Nisco(SH:600282)2015-01-30 16:00Financial Performance - The net profit for the parent company in 2014 was CNY 904,579,939.67, resulting in a cumulative profit available for distribution to shareholders of CNY -779,642,896.29 after accounting for the beginning retained earnings[6]. - The company plans not to distribute profits for the fiscal year 2014 due to the negative cumulative profit available for distribution[6]. - The company achieved a total operating revenue of CNY 27.89 billion in 2014, a 3.96% increase compared to CNY 26.82 billion in 2013[28]. - The net profit attributable to shareholders was CNY 291.93 million, a significant recovery from a loss of CNY 618.45 million in 2013[28]. - The company generated a net cash flow from operating activities of CNY 3.77 billion, representing a 26.32% increase from CNY 2.99 billion in 2013[28]. - The total assets increased by 7.70% to CNY 39.54 billion in 2014, up from CNY 36.71 billion in 2013[28]. - The basic earnings per share improved to CNY 0.0753 in 2014, compared to a loss of CNY 0.1596 in 2013[29]. - The company reported a net profit of 292 million RMB, with a net cash inflow from operating activities of 3.77 billion RMB, an increase of 26.32% compared to the previous year[58]. - The company achieved a total revenue of 25.27 billion RMB, a slight decrease of 0.57% from the previous year[48]. - The company reported a net profit of 904.58 million RMB for 2014, but the cumulative distributable profit was negative at -779.64 million RMB, leading to no profit distribution for the year[121]. Operational Highlights - The main business of the company remains unchanged, focusing on black metal smelting and rolling processing, as well as the sale of steel, steel billets, and other metal materials[21]. - The company produced 8.17 million tons of iron and 8.04 million tons of steel in 2014, marking increases of 41.27% and 32.83% respectively compared to the previous year[35]. - The company has established partnerships with leading enterprises in the shipbuilding industry, enhancing its product offerings in specialized steel[36]. - The company has successfully launched 27 projects with 146 product varieties certified, including 12 internationally recognized products[35]. - The company achieved a pig iron production of 8.174 million tons, steel production of 8.041 million tons, and steel product output of 7.328 million tons, completing 96.73%, 91.90%, and 91.60% of the production targets respectively[61]. - The company is focusing on transforming its business model from scale expansion to quality and efficiency improvement amid increasing competition in the steel industry[107]. - The company has completed major structural adjustment projects, enhancing its production capacity and modernizing its operations[105]. Investments and Financial Activities - The company has invested CNY 191.91 million in energy-saving and structural adjustment projects, with a cumulative investment of CNY 3.38 billion[104]. - The total investment amount during the reporting period was CNY 56,978.28 million, representing an increase of CNY 6,039.44 million or 11.86% compared to the same period last year, which was CNY 50,938.84 million[81]. - The company registered a short-term financing bond of RMB 3 billion with an interest rate of 6.5% for a term of 365 days[60]. - The company has engaged in a non-principal guaranteed floating income financial product with an investment amount of CNY 30 million, expecting an annual return of CNY 3.6 million[90]. - The company reported a total investment income of CNY 83,702.71 from selling newly acquired shares during the reporting period[87]. Research and Development - Research and development expenses increased by 4.17% to ¥869,252,000.00, indicating ongoing investment in innovation[39]. - The company successfully developed six new products, including high-strength marine plates and special pipeline steels, with some achieving international leading standards[56]. - The company has 5 national key new products and 44 provincial high-tech products as of the end of the reporting period[56]. - The company continues to emphasize the importance of research and development in its growth strategy[199]. Corporate Governance and Shareholder Information - The company has maintained its listing status on the Shanghai Stock Exchange under the stock code 600282, with the stock name *ST NanSteel[20]. - The company’s financial report has been audited by Tianheng Accounting Firm, which issued a standard unqualified opinion[6]. - The company has not faced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the reporting period[152]. - The company has implemented an employee stock ownership plan, which was approved by the board and shareholders, pending regulatory approval[160]. - The total compensation for directors, supervisors, and senior management during the reporting period amounted to 6.0525 million yuan (pre-tax)[196]. - The total number of shareholders at the end of the reporting period is 79,930, an increase from 77,658 prior to the report[173]. Risk Management and Compliance - The company is facing risks related to energy and environmental policies, with a commitment to improve process technology and enhance resource recycling efficiency[115]. - The company is addressing industry risks due to overcapacity and declining demand by adjusting its product mix and enhancing high-value-added products[117]. - The company has outlined strategies to mitigate financial risks, including improving cash flow and increasing direct financing[117]. - The company has established a commitment to avoid any illegal occupation of Nanjing Steel Co.'s assets by its controlling shareholders[147]. - The company has guaranteed that any unavoidable related transactions will comply with legal and regulatory requirements, ensuring fair and reasonable trading principles are followed[147]. Related Party Transactions - The company engaged in related party transactions amounting to CNY 44,131.86 million for water, electricity, and steam services[133]. - The total amount of daily related party transactions for selling goods and providing services to related parties accounted for 2.46% of the annual operating income[138]. - The total amount of daily related party transactions for purchasing raw materials, fuel, and power from related parties accounted for 2.75% of the annual operating costs[138]. Future Outlook - In 2015, the company targets to produce 8.8 million tons of iron and steel, and 8 million tons of materials, with a revenue goal of CNY 29 billion[110]. - The company plans to maintain an environmental facility operation rate of over 99% in 2015[110]. - The company aims to achieve a 50% export order volume through the establishment of an international marketing network and collaboration with top international enterprises[112].