BESTWAY(SZ:300008)2014-03-19 16:00Financial Performance - The company's operating revenue for 2013 was ¥236,938,440.25, a decrease of 11.11% compared to ¥266,539,224.46 in 2012[18]. - Operating profit fell to ¥5,944,015.56, down 72.22% from ¥21,398,595.67 in the previous year[18]. - Net profit attributable to shareholders decreased by 49.91% to ¥11,987,280.57 from ¥23,932,984.37 in 2012[18]. - Basic earnings per share dropped by 50% to ¥0.055 from ¥0.11 in 2012[18]. - The total assets at the end of 2013 were ¥642,753,407.86, a decrease of 1.38% from ¥651,721,655.10 in 2012[18]. - The total liabilities decreased by 3.17% to ¥105,525,187.16 from ¥108,983,476.37 in the previous year[18]. - The weighted average return on equity was 2.3%, down from 4.56% in 2012[18]. - The company reported a net profit of CNY 7,048,800, with a significant difference from the net cash flow from operating activities due to the collection of prior receivables[42]. - The company achieved a net profit attributable to shareholders of RMB 11,987,280.57 for the year 2013, with a total distributable profit of RMB 132,725,909.03 after accounting for statutory reserves and dividends[81]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥88,209,519.65, compared to a negative cash flow of ¥39,042,830.11 in 2012[18]. - Operating cash inflows totaled CNY 360,341,706.06, a 39.77% increase from 2012, while cash outflows decreased by 8.33% to CNY 272,132,186.41[40]. - Cash and cash equivalents increased from CNY 250,715,452.49 to CNY 300,310,560.78, an increase of approximately 19.8%[161]. - The total current assets decreased from CNY 438,947,940.18 to CNY 418,713,845.08, a decline of approximately 4.3%[161]. - The total current liabilities decreased from CNY 106,429,802.93 to CNY 99,991,926.83, a decline of about 6.5%[163]. Revenue and Sales - The total revenue from domestic operations was CNY 230,266,661.53, a decrease of 9.74% compared to the previous year, while overseas revenue increased by 39.02% to CNY 3,996,315.34[47]. - The company signed new sales contracts worth CNY 78,830.81 million in 2013, an increase of 351.79% year-on-year[33]. - The service revenue for 2013 is CNY 19,832.12 million, down 19.57% from the previous year, primarily due to the downturn in the shipbuilding industry[30]. - The manufacturing revenue increased by 161.75% to CNY 3,594.18 million, attributed to the successful sale of the first yacht[30]. Investments and Expenditures - The company plans to invest 500 million RMB in new product development and technological innovation[65]. - The company reduced its investment activity cash outflows by 34.88% to CNY 30,017,562.76, reflecting a decrease in expenditures on fixed and intangible assets[40]. - The company is currently in the process of asset restructuring, with materials submitted to the China Securities Regulatory Commission in December 2013[25]. - In 2013, the company's R&D expenditure was CNY 12,917,640.70, accounting for 5.45% of operating revenue, with 15 internal research projects completed[37]. Shareholder and Equity Information - The company maintained a total share capital of 218,484,000 shares throughout 2013[18]. - The cash dividend distribution plan for 2013 is set at RMB 0.50 per 10 shares, totaling RMB 10,924,200.00, which represents 100% of the profit distribution[79][81]. - Over the past three years, the company has implemented three profit distribution plans, with cash dividends in 2013 amounting to 91.13% of the net profit attributable to shareholders[84]. - The company has a capital reserve balance of RMB 139,548,947.32 at the end of 2013, indicating a strong financial position[81]. Market and Industry Outlook - The company experienced a significant decline in expected earnings due to a prolonged downturn in the shipbuilding and marine engineering industry[59]. - The global shipbuilding industry experienced a downturn, with new ship orders, completions, and hand-held orders all decreasing year-on-year, indicating a challenging environment for the company[70]. - The company plans to focus on integrating the shipbuilding and marine engineering design industry chain, emphasizing the development of yacht products and the tourism industry in 2014[75]. - Future strategies include enhancing technical services and expanding market presence in the marine engineering industry[62]. Corporate Governance and Compliance - The company has established a comprehensive insider information management system to ensure compliance with regulations and protect shareholder interests[85]. - There were no significant litigation or arbitration matters reported during the year, reflecting a stable legal environment for the company[90]. - The company has not faced any penalties from the China Securities Regulatory Commission or the Shenzhen Stock Exchange regarding internal control issues in 2013[146]. - The company has implemented a system for accountability regarding significant errors in annual report disclosures, which has effectively improved the quality of information disclosure[149]. Employee and Management Information - The total remuneration for directors, supervisors, and senior management in 2013 amounted to CNY 3.086 million, with independent director allowances totaling CNY 162,500[130]. - The company employed a total of 848 staff as of December 31, 2013, with 69.22% being technical personnel[135]. - The management team includes experienced professionals with backgrounds in engineering and finance, ensuring strong leadership in strategic decisions[126]. - The company has maintained a stable core technical team with no changes during the reporting period[134].