XI'AN TOURISM(SZ:000610)2014-08-04 16:00Financial Performance - The company's operating revenue for 2012 was CNY 851,729,863.12, representing a 9.94% increase compared to CNY 774,731,867.07 in 2011[19] - The net profit attributable to shareholders for 2012 was CNY 21,122,407.70, a decrease of 23.29% from CNY 27,535,771.62 in 2011[19] - The net profit after deducting non-recurring gains and losses was CNY 24,269,586.76, down 39.57% from CNY 40,160,416.19 in the previous year[19] - The basic earnings per share for 2012 was CNY 0.1074, down 23.29% from CNY 0.1400 in 2011[19] - The return on equity (ROE) for 2012 was 4.73%, a decrease of 1.74% from 6.47% in 2011[19] - The company achieved a total operating revenue of CNY 851.73 million, with tourism service revenue of CNY 707.30 million, an increase of CNY 361.93 million, representing a growth of 104.80% year-on-year[30] - The company's total profit amounted to CNY 31.41 million, a decrease of CNY 2.08 million, reflecting a decline of 6.20% compared to the previous year[30] - Net profit for the period was CNY 21.12 million, down CNY 6.39 million, which is a decrease of 23.19% year-on-year[30] - The company reported a net profit margin improvement, with net profit increasing due to better cost management despite rising revenues[191] Cash Flow - The net cash flow from operating activities was CNY 73,157,480.26, a decline of 10.24% compared to CNY 81,500,988.86 in 2011[19] - The net cash flow from operating activities was CNY 73.16 million, a decrease of CNY 8.34 million, representing a decline of 10.24% compared to the previous year[30] - The net cash flow from operating activities decreased by 10.24% year-on-year, amounting to ¥73,157,480.26, primarily due to increased cash payments to employees and taxes[40] - The net cash flow from investment activities increased by 40.57% year-on-year, totaling -¥18,828,694.40, attributed to cash recovered from investments and increased investment income[41] - The net cash flow from financing activities decreased by 61.56% year-on-year, resulting in -¥50,940,472.51, mainly due to a reduction in cash received from borrowings[41] Assets and Liabilities - Total assets at the end of 2012 were CNY 628,454,368.16, a decrease of 5.60% from CNY 665,747,254.15 at the end of 2011[19] - The net assets attributable to shareholders increased by 4.84% to CNY 457,564,886.07 from CNY 436,442,478.37 at the end of 2011[19] - Cash and cash equivalents at the end of 2012 were CNY 73,628,843.98, compared to CNY 70,275,522.17 at the beginning of the year, showing a growth of 3.63%[185] - Accounts receivable increased to CNY 28,170,197.54 from CNY 18,340,619.81, representing a significant rise of 53.47%[185] - Total liabilities decreased from CNY 229,304,775.78 to CNY 169,480,577.09, a decrease of 26.06%[187] - Shareholders' equity increased to CNY 458,973,791.07 from CNY 436,442,478.37, reflecting a growth of 5.77%[187] Business Strategy and Operations - The company has undergone changes in its business scope, focusing on hotel management, catering services, and tourism product development[16] - The company established the Guanzhong Inn Management Company and Property Management Company, enhancing its operational structure and expanding its business scope[30] - The company is focusing on developing a chain hotel business with a differentiated competitive strategy, aiming for professional management and brand expansion[49] - The company plans to expand the "Xi'an Tourism Guanzhong Inn" brand chain hotels, having successfully opened two locations by the end of the reporting period[58] - The company aims to enhance operational efficiency by focusing on project-driven benefits and professional management team effectiveness[58] - The company plans to implement a project-driven strategy, focusing on developing, planning, and reserving major projects[61] - The company plans to expand the "Guanzhong Inn" chain cautiously, ensuring no losses and increasing cash flow[61] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.20 per 10 shares to all shareholders[5] - The profit distribution plan for 2012 includes a cash dividend of 0.20 yuan per share, totaling 3,934,958.02 yuan, which represents 18.63% of the net profit attributable to shareholders[74][76] - The cumulative cash dividend over the last three years accounted for 15.61% of the average annual net profit[77] - The company has actively engaged with investors regarding its cash dividend policy, leading to the establishment of a three-year shareholder return plan[74] Governance and Management - The company has a diverse board composition with independent directors contributing to governance and oversight, enhancing decision-making processes[139] - The company maintained a governance structure compliant with the Company Law and relevant regulations, ensuring effective operation and investor protection[149] - The company has a performance evaluation and incentive mechanism for senior management, linking compensation to company performance[163] - The company has established training programs focusing on management team training and skill development for frontline employees[145] - The company has a total of 23,175 shares held by the supervisory board members, indicating a stable governance structure[135] Regulatory and Compliance - The company faced regulatory scrutiny and was required to correct its 2012 and 2013 annual reports due to accounting discrepancies[112] - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2012[182] - The company has implemented strict insider information management, with no reported violations during the reporting period[150] - The company has no related party transactions that could compromise its independence from the controlling shareholder[162] Employee and Human Resources - The company had a total of 2,527 employees as of December 31, 2012, with 1,300 retirees, incurring retirement expenses of 956,300 yuan[145] - The employee composition includes 955 production personnel, accounting for 37.79% of the total workforce, and 958 individuals in other roles, also 37.91%[146] - The company has maintained a strong focus on human resources, with a structured approach to compensation and performance evaluation for its executives[140]