OFFCN EDU(SZ:002607)2014-04-08 16:00Profit Distribution and Financial Performance - The company proposed a profit distribution plan, distributing a cash dividend of 0.50 CNY per 10 shares and a capital reserve increase of 2 shares per 10 shares[5]. - The company declared a cash dividend of CNY 0.50 per 10 shares, totaling CNY 11,440,000.00 for the year 2013, which represents 100% of the total distributable profit[96]. - The net profit attributable to shareholders was CNY 47,309,079.44, a decrease of 38.63% from the previous year's profit of CNY 77,092,438.60[24]. - The basic earnings per share decreased to CNY 0.21, down 38.24% from CNY 0.34 in 2012[24]. - The company achieved total operating revenue of CNY 5,045,744,552.80 in 2013, representing a year-on-year increase of 22.28%[24]. - The total operating cost for 2013 was ¥4,715,124,000.93, a slight increase of 0.02% from ¥3,848,401,597.98 in 2012[39]. - The company reported a total profit for the current period of ¥37,359,326.46, a decrease of 54.4% from ¥81,990,895.72 in the previous period[194]. Governance and Internal Control - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no false statements or omissions[4]. - The company has a comprehensive internal control system to maintain operational integrity[9]. - The annual report includes a detailed governance section, highlighting the company's commitment to transparency[8]. - The company has implemented multiple regulations to enhance corporate governance, including the management of related party transactions and fundraising[153]. - The audit report issued by Huapu Tianjian Certified Public Accountants confirmed that the financial statements fairly represent the company's financial position as of December 31, 2013[181]. - No significant internal control deficiencies were identified during the reporting period, indicating a strong internal control environment[173]. Market Presence and Expansion - The company operates multiple wholly-owned subsidiaries, including those selling brands like Honda, Buick, and Toyota, enhancing its market presence[10]. - The company is focused on expanding its market share through strategic partnerships and acquisitions[10]. - The company is expanding its operations with new subsidiaries in various regions, including sales services for brands like Ford and Cadillac, which may contribute to revenue growth[12]. - The company aims to expand its automotive quick repair and maintenance services across all cities and communities in Anhui Province in the coming years[53]. - The company plans to open 9 new 4S stores in 2013, contributing to rapid growth in the automotive sales market[77]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development[191]. Risk Management and Compliance - The company is focused on risk management and has outlined potential risks and countermeasures in its board report, which is crucial for investor awareness[15]. - The company is committed to maintaining compliance with regulatory standards while expanding its operational capabilities[70]. - The company has established a strategy to cultivate a high-quality workforce to support its rapid development and market expansion[87]. - The company is actively monitoring its financial leverage and guarantee practices to ensure compliance with regulatory standards[114]. Sales and Revenue Performance - The number of vehicles sold reached 36,715 units, a 20.86% increase compared to 30,379 units sold in 2012[29]. - The total revenue from automotive sales reached ¥4,503,401,409.48, with a gross margin of 2.42%[46]. - The company reported a total of 222,155 million in approved guarantees for subsidiaries during the reporting period, with actual guarantees amounting to 87,356.82 million[114]. - The company achieved a total asset value of 77.52 million and a net asset value of 23.98 million in 2012[69]. Employee and Management Structure - The total number of employees as of December 31, 2013, is 3,121, with service staff constituting 44.44% of the workforce[148]. - The company has a diverse management team with members holding advanced degrees from prestigious institutions, contributing to its operational effectiveness[139]. - The company has implemented a shareholding incentive plan for its executives to align their interests with those of shareholders[137]. - The independent directors, including Zhao Dingtai, Zhou Youmei, and Cheng Yanlei, each received a remuneration of 5 million CNY during the reporting period[147]. Strategic Acquisitions and Investments - The company acquired 60% of Xuancheng Yaxia Automobile Sales Co., Ltd. for a transaction price of 238.24 million CNY, which is expected to contribute a small impact on the company's performance with a net profit ratio of -0.34%[105]. - The company also acquired 40% of Huainan Yaxia Automobile Sales Co., Ltd. for a transaction price of 158.82 million CNY, similarly expected to have a minor impact with a net profit ratio of -0.34%[105]. - The company has provided external guarantees totaling 1,000 million CNY for Wuhu Zhongai Automobile Sales Service Co., Ltd. with a pledge type guarantee for 6 months[108]. Financial Position and Cash Flow - The total assets at the end of 2013 were CNY 2,986,103,887.44, reflecting a 25.83% increase from CNY 2,373,112,937.65 at the end of 2012[24]. - The net cash flow from operating activities increased by 112.46% to CNY 86,196,760.70, compared to CNY 40,570,565.51 in 2012[24]. - The cash flow from financing activities has a net inflow of ¥190,571,353.78, down 61.8% from ¥499,351,903.61 in the previous period[198]. - The company's total assets decreased from ¥563,214,480.62 at the beginning of the period to ¥523,470,847.77 at the end of the period, a decline of 7.0%[198].