HOMEY(SH:600467)2014-04-22 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 114,949,292.32 in 2013, after deducting the statutory surplus reserve of RMB 15,695,734.66 and previous year’s distribution of RMB 65,744,743.68, resulting in a distributable profit of RMB 868,392,110.99[7]. - In 2013, the company achieved operating revenue of CNY 969.33 million, a decrease of 5.77% compared to the previous year[28]. - The net profit attributable to shareholders was CNY 114.95 million, down 46.96% year-on-year[28]. - The average selling price of fresh sea cucumbers was CNY 136.36 per kilogram, a decline of 18.24% from the previous year[35]. - The company harvested a total of 3,508 tons of fresh sea cucumbers in 2013, representing a year-on-year increase of 19.81%[35]. - The company's total revenue for 2013 was ¥969,331,768.19, a decrease of 5.77% compared to the previous year, primarily due to an 18.24% drop in sea cucumber prices and the impact of the yen exchange rate on international sales[41]. - The company reported a significant increase in investment income of 65.20%, driven by higher equity investment dividends amounting to an increase of ¥2,495,500[46]. - The company reported a total of 2,800.00 million RMB in guarantees provided to subsidiaries during the reporting period[102]. - The company reported a total remuneration of RMB 2.0376 million for all directors, supervisors, and senior management during the reporting period[124]. Dividends and Retained Earnings - A cash dividend of RMB 0.50 per 10 shares is proposed, totaling RMB 36,524,857.60, which will leave a retained profit of RMB 831,867,253.39 for future years[7]. - The company allocated CNY 22,109,165.77 to surplus reserves during the year, while distributing CNY 36,524,857.60 to shareholders[180]. - The company has implemented a cash dividend policy to ensure stable returns to shareholders, with plans for future distributions based on performance[92]. Market and Industry Conditions - The company operates in a highly competitive market, with a trend towards consolidation and specialization in the marine aquaculture industry, which may impact its market position[13]. - The high-end consumer market has been affected by national policies since the second half of 2012, which has had a direct impact on the company's sales and profitability[15]. - The company faces risks from natural disasters such as red tides and diseases affecting aquaculture, which could significantly impact operations[14]. - The company is exposed to food safety management risks, particularly with increasing quality standards from major importing countries, which could affect export capabilities[14]. - The company’s export scale in the agricultural and sideline food processing sector is significant, making it vulnerable to foreign exchange rate fluctuations due to the appreciation of the RMB[15]. Investments and R&D - The company invested CNY 280 million in sea cucumber attachment devices, enhancing the growth environment and survival rate of sea cucumbers[35]. - The total R&D expenditure was ¥18,302,969.53, representing 1.89% of total revenue and 0.63% of net assets[47]. - The company has filed 276 patents, including 66 invention patents, and completed 72 technology innovation projects in 2013[65]. - The company plans to expand its seedling breeding capacity with an investment of 100 million yuan, aiming for an annual production scale of 150 million kilograms of sea cucumber seedlings[63]. Financial Position and Assets - Total assets at the end of 2013 were CNY 4.18 billion, an increase of 8.58% compared to the previous year[29]. - The net assets attributable to shareholders were CNY 2.92 billion, up 1.72% from the end of 2012[29]. - The company's cash and cash equivalents decreased by 58.25% to CNY 185,555,771.64, primarily due to significant investments in construction projects[55]. - The company's fixed assets increased by 17.99% to CNY 2,193,022,521.75, indicating ongoing investment in infrastructure[55]. - The company's total liabilities were not explicitly stated but can be inferred to have remained stable given the equity figures[182]. Risk Management - The company has a comprehensive risk management strategy addressing industry competition, exchange rate fluctuations, financing risks, and natural resource sustainability[89][90]. - The company is actively monitoring national policies to apply for industry support and special funding to reduce financial costs and ensure healthy cash flow[88]. Corporate Governance - The company adheres to the corporate governance standards set by the China Securities Regulatory Commission and the Shanghai Stock Exchange[128]. - The company ensures that all shareholders, especially minority shareholders, can fully exercise their voting rights during shareholder meetings[129]. - The board of directors and supervisory board complied with legal and regulatory requirements throughout the reporting period[133]. Future Outlook - The company plans to continue transforming its marine fishing operations, having reported the deployment of 8 new fishing vessels to exploit rich fishing resources in the Sansha area[38]. - The company anticipates that 2014 will be a challenging year for the high-end consumer goods industry due to ongoing economic adjustments[79]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming fiscal year[176].