YXMC(SH:600213)2019-04-24 16:00Financial Performance - The company achieved a net profit of ¥15,609,497.38 for the year 2018, with a net profit attributable to shareholders of ¥13,072,174.36, representing a decrease of 69.47% compared to the previous year[5]. - Total revenue for 2018 was ¥2,457,586,436.59, reflecting a year-on-year increase of 2.97%[20]. - Basic earnings per share decreased by 68.42% to ¥0.06 in 2018, down from ¥0.19 in 2017[21]. - The weighted average return on equity dropped by 20.96 percentage points to 7.21% in 2018[21]. - The company reported a negative cash flow from operating activities of ¥357,055,714.09 for the year[20]. - The fourth quarter of 2018 saw a net loss attributable to shareholders of ¥6,177,354.94, contrasting with profits in the earlier quarters[23]. - The company did not propose any profit distribution or capital reserve transfer to shareholders for the year[5]. - The net profit attributable to the parent company was CNY 13.07 million, a year-on-year decrease of 69.48%[42]. - The company’s sales volume of buses decreased by 17.11% year-on-year, with a total sales volume of 4,748 units[48]. - The gross margin for bus sales was 18.60%, a decrease of 0.16 percentage points compared to the previous year[47]. - The company’s financial expenses increased by 31.87% year-on-year, totaling CNY 92.93 million[52]. - The company’s sales expenses decreased by 15.82% year-on-year, amounting to CNY 137.39 million[52]. - The company did not achieve its revenue target of CNY 2.92 billion for 2018, setting a new revenue target of CNY 3 billion for 2019[75]. - The company reported a net profit of CNY 52,280,780.02 for 2017, with a net profit attributable to the parent company of CNY 42,818,431.91[82]. - The company reported a net loss of CNY 421,944,411.45, an improvement from a loss of CNY 435,016,585.81 in the previous period[175]. - The total operating revenue for 2018 was CNY 2,457,586,436.59, an increase of 2.99% compared to CNY 2,386,729,781.22 in the previous year[180]. - Total operating costs for 2018 amounted to CNY 2,454,444,619.44, up from CNY 2,325,156,841.85, reflecting a year-over-year increase of 5.55%[180]. - The company reported a significant increase in inventory, which rose to CNY 134,676,423.91 from CNY 67,765,740.45, a growth of 98.67%[176]. Assets and Liabilities - The total assets of the company grew by 10.93% year-on-year, amounting to ¥5,230,182,803.58[20]. - The company's total equity amounted to CNY 275,453,262.56, up from CNY 259,103,018.01, reflecting a growth of about 6.5%[175]. - Total liabilities reached CNY 4,954,729,541.02, compared to CNY 4,455,683,904.76 at the start of the year, indicating an increase of approximately 11.2%[175]. - The company's short-term borrowings rose to CNY 453,361,923.30 from CNY 389,807,027.78, marking an increase of about 16.3%[175]. - Accounts receivable increased to CNY 4,131,201,691.51 from CNY 3,674,718,122.91, which is an increase of approximately 12.4%[173]. - The total liabilities to equity ratio stands at approximately 18.0, indicating a high leverage position for the company[175]. - The company's total assets as of December 31, 2018, were CNY 5,005,838,826.75, compared to CNY 4,463,372,667.26 at the beginning of the year, representing a growth of 12.14%[178]. - Total liabilities increased to CNY 4,828,262,792.01 from CNY 4,294,470,228.51, marking a rise of 12.45%[178]. - The company's cash and cash equivalents rose to CNY 367,632,153.95 from CNY 284,611,436.06, indicating a growth of 29.16%[176]. - The total owner's equity at the end of the period is 275,453,262.56, compared to 204,220,265.36 in the previous period, reflecting an increase of approximately 35%[198]. Research and Development - The company has developed hydrogen fuel cell bus products and completed the development of a new energy vehicle monitoring system[31]. - The company has 152 R&D personnel, with over 32% holding senior technical titles, and has obtained 74 provincial high-tech product certificates and 39 authorized patents[31]. - The company’s R&D expenses amounted to CNY 75.08 million, representing 3.05% of operating revenue[53]. - Research and development expenses for 2018 were CNY 75,077,670.29, up from CNY 63,775,110.95, showing a growth of 17.66%[181]. - The company is exploring hydrogen fuel cell technology as a potential alternative to lithium battery systems, which may enhance the prospects for heavy commercial vehicles[72]. Market and Competition - The total sales volume of the large and medium-sized bus industry in China was 150,600 units in 2018, representing a year-on-year decrease of 15.87%[30]. - The company faces risks from increasing competition in the market, particularly due to the reduction of subsidies for new energy buses, which may impact profitability[76]. - The company aims to enhance its market share and customer satisfaction through a strategic focus on new energy and international market expansion[74]. - The company is focusing on expanding its overseas market while maintaining a strong presence in the domestic market[29]. Governance and Management - The company has a total of 12 directors and senior management personnel listed, with varying years of service starting from June 2018[126]. - The management team includes individuals with extensive experience in the automotive and financial sectors[127]. - The company is committed to enhancing its governance structure with the recent board and supervisory board elections[129]. - The management's evaluation of senior executives is based on annual performance indicators such as sales revenue, profit, and cash flow[152]. - The company ensures equal rights for all shareholders, especially minority shareholders, in its governance structure[144]. Environmental Compliance - The company reported actual emissions of 18.58 tons of COD, which is below the allowed limit of 87.33 tons per year[98]. - The company maintained a noise level of 52.4-54.1 dB(A) during the day, which is compliant with the industrial noise emission standards[99]. - The company has established a hazardous waste storage area compliant with national standards for the storage of solid waste, including hazardous materials[104]. - The company has conducted environmental impact assessments for its projects, including the automotive parts production project approved in September 2011[105]. - As of December 31, 2018, the company has complied with environmental tax laws and has not experienced any environmental pollution incidents[110].