ACHT(SH:600207)2019-03-22 16:00Financial Performance - In 2018, the company's operating revenue was CNY 2,133,931,250.35, representing a 7.56% increase compared to CNY 1,983,925,945.07 in 2017[20] - The net profit attributable to shareholders was a loss of CNY 332,575,958.29, a significant decline of 3,764.09% from a profit of CNY 9,076,621.75 in 2017[20] - The basic earnings per share for 2018 was -CNY 0.3854, a decrease of 3,770.48% from CNY 0.0105 in 2017[22] - The weighted average return on net assets was -19.13%, a decrease of 19.61 percentage points from 0.48% in 2017[22] - The company reported a net profit of -332,575,958.29 CNY in 2018, with no cash dividends proposed for shareholders[89] - The company’s total equity decreased to CNY 1,521,898,733.45 from CNY 1,887,638,516.41, a decline of 19.39%[194] - The company reported a significant increase in sales expenses, which totaled CNY 98,329,511.73 compared to CNY 107,225,469.65 in the previous year[196] Cash Flow and Assets - The net cash flow from operating activities was CNY 100,305,197.72, which is a 50.68% increase from CNY 66,570,165.63 in the previous year[20] - The total assets decreased by 15.25% to CNY 1,973,053,661.61 at the end of 2018, down from CNY 2,327,987,185.51 in 2017[21] - The total assets at the end of the period were significantly impacted by a 32% decrease in fixed assets due to impairment provisions[61] - Cash and cash equivalents increased to CNY 139,518,242.90 from CNY 78,583,460.82, showing a growth of 77.76%[192] - Accounts receivable decreased significantly to CNY 339,870,054.93 from CNY 595,980,696.45, a decline of approximately 43.0%[189] - Inventory decreased to CNY 132,041,475.20 from CNY 160,080,199.18, representing a reduction of about 17.5%[190] Business Operations - The company has a stable business in photovoltaic glass and natural gas, with photovoltaic glass being a key product for solar energy applications[28] - The company has a comprehensive production capability for solar photovoltaic glass, including raw sheets, tempered sheets, and coated sheets, enhancing its market position[29] - The natural gas business includes pipeline transportation and the production and sale of LNG and CNG, primarily serving industrial and residential customers[29] - The photovoltaic glass business generated revenue of 832 million yuan, a year-on-year decrease of 18.75%, primarily due to a significant drop in product prices and the shutdown of the second glass furnace[39] - The company is expanding its production capacity with a new photovoltaic glass production line project initiated in 2018[30] - The company is constructing a new 900t/d photovoltaic glass production line, which commenced on August 9, 2018, to enhance production capacity and reduce costs[38] Research and Development - The company has applied for 12 patents during the reporting period, with 5 patents granted, showcasing its commitment to technological innovation[31] - Research and development expenses totaled ¥1,623,707.15, accounting for 0.08% of operating revenue, with 61 R&D personnel representing 2.70% of total staff[57] - Research and development expenses for 2018 were ¥712,800.93, slightly down from ¥736,554.84 in the previous year[199] Market and Sales - The company’s overseas sales of photovoltaic glass reached 405 million yuan, accounting for approximately 49% of total sales revenue in this segment[39] - The company is actively expanding its market presence, with a 10.92% year-on-year increase in overseas sales volume of photovoltaic glass[42] - The company plans to achieve sales revenue of 1.8 billion RMB in 2019, a decrease from the previous year due to the ongoing relocation project[80] Corporate Governance - The company has retained Zhongqin Wanxin as its auditor for the 2018 financial year, with an audit fee of 350,000 CNY[94] - The company has not faced any penalties from securities regulatory agencies in the past three years[155] - The company has established a performance evaluation mechanism for senior management, linking their compensation to annual performance assessments[171] - The company’s board of directors and supervisory board are in the process of re-election, with the current terms extended to ensure continuity[150] Social Responsibility - The company actively participated in poverty alleviation efforts, contributing 11.84 million RMB in funds and assisting three registered impoverished individuals to escape poverty[116] - The company has committed to environmental protection and ecological civilization construction as part of its social responsibility initiatives[118] - The company has engaged in various community service activities, including medical assistance and cultural events for the elderly[114] Risks and Challenges - The company has outlined various operational risks, including policy and environmental risks, in its report[7] - The company is addressing potential risks, including accounts receivable management to mitigate bad debt risks[83] - The company has not reported any significant risks identified by the supervisory board during the reporting period[170]