BRIGHT DAIRY(SH:600597)2017-03-27 16:00Financial Performance - The company's operating revenue for 2016 was CNY 20,206,750,930, representing a 4.30% increase compared to CNY 19,373,193,032 in 2015[20]. - The net profit attributable to shareholders for 2016 was CNY 563,185,365, a 34.63% increase from CNY 418,329,950 in 2015[20]. - The net profit after deducting non-recurring gains and losses was CNY 465,777,315, which is a 35.12% increase compared to CNY 344,706,478 in 2015[20]. - The cash flow from operating activities for 2016 was CNY 2,609,272,988, reflecting a 39.81% increase from CNY 1,866,355,005 in 2015[20]. - Basic earnings per share increased by 35.29% to CNY 0.46 in 2016 compared to CNY 0.34 in 2015[22]. - The weighted average return on equity rose by 2.54 percentage points to 11.88% in 2016 from 9.34% in 2015[22]. - The net profit for 2016 was 675 million yuan, representing a year-on-year increase of 36.11%[42]. - The net profit attributable to the parent company was 563 million yuan, up 34.63% compared to the previous year[42]. - The total operating revenue for 2016 reached RMB 20,206,750,930, an increase of 4.3% compared to RMB 19,373,193,032 in the previous year[181]. - Net profit for 2016 was RMB 675,261,476, representing a 36.1% increase from RMB 496,099,660 in the prior year[181]. Assets and Liabilities - The total assets at the end of 2016 were CNY 16,079,810,015, a 4.10% increase from CNY 15,446,812,412 at the end of 2015[21]. - The company's cash and cash equivalents rose to CNY 3,366,364,061, compared to CNY 3,319,519,684, marking an increase of 1.4%[174]. - Total liabilities decreased to CNY 9,919,864,737 from CNY 10,183,665,364, reflecting a reduction of 2.6%[175]. - The company's equity attributable to shareholders rose to CNY 4,993,059,512 from CNY 4,538,567,231, an increase of 10.0%[175]. - The total liabilities to equity ratio improved to 1.61 from 1.93, indicating a stronger financial position[175]. Cash Flow - The net cash flow from operating activities increased by 39.81% to CNY 2.61 billion, primarily due to an increase in cash received from sales[46][47]. - Cash received from operating activities increased by 35.42% to 132,671,378[63]. - Cash from the disposal of fixed assets surged by 124.51% to 189,213,118[63]. - Total cash inflow from operating activities was ¥15,122,376,555, a decrease of 1.76% compared to ¥15,393,271,439 last year[188]. - Cash outflow from operating activities decreased to ¥13,781,795,026, down 6.36% from ¥14,719,258,307[188]. Investments and R&D - Research and development expenses increased by 4.78% to CNY 46.56 million, reflecting ongoing investment in innovation[46]. - The company applied for 103 domestic patents in 2016, including 91 invention patents and 12 utility model patents[36]. - The company made a total external investment of 67,089,649 yuan by the end of the reporting period[72]. - The company has committed to enhancing its international presence through collaboration with subsidiaries in New Zealand and Israel[82]. Market and Industry Insights - The total production of dairy products in China reached 2,993.2 million tons in 2016, a 7.6% increase from the previous year[33]. - The projected per capita dairy consumption in China is expected to reach 39.56 kg by 2024, indicating significant growth potential in the market[33]. - The total domestic consumption of dairy products in China is projected to reach 63.03 million tons by 2024[78]. - The total sales revenue of the dairy industry in 2016 was 350.4 billion yuan, representing a year-on-year growth of 5.3%[78]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance regulations, ensuring equal rights for all shareholders and independent operation of the board and management[155]. - The financial statements were audited and found to fairly present the company's financial position and results for the year ended December 31, 2016[172]. - The company’s financial report was prepared in accordance with accounting standards, ensuring fair representation of its financial status[172]. - The company reported no major litigation or arbitration matters during the year[98]. Risk Management - The company has identified various risks including industry risks, livestock diseases, and financial risks, which are detailed in the report[7]. - The company is facing industry risks such as intense competition and high operational costs, which it aims to mitigate through market expansion and cost management[85]. Shareholder Information - The total shares held by Guangming Food Group Co., Ltd. is 668,851,666, accounting for 54.35% of the total share capital[127]. - The top ten unrestricted shareholders collectively hold 670,202,390 shares, representing 54.46% of the total share capital[127]. - The company has a total of 46,150 ordinary shareholders as of the end of the reporting period, an increase from 45,532 at the end of the previous month[124]. Employee and Management Structure - The number of employees in the parent company is 2,889, while the total number of employees in the parent company and major subsidiaries is 5,345[150]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 10.895 million yuan (pre-tax) from the company[147]. - The company has focused on employee training through the establishment of the Guangming Dairy Academy, enhancing internal training quality and leadership development programs[152]. Future Outlook - The company aims for a revenue target of 21.5 billion RMB in 2017, representing a 6.4% increase from 2016[83]. - The net profit target for 2017 is set at 600 million RMB, a 6.6% increase from the previous year[83].