SENSTEED(SZ:000981)2015-04-20 16:00Dividend Policy - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares based on a total of 859,005,200 shares, which represents a total cash distribution of approximately 103.08 million CNY[6]. - The company implemented a cash dividend policy, distributing 1.20 RMB per 10 shares, totaling 103,080,624 RMB in cash dividends for the 2013 fiscal year[87]. - The company proposed a cash dividend of RMB 1.20 per 10 shares for 2014, totaling RMB 103,080,624, which represents 16.85% of the net profit attributable to shareholders[89]. - The total distributable profit for 2014 was RMB 195,791,394.97, with the cash dividend accounting for 100% of the profit distribution[90]. - The company has a cash dividend policy that mandates a minimum of 20% of profit distribution in cash during its growth phase[90]. - Over the past three years, the cash dividends were RMB 95,349,577.20 in 2012, RMB 103,080,624 in 2013, and RMB 103,080,624 in 2014, showing a consistent dividend policy[89]. - The company has retained RMB 92,710,770.97 of undistributed profits for future distribution[90]. Financial Performance - The company's operating revenue for 2014 was ¥6,313,640,137.18, representing a 37.11% increase compared to ¥4,604,869,425.49 in 2013[26]. - The net profit attributable to shareholders for 2014 was ¥611,755,223.85, a decrease of 3.80% from ¥635,937,580.98 in 2013[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥544,182,789.02, down 7.99% from ¥591,432,265.74 in 2013[26]. - The company's total assets at the end of 2014 were ¥26,502,315,170.55, an increase of 10.36% from ¥24,013,482,003.04 at the end of 2013[26]. - The net assets attributable to shareholders at the end of 2014 were ¥4,737,169,248.50, up 11.41% from ¥4,252,186,183.41 at the end of 2013[26]. - The basic earnings per share for 2014 were ¥0.710, a decrease of 4.05% from ¥0.740 in 2013[26]. - The weighted average return on equity for 2014 was 13.55%, down from 15.90% in 2013[26]. - The net cash flow from operating activities for 2014 was negative at ¥539,634,348.59, compared to a negative ¥30,770,359.18 in 2013[26]. - The company reported non-operating income from government subsidies amounting to ¥27,208,827.15 in 2014, compared to ¥22,203,635.31 in 2013[28]. - The company reported a total revenue of 2.683 billion yuan and a net profit of 571.1 million yuan for the year ending December 31, 2014[73]. Governance and Compliance - The board of directors confirmed that all members attended the meeting to review the annual report, ensuring the accuracy and completeness of the financial statements[5]. - The company is committed to maintaining transparency and accountability in its financial reporting, with key management personnel affirming the integrity of the financial data presented[5]. - The company's governance structure includes a board of directors and supervisory board, ensuring oversight and compliance with regulatory requirements[9]. - The company emphasizes enhancing internal control systems and governance to mitigate operational risks and ensure healthy development[34]. - The company has established a comprehensive and effective internal control management system, ensuring compliance and asset security[186]. - The company strictly adheres to corporate governance standards, ensuring compliance with relevant laws and regulations[168]. - The company has maintained independence from its controlling shareholder in various aspects, including personnel and financial operations[168]. Strategic Focus and Market Position - The report indicates that the company is focused on expanding its market presence through strategic investments and acquisitions in the real estate sector[12]. - The company is actively involved in various real estate projects, indicating a robust pipeline for future developments[12]. - The company has ongoing projects in multiple cities, including Ningbo, Shanghai, and Nanchang, indicating a broad market expansion strategy[41]. - The company aims to achieve large-scale development and socialized financing, optimizing its product structure and regional distribution[64]. - The company is committed to diversifying its business by exploring opportunities in tourism real estate, senior housing, and overseas real estate markets[76]. - The company is facing significant challenges in the real estate market due to economic pressures and the need for inventory reduction in many cities[74]. Operational Efficiency and Management - The company focused on inventory reduction and cash recovery as key operational strategies amid a challenging real estate market[32]. - The company aims to accelerate sales speed, optimize project layout, and enhance operational capabilities to ensure the timely commencement of 4 new projects, sales of 9 projects, and completion of 9 projects[76]. - The company plans to enhance operational management and engineering quality through standardized management practices to improve efficiency and reduce costs[79]. - The company has established a comprehensive salary and incentive mechanism linked to performance, enhancing employee motivation and productivity[164]. - The company conducted 188 training sessions in 2014, with a total of 4,092 participations and an overall satisfaction rate exceeding 90%[165]. Investments and Acquisitions - The company completed a major asset restructuring in May 2011, changing its main business to real estate development and operation[22]. - The company acquired 6 new projects through bidding and mergers, adding a land area of 715,700 square meters and a construction scale of 1,032,400 square meters[37]. - The company has completed the acquisition of 70% equity in Ningbo Futian Real Estate for a transaction price of 21 million yuan, which is expected to positively impact the company's operations[101]. - The acquisition of 70% equity in Ningbo Hengrui Real Estate was completed for 7 million yuan, with no significant impact on the company's profit and loss[101]. - The company has finalized the acquisition of 20% equity in Yuyiao Yinyi Department Store for 2 million yuan, resulting in a loss of 651,900 yuan[101]. - The company has successfully acquired 50% equity in Jeju Yuhaitang for 58.9732 million yuan, with no impact on the company's profit and loss[101]. Risk Management - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting the importance of investment risk awareness[6]. - The company is facing operational risks due to the long development cycles and large investment scales associated with real estate projects[78]. - The company has made commitments to ensure the independence of its management and financial operations, including maintaining separate bank accounts and independent financial decision-making[118]. - The company has committed to maintaining a limit on the proportion of related directors in the board to no more than 50% post-restructuring[118]. Employee and Management Structure - The company has a total of 8 senior management personnel, including the president and executive president[153]. - The total remuneration for directors, supervisors, and senior management in 2014 amounted to CNY 13.6005 million[156]. - The company has a diverse management team with backgrounds in engineering, finance, and real estate development[153]. - The company has a total of 4,444 employees, with 3,471 in property management[162]. - The company has established a salary management system that aligns with the overall salary levels of independent directors in the real estate industry[156]. Audit and Internal Control - The internal control audit was conducted by Tianjian Accounting Firm, with a fee of RMB 550,000[120]. - The audit report issued by Tianjian Accounting Firm provided a standard unqualified opinion on the financial statements[197]. - The internal control evaluation report indicated no non-financial reporting internal control deficiencies[192]. - The company reported no significant deficiencies in financial reporting internal controls as of the evaluation report date[192].