pingmei coal(SH:601666)2018-04-27 16:00Financial Performance - The company achieved a pre-tax profit of CNY 1,662,364,443.01 and a net profit attributable to shareholders of CNY 1,376,994,881.26 for the year 2017[5]. - The parent company reported a net profit of CNY 1,311,563,698.10 for the same period[5]. - The company plans to maintain a cash dividend distribution policy, with a minimum of 30% of the average distributable profit over the last three years when profitable[5]. - The company has received a standard unqualified audit report from its accounting firm, Asia-Pacific (Group) CPA[5]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, with a year-on-year change of 1,162.02%[20]. - The net profit attributable to shareholders was ¥1,376,994,881.26, a significant increase of 63.95% from ¥839,872,270.35 in the previous year[20]. - The basic earnings per share rose to ¥0.5832, reflecting a growth of 63.96% compared to ¥0.3557 in 2016[21]. - The weighted average return on equity increased to 11.65%, up by 3.45 percentage points from 8.2032% in 2016[21]. - The total profit reached 1.662 billion yuan, an increase of 806 million yuan year-on-year[38]. - The company reported a net cash flow from financing activities of ¥856,057,914.90, a significant increase of 224.25% compared to the previous year[41]. Revenue and Sales - In 2017, the company's operating revenue reached ¥20,741,502,359.03, representing a year-on-year increase of 35.02% compared to ¥15,362,154,529.35 in 2016[20]. - The company's main business revenue increased by 49.73% to ¥1,854,339,290, with coal sales revenue rising by 63.68% to ¥1,734,442,930[61]. - The total coal sales volume reached 2,690,780 tons, up 4.16% year-on-year[61]. - The average selling price of coal increased by 57.46% to ¥644.59 per ton[61]. - The sales volume of mixed coal was 12,614,613 tons, reflecting a year-over-year increase of 3.35%[46]. Production and Operations - The company achieved a raw coal production of 31.25 million tons, an increase of 1.36 million tons year-on-year[38]. - The company produced 3,125,100 tons of raw coal, a 4.55% increase from the previous year[61]. - The company completed 115 environmental pollution control projects, including 99 for air pollution control[36]. - The company increased the proportion of washed coal, with a total of 21.27 million tons of raw coal washed, an increase of 2.19 million tons year-on-year[37]. - The company has established a mature sales network and strategic partnerships, which provide a competitive advantage in coal sales[69]. Risk Management - The company has identified major risk factors including macroeconomic fluctuations, industry policy risks, safety risks, and environmental risks[8]. - The company emphasizes the importance of risk management in response to macroeconomic fluctuations and industry policy changes[93]. - The company has committed to ensuring the independence of its operations and decision-making processes, adhering to relevant laws and regulations[101]. Environmental and Social Responsibility - The company achieved a 30% reduction in major air pollutants and a 28% reduction in key water pollutants during the reporting period[142]. - The company maintained a 100% compliance rate for hazardous waste disposal and exceeded 100% in the comprehensive utilization rate of coal gangue[142]. - The company has actively engaged in poverty alleviation efforts, appointing five individuals as village secretaries to oversee local development projects[130]. - The company provided a total of RMB 1,203.297 million in funding for poverty alleviation efforts, helping 471 registered impoverished individuals to escape poverty[139]. - The company initiated a scholarship program, encouraging management to donate RMB 500 annually to support the education of children from low-income families[135]. Corporate Governance - The company has a diverse board with members having extensive experience in various roles within the coal industry[165]. - The total number of employees in the parent company is 80,706, while the total number of employees in major subsidiaries is 9,710, resulting in a combined total of 90,416 employees[174]. - The company held 6 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders through a combination of on-site and online voting[179]. - The board of directors consists of 15 members, including 5 independent directors and 1 employee director, with 13 board meetings held during the reporting period[180]. - The company has implemented a salary policy linking total salary expenses to economic performance, with various performance indicators for different units[175]. Investments and Acquisitions - The company completed the acquisition of 51% equity in Shanghai Xingdou Asset Management Company, making it a wholly-owned subsidiary[121]. - The company has completed the acquisition of coal mining assets in 2012, with the transaction's delivery procedures finalized[191]. - The company plans to acquire part of the assets from China Pingmei Shenma Group, indicating a focus on strategic asset consolidation[189]. - The company issued a non-public corporate bond of 1 billion RMB at a coupon rate of 7% on July 20, 2017[150]. Financial Structure and Debt - The company established a debt-to-equity fund with a total scale of RMB 2.50011 billion, with RMB 1.25 billion already received[123]. - The total amount of bonds issued by the company was RMB 4.5 billion, with 99% subscribed by institutional investors[199]. - The coupon rate for the bonds was 5.07%, with each bond (face value RMB 1,000) distributing interest of RMB 50.7 (tax included) annually[199]. Compliance and Legal Matters - There were no significant lawsuits or arbitration matters reported for the year[108]. - The company confirmed that there were no major changes in accounting policies or estimates during the reporting period[107]. - The company has not faced any risks of suspension or termination of its listing[108].