GDEP(SH:600310)2019-05-17 16:00Financial Performance - The company reported a net profit of -43,667,035.51 CNY for the year 2018, with a total distributable profit of 152,210,168.90 CNY after accounting for previous retained earnings and cash dividends paid[5]. - The board proposed a cash dividend of 0.25 CNY per 10 shares, totaling 20,694,375.00 CNY, with the remaining 131,515,793.90 CNY to be carried forward to the next year[5]. - The company’s operating revenue for 2018 was approximately ¥11.93 billion, representing a year-over-year increase of 16.48% compared to ¥10.24 billion in 2017[23]. - The net profit attributable to shareholders for 2018 was approximately ¥68.50 million, a 7.97% increase from ¥63.44 million in 2017[23]. - The net cash flow from operating activities decreased by 71.07% to approximately ¥65.79 million in 2018, down from ¥227.40 million in 2017[23]. - The total assets increased by 12.95% to approximately ¥14.40 billion at the end of 2018, compared to ¥12.75 billion at the end of 2017[23]. - The basic earnings per share for 2018 was ¥0.0827, reflecting a 7.96% increase from ¥0.0766 in 2017[24]. - The weighted average return on equity increased to 3.47% in 2018, up from 2.35% in 2017, marking an increase of 1.12 percentage points[24]. - The company reported a net loss attributable to shareholders of approximately ¥74.63 million in Q1 2018, with a significant recovery in Q2 showing a profit of approximately ¥76.97 million[25]. - The net profit after deducting non-recurring gains and losses was negative at approximately -¥67.19 million for 2018, compared to -¥104.68 million in 2017[23]. - The company recorded non-recurring gains of approximately ¥17.29 million from interest received from non-consolidated financial institutions in 2018[27]. - The company achieved a total electricity generation of 1.634 billion kWh, a decrease of 7.37% year-on-year, while financial electricity sales increased by 3.07% to 3.899 billion kWh[56]. - The total operating revenue for the year reached 11.93 billion RMB, representing a year-on-year growth of 16.48%, with electricity sales revenue at 1.61 billion RMB, up 3.59%, and oil product sales revenue at 9.86 billion RMB, an increase of 17.28%[56]. Operational Highlights - The company’s total share capital at the end of 2018 was 82,777.5 million shares[5]. - The company has established electricity sales companies in Guangxi, Guangdong, and Shaanxi to expand its sales business[34]. - The company has formed a complete oil product business chain, including production, storage, sales, and trade, through its subsidiaries[34]. - The company is a major supplier in the South China refined oil market, leveraging its wholesale license and strategic partnerships[41]. - The company aims to enhance its oil business profitability by integrating resources and establishing its own brand[34]. - The company is actively seeking strategic partners to expand its marketing network and open new markets in inland regions[41]. - The company’s electricity sales area has formed a flexible pattern of interconnection among three provinces, ensuring a stable customer base[33]. - The company has a stable customer base in the eastern region of Guangxi, enhancing its market position[44]. - The company plans to enhance its electricity business by optimizing load structure and improving service levels to maximize efficiency[54]. - The company is focusing on expanding its market share in the oil product sector by leveraging its supply chain advantages and enhancing its retail network[55]. Investment and Capital Expenditures - The company reported a significant investment cash flow of approximately -¥685.62 million, a decrease of 667.75 million compared to the previous year, indicating reduced capital expenditures[81]. - The company’s capital expenditure funding sources primarily include raised funds, bank loans, and self-owned funds, without any special loans[103]. - The planned capital expenditure for 2019 amounts to ¥124,049.52 million, primarily funded through self-owned funds and bank loans[104]. - The total investment in the construction of the electric power dispatch center project is ¥23,000 million, expected to be operational by December 2020[106]. - The company plans to invest in the construction of a modern logistics park in the first phase, with a budget of ¥4,000 million[104]. - The company plans to conduct financing lease transactions with a total amount not exceeding RMB 5 billion[193]. - The company intends to apply for a medium-term note registration of up to RMB 1 billion[195]. - The company plans to issue bonds not exceeding RMB 1.5 billion[196]. - The company aims to raise up to RMB 1.2 billion through an asset-backed securities plan[197]. Risk Management - The company has outlined potential risks in its future development in the "Discussion and Analysis of Operating Conditions" section of the report[7]. - The company has identified several risks, including market and electricity price policy adjustments, which could significantly impact its operational indicators[161]. - The company will strengthen its investment project supervision and risk management to ensure favorable returns from external investments[162]. - The company has a strategy to mitigate prepayment risks by evaluating customer credit and implementing collateral measures for non-state-owned companies[88]. - The company faces operational risks due to the dependence on weather conditions for hydropower generation, which may lead to increased costs from purchasing electricity if generation is insufficient[159]. Corporate Governance - The audit report issued by Da Xin Accounting Firm was a standard unqualified opinion, ensuring the financial report's authenticity and completeness[4]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties during the reporting period[7]. - There are no violations of decision-making procedures regarding external guarantees reported[7]. - The company has not planned any stock bonus or capital reserve increase for the current year[5]. - The company has not reported any significant accounting errors or changes in accounting policies that would affect the financial statements[171]. - The company has not made any commitments or significant acquisitions during the reporting period[167]. - The company has not disclosed any new strategies or significant market expansions during the reporting period[179]. Related Party Transactions - The total amount of related party transactions in 2018 was 20,736.88 million CNY, with actual transactions amounting to 23,098.76 million CNY, indicating a variance due to normal business activities[177]. - The sales from related party transactions accounted for 1.94% of the company's main business revenue, showing no significant dependency on related parties[178]. - The company’s related party transactions are considered normal market behavior and do not adversely affect its independence[178]. Subsidiary Performance - Guangxi Yongsheng Petrochemical Co., Ltd. achieved a revenue of 746.36 million RMB and a net profit of 67.52 million RMB, an increase of 329.94% compared to the previous year[126]. - The total assets of Guangxi Guoneng Electric Power Co., Ltd. reached 397.22 million RMB, with a net profit of 3.48 million RMB, a decrease of 85.11% year-on-year[124]. - The total assets of Guiyuan Company were reported at 1,102,042,300 RMB as of December 31, 2018[127]. - The total assets of Guangxi Guitong Electric Power Sales Company were reported at 54,524,100 RMB as of December 31, 2018[129]. - The total assets of Guangxi Xidian Electric Design Company were reported at 401,802,400 RMB as of December 31, 2018[132]. - The total assets of Jiangyong County Yongfeng Hydropower Development Company were reported at 23,228,200 RMB as of December 31, 2018[135]. Community Engagement - In 2018, the company implemented targeted poverty alleviation, helping 10 households escape poverty, with 2 households remaining, aiming for full poverty alleviation by the end of 2020[199]. - The company established a data platform for poverty alleviation, ensuring that every impoverished household has a record, and created an electronic information archive for timely policy dissemination[200].