CHANGYU(SZ:000869)2014-05-26 16:00Dividend Distribution - The company plans to distribute a cash dividend of 5.00 RMB per 10 shares to all shareholders based on the total share capital as of December 31, 2013[6]. - For 2013, the company plans to distribute a cash dividend of CNY 342,732,000, which represents 32.70% of the net profit attributable to shareholders of CNY 1,048,185,927[81]. - The cash dividend policy stipulates that the annual profit distribution should not be less than 25% of the distributable profit for the year, with a cumulative cash distribution over the last three years not less than 30% of the average annual distributable profit[87]. - The total number of shares for the cash dividend distribution in 2013 is 685,464,000, with a proposed distribution of CNY 5 per 10 shares[85]. - The company retained CNY 705,453,927 of the net profit for the next year after the 2013 dividend distribution[89]. - The cash dividend for 2011 was CNY 801,465,600, which accounted for 42.02% of the net profit attributable to shareholders of CNY 1,907,208,732[83]. Financial Performance - The company's operating revenue for 2013 was CNY 4,320,948,572, a decrease of 23.44% compared to 2012[33]. - The net profit attributable to shareholders for 2013 was CNY 1,048,185,927, down 38.38% from the previous year[33]. - The basic earnings per share for 2013 was CNY 1.53, a decrease of 38.31% compared to CNY 2.48 in 2012[33]. - The total profit for 2013 was RMB 1,397,106,731, a decrease of 38.4% compared to RMB 2,270,175,758 in 2012[197]. - The comprehensive income attributable to shareholders of the parent company for 2013 was RMB 1,048,185,927, compared to RMB 1,700,928,117 in 2012[197]. Operational Overview - The company operates in the production, processing, and sales of wine, distilled spirits, and non-alcoholic beverages, with a focus on expanding its market presence[19]. - The company has outlined its operational scope, which includes wine production and related activities, indicating a stable business model[19]. - The company has maintained its registered address and contact information consistent with previous years, ensuring transparency in communication[16]. - The company has established a nationwide marketing network, enhancing its market expansion capabilities[62]. - The company has a strong research and development system, with a national-level wine research center, which supports product innovation[62]. Research and Development - The company increased its R&D investment by 11.60% in 2013, reflecting a growth in technology development expenditures[34]. - R&D expenditure for 2013 was CNY 12,310,000, accounting for 0.3% of operating revenue, an increase of 11.60% year-on-year[52]. - The company completed three provincial-level technology research projects, with the ice wine project achieving international leading standards[40]. - The company is investing in new technology development, allocating 50 million RMB for R&D in the upcoming year[135]. Market Challenges - The company acknowledges potential risks in its future operations and advises investors to consider market conditions and management efforts[13]. - The company faced significant pressure from increased competition and a decline in effective demand for high-end products due to external factors[33]. - The company is facing risks related to raw material price fluctuations, market input-output uncertainties, and product transportation challenges[74]. Asset Management - The total assets at the end of 2013 were CNY 8,001,532,444, a decrease of 1.5% from the previous year[33]. - The company's cash and cash equivalents decreased significantly to CNY 1,367,818,182, down 10.33% from CNY 2,227,470,828 in the previous year[58]. - Accounts receivable increased to CNY 177,109,516, representing 2.21% of total assets, up from 1.66% the previous year[58]. - Inventory decreased to CNY 2,121,117,437, accounting for 26.51% of total assets, down from 27.93%[58]. Corporate Governance - The company emphasizes the importance of accurate financial reporting and has confirmed the integrity of the annual report by its board and management[5]. - The company maintains independent operations from its controlling shareholder, ensuring no interference in decision-making or operations[148]. - The independent directors fulfilled their responsibilities and ensured the protection of minority shareholders' rights during the dividend decision-making process[79]. - The company has a complete and independent financial accounting system, ensuring compliance with tax obligations and independent financial decision-making[166]. Shareholder Information - The total number of shareholders at the end of the reporting period was 50,322, with 37,511 holding A-shares and 12,811 holding B-shares[116]. - Yantai Zhangyu Group Co., Ltd. holds 50.4% of the shares, amounting to 345,473,856 shares, with no changes during the reporting period[116]. - The company has no plans for significant share changes or new share issuances during the reporting period[113]. - The company has not engaged in any repurchase agreements during the reporting period[118]. Future Outlook - The company aims to achieve a revenue of no less than CNY 4.6 billion in 2014, with main business costs and three types of period expenses controlled below CNY 3.2 billion[71]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[135]. - Market expansion plans include entering two new international markets, aiming for a 5% market share within the first year[135]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB earmarked for potential deals[135].