SPC(002573)2014-04-01 16:00Financial Performance - The company's operating revenue for 2013 was CNY 765,021,644.55, representing a 99.60% increase compared to CNY 383,268,758.53 in 2012[21] - The net profit attributable to shareholders for 2013 was CNY 180,022,616.96, a 72.23% increase from CNY 104,524,351.87 in the previous year[21] - Basic earnings per share for 2013 were CNY 0.34, up 70.00% from CNY 0.20 in 2012[21] - The total profit for 2013 was 198.70 million yuan, representing a 73.94% growth year-over-year[32] - The company reported a total investment of 5,000,000.00 in Hebei Zhaoxiang Investment Co., with a loss of 259,105.91 during the reporting period[75] - The company achieved a net profit of ¥177,300,420.50, with a distributable profit of ¥159,570,378.45 after deducting 10% for statutory surplus reserves[116] - The cash dividend for 2013 was set at ¥1.5 per 10 shares, totaling ¥79,920,000, which represents 44.39% of the net profit attributable to shareholders[118] Assets and Liabilities - Total assets at the end of 2013 were CNY 3,654,308,708.04, a 33.52% increase from CNY 2,736,806,229.34 at the end of 2012[21] - The net assets attributable to shareholders increased by 5.73% to CNY 2,230,576,673.73 from CNY 2,109,754,056.77 in 2012[21] - As of the end of 2013, cash and cash equivalents decreased by 19.29% to ¥728,925,491.23, accounting for 19.95% of total assets, down from 39.24% in 2012[54] - Accounts receivable increased by 2.02% to ¥265,544,526.63, representing 7.27% of total assets, compared to 5.25% in the previous year[54] - Fixed assets rose to ¥1,201,272,717.70, making up 32.87% of total assets, a decrease of 5.9% from 2012[54] - Short-term borrowings increased significantly by 12.16% to ¥444,639,358.70, which is 12.17% of total assets[57] - Long-term borrowings decreased slightly by 0.49% to ¥369,375,000.00, representing 10.11% of total assets[57] Cash Flow - The net cash flow from operating activities decreased by 79.86% to CNY 48,797,824.09 from CNY 242,290,515.58 in 2012[21] - The operating cash inflow for 2013 was ¥678,655,452.22, representing a 21.03% increase compared to 2012[49] - The investment activities cash outflow was ¥734,607,771.56, a decrease of 43.89% compared to the previous year[49] Dividends and Shareholder Relations - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares to all shareholders based on a total share capital of 53,280,000 shares as of December 31, 2013[6] - The company's cash dividend policy stipulates that at least 30% of the average distributable profit over the last three years must be distributed in cash, with a minimum of 10% of the current year's profit if conditions are met[99] - The board must communicate with shareholders, especially minority shareholders, before finalizing cash dividend proposals[106] - The company must complete the distribution of dividends within two months after the shareholders' meeting decision[108] Business Operations and Strategy - The company completed the acquisition of Chifeng Boyuan Technology Co., focusing on deep processing of industrial by-products and resource utilization projects[31] - The company successfully launched several BOT projects, including Shanxi YunGang Power Plant and Inner Mongolia Hohhot Power Plant, contributing to stable operational performance[31] - The company made advancements in technology development, achieving multiple patents and innovations, including the development of the swirling coupling wet desulfurization technology[32] - The company aims to reduce particulate matter concentration in cities by over 10% by 2017, with specific targets for regions like Beijing, where the annual average concentration is to be controlled at around 60 micrograms per cubic meter[81] - The company plans to enhance its technology research and development, focusing on deep purification of desulfurization and denitrification processes, and developing multi-pollutant control technologies[87] - The company is committed to utilizing capital market financing to support both organic growth and external expansion, seeking quality projects for sustainable development[91] Market and Competition - The company anticipates a compound annual growth rate of approximately 30% in the environmental protection industry during the 12th Five-Year Plan period, with total investment exceeding 5 trillion yuan[85] - The company faces risks from intensified market competition due to potential new entrants, prompting a focus on technology upgrades and management efficiency[92] - Rising operational costs are anticipated due to mandatory upgrades for pollution control equipment, impacting profitability[92] Research and Development - The total R&D expenses accounted for 2.69% of the operating income, amounting to ¥15,309,592.79[48] - Research and development expenses increased by 12% in 2013, reflecting the company's commitment to innovation[162] - The company is investing 100 million RMB in research and development for new environmental technologies over the next two years[199] Corporate Governance - The audit report for the financial statements was issued by Xinyong Zhonghe Accounting Firm, confirming the accuracy and completeness of the financial report[5] - The independent directors have expressed their agreement with the revised profit distribution policy, emphasizing the protection of minority shareholders' interests[112] - The company has implemented measures to enhance investor relations, including regular communication through various channels to ensure transparency[123] Acquisitions and Investments - The company acquired 51% of Boyuan Technology for RMB 76.5 million, which is now a consolidated subsidiary[137] - The company also acquired 90% of Hebei Zhaoxiang for RMB 4.5 million, which is a subsidiary of Qingxin Energy[137] - The company temporarily used CNY 10,000 million of excess raised funds to supplement working capital, which was fully returned by January 15, 2014[70] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2014[162] - Future guidance estimates a revenue growth of 20% for the full year 2013, projecting total revenue to reach 5 billion RMB[162] - The company has set a future outlook with a revenue target of 1.8 billion RMB for the next fiscal year, indicating a projected growth of 20%[199]