Shede Spirits (SH:600702)2016-04-11 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 7,128,122.67, a decrease of 46.76% compared to RMB 13,389,353.11 in 2014[2]. - Total operating revenue for 2015 was RMB 1,156,135,059.43, down 19.99% from RMB 1,444,983,261.78 in the previous year[18]. - Basic earnings per share decreased by 46.85% to RMB 0.0211 from RMB 0.0397 in 2014[19]. - The net profit after deducting non-recurring gains and losses was RMB 2,406,787.90, a decline of 78.34% from RMB 11,113,246.79 in 2014[18]. - Operating profit for the year was CNY 27.1623 million, down 15.59% year-on-year[40]. - The company reported a net profit of ¥7,128,122.67, down 46.76% from the previous year, attributed to declining sales revenue from alcoholic products and increased tax expenses[54]. - The company reported a total profit of 14,828,248.02 yuan, compared to a loss of 46,195,937.05 yuan in the previous year, indicating a significant turnaround in performance[151]. - The net profit for the year was 14,741,614.55 yuan, recovering from a net loss of 46,458,834.80 yuan in the prior year[151]. Cash Flow and Liquidity - The net cash flow from operating activities was RMB 120,813,641.58, a significant improvement from a negative cash flow of RMB -147,974,626.38 in 2014[18]. - The company’s cash flow from operating activities was not detailed in the provided documents, indicating a need for further analysis on liquidity[150]. - Operating cash flow generated was 120,813,641.58 yuan, a substantial improvement from a negative cash flow of 147,974,626.38 yuan in the previous year[154]. - The net cash flow from investing activities was -30,196,135.48 yuan, an improvement from -44,813,949.78 yuan in the previous year, suggesting better investment management[154]. - The company paid 50,945,927.58 yuan in dividends and interest, up from 41,288,124.81 yuan, reflecting a commitment to shareholder returns[155]. Assets and Liabilities - The company's total assets increased by 2.24% to RMB 3,761,320,463.59 at the end of 2015, compared to RMB 3,678,835,910.16 at the end of 2014[18]. - The total liabilities of the company were CNY 1,515,487,664.73 at the end of 2015, compared to CNY 1,433,385,233.97 at the beginning of the year, marking an increase of around 5.73%[142]. - The company's equity attributable to shareholders reached CNY 2,245,832,798.86 at the end of 2015, slightly up from CNY 2,245,450,676.19, showing a marginal increase of about 0.02%[143]. - The company's long-term equity investments increased to CNY 228,906,751.06 from CNY 213,978,069.67, showing a growth of about 6.99%[141]. Research and Development - The company has developed over 128 new ecological liquor products, showcasing its strong R&D capabilities[29]. - Research and development expenses amounted to ¥17,293,201.04, representing 1.50% of total operating revenue[55]. - The company has a total of 45 invention patents related to liquor production, highlighting its technological advantages in the industry[29]. Market Strategy and Operations - The company is focusing on a market concentration strategy, transitioning to a "manufacturer-led" model in key markets[34]. - The company plans to focus on consumer demand, with a shift towards rational drinking and personalized consumption trends in the white liquor market[67]. - The company is transitioning to a refined management strategy to ensure sustainable development amid a slowing growth rate in the white liquor industry[68]. - The company is enhancing its ecological awareness in production, aiming for a circular economy in the white liquor sector[68]. - The company anticipates an increase in industry consolidation and mergers as it adapts to capital economic trends and seeks to improve core competitiveness[68]. Shareholder and Governance - The company proposed a cash dividend of RMB 0.10 per 10 shares, totaling RMB 3,373,000.00 to be distributed to shareholders[2]. - The company distributed cash dividends of 0.20 yuan per 10 shares, totaling 6,746,000.00 yuan, in accordance with its cash dividend policy[80]. - The company has appointed Xinyong Zhonghe Accounting Firm for 7 years, with an audit fee of 500,000 yuan for the 2015 annual report[83]. - The board of directors consists of 9 members, including 3 independent directors, which complies with relevant laws and regulations[121]. - The company emphasizes investor relations management, ensuring timely responses to investor inquiries and organizing investor briefings[123]. Employee and Management - The total number of employees in the parent company is 3,063, and in major subsidiaries, it is 486, resulting in a total of 3,549 employees[117]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 7.9636 million yuan[115]. - The company has established a fair compensation policy to attract and retain talent, which includes various components such as position salary, skill title salary, and performance bonuses[118]. - The company has a dedicated training program focusing on employee skills enhancement, particularly for production and marketing personnel[121]. Compliance and Risk Management - The company did not face any significant operational risks during the reporting period[4]. - The company aims to address operational risks by adhering to national regulations and enhancing risk management mechanisms[76]. - The company has implemented a comprehensive internal control system, with no significant deficiencies reported during the evaluation period[130]. Financial Reporting and Accounting - The company operates under the accounting principles set by the Ministry of Finance, ensuring that financial statements reflect the true financial status and operational results[182]. - The company’s financial statements are prepared based on the assumption of going concern, indicating a history of profitable operations and financial resources to support ongoing activities[181]. - The company has not reported any changes in accounting policies or prior period error corrections during this period[170].