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中信尼雅(600084) - 2018 Q4 - 年度财报
CITIC WineCITIC Wine(SH:600084)2019-04-24 16:00

Financial Performance - The company reported a net profit attributable to shareholders of -157,252,313.74 RMB for 2018, a decline compared to -89,880,150.96 RMB in 2017, representing a significant loss [6]. - Total operating revenue for 2018 was 342,399,094.63 RMB, down 14.77% from 401,735,294.48 RMB in 2017 [25]. - The net cash flow from operating activities was -170,900,990.16 RMB, an improvement from -219,082,527.79 RMB in the previous year [25]. - The company's total assets decreased by 4.25% to 2,804,283,952.84 RMB at the end of 2018, compared to 2,928,715,278.87 RMB at the end of 2017 [25]. - The net assets attributable to shareholders decreased by 6.71% to 2,186,553,948.10 RMB at the end of 2018, down from 2,343,806,261.84 RMB in 2017 [25]. - Basic earnings per share for 2018 were -0.1399 RMB, compared to -0.0800 RMB in 2017 [26]. - The company reported a cumulative undistributed profit of -1,700,378,000.75 RMB, indicating ongoing financial challenges [6]. - The company will not distribute profits or increase capital reserves for the year due to the negative net profit situation [6]. - The weighted average return on net assets was -6.9422% for 2018, worsening from -3.7626% in 2017 [26]. - The company reported a net profit attributable to shareholders of the listed company was RMB -157.25 million [56]. - The company reported a net profit of -90.4 million yuan for 2017, leading to no profit distribution for that year [150]. - The company reported a net profit attributable to ordinary shareholders of -157.25 million RMB in 2018, with a profit margin of 0% [151]. - No dividends were distributed in the years 2016, 2017, and 2018, reflecting a lack of profitability during these periods [151]. Revenue and Sales - In Q2 2018, the company reported revenue of approximately CNY 118.97 million, which decreased to CNY 63.32 million in Q3 and further to CNY 58.83 million in Q4 [29]. - The company achieved operating revenue of RMB 342.40 million, a decrease of 14.77% compared to the same period last year [56]. - Main business revenue was RMB 335.94 million, with an operating profit of RMB -160.71 million and a total profit of RMB -157.51 million [56]. - Total sales revenue for the company was 189,912,936.83 RMB, a decline of 26.5% from the previous year [105]. - The direct sales channel generated revenue of 31,894,635.91 RMB, down 27.3% from the previous year, with sales volume dropping from 1,479.19 thousand liters to 657.05 thousand liters [105]. - The wholesale agency channel accounted for 158,018,300.92 RMB in sales, down 26.4% year-on-year, with sales volume decreasing from 5,980.44 thousand liters to 5,488.72 thousand liters [105]. - The company's total revenue for high-end wine was CNY 53,190,445.85, a year-on-year decrease of 34.01% [112]. - The revenue for mid-range and low-end wine was CNY 136,722,490.98, reflecting a year-on-year decline of 23.10% [112]. - Direct sales revenue decreased by 27.28%, while wholesale revenue and costs also saw declines exceeding 20% [113]. - The gross margin for direct sales dropped by 11.36 percentage points compared to the previous year [113]. Costs and Expenses - The gross profit margin for the liquor segment decreased by 5.44 percentage points, primarily due to lower gross profit from increased sales of raw liquor and decreased revenue from high-end liquor [66]. - The total cost of goods sold was CNY 79,150,520.59, down 25.96% year-on-year [114]. - Raw material costs decreased by 31.88% year-on-year, primarily due to reduced sales revenue [117]. - Labor costs in the wine industry increased by 20.24% to ¥8,375,627.93, representing 3.97% of total costs [74]. - Depreciation costs in the wine industry surged by 71.26% to ¥18,590,445.33, making up 8.81% of total costs [74]. - Advertising and promotional expenses increased by 66.37% year-on-year, totaling CNY 81,409,079.12 [120]. Market and Industry Conditions - In 2018, China's wine production dropped to 629,000 kiloliters, a decrease of 37.16% from 2017, indicating a challenging market environment [37]. - The production of Chinese wine decreased from 1,001,000 hectoliters in 2017 to 629,000 hectoliters in 2018, a year-on-year decline of 37.16% [89]. - The high-end product segment saw a production of 276.27 thousand liters, down 61.84% year-on-year, while sales volume decreased by 18.70% to 375.94 thousand liters [92]. - The mid-low end product segment produced 5,961.55 thousand liters, a decrease of 18.40% year-on-year, with sales volume down 17.54% to 5,769.83 thousand liters [92]. - The company recognizes the ongoing competition from imported wines, which is intensifying in the Chinese market [144]. - The Chinese wine market is experiencing a deep adjustment period since 2013, influenced by factors such as the impact of imported wines, economic slowdown, and insufficient industry support [132]. Risk Factors - The company faces risks including macroeconomic fluctuations, intensified industry competition, and rising operational costs, as detailed in the risk disclosure section [7]. - The company is committed to improving its risk management mechanisms to ensure safe operations across various aspects, including production and financial safety [140]. - The company faces risks from macroeconomic fluctuations, intensified industry competition, and rising operational costs [143][144][145]. Strategic Initiatives - The company aims to achieve profitability in 2019 by enhancing quality and efficiency, controlling comprehensive costs, and optimizing asset structure [136]. - The company plans to focus on core market development and adjust marketing strategies to ensure stable growth in mature regions while reducing losses in growth areas [137]. - The company will implement technical innovations to control production costs and improve production management levels [138]. - The brand strategy for 2019 includes increasing marketing diversity and utilizing new media to enhance promotional effectiveness while controlling costs [139]. - The company is actively expanding its sales channels and improving its marketing system to enhance brand awareness and market share [49][51]. Research and Development - R&D expenses increased by 80.49% year-on-year, amounting to 654,604.27 RMB, primarily due to higher expenses recognized in the current period [57]. - Total R&D expenses amounted to ¥1,141,958.35, representing 0.33% of operating revenue [81]. - The company plans to increase research and development investment to promote the integration of brewing technology and agricultural planting technology [45]. Corporate Governance and Compliance - The company has not proposed any cash profit distribution plans despite having positive distributable profits for the parent company [154]. - The company has not disclosed any employee stock ownership plans or other incentive measures during the reporting period [162]. - The company has maintained its auditor, Beijing Yongtuo Accounting Firm, for 9 years, with an audit fee of 52 thousand RMB [157]. - There were no significant asset or project profit forecasts that were not met during the reporting period [154]. Social Responsibility - The company provided financial support and technical guidance to 74 impoverished households, resulting in an average income of over RMB 50,000 per household in 2018 [185]. - The company has established a wine grape base covering over 12,000 farmers, promoting poverty alleviation and local economic development [186]. - The company achieved all environmental indicators meeting national standards, focusing on energy conservation and pollution reduction [189]. - The company implemented a comprehensive safety production management system, ensuring no major accidents occurred during the reporting period [190]. - The company’s subsidiary strictly adheres to environmental protection laws and has established a series of management systems for environmental protection [195].