CMST(SH:600787)2014-03-07 16:00Financial Performance - The company achieved a net profit of ¥297,359,041.61 for the year 2013, with total distributable profits amounting to ¥1,125,760,185.68[5] - The company achieved total operating revenue of 27.84 billion RMB in 2013, an increase of 4.01% compared to 2012[39] - Net profit attributable to shareholders decreased by 16.47% to 335.87 million RMB in 2013[29] - Basic earnings per share fell by 23.92% to 0.3641 RMB in 2013[30] - The weighted average return on equity decreased by 3.10 percentage points to 6.12%[30] - The company reported a total logistics revenue of 2.64 billion RMB, a decrease of 3.77% year-on-year[41] - The company's total revenue for the period reached 27.839 billion RMB, a 3.95% increase from the previous year's 26.781 billion RMB[47] - The logistics business revenue decreased by 3.77% to 2.637 billion RMB, while trade business revenue increased by 4.84% to 25.196 billion RMB[49] - The total revenue for the reporting period was CNY 27,833,048,208.68, representing a year-over-year growth of 3.96%[62] - The company reported a net cash flow from operating activities of -215 million RMB, a significant decline of 129.31% compared to the previous year's 733 million RMB[47] - The company achieved a net increase in cash and cash equivalents of 32.482 million RMB, a remarkable increase of 1728.43% compared to the previous year[56] - The company’s financial expenses decreased by 33.20% to 76.762 million RMB due to a reduction in average borrowings[55] - The company completed total operating revenue of 27.859 billion RMB, exceeding the planned target by 1.644 billion RMB[57] - In 2013, the company achieved a revenue of 30,307.82 million RMB and a net profit of 636.41 million RMB[147] Dividend Distribution - A cash dividend of ¥0.50 per share (including tax) will be distributed, along with a bonus share issuance of 2 shares for every 10 shares held[5] - The company plans to transfer 8 shares for every 10 shares held from capital reserves, with the remaining undistributed profits carried forward to the next year[5] - The company has implemented a cash dividend policy in accordance with regulatory guidelines, ensuring clarity and completeness in decision-making processes[98] - In 2013, the company distributed a cash dividend of 0.50 RMB per 10 shares, representing 13.84% of the net profit attributable to shareholders[99] Operational Highlights - The company has a comprehensive range of operations including storage, processing, logistics, and international freight forwarding[23] - The company plans to enhance its logistics services by focusing on consumer-related sectors, including fast-moving consumer goods and cold chain logistics[41] - The company plans to raise up to 1.99224 billion RMB through a private placement to invest in new logistics bases and ensure sustainable logistics operations[45] - The company plans to invest in logistics projects, including the construction of the Liaoning Logistics Industrial Park and the Shanghai Lingang Logistics Base, to enhance its logistics network[66] - The company is focusing on developing urban fast-moving consumer goods logistics, supermarket logistics, cold chain logistics, and e-commerce logistics[89] - The company aims to expand its logistics services by integrating information technology with traditional logistics, targeting high-end logistics and financial logistics sectors[147] Subsidiary Performance - The subsidiary Beijing Zhongchu Century Logistics reported a net profit contribution of ¥227.79 million to the company[80] - Tianjin Zhongchu International Freight Forwarding Company contributed ¥504.15 million to the company's net profit[80] - The subsidiary Tianjin Zhongchu Tongda Logistics reported a net loss of ¥9.81 million, impacting overall profitability[80] - The company holds a 100% stake in Tianjin Zhongchu Chuangshi Logistics, which generated a net profit of ¥553.29 million[80] - The total assets of the subsidiary Nanjing Zhongchu Real Estate Development Company amounted to ¥99,816.11 million, but it reported a net loss of ¥328.28 million[80] - The company has a 35% stake in Tianjin Baosteel Chuling Material Distribution Company, which reported a net profit of ¥0.48 million[81] - The subsidiary Wuxi Zhongchu Logistics reported a net profit contribution of ¥1,759.19 million to the company[80] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its reports[6] - The company plans to implement a comprehensive risk prevention and internal control system to ensure business safety and manage potential risks[93] - The company faced operational risks due to economic restructuring and overcapacity, potentially slowing main business growth and compressing profit margins across the industry[96] - The company is facing risks in logistics real estate due to intense competition, which may affect expected returns[96] - The company has encountered risks related to urban planning, affecting logistics operations due to road restrictions in city center areas[96] Corporate Governance - The company has established a comprehensive internal control system with the help of external intermediaries, resulting in the creation of an "Internal Control Management Manual"[190] - As of December 31, 2013, the company maintained effective internal controls over financial reporting in all material respects according to the internal control audit report[191] - The company has revised its information disclosure management system in accordance with the requirements of the Shanghai Stock Exchange[175] - The independent directors did not raise any objections to the board's proposals during the reporting period[183] - The company has established a fair and reasonable compensation mechanism for senior management, adhering to its salary assessment policies[186] Shareholder Information - The controlling shareholder, China Material Storage and Transportation Corporation, increased its shareholding from 46.12% to 51.33%, with shares rising from 387,468,199 to 477,279,609[137] - As of the end of the reporting period, the total number of shareholders was 53,445, an increase from 45,365 prior to the report[143] - The top ten shareholders include China Material Storage and Transportation Corporation, holding 51.33% of shares, and Hunan Aier Medical Investment Co., Ltd., holding 3.99%[143] - The company has no internal employee shares as of the end of the reporting period[141] Employee Information - The total number of employees in the parent company is 5,613, with 304 retirees[168] - The company has a total of 4,154 production personnel, 365 sales personnel, 281 technical personnel, 336 financial personnel, and 477 administrative personnel[168] - The total remuneration for the board members during the reporting period was 4.73 million RMB, with the chairman receiving 600,000 RMB[153] - The company has established an annual employee training plan to enhance skills and professional quality, linking training participation to job requirements and performance evaluations[170] Asset Management - The company has a total land use area of 152.97 million square meters, with 25.98% of it leased from the parent company, which has certain legal flaws[119] - The company committed to resolving the land lease issues within three years after the asset restructuring completion[119] - The company has a total of 840,102,782 unrestricted circulating shares, accounting for 90.34% of total shares[129] - The company's total assets increased to approximately ¥13.88 billion as of December 31, 2013, up from ¥11.83 billion at the beginning of the year, representing a growth of about 17.3%[200]