Whirlpool (China) (SH:600983)2016-04-21 16:00Financial Performance - In 2015, Whirlpool (China) achieved a net profit of CNY 367,695,028.24, with a 10% legal reserve allocation of CNY 36,769,502.82, leaving CNY 330,925,525.42 available for distribution to shareholders[2]. - The company's total revenue for 2015 was CNY 5,468,189,389.79, a decrease of 0.67% compared to CNY 5,504,826,211.31 in 2014[17]. - The net profit attributable to shareholders increased by 24.90% from CNY 293,624,134.63 in 2014 to CNY 366,726,440.05 in 2015[17]. - The net cash flow from operating activities improved significantly to CNY 735,030,030.93 in 2015, compared to a negative CNY 217,411,977.44 in 2014, marking a 438.08% increase[17]. - Basic earnings per share decreased by 5.88% to CNY 0.48 in 2015 from CNY 0.51 in 2014[18]. - The weighted average return on equity fell to 8.60% in 2015, down from 12.43% in 2014, a decrease of 3.83 percentage points[18]. - The company plans to distribute a cash dividend of CNY 0.60 per share, totaling CNY 45,986,340.00 to shareholders[2]. - The company reported a significant increase in revenue from small home appliances, which rose by 32.06% year-over-year, achieving a gross margin of 26.42%, an increase of 8.71 percentage points[44]. - Total sales for the year amounted to 5.468 billion RMB, a slight decrease of 0.67% compared to the previous year, while net profit increased by 24.90% to 367 million RMB[40]. Assets and Liabilities - The total assets of the company rose by 8.28% to CNY 8,008,170,156.06 at the end of 2015, up from CNY 7,395,507,523.16 in 2014[17]. - The net assets attributable to shareholders increased by 8.01% to CNY 4,429,843,801.16 at the end of 2015, compared to CNY 4,101,439,311.11 in 2014[17]. - The company's total liabilities increased by 33.69% in employee compensation, amounting to CNY 146.49 million, due to rising employee salaries and benefits[52]. - The company reported a significant increase in accounts receivable by 65.57%, totaling CNY 1.16 billion, primarily due to delayed payments from commercial clients[52]. - Current liabilities totaled CNY 3,470,364,069.33, up from CNY 3,173,798,944.79, indicating an increase of about 9.34%[155]. - The company's total liabilities reached CNY 3,577,308,041.74, compared to CNY 3,294,068,212.05, reflecting a rise of approximately 8.59%[155]. Research and Development - The company has established a national-level technology center and recognized laboratory, integrating global research results into its operations[28]. - The company’s R&D expenditure was 165.2 million RMB, a decrease of 1.71% from the previous year[42]. - In 2015, the company launched 429 new product development projects, including 204 for washing machines and 124 for refrigerators, and applied for 138 technology patents[31]. - The total R&D expenditure was CNY 165.20 million, accounting for 3.02% of total revenue, with 452 R&D personnel representing 10.07% of the total workforce[49]. Market Strategy and Innovation - The home appliance industry in China is experiencing a transformation, with a focus on innovation and product structure optimization amid a slowing market growth[29]. - The company is actively pursuing strategies in the "Internet+" and smart product sectors to maintain competitive advantages in a challenging market[29]. - The company has been recognized as one of the "Most Innovative Enterprises in China" and has a presence in over 40 countries and regions[28]. - The company successfully integrated its four major brands, enhancing product differentiation and channel layout[31]. - The company is focusing on product leadership, brand leadership, and operational excellence as part of its strategic development[56]. Corporate Governance and Management - The company has a diverse management team with various roles and responsibilities, contributing to its operational strategy[110]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 18.83 million yuan[117]. - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, institutions, and finances[135]. - The board of directors held 12 meetings during the year, with 11 conducted via communication methods[132]. - The audit committee provided important opinions on the annual report preparation and internal control self-evaluation, ensuring compliance with the company's independent culture[133]. Shareholder Information - The total number of ordinary shareholders reached 27,078 by the end of the reporting period, an increase from 24,597 at the end of the previous month, representing a growth of approximately 10.1%[92]. - The largest shareholder, Whirlpool (China) Investment Co., Ltd., holds 390,884,200 shares, accounting for 51.00% of the total shares[95]. - The second-largest shareholder, Hefei State-owned Assets Holding Co., Ltd., possesses 178,854,400 shares, which is 23.34% of the total shares, with 80,484,480 shares pledged[95]. Future Outlook - The company aims to achieve a sales revenue of CNY 6.015 billion and a net profit of CNY 412 million for the year 2016[57]. - The company plans to enhance its product offerings by launching several smart home appliances, including the Radiant "6th Sense" washing machine and Mars smart refrigerator[57]. - The company is focusing on expanding its international market presence and accelerating entry into emerging markets[58]. - The company is committed to optimizing its organizational structure and reducing costs to drive growth[57]. Compliance and Legal Matters - The company has not faced any risks of suspension from listing or bankruptcy reorganization during the reporting period[74]. - The company has not reported any major litigation or arbitration matters during the reporting period[75]. - The company has committed to not engaging in any major asset restructuring activities for a period of 6 months from December 11, 2015, to June 10, 2016[64].