SMAC(SH:600073)2020-04-29 16:00Financial Performance - The company achieved a net profit attributable to shareholders of RMB 366,040,066.79 for the year 2019[6]. - The total distributable profit at year-end was RMB 1,190,931,997.22, after accounting for various adjustments[6]. - The proposed cash dividend is RMB 1.20 per 10 shares, totaling RMB 112,527,536.64, representing a cash dividend payout ratio of 30.74%[6]. - The company reported an increase in retained earnings from the previous year, with an opening balance of RMB 943,230,021.72[6]. - The company's operating revenue for 2019 reached ¥23.40 billion, an increase of 5.42% compared to ¥22.20 billion in 2018[26]. - Net profit attributable to shareholders was ¥366.04 million, reflecting a year-on-year growth of 20.38% from ¥304.07 million in 2018[26]. - The net cash flow from operating activities increased significantly by 75.66% to ¥973.02 million, compared to ¥553.94 million in the previous year[26]. - The basic earnings per share rose to ¥0.39, marking a 21.88% increase from ¥0.32 in 2018[26]. - The total assets of the company at the end of 2019 were ¥13.73 billion, representing a 9.56% increase from ¥12.53 billion in 2018[26]. - The net profit after deducting non-recurring gains and losses was ¥358.72 million, up 42.53% from ¥251.69 million in 2018[26]. - The company's net assets attributable to shareholders decreased by 4.07% to ¥4.02 billion from ¥4.19 billion in 2018[26]. - The weighted average return on equity increased to 8.31%, up 0.90 percentage points from 7.41% in 2018[26]. Market Position and Strategy - The company maintains a leading position in the canned meat market, with its "Meilin" brand recognized as a significant player in the industry[42]. - The company has a comprehensive supply chain advantage in the pork business, covering breeding, farming, slaughtering, processing, and distribution[39]. - The company controls New Zealand Silver Fern, enhancing its access to high-quality beef and lamb resources for the Chinese market[41]. - The company is focused on deep processing of meat products, achieving significant growth in frozen beef steaks and other prepared meat products[42]. - The company benefits from the stable growth of the leisure food industry, driven by rising income levels and consumer demand[38]. - The company is committed to innovation and reform, successfully navigating challenges such as the African swine fever outbreak and market competition[44]. - The company plans to enhance its market presence by embracing new retail models and optimizing fresh retail strategies[72]. - The brand positioning of Meilin and Guanshengyuan will be leveraged to enhance competitiveness in the leisure food market, adapting to new market dynamics[100]. Risk Management and Compliance - The company emphasizes the importance of risk factors that may impact future development in its reports[10]. - The company has not violated decision-making procedures for external guarantees[8]. - The company emphasizes risk management and internal controls, particularly in trade-related activities, to mitigate risks associated with non-food trade[52]. - The company is committed to strengthening its internal control mechanisms to enhance risk management capabilities in response to changing external environments[101]. - The company continues to face risks from the African swine fever, which has significantly impacted domestic pig farming, leading to reduced supply and increased pork prices[104]. - The company acknowledges the complexities of managing overseas operations, particularly in New Zealand, and is working to improve strategic coordination between domestic and international businesses[104]. Research and Development - The company reported a total R&D expenditure of CNY 43,436,419.35, accounting for 0.19% of the operating revenue[65]. - The company has 299 R&D personnel, representing 4.46% of the total workforce[65]. - The company holds a total of 143 patents, including 12 invention patents and 64 utility model patents[80]. - Research and development expenses amounted to CNY 43.44 million, representing 0.19% of total revenue, with a year-on-year increase of 5.02%[78]. Environmental Compliance - The company has implemented a 24-hour monitoring system for wastewater and air emissions, ensuring compliance with environmental standards[166]. - The company has established a food safety management committee and emergency management team to enhance quality safety awareness among employees[152]. - The company reported a total nitrogen discharge of 2.42 mg/l, which is below the standard limit[160]. - The chemical oxygen demand (COD) for wastewater was recorded at 6.57, significantly lower than the allowable limit of 25.86 mg/l[162]. - The company has obtained pollution discharge permits for several subsidiaries, including Shanghai Aisen Meat Food Co., Ltd. and Jiangsu Huai'an Su Food Meat Products Co., Ltd.[164]. - The company’s wastewater treatment facilities are operational and compliant with local regulations[180]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,916, down from 63,318 in the previous month[188]. - The top shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 298,386,000 shares, representing 31.82% of total shares[188]. - The second-largest shareholder, Bright Food (Group) Co., Ltd., holds 55,978,874 shares, accounting for 5.97% of total shares[188]. - The report indicates an increase of 12,999,961 shares held by the National Social Security Fund 103 Portfolio during the reporting period[188]. - The company has not experienced any changes in its controlling shareholder or actual controller, which remain Shanghai Yimin Food Factory (Group) Co., Ltd. and the Shanghai State-owned Assets Supervision and Administration Commission, respectively[197].