KDXC(SZ:002669)2016-03-28 16:00Financial Performance - The company's operating revenue for 2015 was CNY 726,980,466.81, representing a 37.90% increase compared to CNY 527,189,722.79 in 2014[24]. - The net profit attributable to shareholders for 2015 was CNY 112,544,189.00, a 60.99% increase from CNY 69,908,258.63 in 2014[24]. - The net profit after deducting non-recurring gains and losses was CNY 110,713,440.06, up 57.85% from CNY 70,137,777.24 in 2014[24]. - The basic earnings per share for 2015 was CNY 0.56, a 60.00% increase from CNY 0.35 in 2014[24]. - The total assets at the end of 2015 were CNY 904,974,068.31, reflecting a 16.68% increase from CNY 775,601,820.06 at the end of 2014[24]. - The net assets attributable to shareholders at the end of 2015 were CNY 720,736,505.99, a 15.84% increase from CNY 622,192,316.99 at the end of 2014[24]. - The net cash flow from operating activities for 2015 was negative CNY 30,756,169.66, a decline of 156.24% compared to CNY 54,682,678.71 in 2014[24]. - The weighted average return on equity for 2015 was 16.79%, an increase of 4.99% from 11.80% in 2014[24]. Revenue Breakdown - In 2015, the company's total revenue for the year was approximately 726 million RMB, with quarterly revenues of 165 million, 187 million, 190 million, and 184 million RMB respectively[28]. - The adhesive industry contributed ¥721,463,162.20, accounting for 99.24% of total revenue, with a growth of 37.41% from the previous year[52]. - The epoxy adhesive segment generated ¥532,270,905.96, representing 73.22% of total revenue, with a significant increase of 44.17% year-on-year[55]. - The company reported a significant increase in sales volume, reaching 23,110.21 tons, a 45.14% rise from 15,922.71 tons in 2014[56]. Research and Development - The company holds 28 authorized patents, including 20 invention patents, reflecting its strong commitment to innovation and R&D capabilities[37]. - The company has invested over 60 million RMB in R&D over the past three years, ensuring its competitive edge in the adhesive market[40]. - The company invested 24.44 million yuan in R&D, which increased by 16.07% year-on-year, to support product development and innovation[50]. - The company has developed new adhesive products and technologies, including butyl materials and polyimide foam insulation materials, to expand its product offerings[33]. Market Position and Strategy - The company has established a strong market position in the adhesive industry, focusing on high-end products and achieving significant recognition from high-end customers[37]. - The company aims to replace imported products with its own high-performance adhesives, enhancing its brand recognition and market share[34]. - The company maintained a leading position in the domestic market for solvent-free polyurethane composite film adhesives, with significant growth in both production and sales[48]. - The company’s market share in the wind power sector significantly increased, driven by strong demand and strategic focus on customer needs[47]. Challenges and Risks - The company faced challenges in the photovoltaic materials segment, with performance declining due to intensified price competition and changes in customer requirements[49]. - The company recognizes risks associated with macroeconomic downturns, particularly in sectors like wind power and photovoltaics, which significantly impact demand for industrial adhesives[102]. - The competitive landscape remains intense, with the company adjusting product prices to maintain market share while keeping overall gross margins high[102]. Profit Distribution - The board approved a profit distribution plan, proposing a cash dividend of CNY 1.08 per 10 shares[13]. - The company plans to distribute a cash dividend of RMB 1.08 per 10 shares, totaling RMB 21.6 million, which represents 20.04% of the net profit for 2015[118]. - The cash dividend for 2014 was RMB 0.70 per 10 shares, totaling RMB 14 million, accounting for 20.03% of the net profit for that year[121]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends increasing from RMB 12 million in 2013 to RMB 21.6 million in 2015[122]. Corporate Governance - The company has independent directors and supervisors with diverse backgrounds, including finance and law, enhancing governance[191]. - The company has established a remuneration committee to oversee the compensation structure and performance assessments for its executives[193]. - The company emphasizes strict quality control measures to mitigate risks related to product quality, especially for critical applications like wind turbine blades[103]. Employee Management - The total number of employees in the company is 432, with 398 in the parent company and 30 in major subsidiaries[197]. - The company has a structured training plan that includes onboarding, safety, management enhancement, and skills improvement[200]. - The company emphasizes a fair and legal compensation strategy aligned with national labor regulations[199]. - The company actively participates in employee recreational activities, enhancing employee morale and promoting cultural exchange within the industrial park[162]. Future Outlook - The company aims for a sales revenue of 956.41 million yuan in 2016, an increase of approximately 31.56% compared to the previous year[100]. - The net profit target for 2016 is 135.27 million yuan, reflecting a growth of about 20.19% year-on-year[100]. - The company plans to focus on high-performance, environmentally friendly products to replace imports as a key research and development strategy[100].