VVFB(600300)2019-04-26 16:00Financial Performance - The company's operating revenue for 2018 was CNY 5,032,918,225.33, representing an increase of 8.32% compared to CNY 4,646,544,551.52 in 2017[19] - The net profit attributable to shareholders of the listed company decreased by 29.28% to CNY 64,717,643.21 from CNY 91,511,655.77 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses improved by 66.53%, reaching CNY -28,759,903.19 compared to CNY -85,916,785.18 in 2017[19] - The company's total assets increased by 1.65% to CNY 8,353,178,174.39 at the end of 2018 from CNY 8,217,235,449.74 at the end of 2017[19] - The basic earnings per share decreased by 29.07% to CNY 0.0388 from CNY 0.0547 in 2017[20] - The weighted average return on net assets was 2.39%, down by 1.02 percentage points from 3.41% in the previous year[20] - The net cash flow from operating activities was CNY 142,058,114.96, a decrease of 24.33% from CNY 187,737,547.08 in 2017[19] - Operating costs rose to RMB 3,872,569,552.76, reflecting an increase of 8.86% year-on-year[38] - The net cash flow from operating activities fell by 24.33% to RMB 142,058,114.96, highlighting a decline in cash generation[38] Revenue Breakdown - The revenue from soybean milk reached 1.67659 billion yuan, growing by 11.04% year-on-year[36] - The revenue from grain processing products was 2.01494 billion yuan, up by 14.94% compared to the previous year[36] - Sales revenue from soybean milk powder and grain processing products increased by RMB 386 million and RMB 315 million respectively, driving overall revenue growth[39] - The sales revenue from the e-commerce channel was 348.93 million RMB, down from 433.04 million RMB in the previous period[114] - The sales revenue from the central China region accounted for 65.95% of total sales, showing a year-on-year increase[141] Market Position and Strategy - The company maintained its leading position in the soybean milk market, with the "Weiwei" brand ranking first in market share for thirteen consecutive years[33] - The company plans to enhance the promotion of plant protein beverages, which are expected to become a new growth point for the business[36] - The company continues to focus on ecological agriculture and the entire grain and food industry chain to ensure long-term stable development[36] - The company plans to expand its market presence, particularly in the North China and Northwest regions, where revenue and costs have increased due to higher sales of soybean milk powder and grain products[43] - The company is focusing on "precision marketing" targeting young consumers through various channels, including e-commerce and new retail[160] Cost Management - The gross profit margin for the industrial sector improved by 0.41 percentage points to 32.74%[41] - The gross margin for the liquor segment increased by 4.02 percentage points to 36.53%, attributed to reduced sales discounts compared to the previous year[42] - The total cost of sales increased by 8.14% to 91,462.86 million RMB, with raw material costs comprising 81.65% of total costs[77] - The company reported a significant reduction in manufacturing costs by 20.87% due to improved expense management[145] Shareholder Actions - The company repurchased 32,832,936 shares, accounting for 1.9637% of the total share capital, with a total repurchase amount of CNY 97,679,479.13[5] - The company did not distribute profits for the year 2018, as approved by the board of directors[5] - The cash dividend policy stipulates that the company will distribute no less than 10% of the annual distributable profit in cash, with a cumulative distribution exceeding 30% over the last three years[163] Environmental Compliance - The total COD emissions were 4.064 tons, which is below the regulatory limit of 36 tons[188] - The total ammonia nitrogen emissions were 1.135 tons, well within the regulatory limit of 4.5 tons[188] - The sulfur dioxide emissions were recorded at 3.829 tons, significantly lower than the limit of 153.6 tons[188] - The nitrogen oxide emissions amounted to 42.391 tons, which is below the regulatory threshold of 283.2 tons[188] - The company has implemented ISO9001 and ISO22000 quality management systems to ensure food safety and product quality[185] Social Responsibility and Community Engagement - The company has established a social responsibility management system to ensure compliance with public responsibility laws and regulations[185] - The company invested 3,070 million RMB in a poverty alleviation project focused on industrial development in Shaanxi Province[186] Risks and Challenges - The company faces risks related to product quality, raw material price fluctuations, and financial management[161] - The company has not encountered any risks related to suspension or termination of its listing status[172] Investment and Development - The company invested 30.7 million RMB in the walnut processing production line project located in Shaanxi Province, which is still under construction[182] - The walnut processing project aims to produce walnut oil, walnut powder, and various walnut-based products, with plans for two phases of construction[181]