ycec(SH:600248)2019-04-25 16:00Financial Performance - The company achieved a total operating revenue of RMB 7,572,028,176.33 in 2018, a decrease of 4.20% compared to 2017[26]. - The net profit attributable to shareholders of the listed company was RMB 281,361,737.97, representing an increase of 44.37% year-on-year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥188.68 million, representing a 133.37% increase compared to the previous year[29]. - The net cash flow from operating activities was approximately ¥113.91 million, a decrease of 85.70% compared to the previous year[29]. - The total assets increased by 14.44% year-on-year, reaching approximately ¥8.29 billion[29]. - The basic earnings per share (EPS) was ¥0.3549, reflecting a 42.30% increase compared to the previous year[30]. - The weighted average return on equity (ROE) increased by 3.04 percentage points to 12.15%[30]. - The company reported a net profit of approximately ¥120.17 million in Q4 2018, with a significant increase in net profit after deducting non-recurring gains and losses to approximately ¥95.20 million[33]. - The company achieved operating revenue of 757,202.82 million RMB, a year-on-year decrease of 4.20%[63]. - Net profit reached 34,804.01 million RMB, representing a year-on-year increase of 22.52%[63]. - The total assets amounted to 829,336.91 million RMB, reflecting a year-on-year growth of 14.44%[63]. Dividend Policy - The proposed cash dividend is RMB 1.00 per 10 shares, totaling RMB 91,795,267.20, based on the total share capital of 917,952,672 shares[7]. - For the 2018 fiscal year, the company proposed a cash dividend of RMB 1.0 per 10 shares, amounting to RMB 91,795,267.20, which represents 32.62% of the net profit attributable to ordinary shareholders[121]. - The company distributed a cash dividend of RMB 0.5 per 10 shares for the 2017 fiscal year, totaling RMB 30,789,798.00[118]. Risk Management - The company reported no significant risk events during the reporting period[10]. - The company identified six major risks: industry risk, funding risk, policy risk, owner credit risk, safety production risk, and accounts receivable risk, with corresponding mitigation strategies[117]. - The company has implemented a comprehensive risk management plan, including annual risk monitoring and response strategies[116]. - The company plans to enhance industry economic research and adjust development strategies to address industry risks[117]. - To mitigate funding risks, the company will conduct thorough assessments of project bids and owner creditworthiness[117]. - The company has established a responsibility system for accounts receivable management, including annual assessments and linking performance to compensation[117]. Business Operations - The company completed the acquisition of 100% equity in Beijing Petroleum Engineering Co., Ltd., which resulted in retrospective adjustments to previous years' data[30]. - The company completed the acquisition of Beijing Engineering Company, increasing its registered capital to 917,952,672 yuan and enhancing its engineering contracting capabilities[50]. - The company plans to continue expanding its business scope and innovate its operating model to provide high-quality services and projects[42]. - The company is focused on expanding both domestic and international markets, particularly in the petrochemical industry[110]. - The company aims to enhance its core competitiveness by integrating design and construction services, transitioning from E+PC to EPC models[110]. - The company will implement a strict quality control system for projects to ensure high standards and enhance brand value[110]. Research and Development - Research and development expenses increased by 64.67%, focusing on key technology issues to enhance core construction capabilities[63]. - Total R&D expenses amounted to ¥317,712,873.22, representing 4.20% of operating revenue[80]. - The number of R&D personnel is 1,022, accounting for 21.26% of total employees[80]. - The company holds 152 patents, including 41 invention patents, reflecting its commitment to technological innovation[54]. Internal Control and Compliance - The audit report issued by Sigma Accounting Firm was a standard unqualified opinion[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by the responsible persons[6]. - The company has no violations of decision-making procedures for providing guarantees[8]. - The company has no major accounting errors to correct, and no communication issues with previous auditors[163]. - The company has disclosed related party transactions, with significant amounts including RMB 136,694.66 for labor services provided by a group company[175]. Market Position and Competition - The company ranks 5th in total profit among member enterprises of the China Petroleum and Chemical Survey Design Association, leading the industry in overall ranking[51]. - The company is facing increased market pressure and competition in the domestic petrochemical construction industry, with expectations of continued oversupply in 2019[105]. - The company has committed to avoiding competition with its controlling shareholder, Shaanxi Yanchang Petroleum (Group) Co., Ltd.[123]. - The company will supervise and restrict its related enterprises to prevent any competitive activities against the listed company[143]. Significant Contracts and Projects - The total contract amount for projects won by the company's subsidiaries was 11.6 billion yuan, with total operating income of 757,202.82 million yuan and a net profit of 34,804.01 million yuan during the reporting period[49]. - The company secured project contracts totaling 11.6 billion RMB during the reporting period, with 74 completed projects[59]. - The company signed a significant contract for the Fujian Cornell 400,000 tons/year MDI project worth 1.35 billion RMB[59]. - The company expanded its international market presence by signing a contract for a 2.2 million tons/year refinery project in Nigeria valued at 49.29 million USD[59]. Corporate Governance - The company has committed to ensuring the independence of its financial operations and will not share bank accounts with other controlled enterprises[134]. - The company guarantees that it will not interfere with the agricultural group's business activities beyond exercising shareholder rights[134]. - The company will maintain a complete and independent organizational structure for its operations[134]. - The company has pledged to compensate for any losses incurred by the listed company due to violations of its commitments[134].