金证股份(600446) - 2018 Q4 - 年度财报

Financial Performance - The company reported a net profit attributable to shareholders of -116.36 million RMB for 2018, a decrease of 188.15% compared to the previous year[4]. - Operating revenue for 2018 was 4.89 billion RMB, representing a year-on-year increase of 15.68%[19]. - The net cash flow from operating activities was 319.35 million RMB, an increase of 197.42% compared to 2017[19]. - The total assets at the end of 2018 were 3.84 billion RMB, a decrease of 15.49% from the end of 2017[19]. - The company did not propose any cash dividends for 2018 due to the annual loss, as per its articles of association[5]. - The accumulated undistributed profits at the end of 2018 were 421.39 million RMB[4]. - The company’s net assets attributable to shareholders decreased by 13.87% to 1.63 billion RMB by the end of 2018[19]. - The company faced a significant decrease in net profit after deducting non-recurring gains and losses, amounting to -243.85 million RMB[19]. - The net profit attributable to shareholders decreased by 188.15% year-on-year, primarily due to goodwill impairment for the subsidiary Lianlong Boshi and impairment of receivables for the Meishan project[22]. - The basic earnings per share (EPS) decreased by 186.21% year-on-year, mainly due to goodwill impairment for the subsidiary Lianlong Botong and impairment of receivables for the Meishan project[22]. - The diluted EPS also decreased by 186.21% year-on-year, reflecting the same reasons as the basic EPS[22]. - The weighted average return on equity (ROE) decreased by 15.04 percentage points to -6.62%[22]. - The net profit after deducting non-recurring gains and losses decreased by 299.33% year-on-year, attributed to the same impairments as mentioned above[22]. Cash Flow and Investments - The net cash flow from operating activities increased by 197.42% year-on-year, primarily due to increased sales collections from the subsidiary Qipusheng[22]. - The company reported a significant increase in investment cash flow, with a net outflow of ¥663,842,833.38, up 98.80% from the previous year's outflow of ¥333,916,960.85[59]. - The company’s financing cash flow showed a net outflow of ¥446,445,206.43, a decrease of 137.47% compared to a net inflow of ¥1,191,415,644.76 last year[59]. - Cash inflow from investment activities surged by 459.08% to ¥560,458,260.07, primarily due to increased investment recoveries[71]. - The company reported a net cash outflow from investment activities of -¥663,842,833.38, an increase of 98.80% compared to the previous year[71]. Research and Development - The company has over 2,000 R&D personnel and has established a new generation of R&D platforms and IT system architecture to support future development[46]. - The company invested ¥621,007,328.50 in research and development during the period, with no capitalized R&D expenses reported[68]. - Total R&D investment amounted to ¥621,007,328.50, representing 12.70% of operating revenue[71]. - Research and development expenses rose by 23.27% to ¥621,007,328.50 from ¥503,777,620.37 year-over-year[59]. Business Operations and Market Position - The company primarily serves clients in the financial industry, providing IT solutions across various sectors including securities, funds, and banking[34]. - The company expanded its banking IT business by adding multiple new bank clients and enhancing its product system to support industry trends and business innovation[54]. - In the asset management IT sector, the company experienced a slowdown in growth due to macroeconomic factors, but continued to leverage its advantages in internet finance products like Yu'ebao and Licai Tong[50]. - The comprehensive financial IT business saw a significant increase in data application product sales compared to the previous year, with 6 new clients developed in the data application field[53]. - The company is focusing on new technologies such as AI, deep learning, and big data analytics to enhance its financial technology capabilities[49]. Risk Management and Compliance - The company has not reported any major risk events during the reporting period[6]. - The audit report for the financial statements was issued with a standard unqualified opinion by Da Hua Certified Public Accountants[4]. - The company is committed to strengthening risk management and internal controls through technological advancements[141]. - The company faces risks related to rising human resource costs and must adapt its management capabilities to mitigate these risks[155]. - The company will continue to manage accounts receivable effectively to reduce the risk of bad debts, as it primarily serves large financial institutions with good credit quality[160]. Future Outlook and Strategy - The company aims to optimize its revenue structure by increasing the proportion of financial software revenue and improving gross profit levels from 2019 to 2021[147]. - In 2019, the company plans to enhance its asset management IT products and promote them in the banking asset management market, aiming to make this a key growth support point[149]. - The company will strengthen interaction with regulatory agencies and promote regulatory information construction in the financial supervision field in 2019[150]. - The company will support the transformation of bank wealth management departments to net value-based operations, covering the entire business process in marketing, products, investment, and operations[153]. - The company is committed to exploring new business models to maintain stable development amid uncertainties in the financial market[143]. Shareholder and Dividend Information - The company has a cash dividend policy to distribute at least 30% of the average distributable profit over the last three years, provided cash flow conditions are met[162]. - In 2018, the company distributed a cash dividend of 0.031 RMB per share, totaling 26,449,525 RMB[164]. - The company reported a net profit attributable to ordinary shareholders of 0, resulting in a profit distribution ratio of 0%[166]. - The company did not propose a cash profit distribution plan despite having positive distributable profits for ordinary shareholders[166]. Equity and Investment Activities - The company completed the transfer of 51% equity in Chengdu Jinzhen Boze for CNY 63.44 million and 49% equity for CNY 52.73 million, with total transaction prices amounting to CNY 106.99 million[41][42]. - The company has made additional investments totaling CNY 7,000,000.00 in Shenzhen Jinzheng Qianhai Financial Technology Co.[97]. - The company holds a 37.495% stake in Shanghai Guojun Venture Capital, valued at CNY 18,376,452.95[88]. - The company has a 3.03% stake in Shanxi Tongren Equity Investment Partnership, valued at CNY 5,000,000.00[88]. - The company has a total of CNY 4,410,000 invested in the Feideman Investment Fund, which has a total scale of CNY 14,912,000[114]. - The company has made significant investments in various technology firms, enhancing its market presence and operational capabilities[101].