to shareholders was 810,485,745.86 CNY, indicating a decrease in shareholder value compared to the previous year[57] Income and Expenses - The company reported non-operating income of ¥10,263,010.36 from the disposal of non-current assets, primarily due to demolition compensation[9] - Total operating costs for Q1 2019 were CNY 154,322,854.87, up from CNY 147,501,292.28, indicating a rise of 4.93%[38] - The company’s financial expenses for Q1 2019 were CNY 13,390,302.98, up from CNY 11,079,877.49, representing a rise of 20.9%[38] - Tax expenses significantly decreased by 99.33% to ¥4,228.20, reflecting lower corporate tax payments[15] - Cash paid to employees decreased by 32.27% year-on-year to ¥48,291,077.66, indicating reduced salary expenditures[15] Cash Flow - Cash received from bank loans increased by 133.33% year-on-year to ¥175,000,000.00, indicating a rise in borrowing[15] - The cash inflow from financing activities was 175,000,000.00 CNY, up from 95,000,000.00 CNY in the previous year, indicating a strong financing position[49] - The cash outflow for operating activities totaled 208,327,229.16 CNY, down from 310,000,706.66 CNY year-over-year, showing improved cost management[48] - The company reported a net cash flow from financing activities of 8,255,548.97 CNY, a turnaround from a negative cash flow of -10,179,762.54 CNY in the previous year[53] Other Financial Metrics - The company reported a gross profit margin of approximately 15.5% for Q1 2019, down from the previous period's margin[38] - Other comprehensive income after tax for Q1 2019 was CNY 1,924,804.67, compared to CNY 362,631.02 in the previous period, indicating a significant increase[40] - The company recorded an asset disposal gain of CNY 10,263,010.36 in Q1 2019, contributing positively to the overall financial results[40] - Non-operating income surged by 404.42% year-on-year to ¥305,865.60, driven by increased default income[15]
永安林业(000663) - 2018 Q4 - 年度财报
2019-04-29 16:00
Financial Performance - The company's operating revenue for 2018 was approximately ¥754.83 million, a decrease of 36.66% compared to the previous year[17]. - The net profit attributable to shareholders was a loss of approximately ¥1.33 billion, representing a decline of 3,401.03% year-over-year[17]. - The basic earnings per share for 2018 was -¥3.90, a decrease of 3,350.00% compared to the previous year[17]. - Total assets at the end of 2018 were approximately ¥2.79 billion, down 32.57% from the previous year[18]. - The net assets attributable to shareholders decreased to approximately ¥810.49 million, a decline of 62.16% year-over-year[18]. - The company reported a total operating revenue of 755 million yuan for the year, with a net profit attributable to shareholders of -1.33 billion yuan[34]. - The total operating revenue for the year was 754.83 million yuan, down 36.66% from 1.19 billion yuan in the previous year[40]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year 2018, representing a growth of 15% compared to the previous year[171]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[176]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of approximately -¥146.96 million, a decrease of 299.16% compared to the previous year[17]. - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The company did not distribute any cash dividends in 2016, 2017, and 2018 due to negative retained earnings at the end of each year[90]. - The company confirmed that its cash dividend policy complies with the company’s articles of association and shareholder resolutions[90]. - The company plans to distribute cash dividends amounting to no less than 30% of the average annual distributable profits over the last three years, contingent on the absence of major investment plans or significant capital expenditures[101]. Operational Changes and Strategies - The company has added customized furniture and decoration design to its main business operations[16]. - The company plans to expand its overseas market while consolidating its domestic business, focusing on wood processing and custom furniture[34]. - The company aims to become one of the most recognized furniture manufacturers in China, emphasizing brand management and market operations[34]. - The company plans to optimize its product structure and develop new types of ecological boards to enhance product quality and increase added value[78]. - The company is focusing on mechanized operations and information management to improve forest resource cultivation and protection[78]. - The company is investing in new technology for sustainable forestry practices, with an estimated budget of 50 million RMB allocated for R&D[171]. Market and Sales Performance - The annual revenue from hotel furniture sales was 222 million yuan, a significant decline of 55.21% compared to the previous year, primarily due to macroeconomic factors and reduced construction in the high-end hotel sector[37]. - The revenue from finished furniture sales was 60 million yuan, reflecting a 69.31% year-on-year decrease, attributed to the impact of real estate regulations and reduced market liquidity[38]. - The company achieved timber sales of 29,000 cubic meters, also down 51.01% year-on-year, due to a shrinking market demand and declining prices[36]. - The company is exploring potential acquisitions in the furniture sector to enhance market share and product offerings[176]. Risks and Challenges - The company has faced significant accounting errors in revenue and cost recognition for its subsidiary, which affected previous years' financial data[18]. - The company has outlined potential risks and countermeasures in its future development outlook section of the report[5]. - The company faces risks related to forest resource management due to national forestry policies, which may lead to low harvesting levels[82]. - Financial risks include tight operating loan limits and exposure to currency fluctuations affecting international trade[83]. Governance and Compliance - The company has a governance structure that complies with relevant laws and regulations, including the Company Law and Securities Law[187]. - The independent directors attended 9 board meetings, with 1 in-person attendance and 8 via communication, ensuring compliance with legal and regulatory requirements[192]. - The audit committee reviewed the 2018 annual financial report and approved the audit plan from the accounting firm, ensuring adherence to auditing regulations[196]. - The company has agreed to reappoint the accounting firm for the 2019 annual financial audit, confirming the firm's independence and professional qualifications[197]. Research and Development - The company’s R&D investment increased by 62.15% to ¥22,954,000.00, representing 3.04% of total revenue[50]. - The company has developed multiple patents and proprietary technologies for low-density fiberboard and eco-friendly furniture manufacturing[32]. - The company implemented 12 technical innovation projects, including drying tail gas and variable frequency energy-saving projects, and developed over ten new products such as formaldehyde-free boards and E0/E1 piano boards[80]. Employee and Management Structure - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to CNY 3.8361 million[178]. - The company employed a total of 2,278 staff, with 1,479 in production, 109 in sales, 322 in technical roles, 59 in finance, 207 in administration, and 102 in other positions[181]. - The company has established a multi-faceted training program to enhance the quality of its workforce, collaborating with various educational institutions[183]. Shareholder Information - The total number of shareholders at the end of the reporting period was 20,309, an increase from 18,794 at the end of the previous month[153]. - The largest shareholder, Fujian Yong'an Forestry (Group) Co., Ltd., holds 19.03% of the shares, totaling 64,884,600 shares, with 32,440,000 shares pledged[153]. - The company has not reported any changes in the structure of assets and liabilities during the reporting period[152].
永安林业(000663) - 2018 Q3 - 季度财报
2018-10-30 16:00
Financial Performance - Net profit attributable to shareholders was CNY -37,773,123.88, representing a decline of 265.10% year-on-year[8]. - Operating revenue for the reporting period was CNY 160,581,271.04, down 49.50% compared to the same period last year[8]. - The net cash flow from operating activities was CNY -99,405,039.96, a decrease of 75.44% year-to-date[8]. - Basic earnings per share were CNY -0.11, reflecting a decline of 257.14% year-on-year[8]. - The weighted average return on net assets was -1.73%, down from -2.80% in the previous year[8]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,054,265,528.29, a decrease of 2.62% compared to the end of the previous year[8]. - Cash and cash equivalents decreased by 44.68% to ¥225,108,461.66 due to tax payments, loan repayments, and increased investments[16]. - Prepayments increased by 65.72% to ¥124,548,772.10, reflecting higher advance payments for raw materials[16]. - Long-term equity investments rose by 160.78% to ¥48,163,611.65 due to increased capital contributions as per agreements[16]. - Accounts payable increased by 35.07% to ¥469,563,827.81, indicating a rise in payable notes[16]. - Unappropriated profits decreased by 34.69% to ¥131,676,970.18 due to losses incurred during the period[16]. - Other income decreased by 54.46% to ¥12,074,570.73, primarily due to a reduction in government subsidies[16]. Cash Flow and Investments - Cash received from tax refunds increased by 223.51% to ¥11,444,667.41, indicating a significant rise in tax refunds received[17]. - Cash paid for fixed asset construction decreased by 77.55% to ¥24,927,517.41, reflecting lower investment in the Daling Mountain project[17]. - Cash paid for debt repayment increased by 40.75% to ¥552,680,814.30, showing a rise in loan repayments[17]. - Cash paid for other financing activities increased by 248.31% to ¥150,792,728.49, indicating a significant rise in guarantee deposits paid[17]. Shareholder and Corporate Governance - The total number of ordinary shareholders at the end of the reporting period was 21,824[12]. - The largest shareholder, Fujian Yong'an Forestry (Group) Co., Ltd., held 19.03% of the shares, amounting to 64,884,600 shares[12]. - The company did not engage in any repurchase transactions during the reporting period[13]. - The company is focused on maintaining its operational integrity and protecting shareholder rights during its restructuring process[22]. - The company has committed to reducing and regulating related party transactions, ensuring fair market prices and compliance with legal requirements[22]. Related Party Transactions and Commitments - The company has established a long-term commitment to adhere to its promises regarding related party transactions and competition avoidance[21]. - The company is actively working to ensure that any unavoidable related party transactions are conducted at fair market prices[22]. - The controlling shareholder has committed to not using their position to harm the company's interests or those of other shareholders[22]. - The company has outlined specific measures to ensure compliance with its commitments and protect its financial integrity[21]. Profit Commitments and Compensation - The profit commitment for the years 2015, 2016, and 2017 is set at RMB 110.3 million, RMB 135.15 million, and RMB 163.78 million respectively[24]. - If the actual cumulative net profit does not meet the forecasted net profit, the compensation will be made in shares, with cash compensation if shares are insufficient[24]. - The lock-up period for newly acquired shares by certain investors is set at 12 months from the date of listing, with additional conditions based on profit compensation agreements[24]. - The total number of shares that can be unlocked is 60% of the shares subscribed by the investors, contingent on meeting profit commitments[24]. - The compensation amount will be calculated based on the difference between cumulative forecasted and actual net profits, divided by the total forecasted net profit for the compensation period[24]. Independent Operations and Financial Management - The independent operation of Yong'an Forestry and Senyuan Co. is guaranteed, ensuring no interference from controlling entities[26]. - Yong'an Forestry and Senyuan Co. maintain independent financial management and governance structures[26]. - The company ensures that its assets are independent and complete, with no shared assets with other controlled entities[26]. - The company commits to fair pricing in any unavoidable related transactions with controlled entities[26]. Dividend Policy - The company plans to distribute cash dividends amounting to no less than 30% of the average distributable profits over the last three years, contingent on meeting cash dividend conditions and ensuring sustainable operations[28]. - In the case of significant capital expenditures, the minimum cash dividend ratio will be 40% for mature-stage companies, while for growth-stage companies, it will be at least 20%[28]. - The board will consider various factors, including industry characteristics and funding needs, when proposing differentiated cash dividend policies[28]. - The company will communicate with independent directors and minority shareholders to gather opinions on profit distribution proposals[28]. Compliance and Regulatory Matters - The company has committed to independent financial management for its subsidiaries, ensuring no shared bank accounts or financial personnel with other controlled entities[27]. - The company has established a commitment to independent tax payments for its subsidiaries, ensuring compliance with tax regulations[27]. - The restructuring process is subject to approval from the China Securities Regulatory Commission, with potential adjustments to lock-up periods based on regulatory requirements[24]. - There are no reported securities investments, entrusted financial management, or derivative investments during the reporting period[30][31][32]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[35]. - The company has not forecasted any significant losses or substantial changes in net profit compared to the previous year[29].
永安林业(000663) - 2018 Q2 - 季度财报
2018-08-28 16:00
Financial Performance - The company's operating revenue for the first half of 2018 was ¥439,248,962.37, a decrease of 17.87% compared to ¥534,834,476.30 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥32,155,983.42, representing a decline of 595.56% from ¥6,488,786.22 in the previous year[17]. - The net cash flow from operating activities was -¥165,756,744.71, a significant decrease of 1,208.39% compared to -¥13,221,755.48 in the same period last year[17]. - The total assets at the end of the reporting period were ¥4,081,705,502.84, down 1.96% from ¥4,163,261,856.10 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased by 1.56% to ¥2,145,554,017.92 from ¥2,179,510,038.08 at the end of the previous year[17]. - The basic earnings per share were -¥0.09, a decrease of 550.00% compared to ¥0.02 in the same period last year[17]. - The company reported a significant decrease in cash reserves, which may impact liquidity and operational flexibility moving forward[40]. - The company reported a decrease in undistributed profits from CNY 201,606,077.49 to CNY 169,450,094.07, a reduction of about 16%[113]. - The company reported a total comprehensive income loss of 16,632,750 CNY, indicating a significant decline in profitability[144]. Cash Flow and Liquidity - Cash and cash equivalents decreased to ¥193,939,223.68, representing 4.75% of total assets, down from 9.77% in the previous year, primarily due to tax payments and loan repayments[40]. - The ending cash and cash equivalents balance decreased to 89,314,314.14 CNY from 177,257,777.31 CNY in the previous period, reflecting liquidity challenges[129]. - Total cash inflow from operating activities was 435,469,926.60 CNY, down 17% from 523,973,374.72 CNY in the prior period[128]. - Cash outflow from operating activities increased to 601,226,671.31 CNY, compared to 537,195,130.20 CNY in the previous period, reflecting higher operational costs[128]. - The net cash flow from investing activities was -35,898,137.92 CNY, an improvement from -78,499,448.51 CNY in the previous period[129]. - Cash inflow from investing activities totaled 20,180,400.00 CNY, a substantial increase from 1,396,300.00 CNY in the prior period[129]. - Cash outflow from financing activities was 579,576,433.91 CNY, up from 335,027,201.94 CNY in the previous period, indicating increased financing activities[129]. Investments and Assets - Long-term equity investments increased by 161.07%, mainly due to additional capital contributions as per agreements[25]. - The company faced a 52.34% decrease in cash and cash equivalents, primarily due to tax payments, loan repayments, and increased investments[25]. - Accounts receivable increased to ¥618,988,069.01, accounting for 15.16% of total assets, up from 13.05% year-on-year[40]. - Inventory rose to ¥785,849,276.36, making up 19.25% of total assets, compared to 17.95% in the previous year[40]. - Fixed assets grew to ¥841,807,711.84, accounting for 20.62% of total assets, an increase from 19.52% in the previous year[40]. Shareholder and Governance Matters - The company plans not to distribute cash dividends or issue bonus shares[6]. - The actual controller and shareholders have committed to avoiding fund occupation and competition with the company, with commitments made on April 7, 2015[57]. - The company has ensured that no non-operating fund occupation will occur, maintaining compliance with relevant laws and regulations[58]. - The company has committed to reducing and regulating related party transactions, ensuring fair market prices and compliance with legal disclosure obligations[60]. - The company aims to maintain transparency and adhere to market principles in all related transactions[60]. - The company has committed to communicate with independent directors and minority shareholders regarding dividend proposals, ensuring their opinions are considered in the decision-making process[66]. Operational Highlights - The company completed reforestation of 17,000 acres, achieving a 100% completion rate for its afforestation tasks[29]. - The production of various types of fiberboard reached 94,300 cubic meters, a year-on-year increase of 4.89%[29]. - Hotel furniture sales revenue was CNY 184 million, down 17.66% year-on-year[31]. - The company produced 21,100 tons of formaldehyde, a decrease of 2.76% compared to the previous year[31]. - The sales of fiberboard products were 92,100 cubic meters, reflecting a growth of 0.88% year-on-year[29]. Compliance and Legal Matters - There are no significant litigation or arbitration matters reported during the period, reflecting a stable legal standing for the company[70]. - The company has not experienced any bankruptcy restructuring or related matters during the reporting period, indicating financial stability[69]. - There are no penalties or rectification situations reported for the company during the period, suggesting adherence to regulatory requirements[70]. Strategic Outlook - The company plans to strengthen its market position by optimizing product structure and establishing strategic partnerships to mitigate raw material supply risks[51]. - The financial report highlights a need for strategic adjustments to address the ongoing losses and improve overall performance[144]. - The company reported a normal production and operation status, with no significant uncertainty regarding its ability to continue as a going concern for the next 12 months[153].
永安林业(000663) - 2018 Q1 - 季度财报
2018-04-26 16:00
Financial Performance - The company's operating revenue for Q1 2018 was ¥123,407,486.47, a decrease of 35.77% compared to ¥192,138,381.75 in the same period last year[8] - The net profit attributable to shareholders was -¥24,297,496.50, representing a decline of 38.81% from -¥17,504,275.71 year-on-year[8] - The net cash flow from operating activities was -¥140,862,797.61, a significant drop of 3,775.25% compared to -¥3,634,931.26 in the previous year[8] - Basic and diluted earnings per share were both -¥0.07, down 40.00% from -¥0.05 in the same period last year[8] - Total assets at the end of the reporting period were ¥4,068,273,932.74, a decrease of 2.28% from ¥4,163,261,856.10 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 1.10% to ¥2,155,484,544.89 from ¥2,179,510,038.08 at the end of the previous year[8] - Total revenue decreased by 35.77% to CNY 123,407,486.47, primarily due to a decline in furniture product sales[16] - Cash received from sales decreased by 37.91% to CNY 258,721,706.76, reflecting a significant drop in overall income[17] Investments and Liabilities - Long-term equity investments increased by 171.10% to CNY 50,068,706.51, indicating a strategic increase in investments in associated companies[16] - Accounts payable rose by 295.33% to CNY 242,527,713.54, suggesting increased liabilities[16] - Cash flow from investment activities increased by 426.67% to CNY 31,600,000.00, reflecting a significant rise in investments in associated companies[17] - Cash paid for taxes increased by 111.70% to CNY 48,915,989.59, reflecting higher tax payments[17] - The company reported a 98.33% decrease in non-operating income to CNY 60,636.95, primarily due to the absence of government subsidies compared to the previous year[16] - The company experienced a 73.11% reduction in interest payable, decreasing to CNY 400,997.27, indicating improved debt management[16] Shareholder and Governance Commitments - The company committed to avoiding any business that may compete with Yong'an Forestry and its controlled entities during its period as a controlling shareholder[22] - The company will ensure that any related transactions are conducted at fair and reasonable market prices, adhering to relevant laws and regulations[27] - The company guarantees not to use related transactions to transfer profits from Yong'an Forestry or to harm the legitimate rights and interests of other shareholders[27] - The commitment to avoid competition will remain effective until the company is no longer a controlling shareholder or until Yong'an Forestry ceases to be listed[24] - The company will reduce and regulate related transactions with its controlled entities, ensuring compliance with market principles[29] - The company will not engage in any activities that may harm the interests of Yong'an Forestry and its controlled entities[25] - The company will disclose information regarding related transactions in accordance with legal requirements[29] - The company will not participate in any business opportunities within the main business scope of Yong'an Forestry and its controlled entities[25] - The commitment to avoid competition includes a promise to vote against any related matters at shareholder meetings[23] - The company will adhere to the decision-making procedures for related transactions and fulfill disclosure obligations[27] Profit Compensation Agreement - The company committed to a profit compensation agreement with a projected net profit of CNY 110.3 million for 2015, CNY 135.15 million for 2016, and CNY 163.78 million for 2017[33] - If the actual cumulative net profit does not meet the projected figures, the compensation will be made through shares, with cash compensation for any shortfall[34] - The total number of shares to be compensated is 31,097 shares, which will be repurchased and canceled if the profit commitments are not met[33] - The company will unlock shares based on the achievement of profit targets, with 25% unlock after the first year and 60% after the second year if cumulative targets are met[31] - The profit compensation agreement is structured to ensure that if the company fails to meet the profit targets, the compensation obligations will be fulfilled through share repurchase[34] - The company’s performance in the first quarter of 2018 will be evaluated against these profit commitments to determine the necessity of compensation[35] - The compensation responsibility lies with specific individuals and investment entities, including Su Jiaxu and Gu Xin Investment[33] - The company will adjust the lock-up period of shares based on regulatory requirements from the China Securities Regulatory Commission[32] - The profit compensation agreement is designed to enhance operational accountability and align interests between the company and its investors[34] - The company aims to ensure that the profit targets are met to avoid the need for compensation, thereby maintaining shareholder value[34] Dividend Policy - The company plans to distribute cash dividends amounting to no less than 30% of the average distributable profit over the last three years[47] - The cash dividend ratio should reach at least 80% if the company is in a mature stage without significant capital expenditures[48] - The company will ensure independent financial decision-making and compliance with relevant laws and regulations[45] - The company has committed to maintaining financial independence and will not share bank accounts with controlled entities[45] - The company will consider its operational scale, cash flow, and funding needs when proposing mid-term dividends[48] - The company aims to distribute profits in a manner that aligns with shareholder interests and long-term benefits[50] - The company will issue stock dividends if its operational status and growth are favorable, and if the board deems it necessary[49] Compliance and Operational Independence - The company will ensure that any financial losses incurred due to non-compliance with social insurance and housing fund contributions will be compensated[46] - The company has established a financial accounting system that is independent and standardized[45] - The company will propose differentiated cash dividend policies based on its development stage and capital expenditure arrangements[48] - The company reported a commitment to timely performance fulfillment[51] - There are no significant changes in net profit expected compared to the same period last year[52] - The company did not engage in any securities investments during the reporting period[53] - There were no derivative investments made by the company in the reporting period[54] - The company did not conduct any research, communication, or interview activities during the reporting period[55] - There were no instances of non-compliant external guarantees during the reporting period[56] - The company did not experience any non-operating fund occupation by controlling shareholders or related parties during the reporting period[56]
永安林业(000663) - 2017 Q4 - 年度财报
2018-04-25 16:00
Financial Performance - The company's operating revenue for 2017 was ¥1,240,034,146.62, a decrease of 20.20% compared to ¥1,553,984,128.24 in 2016[19] - The net profit attributable to shareholders for 2017 was ¥68,753,085.45, down 44.06% from ¥122,910,313.51 in 2016[19] - The net cash flow from operating activities decreased by 67.82% to ¥73,790,371.61 in 2017 from ¥229,338,607.58 in 2016[19] - Basic earnings per share for 2017 were ¥0.20, a decline of 44.44% compared to ¥0.36 in 2016[19] - Total operating revenue for the year was CNY 1,240 million, a decrease of 20.20% compared to CNY 1,554 million in the previous year[39] - The company reported a total annual revenue of CNY 1,240 million for 2017, with a net profit of CNY 69 million[36] - The gross profit margin for the furniture decoration sector was 35.13%, showing an increase of 40.18% compared to the previous year[41] Assets and Liabilities - Total assets at the end of 2017 were ¥4,163,261,856.10, a decrease of 3.72% from ¥4,323,941,191.11 at the end of 2016[20] - The net assets attributable to shareholders increased by 2.45% to ¥2,179,510,038.08 at the end of 2017 from ¥2,127,294,186.61 at the end of 2016[20] - Cash and cash equivalents decreased from ¥469,128,328.60 (10.85%) in 2016 to ¥406,950,879.81 (9.77%) in 2017, a reduction of 1.08%[60] - Accounts receivable decreased from ¥612,458,219.12 (14.16%) in 2016 to ¥543,410,543.94 (13.05%) in 2017, a reduction of 1.11%[60] - Inventory decreased from ¥834,875,992.39 (19.31%) in 2016 to ¥747,189,896.62 (17.95%) in 2017, a reduction of 1.36%[60] - Fixed assets increased significantly from ¥373,437,136.36 (8.64%) in 2016 to ¥812,463,092.00 (19.52%) in 2017, an increase of 10.88% due to the completion of construction projects[61] Business Operations - The company has expanded its business to include customized furniture and decoration design[17] - The company plans to expand its market presence by enhancing online sales channels and entering related industries such as decoration[36] - The company has developed over ten new product types, including formaldehyde-free boards, to optimize its product structure and ensure stable production and sales[36] - The company aims to enhance its production capacity and expand its market presence in the customized home furnishing sector, driven by the growing demand in high-end residential and hotel markets[79] - The company plans to implement intelligent management practices and eco-friendly operations to align with national ecological civilization initiatives[80] Market and Sales - Domestic sales contributed CNY 1,110 million, representing 89.53% of total sales, down 16.60% year-on-year[39] - Foreign sales decreased by 41.71% to CNY 130 million, accounting for 10.47% of total sales[39] - Hotel furniture sales revenue for the year was CNY 546 million, with a year-on-year decline of 42.94% due to factory relocation and capacity adjustment[37] - Sales revenue for finished furniture reached CNY 202 million, representing a year-on-year growth of 26.25% driven by urbanization and economic development[37] Research and Development - The company has established a strong research and development capability, with multiple registered trademarks and several patents in the wood industry[32] - The company's research and development expenditure decreased by 58.03% to ¥14,156,112.81, representing 1.14% of total revenue[56] - Research and development investments increased by 30%, totaling 150 million RMB, aimed at enhancing product quality and sustainability[200] Strategic Plans and Future Outlook - The company has detailed its future development outlook and potential risks in the report[5] - The company plans to enhance its marketing strategy focusing on high-margin orders to improve profitability amid operational adjustments[44] - The company aims to improve modern forestry management through information technology, mechanization, and intelligent management practices[87] - Future business strategies include enhancing communication with raw material suppliers and adjusting pricing strategies based on market conditions to reduce operational risks[88] Shareholder and Profit Distribution - The company aims to maintain a cash dividend policy, distributing at least 20% of the annual distributable profits, ensuring a stable return to investors[92] - The company did not distribute any cash dividends for the years 2015, 2016, and 2017, with net profits of CNY 44,885,830.36, CNY 122,910,313.51, and CNY 68,753,085.45 respectively[96] - The company's cumulative undistributed profits at the end of 2017 were negative, leading to the decision not to distribute profits or increase capital reserves[94] - The company has committed to ensuring that minority shareholders have the opportunity to express their opinions and that their rights are protected[94] Risks and Challenges - The company faces operational risks in custom furniture due to uneven business development, intense market competition, and rising raw material prices, which negatively impact production and operations[88] - Financial risks are heightened by tight operating loan limits influenced by national macroeconomic policies, increased interest costs due to high asset-liability ratios, and significant exposure to foreign exchange fluctuations[88] - The company has a substantial goodwill impairment risk following a major asset restructuring in 2015, necessitating annual impairment testing under accounting standards[89] Corporate Governance - The board of directors is responsible for proposing and modifying the profit distribution policy, ensuring it aligns with shareholder interests and sustainable business practices[92] - The independent directors have fulfilled their responsibilities and played a significant role in the decision-making process regarding dividends[94] - The company guarantees the independence of its financial department and establishes an independent financial accounting system[122] Compliance and Transparency - The company reported no major litigation or arbitration matters during the reporting period[145] - The company has made assurances regarding the accuracy and completeness of financial documents provided during the restructuring process[126] - The company has established a three-year shareholder return plan, emphasizing cash dividends as a primary method of profit distribution[127]