FUJIAN JINSEN(002679)2020-04-28 16:00Financial Performance - The company reported a total revenue of 235,756,000 shares, with a cash dividend of 0.2 yuan per 10 shares distributed to all shareholders[4]. - The company's operating revenue for 2019 was ¥128,552,232.82, a decrease of 23.70% compared to ¥168,492,923.19 in 2018[17]. - The net profit attributable to shareholders for 2019 was ¥4,351,991.34, reflecting a significant decline of 90.86% from ¥47,589,875.44 in 2018[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥9,126,688.94, a decrease of 128.74% compared to ¥31,752,411.53 in 2018[17]. - The net cash flow from operating activities was -¥10,298,860.17, down 110.98% from ¥93,804,884.40 in 2018[17]. - The total assets at the end of 2019 were ¥1,673,114,251.58, a decrease of 1.85% from ¥1,704,645,378.75 at the end of 2018[17]. - The net assets attributable to shareholders at the end of 2019 were ¥751,637,589.38, down 1.13% from ¥760,252,178.02 at the end of 2018[17]. - The company reported a basic earnings per share of ¥0.02 for 2019, a decrease of 90.00% from ¥0.20 in 2018[17]. - The company achieved a total revenue of ¥128,552,232.82, a decrease of 23.70% compared to the previous year[36]. - The net profit attributable to the parent company was ¥4,351,991.34, down 90.86% year-on-year[36]. - The company’s wood sales volume was 203,448.64 cubic meters, a decrease of 10.25% from the previous year[46]. - The company’s gross profit margin for the forestry sector was 66.18%, showing a slight increase of 0.32% year-on-year[44]. - Operating cash inflow totaled ¥126,865,111.36, a decrease of 41.67% compared to the previous year[55]. - The net profit amounted to ¥4,346,577.38, down 90.84% compared to the previous year[59]. - The company's sales expenses decreased by 37.86% to ¥2,833,542.02 due to a reduction in main business income[58]. - The company's management expenses increased by 21.72% to ¥42,859,947.25[53]. - The cash and cash equivalents decreased by 55.85% to ¥66,330,672.62, primarily due to loan repayments and dividend payments[56]. - The accounts receivable increased by 67.85% to ¥43,969,688.66, indicating outstanding payments yet to be collected[56]. Business Operations - The company has not made any changes to its main business operations, which include forest management, afforestation, and the sale of wood and bamboo products[14]. - The company has not reported any significant changes in its main business operations during the reporting period[27]. - The company continues to focus on sustainable forest management and has achieved FSC certification, indicating compliance with international standards[30]. - The company operates in a region with favorable climatic conditions for timber growth, contributing to its competitive advantage in the forestry industry[30]. - The company completed afforestation over an area of 8,016 acres during the reporting period[36]. - The company’s main business revenue from forestry was ¥122,658,320.60, accounting for 95.42% of total revenue, with a year-on-year increase of 7.16%[40]. - The company maintained a stable price for timber products, with prices for fir, pine, and mixed wood remaining relatively stable compared to previous years[36]. - The company has implemented a comprehensive electronic bidding system for timber sales, which has been operational for several years[32]. - The company holds FSC certification, allowing its products to access international markets and enjoy tariff benefits[33]. Investment and Cash Flow - The net cash inflow from investment activities was 0.00 yuan, a decrease of 100% compared to the same period last year, primarily due to no cash inflow from the disposal of fixed assets during the reporting period[62]. - The cash paid for the purchase of fixed assets, intangible assets, and other long-term assets was 1,487,955.86 yuan, a decrease of 70.67% compared to the same period last year, indicating reduced cash outflow for asset acquisition[62]. - The net cash flow from investment activities was -1,487,955.86 yuan, an increase of 93.50% compared to the same period last year, mainly due to the previous year's external investment payments[63]. - The net increase in cash and cash equivalents was -83,894,564.09 yuan, a decrease of 2,413.95% compared to the same period last year, reflecting significant cash outflow[63]. - The total assets composition showed that cash and cash equivalents decreased from 150,225,236 yuan (8.81%) at the beginning of the year to 66,330,672.6 yuan (3.96%) at year-end, a reduction of 4.85%[64]. - Short-term borrowings increased from 260,000,000 yuan (15.25%) at the beginning of the year to 319,936,966 yuan (19.12%) at year-end, an increase of 3.87%[64]. - Long-term borrowings decreased from 529,003,754 yuan (31.03%) at the beginning of the year to 479,333,081 yuan (28.65%) at year-end, a decrease of 2.38%[64]. - The company reported a significant change in the cash flow from investment activities, with cash outflow decreasing by 93.55% compared to the previous year[62]. Profit Distribution - The company plans to distribute a cash dividend of RMB 0.20 per 10 shares, totaling RMB 4,715,120.00 for the year 2019[99]. - The cash dividend for 2018 was RMB 0.55 per 10 shares, amounting to RMB 12,966,580.00, representing 27.25% of the net profit attributable to shareholders[92]. - In 2017, the company distributed a cash dividend of RMB 5.00 per 10 shares, totaling RMB 69,340,000.00, which was 124.96% of the net profit attributable to shareholders[93]. - The company has a profit distribution policy that mandates a minimum cash dividend of 35% of the distributable profit if there are no major investment plans[88]. - The total distributable profit for 2019 was RMB 117,400,062.36 after accounting for the legal surplus reserve[99]. - The cash dividend for 2019 represents 100% of the total profit distribution amount[96]. - The company implements a cash dividend policy, distributing at least 35% of the available profit for distribution each year, with cash dividends not less than 35% of the annual profit[101]. - The board of directors considers industry characteristics, development stages, and major capital expenditure arrangements when proposing differentiated cash dividend policies[102]. - The minimum cash dividend ratio is set at 80% for mature development stages without major capital expenditures, and at 40% when there are significant capital expenditures[103]. - The company emphasizes the importance of independent directors' opinions in the profit distribution proposal process, ensuring a scientific return to all shareholders[104]. - The company’s profit distribution plan must be approved by the shareholders' meeting after being reviewed by the board of directors[104]. Corporate Governance and Compliance - The company has made changes to its accounting policies effective from January 1, 2019, in accordance with the revised financial reporting standards issued by the Ministry of Finance[116]. - The company reported no significant accounting errors that required retrospective restatement during the reporting period[119]. - The company has not faced any major litigation or arbitration matters during the reporting period[123]. - The company has maintained a continuous relationship with its accounting firm for one year, with fees amounting to 650,000 yuan[122]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[114]. - The company has not experienced any situations that would lead to suspension or termination of its stock listing[122]. - The company has adjusted its financial statement formats in compliance with new regulations, including the separation of accounts receivable and payable[117]. - The company has confirmed that all commitments made during its initial public offering have been fulfilled[113]. - The company received a regulatory warning from the Fujian Securities Regulatory Bureau for failing to timely disclose significant matters[124]. - The company did not engage in any related party transactions during the reporting period[127]. - There were no major asset or equity acquisitions or sales during the reporting period[128]. - The company held 2 shareholder meetings, 3 board meetings, and 3 supervisory meetings during the reporting period, all conducted legally and compliantly[142]. - The company issued 52 announcements during the reporting period, including 8 periodic reports and 44 temporary reports[143]. - The company emphasizes a stable profit distribution policy to ensure reasonable returns to investors[143]. Social Responsibility - The company actively engages in social responsibility, aiming for sustainable development while creating value for shareholders[140]. - The company implemented a competitive bidding system for timber sales, enhancing fairness and reducing corruption risks[145]. - In 2019, the company assisted 482 impoverished individuals through various poverty alleviation measures, with a total financial support of CNY 255,700[150]. - The company engaged in ecological poverty alleviation by signing agreements for bamboo carbon sink development covering approximately 230,000 acres[150]. - The company collaborated with 34 villages for forest land cooperative afforestation, covering an area of 5,659 acres in 2019[150]. - The company paid a total of CNY 221,600 in wages to 110 impoverished households for forest resource protection roles[150]. - The company provided CNY 134,500 in subsidies for infrastructure projects in 106 villages, including CNY 32,600 for 24 impoverished villages[150]. - The company is committed to continuous improvement in social responsibility practices to align with Shenzhen Stock Exchange guidelines[147]. - The company plans to enhance its poverty alleviation efforts in 2020 through ecological, employment, and industrial poverty alleviation initiatives[153]. - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities[154]. Shareholder Structure - The total number of unrestricted shares before the change was 235,756,000, remaining the same after the change[159]. - The largest shareholder, Fujian Jinsen Group Co., Ltd., holds 165,777,268 shares, accounting for 70.32% of total shares[162]. - The company has 8,936 common shareholders at the end of the reporting period[162]. - There were no changes in the controlling shareholder during the reporting period[164]. - The actual controller of the company is a local state-owned asset management institution, specifically the Jiangle County Finance Bureau[165]. - There were no changes in the actual controller during the reporting period[165]. - The company does not have any preferred shares or convertible bonds during the reporting period[168][171]. - All board members, supervisors, and senior management personnel did not change their shareholdings during the reporting period[173][174]. - The company has a total of 0 shares held by directors, supervisors, and senior management at the beginning and end of the reporting period[173][174]. - The company has not reported any other shareholders holding more than 10% of shares[166]. - The company has not engaged in any share reduction or other commitments by controlling shareholders during the reporting period[166]. - The company has not utilized trust or other asset management methods to control the company[166]. - The company has maintained a stable management team with no changes in key positions[175]. Employee Management - The total number of employees in the company is 272, with 104 in the parent company and 168 in major subsidiaries[191]. - The company has a professional composition of 105 production personnel, 17 sales personnel, 67 technical personnel, 13 financial personnel, and 70 administrative personnel[191]. - The total pre-tax remuneration for the board of directors and senior management during the reporting period amounts to 370.93 million RMB[191]. - The company has 64 retired employees who require financial support[191]. - The company has implemented a salary management system that links remuneration to performance assessments[192]. - The independent director's remuneration has been adjusted from 40,000 RMB to 50,000 RMB per year (after tax) as of December 15, 2013[188]. - The company has a total of 275 employees receiving salaries during the reporting period[191]. - The company emphasizes a training program aimed at enhancing employee skills and aligning employee development with company growth[194]. - The company has a total of 3 employees with a master's degree, 70 with a bachelor's degree, and 77 with a college diploma[191]. - The company’s senior management includes individuals with various roles, such as the Chief Engineer and Vice General Managers, with remuneration ranging from 29.43 million to 33.81 million RMB[189]. Future Plans and Strategies - The company aims to complete reforestation of 8,000 acres in the upcoming year, focusing on forest resource cultivation[80]. - The company plans to increase investment in forestry intermediary services to enhance profitability[80]. - The company is facing risks from macroeconomic conditions, with a potential decrease in timber demand and prices due to economic adjustments[81]. - The company has established a new subsidiary, Fujian Jin Sen Reserve Forest Construction Co., Ltd., which is expected to positively impact future development[78]. - The company is committed to enhancing internal controls and management efficiency to mitigate operational risks[84]. - The company is focused on brand development and transitioning from single timber production to diversified high-efficiency models[80]. - The company is exploring partnerships with international firms to enhance its technological capabilities and expand its product offerings[181]. - The management team emphasized a focus on sustainability and eco-friendly practices in all future projects[181]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase revenue by 20% in the next fiscal year[181]. - The company has set a performance guidance of 1.5 billion RMB in revenue for the next fiscal year, reflecting a growth target of 25%[181].