*ST天沃(002564) - 2017 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2017 was CNY 10,403,683,552.02, representing a 770.50% increase compared to CNY 1,195,145,239.06 in 2016[18]. - The net profit attributable to shareholders for 2017 was CNY 225,145,578.55, a 175.12% increase from a loss of CNY 299,710,879.84 in 2016[18]. - The basic earnings per share for 2017 was CNY 0.31, compared to a loss of CNY -0.41 in 2016, marking a 175.61% improvement[18]. - The weighted average return on net assets was 8.66% in 2017, an increase of 18.81% from -10.15% in 2016[18]. - The net profit after deducting non-recurring gains and losses was CNY 87,558,885.20, a 127.68% increase from a loss of CNY -316,377,404.06 in 2016[18]. - The company achieved a net profit of 46,725.88 CNY million for the year 2017, fulfilling 132.61% of its performance commitment related to the acquisition of Zhongji Electric Power Engineering Co., Ltd.[116]. - The company reported a net profit of 225,145,578.55 CNY for the year 2017, with a cash dividend payout ratio of 0.00%[114]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -509,572,371.56, a decrease of 291.12% compared to CNY 266,619,897.15 in 2016[18]. - The total assets at the end of 2017 were CNY 22,586,717,443.96, an increase of 32.83% from CNY 17,004,835,549.85 at the end of 2016[18]. - The net cash flow from operating activities was negative at -¥677,160,767.52 in the first quarter, turning positive in the second quarter at ¥293,029,666.60, but negative again in the fourth quarter at -¥141,112,180.37[23]. - Cash and cash equivalents decreased by 695.79% to -315.90 million yuan, indicating liquidity challenges[71]. - The company reported a significant decrease in investment amounting to ¥294,950,000.00, down 90.43% from ¥3,083,592,700.00 in the previous year[81]. Revenue and Market Position - The engineering services segment accounted for 81.99% of total revenue, amounting to CNY 8.530 billion, reflecting a staggering growth of 3,411.79% year-on-year[54]. - Domestic sales contributed CNY 8.980 billion, representing 86.32% of total revenue, with a year-on-year increase of 1,213.84%[55]. - The company ranked 14th in contract completion amount among over 160 enterprises in the energy engineering service sector, maintaining a leading position in the industry[30]. - The company is actively expanding into new markets, including solar thermal power and seawater desalination systems, enhancing its product line[38]. Strategic Acquisitions and Divestitures - The company has divested 100% of Xinmei Chemical and 70% of Feiteng Aluminum-Plastic, while acquiring and increasing the stake in Yumen Xinneng to 85%[33]. - The company completed the acquisition of 85% of Yumen Xinneng Solar Thermal Power Co., which was included in the consolidated financial statements from June 23, 2017[61]. - The company completed the acquisition of 70% equity in Feiteng Aluminum-Plastic, with a commitment to not increase guarantees for Feiteng Aluminum-Plastic and its wholly-owned subsidiary Sheng'er Technology[118]. - The company transferred the equity of New Coal Chemical Design Institute (Shanghai) Co., Ltd. for 38.88 million yuan, which is expected to reduce operating costs and improve cash flow[91]. Risk Management and Challenges - The management has highlighted risks including macroeconomic risks and operational management risks in the report[5]. - The company faces macroeconomic risks, as its business is closely tied to fixed asset investments in industries like electricity and new energy[103]. - Policy risks may impact the company's ability to secure and execute orders, particularly if there are unfavorable changes in national policies regarding energy and chemical industries[104]. - The company emphasizes the importance of product and project quality, as any issues could lead to increased costs and damage to its reputation[107]. Corporate Governance and Shareholder Relations - The company has engaged in various investor relations activities, including site visits and communications, to enhance transparency and stakeholder engagement[110]. - The company has not proposed any plans for capital reserve conversion into share capital for the reporting period[112]. - The company has not reported any changes in its major shareholders during the reporting period[197]. - The company has not engaged in any repurchase transactions during the reporting period[196]. Research and Development - Research and development investment increased by 461.31% to 439.66 million yuan, with R&D personnel rising by 223.98% to 635[68]. - The company is committed to developing new products such as solar thermal power equipment and seawater desalination systems to create new profit points[100]. - The company is actively working on the development of new technologies and products to enhance market competitiveness[119]. Financial Management and Accounting - The company adjusted the depreciation period for certain fixed assets, increasing the depreciation period for steel structure buildings from 20 years to 40 years and for dock structures from 20 years to 50 years[127]. - The change in accounting policy regarding fixed asset depreciation is expected to impact the net profit attributable to the parent company by 4,128.47 million RMB for the current period[129]. - The company has implemented a new accounting estimate for bad debt provisions based on aging analysis, which will affect financial reporting going forward[131].