ZJHM(SH:600987)2014-03-25 16:00Financial Performance - In 2013, the net profit attributable to the parent company was CNY 411,106,972.28, with a total distributable profit of CNY 1,199,914,139.07 after accounting for previous distributions and reserves[6]. - The cash dividend distribution plan for 2013 is CNY 2 per 10 shares, totaling CNY 127,062,000.00, which represents 30.91% of the net profit attributable to shareholders[7]. - Basic earnings per share increased by 47.73% to CNY 0.65 in 2013, compared to CNY 0.44 in 2012[20]. - The weighted average return on equity rose to 21.10% in 2013, an increase of 4.34 percentage points from 16.76% in 2012[20]. - In 2013, the company achieved a total revenue of CNY 2,930,792,464.14, representing a year-on-year growth of 15.03%[26]. - The net profit attributable to shareholders was CNY 411,106,972.28, an increase of 45.61% compared to the previous year[26]. - The net cash flow from operating activities reached CNY 477,712,263.15, reflecting a growth of 16.31% year-on-year[30]. - The company's total assets increased by 22.65% to CNY 3,453,325,102.28 at the end of 2013[26]. - The company’s net assets attributable to shareholders rose by 17.70% to CNY 2,102,136,877.86 by the end of 2013[26]. - The total operating costs for 2013 were CNY 2,367,661,104.03, which is a 9.2% increase from CNY 2,167,786,171.15 in 2012[133]. Business Operations - The company has maintained its main business focus on textile, dyeing, and related raw materials production and sales since its listing in 2004[17]. - The company aims to strengthen its core business while exploring new profit growth points, focusing on stable growth amid complex market conditions[38]. - The company has established a robust industrial chain centered on dyeing and printing, with supporting businesses in thermal power, weaving, and shipping, ensuring production is not affected by external factors like power shortages[45]. - The company has achieved a leading level in dyeing success rate, water reuse, overall energy consumption, and pollutant emissions within the industry, thanks to continuous investment in clean production and dyeing technology[46]. - The company has been recognized as a high-tech enterprise in Zhejiang Province, with several subsidiaries obtaining this status, highlighting its commitment to technological innovation[46]. Research and Development - Research and development expenses amounted to CNY 87,338,029.66, up by 8.26% from the previous year[30]. - The company has maintained a stable R&D team, focusing on customer needs and international market trends, which enhances its ability to respond quickly to market demands[46]. - The company has not disclosed any specific new product or technology developments in the report[8]. Financial Management - The company issued a second phase corporate bond of CNY 250 million with an annual coupon rate of 6.6%[27]. - The company has launched multiple financial products, including "Harvest Trust" series with returns ranging from 5.57% to 55.48%[51]. - The company has a diverse portfolio of financial products, with varying maturity dates and returns, reflecting a robust investment strategy[51]. - The company has provided a maximum loan of 150 million RMB to support urban redevelopment in Guo Li Town, with a loan term of 24 months at an interest rate of 9%[53]. - The company has successfully launched a financial management product with Agricultural Bank, amounting to RMB 2,000,000, with an expected return of 9.55%[50]. Shareholder Information - The company’s profit distribution policy has been revised to ensure better protection of minority shareholders' rights[68]. - The company has not proposed any cash dividend distribution plan for the reporting period despite having positive undistributed profits[70]. - The total number of shareholders was 25,758, an increase from 24,559 before the annual report disclosure[84]. - Zhejiang Hangmin Industrial Group Co., Ltd. holds 31.55% of the shares, totaling 200,462,062 shares, with an increase of 67,862,062 shares during the reporting period[84]. Governance and Compliance - The company has established effective internal control systems to ensure compliance and enhance operational efficiency, as stated in the internal control self-assessment report[118]. - The company has maintained a stable management team with no changes in shareholding among directors and senior management[93]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a clear division of responsibilities and a sound governance structure[109]. - The company has implemented a registration management system for insider information, complying with regulatory requirements[111]. - The company completed 4 regular reports and 39 temporary announcements during the reporting period, ensuring timely and accurate information disclosure to investors[110]. Market and Industry Challenges - The company faces challenges from rising resource prices and stricter environmental regulations, impacting traditional industries[65]. - The company has made significant strides in carbon reduction management, being one of the first in the industry to implement such measures and participate in drafting carbon emission verification guidelines[46]. Asset Management - The company reported a total asset of CNY 3,453,325,102.28 as of December 31, 2013, an increase from CNY 2,815,610,937.02 at the beginning of the year, representing a growth of approximately 22.6%[128]. - The company's cash and cash equivalents increased to CNY 617,040,010.53 from CNY 467,796,786.24, marking a growth of about 32%[127]. - The total liabilities of the company amounted to CNY 1,099,841,783.05, up from CNY 789,650,839.76, indicating an increase of approximately 39.3%[128]. - The company's equity increased to CNY 2,353,483,319.23 from CNY 2,026,960,097.26, reflecting a growth of around 16%[128]. Employee Information - The company employed a total of 7,806 staff, with 2,964 in the parent company and 4,842 in major subsidiaries[103]. - The professional composition of employees includes 6,510 production personnel, 403 sales personnel, 581 technical personnel, 64 financial personnel, and 248 administrative personnel[103]. - The total compensation for the board members and senior management during the reporting period amounted to 3.64 million yuan before tax[94]. Taxation and Incentives - The corporate income tax rate is set at 15% for certain subsidiaries recognized as high-tech enterprises, applicable from 2013 to 2015[190]. - The company benefits from a VAT refund policy for its subsidiary employing disabled workers, with a limit of RMB 35,000 per person per year[192].