YINGLIU(SH:603308)2014-04-28 16:00Financial Performance - The company's operating revenue for 2013 was CNY 1,333,857,614.89, a decrease of 2.44% compared to CNY 1,367,272,691.66 in 2012[22]. - The net profit attributable to shareholders for 2013 was CNY 162,718,011.25, down 7.25% from CNY 175,436,199.47 in 2012[22]. - Basic earnings per share for 2013 were CNY 0.51, a decrease of 7.27% from CNY 0.55 in 2012[22]. - The weighted average return on equity decreased by 4.34 percentage points to 15.35% in 2013, down from 19.69% in 2012[22]. - The company's gross profit margin for specialized equipment components was 50.16%, down from 53.86% in the previous year[34]. - The company reported a net profit of CNY 92,399,663.89 for the year, reflecting a decrease of 9,239,966.39 compared to the previous year[181]. - The total comprehensive income for the year, including other comprehensive income, was CNY 165,583,654.88[170]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 100.60% to CNY 242,657,270.76 in 2013, compared to CNY 120,964,429.30 in 2012[22]. - Cash and cash equivalents rose by 34.49% to ¥476,383,300.98, representing 12.70% of total assets[44]. - The company's asset-liability ratio was 65.17% at the end of 2013, indicating a high level of debt risk[66]. - The total cash flow from financing activities decreased by 62.79%, totaling CNY 71,184,122.07 compared to CNY 191,287,002.31 in the previous year[31]. - The ending cash and cash equivalents balance for 2013 was CNY 334,575,006.53, up from CNY 245,289,731.63 at the beginning of the year, reflecting a positive cash position[165]. - The company reported a net increase in cash and cash equivalents of CNY 89,285,274.90 for the year, contrasting with a net decrease of -CNY 78,341,014.45 in the previous year[165]. Assets and Liabilities - The total assets as of the end of 2013 were CNY 3,751,722,422.04, reflecting a 13.02% increase from CNY 3,319,576,466.98 at the end of 2012[22]. - The total liabilities increased to CNY 2,565,200,995.45 from CNY 2,296,986,261.41, representing a rise of about 11.6%[145]. - The total equity attributable to shareholders rose to CNY 1,141,187,601.82, up from CNY 978,899,729.93, indicating an increase of approximately 16.6%[145]. - Short-term borrowings increased significantly to CNY 1,974,837,124.44 from CNY 1,444,732,250.32, representing a growth of approximately 37.0%[144]. Research and Development - The company's R&D expenditure totaled CNY 64,605,795.13, accounting for 4.84% of operating revenue and 5.44% of net assets[36]. - New product development initiatives are underway, with an investment of 200 million CNY allocated for R&D in advanced casting technologies[112]. Market Position and Strategy - The company maintained its position as the leading exporter of valve components in China, with a continued increase in market share[27]. - The company aims to enhance its international market presence and strengthen strategic partnerships with core customers[61]. - The company is focusing on developing high-end components for nuclear power and oil and gas industries to replace imports[61]. - The company plans to expand its market presence by entering two new provinces in China, aiming for a 5% market share in these regions within the next two years[112]. Dividend Policy - The company plans to distribute a cash dividend of CNY 0.82 per 10 shares, totaling CNY 32,800,820.00[4]. - The proposed cash dividend for 2013 is 32,800,820.00 RMB, which represents 20.16% of the net profit attributable to shareholders[78]. - The company emphasizes a stable dividend policy, prioritizing cash dividends when conditions permit[68]. Governance and Compliance - The governance structure of the company complies with relevant laws and regulations, ensuring independent operations from the controlling shareholder[126]. - The company has established a transparent information disclosure system and investor relations management[127]. - The board guarantees that the report content does not contain any false records, misleading statements, or significant omissions, and assumes responsibility for the report's authenticity and completeness[133]. Employee and Management - The total number of employees in the company is 3,331, with 825 in the parent company and 2,506 in major subsidiaries[122]. - The total remuneration for all directors, supervisors, and senior management in 2013 was 3.5 million yuan, with independent directors receiving a total of 120,000 yuan[119]. - The company employs a dynamic salary management policy based on market changes to motivate employees[123]. Environmental and Safety Practices - The company has established an environmental protection management team and adheres to a "green casting" philosophy, utilizing advanced equipment to minimize pollution[81]. - The company has a safety production committee to oversee compliance with safety regulations and has implemented various safety training programs for employees[82].