浙江众成(002522) - 2017 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2017 was CNY 635,085,675.75, representing a 17.87% increase compared to CNY 538,793,260.45 in 2016[17] - The net profit attributable to shareholders decreased by 34.23% to CNY 68,003,274.80 from CNY 103,395,241.38 in the previous year[17] - The net profit after deducting non-recurring gains and losses was CNY 51,764,680.45, down 42.95% from CNY 90,730,652.33 in 2016[17] - Basic earnings per share decreased by 33.33% to CNY 0.08 from CNY 0.12 in 2016[17] - The company's net profit for the year was CNY 100.59 million, a decrease of 10.66% compared to the previous year[38] - The company reported a net profit of -87,402,660 for the year, significantly impacting overall performance due to high management and financial costs during the project construction phase[99] Cash Flow - The net cash flow from operating activities was negative at CNY -199,905,927.77, a decline of 234.28% compared to CNY 148,870,583.81 in 2016[17] - The net cash flow from operating activities was CNY 10.94 million, a significant improvement compared to a negative cash flow of CNY 4.14 million in 2016[22] - Operating cash inflow totaled ¥661,400,299.70, a 14.26% increase from the previous year[62] - Operating cash outflow surged by 100.31% to ¥861,306,227.47, resulting in a net cash flow from operating activities of -¥199,905,927.77, a decline of 234.28%[63] - Investment cash inflow increased by 16.23% to ¥1,758,714,178.69, while outflow rose by 19.27% to ¥2,126,729,458.36, leading to a net cash flow of -¥368,015,279.67[63] - Financing cash inflow decreased slightly by 1.03% to ¥1,026,737,617.35, but cash outflow dropped significantly by 66.81% to ¥292,954,453.94, resulting in a net cash flow of ¥733,783,163.41, up 374.33%[63] Assets and Investments - Total assets at the end of 2017 were CNY 2,934,323,776.85, an increase of 40.72% from CNY 2,085,223,171.06 at the end of 2016[17] - The net assets attributable to shareholders increased by 24.93% to CNY 1,812,122,883.20 from CNY 1,450,480,813.98 in 2016[17] - The company has established a wholly-owned subsidiary in the U.S. with an investment of approximately USD 9.8 million, representing 2.55% of the company's net assets[31] - The company has invested CNY 27.14 million in R&D, a 35.24% increase from the previous year, accounting for 4.45% of total revenue[38] - The company has invested 9,517,696.07 yuan in a high-performance functional polypropylene film project, with a total actual investment of 31,834,510.86 yuan[78] Revenue Breakdown - The company achieved a revenue of CNY 610.61 million in 2017, representing a year-on-year growth of 15.19%, with POF cross-linked film revenue increasing by 25.59%[38] - The company’s overseas revenue reached CNY 355.69 million, making up 56.01% of total revenue, with a slight increase of 0.25% year-on-year[43] - The company’s domestic revenue was CNY 253.47 million, accounting for 39.91% of total revenue, showing a slight decrease of 0.16% year-on-year[43] - The company sold over 25,000 tons of POF shrink film in 2017, maintaining its position as the largest producer in China and the second largest globally[29] Research and Development - The company has a significant focus on R&D, continuously introducing high-end and new products, which has led to a diverse product range in the POF shrink film sector[32] - The number of R&D personnel rose by 38.33% to 83, accounting for 10.40% of the total workforce[60] - The company is committed to increasing its R&D efforts to develop new products and technologies, aiming to avoid risks associated with a single product structure[110] Risks and Challenges - The company faces risks including raw material price fluctuations, supplier concentration, and exchange rate volatility[5] - The company has identified risks related to raw material price fluctuations, particularly due to its reliance on linear low-density polyethylene and copolymer polypropylene, which are linked to international oil prices[106] - The company acknowledges a talent shortage risk, particularly in specialized R&D and management roles, which could hinder business development[109] - The company faces foreign exchange risk as over 80% of its raw materials are sourced internationally, and approximately 60% of its revenue comes from exports, primarily denominated in USD[107] Dividend Policy - The company plans to distribute a cash dividend of CNY 0.60 per 10 shares, totaling CNY 54,347,732.22 based on the total share capital of 905,779,387 shares[5] - The total cash dividend for 2017 is RMB 54,346,763.22, which accounts for 28.8% of the distributable profit of RMB 188,969,713.56[122] - The company has committed to maintaining a minimum cash dividend ratio of 20% during profit distribution[122] Corporate Governance - The company is committed to improving its governance structure and ensuring compliance with regulatory requirements to support sustainable development[103] - The company has adhered to all commitments made by its actual controllers and shareholders during the reporting period[123] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[126] Shareholder Structure - The major shareholder, Chen Dakuai, holds 43.95% of the shares, with a total of 398,079,400 shares pledged[194] - The company has a total of 44,275 shareholders at the end of the reporting period[194] - The shareholder structure includes both natural persons and trust companies, indicating a diverse ownership base[195] Acquisitions and Equity Changes - The company acquired 100% equity of Pinghu Zhongli Real Estate Co., Ltd. in July 2017, which was included in the consolidated financial statements from that date[132] - The company reduced its stake in Cangzhou Zhongcheng Packaging Materials Co., Ltd. from 62.50% to 40% after transferring 22.50% equity for RMB 2,250,000, losing control and excluding it from the consolidated financial statements[133] Financial Management - The company has entrusted 218.15 million CNY in financial management, with an outstanding balance of 47.3 million CNY[153] - The company has engaged in various bank financial products, including a non-principal guaranteed product amounting to 11 million CNY with a yield of 4.30%[156] - The company has successfully recovered all amounts from entrusted financial management activities during the reporting period[156]