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ST贵人(603555) - 2017 Q4 - 年度财报
GuirenniaoGuirenniao(SH:603555)2018-04-27 16:00

Financial Performance - The company's operating revenue for 2017 was CNY 3,252,075,597.67, representing a 42.70% increase compared to CNY 2,279,020,179.02 in 2016[23]. - The net profit attributable to shareholders for 2017 was CNY 157,307,658.42, a decrease of 46.25% from CNY 292,659,802.91 in 2016[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 89,025,962.49, down 65.22% from CNY 255,935,719.62 in 2016[23]. - The net cash flow from operating activities increased by 168.32% to CNY 633,306,310.16 from CNY 236,023,830.68 in 2016[23]. - As of December 31, 2017, total assets were CNY 7,582,562,217.31, a decrease of 4.06% from CNY 7,903,696,177.21 in 2016[23]. - The company's total equity attributable to shareholders was CNY 2,327,188,210.96, down 16.53% from CNY 2,787,896,662.75 in 2016[23]. - Basic earnings per share decreased by 47.50% to CNY 0.2502 compared to CNY 0.4766 in the previous year[24]. - The weighted average return on equity dropped by 6.07 percentage points to 6.27% from 12.34% in the previous year[24]. - The net profit attributable to shareholders decreased significantly due to increased asset impairment losses and rising financial and management expenses[25]. - The company incurred management expenses of CNY 239.44 million, a 52.30% increase compared to the previous year[59]. - Financial expenses rose to CNY 227.57 million, a 50.28% increase year-on-year, due to rising financing costs[59]. Revenue Sources and Business Operations - The total revenue for the year increased substantially due to the full-year consolidation of newly acquired companies[25]. - The main business includes the research, production, and sales of the Guirenniao brand sports shoes and apparel, with a focus on self-owned brand products primarily for consumer sports and leisure[34]. - The company operates a wholesale sales model, with major partnerships including Nike, Adidas, UA, Converse, New Balance, Li Ning, Skechers, Asics, DC, and PUMA, covering various sports apparel and equipment[34]. - The company has developed a robust marketing network management system to support dealers in enhancing their profitability and managing retail operations[37]. - The subsidiary, Mingxianku, operates an e-commerce platform and provides agency services for sports brands, contributing significantly to the company's revenue[40]. - The company’s main business in the sports shoe sector generated revenue of CNY 3,046,864,997.85, with a gross margin of 32.76%[73]. - The company’s retail network covers 3,730 stores across 31 provinces, with a total retail area of 303,156.26 square meters, focusing on third and fourth-tier cities where consumers prefer domestic brands[47]. Market Trends and Industry Insights - The sports goods market in China grew by 12.0% in 2017, reaching RMB 212 billion, with a projected compound annual growth rate of 8% until 2022, potentially reaching RMB 318 billion[43]. - The sports industry’s added value increased from over RMB 220 billion in 2010 to nearly RMB 550 billion in 2015, with an average nominal growth rate of close to 20%, significantly outpacing GDP growth[43]. - The sports industry’s contribution to GDP rose from 0.56% to 0.8% from 2010 to 2015, with expectations to exceed 1% by 2020[43]. - The company is actively participating in the national fitness promotion plan, capitalizing on the trend of sports becoming a part of everyday life[46]. - The company aims to transition from traditional sports footwear operations to a comprehensive sports industry operation strategy, focusing on mergers and acquisitions with clear profit models[123]. Research and Development - As of December 31, 2017, the company had 511 R&D personnel, with a total of 364 patents, including 28 invention patents, 156 utility model patents, and 180 design patents[49]. - The company has established a sports science laboratory to enhance its R&D capabilities and ensure product alignment with consumer demands for professional, comfortable, stylish, and healthy sportswear[49]. - The company emphasizes product research and development, aligning with consumer preferences to improve product features and functionality[42]. - The R&D design process begins approximately one year before product launch, utilizing market research data to inform future product designs[35]. - Research and development expenses rose by 30.75% to CNY 58,090,750.54[70]. Acquisitions and Investments - The company acquired exclusive rights to the AND1 brand for 30 years, allowing it to manufacture and distribute products in mainland China and Hong Kong, Macau, and Taiwan[50]. - The company invested CNY 200 million to acquire the trademark assets of the PRINCE brand in China and South Korea, gaining perpetual rights to core patents and technologies[59]. - The company acquired 49% equity in Mingxieku for CNY 367.50 million, becoming its sole shareholder[58]. - The company has established a joint venture with Hupu to create a sports industry fund, investing in multiple "Internet+" concept projects[53]. - The company’s sports industry fund has invested in various companies, including a sports app and a professional football equipment retailer, enhancing its market presence[115]. Financial Management and Shareholder Relations - The company distributed a cash dividend of CNY 2.50 per 10 shares, totaling CNY 157,150,535.75 based on a total share capital of 628,602,143 shares as of December 31, 2017[6]. - The company has committed to not transferring or entrusting the management of its directly held shares for 36 months from the date of its stock listing, which started on January 24, 2014[141]. - The company will repurchase all new shares if there are false records or misleading statements in its prospectus, with the repurchase price not lower than the issuance price plus interest[141]. - The company has a plan to stabilize its stock price if the closing price falls below the latest audited net asset value for 20 consecutive trading days[146]. - The company’s cash dividend distribution plan reflects a commitment to returning value to shareholders while maintaining a healthy profit distribution strategy[137]. Corporate Governance and Compliance - The company has established a commitment to ensure that its financial disclosures are accurate and comply with legal standards[142]. - The company will hold its annual general meeting to address any failures to fulfill commitments within specified timeframes[142]. - The company’s controlling shareholder will respect the company’s independent operation and decision-making[143]. - The company will take necessary actions to protect investors' rights in case of any breaches of commitments[143]. - The company reported no significant litigation or arbitration matters during the fiscal year[156]. Social Responsibility and Community Engagement - The company donated a total of RMB 5.1805 million in 2017, with RMB 156,000 specifically allocated for targeted poverty alleviation efforts[174]. - The company participated in the "Hundred Enterprises Help Hundred Villages" targeted poverty alleviation initiative, collaborating with local government agencies[174]. - The company has committed to continue supporting local government poverty alleviation efforts and enhancing vocational training for impoverished populations[177].