XD INVESTMENT(SZ:000900)2014-04-01 16:00Financial Performance - The company's operating revenue for 2013 was CNY 1,754,154,760.33, representing a 3.82% increase compared to CNY 1,689,609,937.52 in 2012[22]. - The net profit attributable to shareholders for 2013 was CNY 539,654,232.96, a decrease of 16.75% from CNY 648,216,774.93 in 2012[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 522,207,699.86, down 15.82% from CNY 620,368,906.52 in 2012[22]. - The net cash flow from operating activities for 2013 was CNY 1,069,637,879.51, an increase of 3.31% from CNY 1,035,415,749.20 in 2012[22]. - The basic earnings per share for 2013 was CNY 0.69, a decrease of 16.87% compared to CNY 0.83 in 2012[22]. - The total assets at the end of 2013 were CNY 16,090,948,790.17, reflecting a 37.04% increase from CNY 11,742,136,816.87 at the end of 2012[22]. - The net assets attributable to shareholders at the end of 2013 were CNY 6,079,411,348.30, an increase of 8.28% from CNY 5,614,550,208.34 at the end of 2012[22]. - The weighted average return on equity for 2013 was 9.21%, down from 9.99% in 2012[22]. Revenue and Costs - In 2013, the company achieved total revenue of CNY 1.75 billion, representing a year-on-year growth of 3.82%[37]. - Operating costs increased to CNY 680.69 million, a rise of 13.23% compared to the previous year[30]. - The total operating cost for 2013 was CNY 620,353,232.35, which increased by 30.53% compared to 2012[50]. - The gross profit margin for the road transportation industry was 60.66%, a decrease of 7.44% from the previous year[50]. Investments and Financing - Investment activities resulted in a net cash outflow of CNY 3.87 billion, primarily due to increased expenditures on highway construction projects[31]. - Financing activities generated a net cash inflow of CNY 3.28 billion, significantly improving from a net outflow of CNY 1.15 billion in the previous year[31]. - Cash inflow from investment activities surged by 507.13% to CNY 999,678,236.10 in 2013, compared to CNY 164,655,853.53 in 2012[49]. - Cash outflow from investment activities increased by 87.07% to CNY 4,872,983,324.58 in 2013, primarily due to increased investments in highway construction[49]. - Short-term borrowings rose to CNY 1,170,000,000.00 in 2013, up from CNY 400,000,000.00 in 2012, marking an increase of 192.5%[54]. - Long-term borrowings increased significantly to CNY 4,823,800,000.00 in 2013, compared to CNY 1,000,000.00 in 2012, a rise of 482,280%[54]. Operational Developments - The company completed the construction of the Xuhai Expressway ahead of schedule, increasing its operational expressway mileage from 246 km to 338 km[31]. - The company’s subsidiaries generated revenue of CNY 177 million and a net profit of CNY 23.53 million, indicating strong performance in non-core business areas[34]. - The company’s management implemented enhanced internal controls and efficiency measures, contributing to improved operational effectiveness[34]. - The company maintained a stable operational environment, achieving zero major safety incidents or violations during the year[35]. - The company completed the quality improvement project for the Xiangtan to Leyang section of the Jinggang'ao Expressway, enhancing its core competitiveness in highway management and construction[59]. - The company’s highway operation mileage increased from 246 kilometers to 338 kilometers, enhancing its position in the Hunan province highway industry[60]. Research and Development - Research and development expenses rose by 72.15% to CNY 4.22 million, reflecting increased investment in environmental technology[30]. - Research and development expenses increased to CNY 4,216,517.82 in 2013, up from CNY 2,449,275.76 in 2012, representing a growth of 72.3%[45]. Corporate Governance and Shareholder Relations - The company has been actively involved in social responsibility initiatives, contributing to stakeholder development and community support[129]. - The company engaged in discussions regarding its future development strategy and the impact of national policies on its operations during investor meetings[130]. - The company’s cash dividend policy is compliant with its articles of association and has been executed transparently, ensuring the protection of minority shareholders' rights[117]. - The company reported a net profit attributable to shareholders of CNY 539,654,232.96 for 2013, with cash dividends accounting for 14.42% of this profit[124]. - The company distributed a cash dividend of CNY 1.50 per 10 shares for the 2012 fiscal year, resulting in a total cash dividend of CNY 77,837,350.50 for 2013, which is 14.42% of the net profit attributable to shareholders[124][125]. Future Outlook and Strategic Plans - The company plans to expand its investment in high-tech industries and real estate development, aiming for a diversified portfolio[81]. - Future guidance suggests a cautious outlook, with expectations of gradual recovery in the real estate market and continued growth in financial services[81]. - The company is focused on developing a five-year strategic plan (2014-2018) to guide its growth and operational strategies[199]. Risk Management - The company has identified various risks including policy and industry risks that may impact its development[12]. - The company faces risks from national policy adjustments, which could directly impact toll revenue due to government-controlled pricing[94]. - The company emphasizes the importance of cost control and budget management to maintain financial health[104]. Shareholding Structure - The total number of shareholders at the end of the reporting period was 78,466, an increase from 75,831 before the annual report disclosure[151]. - The largest shareholder, Hunan Provincial Highway Construction Development Company, holds 27.19% of shares, totaling 211,624,087 shares[153]. - The second largest shareholder, North China Highway Co., Ltd., holds 7.29% of shares, totaling 56,772,944 shares[153]. - The third largest shareholder, Tongliao Mongolian King Industrial and Trade Co., Ltd., holds 0.4% of shares, totaling 3,139,604 shares[153]. - The total number of shareholders with more than 5% ownership is 10, with no changes in the number of pledged or frozen shares reported[151]. Employee and Management Information - The company employed 2,498 staff members by the end of 2013, including 359 temporary employees, reflecting a significant increase compared to 2012[180]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 484.9 million CNY[176]. - The company’s senior management remuneration is determined based on the annual performance assessment results[174]. - The company’s governance structure is continuously improved to enhance operational standards and internal control systems[183].