吉鑫科技(601218) - 2018 Q4 - 年度财报

Financial Performance - In 2018, the company's operating revenue was CNY 1,268,669,773.61, a decrease of 5.95% compared to CNY 1,348,925,012.49 in 2017[21] - The net profit attributable to shareholders was a loss of CNY 59,258,763.48, a decline of 1,075.61% compared to a profit of CNY 6,074,031.89 in 2017[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 115,206,915.82, compared to a profit of CNY 3,104,278.57 in 2017, reflecting a decrease of 3,811.23%[21] - Basic earnings per share decreased by 1,080.33% year-on-year, resulting in a loss of CNY 0.0598 per share in 2018[22] - The weighted average return on equity dropped by 2.59 percentage points to -2.35% in 2018[22] - The company's net profit attributable to shareholders was negative across all four quarters, with the largest loss of CNY 55.42 million in Q1[25] - The total revenue for the year was CNY 1.27 billion, with quarterly revenues showing fluctuations due to operational challenges[25] - The company achieved operating revenue of CNY 1.27 billion, a decrease of 5.95% year-on-year[45] - The net profit attributable to the parent company was a loss of CNY 59.26 million, a decline of 1076.28% year-on-year[45] - The total comprehensive income for the year was a loss of CNY 66,278,170.93, compared to a profit of CNY 2,005,655.44 in the previous year[171] Cash Flow and Assets - The net cash flow from operating activities was CNY 82,282,973.06, an increase of 22.97% from CNY 66,911,219.85 in 2017[21] - The company's total assets amounted to CNY 4,449,224,982.76, an increase of 8.01% from CNY 4,119,242,379.72 at the end of 2017[21] - The net cash flow from operating activities for the current period is ¥82,282,973.06, an increase of 22.97% compared to ¥66,911,219.85 in the same period last year[64] - The net cash flow from investing activities is -¥520,742,132.10, showing a slight improvement of 1.54% from -¥528,901,102.70 year-on-year[64] - The net cash flow from financing activities decreased by 26.3%, amounting to ¥228,770,632.78 compared to ¥310,387,267.85 in the previous year[64] - The company's current assets totaled RMB 2,489,602,854.81, down from RMB 2,759,168,424.69, indicating a decrease of about 9.8%[164] - The accounts receivable decreased to RMB 955,336,146.20 from RMB 1,091,329,205.07, representing a decline of approximately 12.5%[164] - The cash and cash equivalents at the end of the period were RMB 610,992,518.24, down from RMB 669,949,977.37, indicating a decrease of approximately 8.8%[164] Research and Development - R&D expenses were CNY 43.49 million, representing a 1.44% increase compared to the previous year[47] - The company applied for 12 patents, with 2 invention patents and 5 utility model patents granted during the reporting period[43] - The company completed the development and verification of 50 new products, achieving a first-pass verification rate of 95.7%[42] - Research and development expenses totaled ¥43,492,352.66, accounting for 3.43% of total revenue, with 132 R&D personnel, making up 16.71% of the total workforce[63] Market and Industry Context - In 2018, the global wind power market added over 51.29GW of installed capacity, with China leading at 21.2GW, accounting for 41.33% of the global total[38] - The company specializes in the research, manufacturing, and sales of large wind turbine components, producing products ranging from 750KW to 12MW, including hubs, bases, shafts, and bearing seats[36] - The company operates on a "customized production based on orders" model, ensuring timely supply and efficient management of working capital[36] - The company has established long-term cooperative relationships with major wind turbine manufacturers through direct sales and framework supply agreements[37] - The offshore wind power industry in China is anticipated to enter a golden era during the 13th Five-Year Plan, with a focus on deep-sea and far-sea developments[74] Governance and Shareholder Information - The company has no controlling shareholder or actual controller changes during the reporting period[122] - The total remuneration for the chairman, Bao Shijin, was CNY 361,884,588, with no change in shareholding during the reporting period[127] - The company has a total of 790 employees, with 557 in the parent company and 233 in major subsidiaries[135] - The board of directors consists of 6 members, including 3 independent directors, and has established specialized committees for strategic, compensation, nomination, and audit functions[141] - The company has maintained a clear separation between itself and its controlling shareholder in terms of business, personnel, assets, and finances[140] Risks and Challenges - The company faces potential risks as outlined in the report, which investors should be aware of[7] - The company faced challenges due to rising raw material costs and policy impacts on the wind power industry since 2016[26] - The company faces risks from fluctuations in the wind power industry, policy changes, and raw material price volatility, which could impact profitability[79] Future Outlook and Strategy - The company aims to increase the proportion of non-fossil energy in total energy consumption to 20% by 2030, with wind energy playing a crucial role in this transition[72] - The company plans to enhance its registered capital to reduce the debt ratio of its subsidiary, Changzhou Jixin Wind Energy Technology Co., Ltd., which currently has a debt ratio of 97%[71] - The company is focusing on the development of renewable energy, particularly wind energy, as part of its strategy to align with national energy policies[72] - In 2019, the company plans to enhance market expansion and customer service while focusing on cash flow recovery[76] - The company will implement comprehensive budget management in 2019 to control costs and ensure operational goals are met[77]