AsAc(SH:601890)2017-04-24 16:00Financial Performance - The company achieved a net profit attributable to shareholders of 53,935,128.13 CNY in 2016, a decrease of 69.56% compared to 2015[2]. - Total operating revenue for 2016 was 1,022,330,572.01 CNY, down 31.83% from 1,499,754,815.01 CNY in 2015[19]. - The basic earnings per share for 2016 was 0.0562 CNY, a decline of 69.57% from 0.1847 CNY in 2015[20]. - The net profit attributable to shareholders decreased by 69.56% compared to the previous year, primarily due to the absence of income from a trust investment of RMB 284.9 million received in 2015, which included RMB 250 million principal and RMB 34.9 million interest, leading to a significant decline in profit year-on-year[21]. - The company reported a total of RMB 57.35 million in net cash flow from operating activities in the first quarter of 2016, which decreased to a negative RMB 32.98 million in the fourth quarter[24]. - The company reported a significant decrease in sales expenses by 16.72% to ¥109,984,322.36, and management expenses decreased by 22.19% to ¥143,819,578.23[54]. - The company reported a decrease in inventory from CNY 545,519,344.98 to CNY 440,553,815.09, a reduction of about 19.2%[144]. - The company's accounts receivable decreased from CNY 383,726,242.20 to CNY 308,514,269.72, a decline of approximately 19.6%[143]. Cash Flow and Investments - The net cash flow from operating activities increased by 84.75% to 274,391,166.05 CNY in 2016[19]. - The company’s total revenue from the top five customers was ¥28,888.09 million, accounting for 28.26% of total annual sales[53]. - The total amount of cash flow from investment activities decreased by 90.18% to ¥36,258,129.76, mainly due to a reduction in bank financial products[58]. - The company engaged in various wealth management products with total investments of RMB 50 million, RMB 40 million, RMB 114 million, and others, yielding returns of RMB 1,894,794.52, RMB 700,000, and RMB 4,332,000 respectively[91]. - The company received $294.02 million from other investment-related cash activities, a significant decrease from $1.78 billion in the previous year[160]. Market and Industry Conditions - The company faces market risks due to the ongoing downturn in the shipbuilding industry and fluctuations in oil prices affecting demand[5]. - The global new ship order volume in 2016 was 27.42 million deadweight tons, marking a 20-year low, indicating a weak global shipping market and ongoing adjustments in the shipbuilding industry[31]. - The marine engineering mooring chain segment saw a revenue drop of 49.16%, primarily due to reduced investments in oil and gas exploration caused by low oil prices[44]. - The company operates on a made-to-order production model, ensuring that raw materials are procured based on specific customer orders and production requirements[31]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of 0.3 CNY per 10 shares, totaling 28,782,000 CNY, subject to shareholder approval[2]. - The company proposed a cash dividend of 0.3 RMB per 10 shares, totaling 28.78 million RMB for 2016, which represents 53.36% of the net profit attributable to ordinary shareholders[78]. - The number of ordinary shareholders increased from 151,824 to 153,269 during the reporting period, indicating a growth in shareholder engagement[106]. Corporate Governance and Management - The company appointed Jiangsu Gongzheng Tianye Accounting Firm as the auditor for the 2016 fiscal year[83]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with relevant laws and regulations[127]. - The company has a structured compensation system approved by the shareholders' meeting for directors and by the board for senior management[120]. - The company has a diverse management team with extensive experience in various sectors, including finance, engineering, and technology[119]. Social Responsibility and Community Engagement - The company donated a total of 560,000 RMB for poverty alleviation efforts in 2016, participating in initiatives to improve rural living conditions[97]. - The company has committed to actively participating in social responsibility initiatives, focusing on poverty alleviation and environmental protection[101]. - The company plans to continue its involvement in national poverty alleviation projects and social welfare activities[97]. Financial Position and Assets - The company's total assets did not experience significant changes compared to the end of the previous year[32]. - The total assets of Jiangsu Yaxing Anchor Chain Co., Ltd. as of December 31, 2016, amounted to CNY 3,799,905,040.15, a decrease from CNY 3,841,775,416.28 at the beginning of the year[145]. - The company's total liabilities decreased from CNY 789,146,838.39 to CNY 757,795,666.28, reflecting a decline of approximately 4%[145]. - The company's total equity attributable to shareholders of the parent company was CNY 2,934,929,354.45, slightly down from CNY 2,938,558,226.32[145]. Risk Management - Approximately 60% of the company's products are exported, exposing it to foreign exchange risks[5]. - The company has a risk exposure of 60% in exports, making it sensitive to exchange rate fluctuations[75]. - The company faces market risks due to the ongoing downturn in the shipbuilding industry and the impact of oil price fluctuations on marine engineering demand[75].