中粮科技(000930) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥17,703,930,046.76, representing an increase of 11.40% compared to the adjusted revenue of ¥15,891,975,534.54 in 2017[24]. - The net profit attributable to shareholders of the listed company was CNY 483,042,529.69, a decrease of 48.02% compared to the previous year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 335,922,012.87, an increase of 4,160.40% year-on-year[27]. - The basic earnings per share were CNY 0.26, down 48.00% from the previous year[27]. - The weighted average return on net assets was 5.74%, a decrease of 12.49% year-on-year[27]. - Total assets amounted to CNY 20,287,580,873.79, a decrease of 6.22% compared to the end of the previous year[27]. - The net assets attributable to shareholders of the listed company were CNY 9,226,089,517.55, an increase of 65.65% year-on-year[27]. - The company reported a significant increase in government subsidies, totaling CNY 539,849,146.60, compared to CNY 345,799,278.82 in the previous year[35]. - The company achieved a total operating revenue of 17.77 billion yuan, representing an increase of 11.40% compared to 15.89 billion yuan in the previous year[56]. - The net profit attributable to shareholders was 483 million yuan, reflecting the impact of reduced subsidies and increased market competition[48]. Shareholder Information - The profit distribution plan approved by the board of directors proposed a cash dividend of ¥0.25 per 10 shares, totaling approximately ¥46,191,109.25 based on the share base of 1,847,644,377[7]. - The company declared a cash dividend of 0.25 CNY per 10 shares, totaling 46,191,109.43 CNY, which represents approximately 13.04% of the distributable profits of 353,641,432.57 CNY[132]. - In 2018, the company distributed cash dividends amounting to 46,191,109.43 yuan, which represents 9.56% of the net profit attributable to ordinary shareholders[127]. Business Operations and Strategy - The major asset restructuring project was completed in 2018, changing the main business from fuel ethanol, citric acid, and lactic acid to include fuel ethanol, edible alcohol, starch, starch sugar, citric acid, monosodium glutamate, and their by-products[22]. - The company is focusing on new product development and technological advancements to enhance its competitive edge in the market[22]. - The company plans to continue its market expansion strategy, particularly in the production and sales of its new product lines[22]. - The company has committed to ensuring the accuracy and completeness of its financial reports, with key management personnel affirming the integrity of the data presented[6]. - The company has undergone changes in its controlling shareholders, with significant share transfers occurring in recent years, impacting its governance structure[22]. - The company is actively pursuing market expansion and product innovation, focusing on high-value products and enhancing customer relationships[48]. - The company aims to optimize product structure and develop high value-added products while improving production processes and efficiency[117]. - The strategic focus is on high quality, internationalization, and risk prevention, with an emphasis on sustainable business models[117]. Research and Development - The company emphasized R&D investment and technological advancements, enhancing its competitive position in the industry[42]. - The company holds over 380 patent applications, with more than 200 patents granted, indicating a strong position in R&D innovation within the bioenergy and biochemical sectors[44]. - R&D expenses amounted to ¥96,266,958.61, a decrease of 4.79% compared to the previous year[74]. - The number of R&D personnel decreased by 10.69% to 493, with R&D investment totaling ¥101,651,904.69, down 10.91% year-on-year[75]. - The company achieved a total of 46 invention patent applications and published 52 papers during the reporting period[74]. Market and Competition - The revenue from fuel ethanol and its by-products was 8.17 billion yuan, accounting for 46.17% of total revenue, with an 8.74% increase year-over-year[56]. - Domestic revenue accounted for 90.81% of total revenue, amounting to 16.08 billion yuan, while international revenue was 1.63 billion yuan, representing 9.19%[56]. - The company has a market share and profit margin that ranks among the top in the industry, supported by a complete industrial chain covering raw material storage, production, and logistics[48]. - The starch and citric acid sectors are facing overcapacity issues, leading to a gradual decline in overall profitability as policy subsidies are phased out[113]. - The monosodium glutamate market is stabilizing with reduced competitive pressure and relatively stable prices, maintaining good profitability[114]. Environmental and Safety Measures - The company has implemented various environmental protection measures, achieving no major safety or environmental incidents throughout the year[50]. - The company will strengthen its safety and environmental quality awareness, ensuring compliance with safety production and pollution prevention standards[120]. Governance and Compliance - The company has committed to avoiding any competition with its controlled enterprises post-restructuring, ensuring no direct or indirect competition in business activities[138]. - The company has established measures to prevent illegal occupation of its funds and assets by related parties[141]. - The company will ensure that any unavoidable related transactions are conducted fairly and transparently, adhering to legal and regulatory requirements[141]. - The domestic accounting firm Tianzhi International CPA has been retained for 8 consecutive years, with an audit fee of RMB 1.8 million for the reporting period[156]. - The company reported no major litigation or arbitration matters during the reporting period[162]. - The company has no penalties or rectification situations during the reporting period[163]. - The company has a good integrity status, with no unfulfilled court judgments or significant overdue debts[164]. Subsidiaries and Acquisitions - The company acquired multiple subsidiaries, including COFCO Biochemical Holdings Limited and Parkwing Limited, which are expected to positively impact future operations and performance[109]. - COFCO Biochemical Holdings Limited and its subsidiaries were included in the consolidation scope of the company as controlling subsidiaries from December 1, 2018[150]. - The company has expanded its consolidation scope to include newly controlled subsidiaries such as Huali Investment, Biochemical, and Biochemical Energy, while also deciding to deregister subsidiaries including Dangshan COFCO Fruit Industry Co., Ltd. and COFCO (Shanghai) Grain and Oil Food Development Co., Ltd.[155]. Financial Liabilities and Guarantees - The company's total financial liabilities amounted to ¥717,744,560, with a decrease in the fair value of financial liabilities by ¥343,868,810[89]. - The total approved external guarantee amount at the end of the reporting period is 45,000[195]. - The actual external guarantee amount at the end of the reporting period is 26,816.22[195]. - There are no guarantees provided for shareholders, actual controllers, or their related parties[195]. - There are no guarantees provided for debtors with a debt ratio exceeding 70%[195]. - The company has no violations regarding external guarantees during the reporting period[197].