ZSIG(SH:600313)2014-04-04 16:00Financial Performance - The company achieved a net profit of ¥85,022,735.27 for the year 2013, with a net profit attributable to shareholders of ¥42,686,831.92[6] - The parent company reported a net profit of ¥7,169,081.56 for 2013, with year-end distributable profit at -¥21,535,589.52, leading to no profit distribution for the year[6] - The company achieved a net profit attributable to shareholders of 42.69 million yuan in 2013, representing a growth of 44.04% compared to 29.63 million yuan in 2012[24] - The company reported a net cash flow from operating activities of 7.56 million yuan in 2013, a significant decrease of 83.85% from 46.84 million yuan in 2012[23] - The company reported a negative distributable profit for the year 2013, resulting in no cash dividends being distributed, in accordance with the company's articles of association[76] - The net profit for the year was 300 million RMB, which is a 15% increase compared to the previous year[126] Revenue and Costs - The company's operating revenue for 2013 was 2,529.15 million yuan, a decrease of 9.97% from 2,783.78 million yuan in 2012[23] - The company's operating revenue for 2013 was 252.91 million yuan, a decrease of 9.97% from 2012, while operating costs were 234.63 million yuan, down 13.27% year-on-year[34] - The total revenue for the company was CNY 2,522,029,797.25, a decrease of 9.97% compared to the previous period[46] - The total operating revenue for 2013 was CNY 2,529,148,765.93, a decrease of 9.95% from CNY 2,809,328,171.91 in the previous year[165] - Total operating costs for 2013 were CNY 2,456,083,578.09, down 11.14% from CNY 2,764,479,974.99 in 2012[165] Assets and Liabilities - The total assets at the end of 2013 were 1,771.56 million yuan, a decrease of 1.59% from 1,726.17 million yuan at the end of 2012[23] - The company's total assets reported a significant increase to CNY 40,189.08 million, reflecting a growth of 8,328.81% compared to the previous period[46] - The total liabilities decreased to CNY 48,660,852.79 from CNY 63,706,131.44, indicating a reduction of 23.54%[163] - The total liabilities at the end of the reporting period are CNY 42,292,805.83, indicating a decrease from the previous year's liabilities[178] Investments and Acquisitions - The company completed the acquisition of 54.96% of Jinxiu Huanong in December 2013, which contributed to the increase in net profit[24] - The company initiated a project to acquire Shanxi Luyuan Company, successfully obtaining 51% of its shares, enhancing its position in the corn seed market[29] - The company acquired 54.96% of Jinxiu Huannong Company for 56.89 million yuan in December 2013, expanding its consolidation scope and enhancing future growth potential[32] - The company acquired 53.99% of Henan Dishen Seed Industry Co., Ltd. for CNY 121.84 million, utilizing remaining funds from a 300,000-ton seed processing project[61] - The company completed the acquisition of Guangxi Gelin, achieving actual profits of CNY 19,540,800.00 for 2013, in line with the profit forecast[95] Research and Development - The company’s R&D expenditure increased by 140.22% to 12.06 million yuan in 2013, compared to 5.02 million yuan in 2012[36] - The total R&D expenditure amounted to CNY 12,058,222.77, representing 0.48% of the operating revenue[39] - The company is investing 100 million RMB in research and development for new technologies in the agricultural sector[126] Shareholder and Dividend Policies - The company has a cash dividend policy, distributing at least 10% of the annual distributable profit to shareholders, prioritizing cash dividends[75] - The company has not proposed any cash dividend distribution plan for the year 2013, and it is required to disclose the reasons and plans for the undistributed profits[76] - The company has been actively communicating with minority shareholders to gather their opinions on profit distribution policies[76] Legal and Compliance Issues - The company has ongoing litigation related to a debt dispute involving a subsidiary, with a claim amount of CNY 43.4 million plus overdue interest[77] - The company has fully provisioned for bad debts related to previous fraudulent transactions, which does not impact the current reporting period's performance[77] - The company has established a network voting method for shareholders regarding changes in profit distribution policies[76] Management and Governance - The company appointed Zhongshen Yatong as the new accounting firm for the 2013 audit, replacing Lianda, with an audit fee of RMB 520,000[97] - The company maintained its independence and autonomous operational capability despite its relationship with the controlling shareholder[145] - The total compensation for the current and former directors, supervisors, and senior management during the reporting period amounted to 3.99 million yuan[117] Market and Strategic Outlook - The company plans to focus on future development strategies, although specific commitments were not made[7] - The company plans to enhance its wheat, rice, and corn seed businesses, aiming to establish a leading position in these sectors through resource integration and industry chain extension[68] - The company aims to maintain profitability in agricultural input trading while optimizing its seed industry layout and enhancing research and land resource integration[70]