TJBE(SZ:000695)2016-03-18 16:00Shareholder Structure and Control - The company reported a significant change in its major shareholder structure, with Jingjin Culture holding 25% of the shares as of December 31, 2015, becoming the controlling shareholder[14]. - The company’s actual controller is the Tianjin Municipal Finance Bureau, following the changes in shareholding[14]. - The company completed a change of control in September 2015, with the new controlling shareholder, Tianjin Culture Planning, planning to assist in expanding cultural media business while integrating existing thermal power operations[137]. - The actual controller of the company is the Tianjin Finance Bureau following the completion of the share transfer[127]. - The major shareholder, Tianjin TEDA Holdings, decided to terminate the major asset restructuring plan and initiated the transfer of its 25% stake in the company on May 22, 2014[127]. Financial Performance - The company's operating revenue for 2015 was ¥607,393,382.79, a decrease of 7.64% compared to ¥657,629,786.23 in 2014[16]. - Net profit attributable to shareholders was ¥3,427,107.31, representing a slight increase of 1.80% from ¥3,366,674.89 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was ¥3,231,509.06, which is an increase of 11.52% compared to ¥2,897,676.84 in 2014[16]. - Total assets at the end of 2015 were ¥1,116,416,675.20, a slight increase of 0.28% from ¥1,113,335,794.85 at the end of 2014[16]. - The company's net assets attributable to shareholders increased by 1.33% to ¥323,837,061.32 from ¥319,591,797.78 in 2014[16]. Revenue Sources - The revenue from steam sales was CNY 561.47 million, accounting for 92.44% of total revenue, down 9.12% year-on-year[34]. - The revenue from electricity sales increased by 18.96% to CNY 45.01 million, representing 7.41% of total revenue[34]. - The company's gross margin for steam sales was 4.32%, a decrease of 0.42% compared to the previous year[36]. - The major customer, Tianjin TEDA Jilian Thermal Power Co., Ltd., accounted for 92.27% of total sales, with sales amounting to CNY 634.46 million[42]. Cash Flow and Investments - Net cash flow from operating activities decreased by 16.12% to ¥73,308,637.22 from ¥87,401,218.66 in 2014[16]. - Cash and cash equivalents increased by 444.50% to ¥16,978,729.43 in 2015 from ¥3,118,221.81 in 2014[48]. - Investment cash outflow decreased significantly by 31.77% to ¥28,930,080.15 in 2015, down from ¥42,399,640.54 in 2014[48]. - The company plans to raise funds through a non-public offering to invest in internet education and cultural media projects[63]. Management and Governance - The company has established a comprehensive governance structure with a clear delineation of roles among directors, supervisors, and senior management[169]. - The management team includes individuals with significant experience in energy development and management, contributing to strategic decision-making[168]. - The company has implemented a performance evaluation mechanism to ensure the effectiveness of its compensation system[178]. - The board of directors has enhanced investor relations management, improving communication with investors and addressing their concerns[184]. Environmental and Operational Initiatives - The company has made significant investments in upgrading its facilities, including the transformation of desulfurization systems and other environmental improvements, which have been transferred to fixed assets[28]. - The company has implemented environmental protection upgrades, investing significant funds to meet new environmental standards, with projects like dust removal and denitrification already completed and operational[140]. - The company has established an environmental monitoring platform to ensure compliance with pollution discharge standards, reflecting its commitment to social responsibility[139]. Related Party Transactions - The company has been involved in related party transactions with Tianjin TEDA Jilian Thermal Power Co., Ltd., which is considered an affiliate due to shared management[132]. - The company reported a related party transaction amounting to 1,722,000 RMB for leasing agreements with Tianjin Teda Investment Holding Co., Ltd.[90]. - The company identified and corrected disclosure issues regarding its related party transactions, ensuring compliance with the Shenzhen Stock Exchange regulations[133]. Employee and Compensation Structure - The company employed 232 staff members and had 28 retired employees at the end of the reporting period[173]. - Total employee compensation for the period was 98.54 million CNY, representing 16.22% of the total operating revenue[179]. - Average compensation for senior management was 3.19 million CNY per person, while the average for all employees was 1.589 million CNY per person[179]. Internal Controls and Audit - The company has established and implemented internal controls in accordance with relevant regulations[199]. - The audit revealed no major deficiencies in internal control systems[200]. - The internal control over financial reporting was deemed effective as of December 31, 2015[200].