AECC AST(SH:600391)2016-03-28 16:00Financial Performance - The company's operating revenue for 2015 was CNY 2,027,966,346.38, representing a 3.31% increase compared to CNY 1,963,057,692.16 in 2014[23] - The net profit attributable to shareholders of the listed company was CNY 31,625,473.42, a 6.94% increase from CNY 29,574,332.65 in the previous year[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 26,861,815.44, which is a 24.82% increase from CNY 21,520,416.14 in 2014[23] - Basic earnings per share increased by 11.11% to CNY 0.10 in 2015 compared to CNY 0.09 in 2014[24] - The company achieved a total revenue of CNY 2.01 billion in 2015, with quarterly revenues increasing from CNY 421.4 million in Q1 to CNY 619.2 million in Q4[26] - The company achieved a main business revenue of 199,983.46 million RMB in 2015, an increase of 7,646.67 million RMB, representing a growth rate of approximately 4%[40] - The company reported a net profit of 26.98 million yuan, representing a 79% increase compared to the previous year[64] - The company’s subsidiary, 中航工业哈轴, reported a 24% increase in operating revenue in 2015[64] Cash Flow and Financial Position - The net cash flow from operating activities was negative CNY 22,106,726.95, a significant decrease of 180.07% compared to CNY 27,608,342.29 in 2014[23] - Cash flow from financing activities increased dramatically to ¥198,229,519.31, a rise of 36,969.98% from ¥534,744.13 last year, primarily due to increased borrowings[46] - The company reported a significant reduction in financial expenses, decreasing from ¥82,907,932.87 to ¥54,549,918.25, a decline of 34.1%[157] - The total liabilities reached RMB 3,008,820,375.27, up from RMB 2,468,687,753.98, indicating an increase of about 21.9%[151] - The total equity attributable to shareholders was RMB 1,695,815,611.35, compared to RMB 1,670,128,855.91 at the start of the year, showing a slight increase of approximately 1.5%[152] Assets and Liabilities - Total assets at the end of 2015 reached CNY 5,014,372,856.52, marking a 12.88% increase from CNY 4,442,124,733.69 in 2014[23] - Current assets totaled RMB 3,055,742,442.33, which is a significant rise from RMB 2,549,317,225.68, marking an increase of around 19.8%[150] - Inventory levels increased to RMB 1,784,614,401.87 from RMB 1,353,026,558.56, representing a growth of approximately 31.9%[150] - The company's accounts receivable rose to RMB 679,479,319.07 from RMB 573,419,035.45, reflecting an increase of approximately 18.5%[150] Research and Development - The company initiated 310 new product trials in 2015, completing 220, which supports future export orders and market expansion[31] - The company has expanded its research and development tasks from 4 projects in early 2011 to 25 projects, enhancing its capabilities in military product research[41] - The company invested a total of ¥89.1 million in R&D, which constitutes 4.39% of total revenue, with 235 R&D personnel making up 4.54% of the total workforce[55] Market and Export Performance - Export processing contracts reached USD 205 million in 2015, continuing a five-year growth trend in foreign trade sales[31] - The foreign trade products accounted for 64% of the company's main revenue, with export earnings totaling 20,533.97 million USD, a year-on-year increase of 2.35%[40] - The company faced a 66% decline in export earnings from oil machinery components, dropping from 2,550 million USD in 2014 to 857 million USD in 2015 due to falling international oil prices[41] Corporate Governance and Compliance - The company did not report any non-operating fund occupation by controlling shareholders or related parties[6] - There were no violations of decision-making procedures regarding external guarantees[7] - The company emphasizes the importance of investor awareness regarding risks associated with forward-looking statements in the report[5] - The company has confirmed that all leasing agreements are with its parent company, Chengfa Group, indicating a close operational relationship[88] Strategic Initiatives and Future Outlook - The company plans to enhance its production capacity for military aircraft engines, anticipating increased demand in 2016[33] - The company expects a new engine model to become a significant growth point in 2016, with small batch production preparations already underway[30] - The company aims to achieve a development pattern of "highlighting military products, optimizing subcontracting, and strengthening civilian products" to ensure steady growth[43] - The company plans to maintain steady growth in its foreign trade outsourcing business by focusing on high value-added component processing and long-cycle orders[71] Employee and Management Development - The company employed a total of 5,180 staff, including 3,965 in the parent company and 1,215 in major subsidiaries[123] - A total of 634 training sessions were held in 2015, with 27,571 participants, enhancing employee skills and knowledge[127] - The company has sent 149 key technical and management personnel for professional training in 2015[126] Awards and Recognition - The company received the Honeywell Annual Best Supplier Award for the third consecutive year and the RR Company 2015 Asia Quality Award, reinforcing its strategic position as a top supplier[40] - The company has received multiple top quality awards, reflecting the recognition of the "Chengfa brand" and its quality reputation[96] Risk Management - The company faces risks including product delivery risk, new product development risk, liquidity risk, and exchange rate risk due to its expanding operations and product structure optimization[73] - The company’s liquidity risk has increased due to a rise in inventory, which grew by 190 million RMB compared to the beginning of the year[74] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,159, down from 47,619 at the end of the previous month[102] - The largest shareholder, Chengdu Engine Group Co., Ltd., holds 118,907,305 shares, representing 36.02% of the total shares[104] Financial Reporting and Compliance - The financial statements are prepared based on the accounting standards issued by the Ministry of Finance and reflect the company's financial position as of December 31, 2015[193] - The company has assessed its ability to continue as a going concern for the next 12 months and expects to have sufficient resources to maintain operations[191] - The company's governance structure complies with the Company Law and relevant regulations, with no significant discrepancies noted[133]