First(SH:603806)2015-04-09 16:00Financial Performance - The company's operating revenue for 2014 was CNY 2,385,859,481.97, representing a 21.89% increase compared to CNY 1,957,411,174.68 in 2013[29]. - The net profit attributable to shareholders for 2014 was CNY 432,093,782.28, a decrease of 27.45% from CNY 595,550,423.97 in the previous year[29]. - The net profit after deducting non-recurring gains and losses was CNY 393,503,719.57, down 19.84% from CNY 490,916,971.64 in 2013[29]. - The cash flow from operating activities for 2014 was CNY 99,873,177.29, a significant decline of 75.46% compared to CNY 406,969,101.14 in 2013[29]. - The total assets at the end of 2014 were CNY 4,260,069,271.05, an increase of 81.48% from CNY 2,347,363,371.81 at the end of 2013[29]. - The net assets attributable to shareholders increased to CNY 3,802,147,345.22, a 100% increase from CNY 1,901,087,781.54 in 2013[29]. - The company achieved operating revenue of RMB 2,385.86 million, representing a year-on-year growth of 21.89%[34]. - The net profit attributable to shareholders was RMB 432.09 million, a decrease of 27.45% compared to the previous year[34]. - The company's main business revenue in the photovoltaic industry reached approximately CNY 2.31 billion, with a year-on-year growth of 29.49%[56]. - The company's total revenue for the photovoltaic industry reached ¥1,481,730,261.53, accounting for 90.87% of total costs, with a year-on-year increase of 43.52%[44]. Cash Management and Investments - The company plans to distribute a cash dividend of CNY 4.5 per 10 shares, totaling CNY 180,900,000.00 for the year 2014[5]. - The company has been actively managing idle funds through various financial products to optimize returns[67]. - The company engaged in entrusted financial management with a total amount of RMB 30,000,000, yielding an annualized return of 5.20%[67]. - The company also invested RMB 6,000,000 in a financial product with a guaranteed return of 5.20%, generating a return of RMB 51.29[68]. - The company has a cash management plan that includes purchasing bank financial products, with a portion of the raised funds temporarily idle[74]. - The company reported a return of 4.00% on cash management products[72]. - The company has a commitment to use the raised funds in accordance with national laws and regulations, ensuring the safety of the investment plan[74]. - The company plans to manage idle funds effectively while ensuring compliance with investment commitments[74]. Research and Development - Research and development expenses amounted to RMB 88.44 million, reflecting a 12.50% increase from the previous year[40]. - The company implemented several new projects in R&D, including the launch of new anti-PID and anti-snail series products, which received positive feedback from major clients[36]. - The company has established a strong R&D capability with multiple patents and is a key contributor to the national standard for EVA film[63]. - The company is in the process of establishing the Zhejiang Foster New Materials Research Institute to enhance future R&D capabilities[63]. - The company plans to consolidate its technological leadership by increasing R&D investment in EVA film and backsheet products, aligning development with market demands[89]. Market and Sales Performance - Sales revenue from EVA film reached RMB 2,124.78 million, up 18.40% year-on-year, while sales revenue from backsheet products surged by 103.17% to RMB 187.74 million[41]. - Domestic revenue accounted for CNY 2.00 billion, growing by 17.44%, while international revenue increased significantly by 60.51% to CNY 341.12 million[58]. - The company expanded its customer base, with sales to the top five customers totaling RMB 1,137.94 million, accounting for 47.70% of total annual revenue[42]. - The average selling price of the main product EVA film decreased, while the average purchase price of EVA resin increased, impacting profitability[34]. Corporate Governance and Compliance - The company has established a comprehensive training system to enhance employee skills and career development[102]. - The company actively participates in social responsibility initiatives, including the establishment of the "Foster Love Scholarship Fund" to support underprivileged students[104]. - The company has received recognition as a "Green Enterprise" for its commitment to clean production and environmental protection[103]. - The company has implemented a sound corporate governance structure, ensuring clear responsibilities and compliance with laws and regulations[168]. - The company has committed to timely information disclosure in accordance with laws and regulations[112]. Risks and Challenges - The company faces risks from deteriorating customer operations, with a significant increase in accounts receivable and overdue payments being noted[93]. - The company is exposed to raw material price volatility risks, particularly related to EVA resin prices, which are closely linked to crude oil prices[93]. - The company is also at risk from exchange rate fluctuations, as a significant portion of its raw materials is imported and its products are exported, primarily in USD[94]. Shareholder and Equity Information - The company reported a total of 402,000,000 shares outstanding after the issuance of 60,000,000 new unrestricted shares[130]. - The weighted average return on equity decreased from 21.09% to 17.70% following the share issuance[131]. - Basic earnings per share declined from 1.26 to 1.21 after the share issuance[131]. - The company has a cash dividend policy that ensures at least 10% of the distributable profit is allocated to dividends, with specific minimum ratios based on the company's development stage[97]. - The company plans to distribute at least 10% of its distributable profits as dividends annually from 2014 to 2016, with cash dividends accounting for no less than 20% of the total profit distribution each year[99].