DETC(SH:600081)2014-03-28 16:00Financial Performance - In 2013, the company achieved operating revenue of RMB 3,082,697,718.80, representing a 25.88% increase compared to RMB 2,448,824,242.60 in 2012[20]. - The net profit attributable to shareholders was RMB 171,104,349.53, a growth of 76.59% from RMB 96,896,050.10 in the previous year[20]. - Basic earnings per share increased to RMB 0.5457, up 76.60% from RMB 0.3090 in 2012[20]. - The weighted average return on equity rose to 21.97%, an increase of 7.55 percentage points from 14.42% in 2012[20]. - The company's 2013 revenue plan was set at 2.5 billion RMB, but actual revenue reached 3.083 billion RMB, exceeding the plan by 23.32%[38]. - The net profit for 2013 reached CNY 229,967,020.58, compared to CNY 151,266,069.76 in 2012, marking an increase of about 52%[149]. - Total operating revenue for 2013 reached CNY 3,082,697,718.80, an increase of 25.8% compared to CNY 2,448,824,242.60 in the previous year[148]. Cash Flow and Financial Position - The net cash flow from operating activities was RMB 229,335,580.63, a decrease of 26.19% from RMB 310,718,540.71 in 2012[20]. - The total assets increased by 42.42% to RMB 2,636,769,478.95 from RMB 1,851,451,375.07 in 2012[20]. - The total liabilities increased significantly, with accounts payable rising by 66.50% to ¥719,730,140.16, reflecting increased purchasing activities[37]. - Cash and cash equivalents decreased to CNY 10,487,718.48 from CNY 40,900,695.15, a decline of 74.4%[145]. - The company's total liabilities and shareholders' equity were not detailed in the provided content, but the financial health appears stable based on the internal control audit report confirming effective financial reporting controls[131]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of 1.66 RMB per 10 shares based on a total share capital of 313,560,000 shares as of December 31, 2013[5]. - The company has not proposed a cash dividend distribution plan for the current year despite positive retained earnings, which requires detailed disclosure of the reasons[60]. - The total number of shareholders at the end of the reporting period was 26,458[98]. - The largest shareholder, Dongfeng Automotive Components (Group) Co., Ltd., holds 65% of the shares, totaling 203,814,000 shares[98]. Business Operations and Market Outlook - The company has maintained its main business operations without any changes since its listing[18]. - The automotive market's rigid demand and the growth of new energy vehicles are expected to drive future revenue growth, despite increasing competition in the industry[28]. - The company plans to continue focusing on core business areas, including automotive electronics and brake systems, while expanding into new markets and products[38]. - The automotive industry in China has seen a significant slowdown, with new car consumption decreasing by 520,000 units, a year-on-year decline of 56% due to purchase restrictions[55]. - The company anticipates that the competition in the automotive sector will intensify, leading to a consolidation phase in the industry[50]. Research and Development - Research and development expenses totaled ¥97,551,060.69, which is 3.16% of operating revenue, reflecting a 27.71% increase from ¥76,386,359.19[34]. - The company obtained over 80 patents during the year, reflecting significant achievements in intellectual property[26]. - The integration of IoT technology in vehicles is expected to drive product upgrades and the expansion of smart automotive electronics[51]. Corporate Governance and Compliance - The company’s financial report received a standard unqualified audit opinion from Lixin Certified Public Accountants[5]. - The company has established a comprehensive internal control system to ensure compliance and operational efficiency, which is crucial for future growth[131]. - The board of directors confirmed that the company's governance practices align with the requirements of the Corporate Governance Code and other regulatory documents[125]. - The company has implemented a robust internal control system to protect the interests of shareholders and maintain compliance with legal regulations[122]. Equity and Mergers - The company completed the restructuring of its automotive trim business, gaining control of Dongfeng Visteon and integrating it into the consolidated financial statements starting January 1, 2014[46]. - The company acquired a 10% stake in Dongfeng Visteon (Shiyan) Automotive Trim Systems Co., Ltd., increasing its direct ownership to 50%, which will facilitate integrated management and resource coordination[65]. - The merger of Shanghai Dongyi Automobile Trading Co., Ltd. and Shanghai Kettai Investment Co., Ltd. will result in Dongyi Automobile Trading absorbing all assets and liabilities of Kettai, with Kettai's independent legal status being canceled[70][72]. Employee and Management Information - The total number of employees in the parent company is 689, while the total number of employees in major subsidiaries is 4,863, resulting in a combined total of 5,552 employees[116]. - The management team has a total remuneration of RMB 238.98 million for the reporting period[107]. - The company has a structured salary policy that includes basic salary, performance bonuses, and various allowances[118]. Financial Reporting and Accounting Policies - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect the true financial status and operating results[183]. - The company recognizes goodwill in business combinations when the purchase cost exceeds the fair value of identifiable net assets acquired[186]. - The company includes all subsidiaries in the consolidated financial statements based on control, ensuring consistent accounting policies and periods across all entities[188].