Haixin Foods (SZ:002702)2014-03-19 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1.00 CNY per 10 shares to all shareholders based on the total share capital as of December 31, 2013[4]. - The company reported a cash dividend of RMB 1.00 per 10 shares, totaling RMB 14,140,000, based on a total share capital of 141,400,000 shares[76]. - In 2013, the company distributed cash dividends amounting to RMB 9,898,000, which accounted for 29.32% of the net profit attributable to shareholders[75]. - The company has not made any changes to its profit distribution policy during the reporting period, adhering to its established guidelines[71]. - The company’s cash dividend policy stipulates that at least 20% of profits should be distributed as cash dividends during profit distribution[76]. - The company committed to distributing no less than 20% of the annual distributable profits as cash dividends over the next three years, subject to board approval[84]. Financial Performance - The company's operating revenue for 2013 was CNY 754.48 million, an increase of 2.26% compared to 2012[19]. - The net profit attributable to shareholders decreased by 48.72% to CNY 33.75 million in 2013[19]. - The net cash flow from operating activities was CNY 60.05 million, down 7.8% year-on-year[19]. - The weighted average return on equity decreased to 4.29% from 16.53% in the previous year[19]. - The gross profit margin for the year was impacted by increased promotional activities due to industry competition[24]. - The total profit for the year was ¥43,747,566.13, down 44.5% from ¥78,763,638.37 in the previous year[167]. - The net profit for the year was ¥33,753,902.77, a decrease of 48.7% from ¥65,826,190.07 in the previous year[167]. - Earnings per share (EPS) decreased to ¥0.2387 from ¥0.5731, reflecting a decline of 58.3%[167]. Investments and Projects - The company invested CNY 98.56 million in fundraising projects during the year, with a total cumulative investment of CNY 142.03 million by the end of 2013[25]. - The company signed a share transfer letter of intent for the acquisition of the Jiaxing Songcun project to enhance its product structure and market competitiveness[27]. - The company has established a new production project with an annual capacity of 30,000 tons of fish paste products and meat products[8]. - The new annual production project for 30,000 tons of fish paste and meat products has a total committed investment of RMB 12.6 million, with a progress rate of 57.18% as of June 30[57]. - The marketing network construction project has a total committed investment of RMB 3.6 million, with a progress rate of 38.61% as of June 30[57]. Research and Development - The company is focused on developing new products and technologies to improve its market position[8]. - The company has a dedicated research and development center for fish paste and its products[8]. - Research and development expenditure for 2013 was 25,513,122.66 CNY, which accounted for 3.38% of operating revenue, up from 3.11% in 2012[37]. - The company plans to adjust the technology R&D center project to focus on high-end product development, with a revised investment plan to be approved by the board on March 18, 2014[57]. Market Expansion - The company expanded its distribution network to cover 34 provinces and cities, with a total of 16,992 distribution points established[28]. - The company aims to strengthen its competitive advantages through scale production and industry chain control, supported by new factory constructions and acquisitions[46]. - The company is actively exploring upstream and downstream business opportunities through mergers and acquisitions to accelerate industry chain integration[68]. - The company plans to enhance its marketing capabilities and establish a strong marketing organization to drive growth in its marine business[68]. Operational Efficiency - The company has a total of 8 wholly-owned subsidiaries, enhancing its operational capacity and market reach[8]. - The company has established a nationwide marketing network, enhancing its ability to promote new products and expand into new markets[47]. - The company is focusing on expanding its industrial scale and solidifying its industrial foundation, prioritizing the construction of high-end production lines and planning for an innovation park[68]. - The company has a commitment to maintaining accurate and complete financial reporting as stated by its management[3]. Governance and Compliance - The company has appointed Fujian Huaxing Accounting Firm as its auditor for the reporting period[17]. - The current accounting firm, Fujian Huaxing Accounting Firm, has been engaged for 7 consecutive years, with an audit fee of 700,000 RMB[86]. - The company has not faced any administrative penalties during the reporting period, indicating a stable operational environment[78]. - The company has disclosed important matters in its announcements during the reporting period[87]. - The company maintains a fully independent operational structure, with separate management systems for procurement, production, and sales, certified by ISO9001[134]. Employee Management - The company employed a total of 990 staff members as of December 31, 2013, with 53.33% being sales personnel[113]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 40.66 million, with an average of CNY 40.43 million received by each individual[110]. - The company adjusted employee salaries by 15% for the year 2013 based on operational performance and industry salary levels[118]. - The new employee training rate reached 100%, covering company overview, culture, policies, and safety knowledge[118]. Financial Position - Total assets increased to ¥985,717,529.02, up from ¥960,583,469.44, representing a growth of approximately 1.2%[158]. - Current assets decreased to ¥754,226,131.01 from ¥792,931,883.17, a decline of about 4.9%[158]. - Cash and cash equivalents dropped significantly to ¥322,508,579.30 from ¥521,683,119.44, a decrease of approximately 38.1%[158]. - Total liabilities increased to ¥188,443,281.27 from ¥177,267,124.46, an increase of approximately 6.6%[160]. - Owner's equity rose to ¥797,274,247.75 from ¥783,316,344.98, reflecting an increase of about 1.8%[160].