LH(SH:600099)2014-03-05 16:00Financial Performance - In 2013, Linhai Co., Ltd. achieved a net profit of CNY 401,894.81, a decrease of 18.38% compared to CNY 492,371.46 in 2012[7] - The company's operating revenue for 2013 was CNY 280,368,747.84, representing a 27.68% increase from CNY 219,595,635.41 in 2012[26] - The basic earnings per share for 2013 was CNY 0.0018, down 18.18% from CNY 0.0022 in 2012[25] - The net cash flow from operating activities in 2013 was negative CNY 24,214,848.64, compared to positive CNY 638,851.69 in 2012[26] - The total revenue for the main business reached CNY 273,050,408.55, representing a year-on-year increase of 29.29%[40] - The company reported a total of CNY 5,764,739.29 in non-recurring gains and losses for 2013, down from CNY 11,191,819.19 in 2012[26] - The weighted average return on net assets for 2013 was 0.084%, down from 0.103% in 2012[25] - The net profit for the period was CNY 0.40 million, while the operating profit was a loss of CNY 0.54 million[28] Assets and Liabilities - The total assets at the end of 2013 were CNY 541,988,083.08, an increase of 2.83% from CNY 527,067,751.28 at the end of 2012[26] - The company's net assets attributable to shareholders at the end of 2013 were CNY 477,673,652.64, a slight increase of 0.08% from CNY 477,271,757.83 in 2012[26] - The total liabilities at the end of 2013 were CNY 38,498,944.23, a decrease of 13.1% from CNY 44,304,053.12 at the beginning of the year[140] - The company's cash and cash equivalents decreased to CNY 214,462,598.18 from CNY 258,984,716.59 at the beginning of the year, a decline of 16.2%[139] - Accounts receivable increased to CNY 74,947,975.11, up 65.2% from CNY 45,392,341.98 in the previous year[139] - Inventory rose to CNY 32,704,852.01, an increase of 12.0% compared to CNY 29,118,901.99 at the beginning of the year[139] Sales and Market Performance - The sales volume of motorcycles and special vehicles increased by 37.69% to 12,519 units, compared to 9,092 units in 2012[30] - The company’s major customers contributed CNY 157.25 million in sales, representing 56.08% of total sales, with the largest customer accounting for 25.60%[31] - Domestic revenue increased significantly by 97.61% to CNY 226,431,475.69, while international revenue decreased by 51.74% to CNY 46,618,932.86[40] - The total cost of goods sold was CNY 245.32 million, reflecting a year-on-year increase of 25.34% from CNY 195.73 million[32] Research and Development - Research and development expenses totaled CNY 4.82 million, accounting for 1.72% of operating revenue, with a year-on-year increase of 17.05%[34] - The company completed 28 quality improvement projects for strategic products, including the LH1630 tractor and ATV700 special vehicle, achieving ROPS certification for the LH1630[37] - The company plans to enhance its competitiveness in the special vehicle sector and accelerate new product development while improving quality and reducing costs[51] Corporate Governance - The company has established a comprehensive corporate governance structure and system, ensuring equal treatment of all shareholders and compliance with relevant laws and regulations[109] - The supervisory board consists of 3 members, including 1 employee representative, effectively overseeing the company's management and financial status[110] - The company has implemented a performance evaluation and incentive mechanism, continuously optimizing its target and responsibility assessment system[110] - The company strictly adheres to insider information management regulations, ensuring confidentiality and compliance to prevent insider trading[111] Cash Flow and Investments - The company’s cash flow from investing activities resulted in a net outflow of -¥11,309,698.32, compared to -¥24,920,397.23 in the previous period[147] - The company’s investment activities resulted in a net cash outflow of CNY 11.31 million, an improvement from a net outflow of CNY 24.92 million in the previous year[35] - The company anticipates a funding requirement of 280 million RMB to meet its operational goals for 2014, primarily relying on internal funds[55] Employee and Management - The total number of employees in the parent company is 435, and the total number of employees in major subsidiaries is 171, resulting in a combined total of 606 employees[103] - The company has a core technical team consisting of 37 technical personnel responsible for research and development of core technologies[102] - The board of directors and senior management received a total pre-tax remuneration of 52.19 million RMB during the reporting period[91] Related Party Transactions - Total sales to related parties amounted to 138.99 million RMB, representing 49.58% of similar business transactions[67] - The company reported related party purchases of CNY 50.81 million, accounting for 21.95% of similar transactions, and related party sales of CNY 139.44 million, accounting for 49.74% of similar transactions[124] Compliance and Audit - The company received a standard unqualified audit opinion from the accounting firm on its financial statements for the year ended December 31, 2013[132] - There were no penalties or administrative actions against the company or its executives during the reporting period[75] - The company has not made any new external investments or entrusted financial management during the reporting period[45]