XINSAI CO.,LTD(SH:600540)2014-04-29 16:00Financial Performance - In 2013, Xinjiang Sayram Modern Agriculture Co., Ltd. reported a consolidated net loss of ¥44,378,575.80, with a net loss attributable to the parent company of ¥38,515,885.13[5]. - The company's basic earnings per share for 2013 was -¥0.1272, compared to ¥0.1152 in 2012, indicating a significant decline[23]. - The weighted average return on net assets decreased to -5.5283% in 2013, down 10.56 percentage points from 5.0298% in 2012[23]. - The total available profit for distribution to shareholders in 2013 was -¥73,358,712.74, reflecting ongoing financial challenges[5]. - The net profit attributable to shareholders was -¥38,515,885.13, showing a significant decline from the previous year's profit of ¥34,886,315.70[31]. - The net cash flow from operating activities was ¥47,151,550.60, down 93.59% from ¥735,590,405.94 in 2012[31]. - The company reported a significant reduction in sales expenses by 49.91%, amounting to approximately ¥18.29 million, due to stricter budget management[44]. - The net loss for the year was CNY 133,460,076.88, compared to a loss of CNY 94,944,191.75 in the previous year, indicating a worsening of approximately 40.55%[158]. - The company achieved a consolidated net profit of -44,378,575.80 RMB for the year 2013, with a net profit attributable to the parent company of -38,515,885.13 RMB[78]. Revenue and Costs - The company reported a revenue of ¥1,361,014,028.79 for 2013, a decrease of 48.92% compared to the previous year[31]. - Operating costs decreased by 51.58% to approximately ¥1.26 billion from ¥2.60 billion year-on-year[37]. - Total operating revenue for 2013 was CNY 1,361,014,028.79, a decrease of 48.9% compared to CNY 2,664,521,364.59 in the previous year[164]. - Total operating costs amounted to CNY 1,457,986,627.47, down from CNY 2,833,146,514.66, reflecting a reduction of 48.7%[164]. Investments and Strategic Plans - The company plans to acquire a 51% stake in Bolu City Zhengda Calcium Industry Co., Ltd. as part of its strategy to expand its business[19]. - The company has shifted its main business focus towards agricultural industrialization, including oil processing and sales, and has established several subsidiaries in this sector[19]. - The company aims to enhance its main business profitability by improving systematic and refined management in the cotton industry[34]. - The company plans to actively expand marketing channels and increase market share in the domestic cotton market[35]. - The company is focused on achieving production and sales efficiency for key projects such as the Xinjiang New Sai Mining and Puyao Glass projects[35]. - The company aims to optimize its existing operations while focusing on efficient growth and project completion to drive future performance[39]. - The company’s strategic focus includes expanding its cotton industry, enhancing its edible oil processing, and developing resource-based industries such as mineral development and clean energy[74]. - The company is actively involved in developing quartz mines, coal mines, and wind power projects in Xinjiang, aligning with national strategic planning[74]. Assets and Liabilities - Total assets increased by 9.93% to ¥2,657,018,154.40 at the end of 2013 compared to ¥2,416,944,580.36 at the end of 2012[31]. - The company's total liabilities increased to CNY 1,794,032,177.25 from CNY 1,597,343,384.30, representing a rise of about 12.30%[158]. - The total equity attributable to shareholders decreased to CNY 677,316,369.57 from CNY 707,937,191.32, indicating a decline of approximately 4.33%[158]. - Cash and cash equivalents decreased by 33.01% to ¥35,184.42 million, primarily due to reduced cash inflows from sales and repayment of bank loans[53]. - The total amount of guarantees provided to subsidiaries during the reporting period was 329,490,000 RMB, with a balance of 267,490,000 RMB at the end of the period[88]. Operational Efficiency - The company intends to implement a new performance evaluation method to maximize operational efficiency and motivate management[36]. - The company has been actively involved in various projects, including coal mining and clean energy initiatives, to leverage its resource advantages[19]. - The company has made significant investments in various projects, including a 600,000 tons/year coal transformation project and logistics infrastructure[54]. - The company aims to transform its focus towards the cotton, fine spinning, and oil industries while actively converting to advantageous resources in mining[72]. Governance and Compliance - The company has not faced any major litigation or arbitration issues during the reporting period[85]. - The company emphasizes social responsibility, focusing on employee rights protection and safety management, while also contributing to local employment[82]. - The company has a structured remuneration system that aligns with performance, incentivizing directors and senior management based on company goals[117]. - The company adheres to legal regulations and maintains a transparent governance structure, ensuring that all shareholders, especially minority shareholders, can exercise their rights[128]. - The board of directors operates in compliance with legal requirements, ensuring timely and complete disclosure of board resolutions[129]. Employee and Management - The total number of employees in the parent company is 60, while the main subsidiaries employ 3,879, resulting in a total of 3,939 employees[120]. - The professional composition includes 3,072 production personnel, 45 sales personnel, 385 technical personnel, 122 financial personnel, and 315 administrative personnel[120]. - The company has implemented a performance-based salary policy, linking salaries to attendance and company performance, ensuring fair and competitive compensation[121]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 1.366 million yuan[118]. Financial Products and Investments - The total amount of entrusted financial products managed by the company is CNY 35,220,000, with actual returns amounting to CNY 522,894.90[62]. - The company has utilized self-owned funds for all investments, indicating a conservative financial strategy[64]. - The financial products include various types such as "安心快线天天利滚利" and "金钥匙.本利丰," with expected returns ranging from CNY 100.14 to CNY 128,219.18[64]. - The company has consistently achieved actual returns matching the expected returns across various financial products[62]. Market Risks - The company faces market risks due to high customer concentration, which could impact revenue stability if major clients experience financial difficulties[75]. - The company has adopted a family farm contracting system for cotton planting, which introduces management risks due to the nature of the contractual relationship with farmers[76].