ACHT(SH:600207)2019-04-16 16:00Financial Performance - In 2018, the company's operating revenue was CNY 2,133,931,250.35, an increase of 7.56% 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 decrease from a profit of CNY 9,076,621.75 in 2017, representing a decline of 3,764.09%[20] - The basic earnings per share for 2018 was -CNY 0.3854, a decrease of 3,770.48% compared to CNY 0.0105 in 2017[22] - The weighted average return on equity was -19.13%, a decrease of 19.61 percentage points from 0.48% in 2017[22] - The total non-recurring losses for 2018 amounted to -¥17.31 million, indicating financial challenges outside of regular operations[25] - The company reported a net loss of CNY 2,563,551,407.37, compared to a loss of CNY 2,230,975,449.08 in the previous period[194] - The operating profit turned negative at ¥-294,249,275.98, compared to a positive operating profit of ¥24,078,567.00 in the previous year[200] Cash Flow and Assets - The net cash flow from operating activities was CNY 100,305,197.72, up 50.68% from CNY 66,570,165.63 in the previous year[20] - The total assets at the end of 2018 were CNY 1,973,053,661.61, down 15.25% from CNY 2,327,987,185.51 at the end of 2017[21] - The net cash flow from operating activities was positive in Q1 at ¥14.87 million, Q2 at ¥13.29 million, significantly increased to ¥67.86 million in Q3, but dropped to ¥4.29 million in Q4[24] - Total current assets decreased from CNY 1,090,596,915.14 to CNY 864,491,452.62, a decline of approximately 20.77%[192] - Accounts receivable decreased from CNY 595,980,696.45 to CNY 339,870,054.93, a reduction of about 43.0%[192] - Cash and cash equivalents increased from CNY 238,148,746.11 to CNY 286,386,468.47, an increase of approximately 20.3%[192] Revenue and Sales - The company’s photovoltaic glass business revenue was 832 million yuan, a year-on-year decrease of 18.75%, primarily due to a significant drop in product prices and the shutdown of a production line[39] - The total export value of photovoltaic products reached 16.11 billion USD in 2018, marking a year-on-year increase of 10.9%[37] - The company’s LNG sales volume increased by approximately 30% compared to the previous year, supported by a market share of about 50% in the Anyang area[42] - The natural gas business generated total sales revenue of 1.266 billion yuan, reflecting a year-on-year growth of 37.57%[43] - The company achieved actual sales revenue of 2.134 billion yuan in 2018, exceeding the planned target by 6.65%[82] Production and Capacity - The company has a production capacity for solar photovoltaic glass, including raw sheets, tempered sheets, and coated sheets, enhancing its market position in the solar energy sector[28] - The company is constructing a new photovoltaic glass production line with a daily melting capacity of 900 tons, which commenced on August 9, 2018[39] - The company reported a production capacity utilization rate of 100% for photovoltaic glass, indicating strong operational efficiency[68] - The company has initiated the construction of a 900t/d photovoltaic glass production line project in the industrial cluster area of Anyang City, indicating expansion efforts[30] Research and Development - The company holds over 370 patents in various glass technologies, with 88 effective patents, showcasing its strong innovation capabilities[31] - In 2018, the company applied for 12 patents, with 5 being granted, reflecting ongoing investment in research and development[31] - The total R&D investment amounted to CNY 1,623,707.15, representing 0.08% of the operating revenue[58] - Research and development expenses were ¥712,800.93, slightly down from ¥736,554.84, showing a focus on maintaining R&D investment despite losses[200] Operational Risks and Challenges - The company has outlined various operational risks, including policy and environmental risks, in its report[7] - The company faces significant operational risks due to large accounts receivable, which may lead to bad debt risks[86] - The price of quartz sand, a key raw material for photovoltaic glass, has increased significantly, prompting the company to explore new mining sources to mitigate cost impacts[86] - The company is exploring new financing channels to secure funding for the 900t/d photovoltaic glass project and ensure financial stability[84] Governance and Management - The company has a governance structure that complies with relevant laws and regulations, ensuring fair treatment of all shareholders[164] - The board of directors has established five specialized committees to enhance decision-making processes[166] - The company has maintained continuity in its governance structure by delaying the re-election of the board and supervisory committee[153] - The total remuneration for the board of directors and senior management during the reporting period amounted to 2.8014 million yuan[151] Social Responsibility - The company actively participated in poverty alleviation efforts, including medical assistance and cultural activities for the elderly[116] - The company invested a total of 11.84 million in poverty alleviation efforts, including 0.30 million for vocational skills training, benefiting 30 individuals[118] - The company conducted over 50 volunteer service and assistance activities to support vulnerable groups[123] Legal and Compliance - The company is involved in a significant lawsuit regarding precious metal processing, with a court case initiated in March 2018 against Shanghai Guixin Metal Products Co., Ltd. for failure to deliver processed metals[96] - The company has not faced any risks of suspension or termination of listing during the reporting period[96] - The audit opinion confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2018[178]