AsAc(SH:601890)2020-04-27 16:00Financial Performance - The company achieved a net profit attributable to shareholders of 89,905,431.87 yuan for the year 2019, with a cumulative profit available for distribution to shareholders of 409,025,902.77 yuan[6]. - The company's operating revenue for 2019 was CNY 1,284,082,819.76, representing a year-on-year increase of 23.77% compared to CNY 1,037,512,425.34 in 2018[23]. - The net profit attributable to shareholders for 2019 was CNY 89,905,431.87, a significant recovery from a loss of CNY 14,683,223.55 in 2018[23]. - The net cash flow from operating activities increased by 231.14% to CNY 116,888,207.03, up from CNY 35,298,603.06 in the previous year[26]. - The total assets at the end of 2019 were CNY 3,896,437,318.03, reflecting a 3.19% increase from CNY 3,775,840,557.90 at the end of 2018[23]. - The basic earnings per share for 2019 was CNY 0.094, compared to a loss of CNY 0.015 per share in 2018[26]. - The weighted average return on equity for 2019 was 3.05%, a recovery from -0.50% in 2018[26]. - The company reported a quarterly revenue of CNY 364,112,766.65 in Q1 2019, with a net profit of CNY 24,028,306.64 for the same period[27]. - The total net profit for Q4 2019 was CNY 20,004,639.26, with a revenue of CNY 327,051,097.88[27]. - Non-recurring gains and losses for 2019 totaled CNY 39,239,093.94, compared to CNY 35,549,941.58 in 2018[34]. Dividend Distribution - The proposed cash dividend distribution is 0.3 yuan per 10 shares, totaling 28.782 million yuan (including tax) to be distributed to all shareholders[6]. - The company reported a net profit of ¥89,905,431.87 for the year 2019, with a cumulative distributable profit of ¥409,025,902.77 by the end of 2019[105]. - The company plans to distribute a cash dividend of ¥0.3 per 10 shares, totaling ¥28,782,000 (including tax) for the year 2019[106]. Market Risks - The company faces significant market risks due to the cyclical nature of the shipping and marine engineering industries, which are influenced by global economic fluctuations and international oil prices[10]. - Approximately 60% of the company's products are exported, making it vulnerable to exchange rate fluctuations, which the company mitigates through forward foreign exchange contracts[10]. - The company emphasizes the need for enhanced risk management capabilities in light of the COVID-19 pandemic, which introduces new safety and performance risks[10]. - The company faces market risks due to cyclical fluctuations in the shipping and marine engineering industries, which can impact new ship orders and prices[100]. Production and Sales - The company produced 100,650 tons of ship anchor chains in 2019, an increase of 3.17% year-on-year, and 23,803 tons of mooring chains, up 18.06% year-on-year[46]. - Total sales reached 135,702 tons, a year-on-year increase of 3.00%, with sales revenue of 1.284 billion RMB, up 23.77% from the previous year[46][50]. - The company secured orders totaling 127,200 tons during the reporting period, with 108,900 tons for ship anchor chains and 18,300 tons for offshore oil platform mooring chains[50]. - The offshore industry reported revenue of ¥354,710,751.29, with a year-over-year increase of 69.18% driven by a 39.04% rise in sales volume and an increase in average selling price[54]. - The shipbuilding industry generated revenue of ¥894,027,613.12, reflecting a year-over-year growth of 13.26%[62]. - Domestic sales amounted to ¥536,386,735.59, up 25.79% year-over-year, while foreign sales reached ¥712,351,628.82, increasing by 24.40%[62]. Cost Management - The company has implemented cost control measures to alleviate the impact of raw material price volatility on its operations[10]. - The main raw materials for the company are steel products, which have experienced price fluctuations during the reporting period, posing a risk to production operations[10]. - Raw material costs in the shipbuilding industry accounted for 78.69% of total costs, with a year-over-year increase of 2.81%[63]. - The gross margin for the offshore industry improved by 3.16 percentage points to 31.48%, while the shipbuilding industry saw an increase of 8.48 percentage points to 23.57%[62]. Research and Development - Research and development expenses increased by 24.00% to 58.31 million RMB, reflecting the company's commitment to innovation[47]. - The total R&D expenditure for the period was ¥58,312,712.63, accounting for 4.54% of operating revenue[69]. - The company has 234 R&D personnel, representing 14.27% of the total workforce[69]. - The company authorized 4 patents during the reporting period, including 3 invention patents and 1 utility model patent[70]. Financial Management - The company has a standard unqualified audit report issued by the public accounting firm Tianye[5]. - The board of directors and senior management have confirmed the accuracy and completeness of the financial report[4]. - The company does not have any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has implemented new financial instrument standards starting January 1, 2019, affecting the classification and measurement of financial assets[113]. - Financial assets are now categorized into three main types based on cash flow characteristics and business model, replacing previous classifications[113]. - The new impairment model requires the recognition of expected credit losses, moving from an incurred loss model to a three-stage model[114]. Corporate Governance - The company has committed to a shareholder return plan for the years 2018-2020, approved at the 2017 annual general meeting[109]. - The actual controllers of the company have made long-term commitments to avoid competition and related transactions since 2010[109]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits for the reporting period[108]. - The company has not faced any penalties from securities regulatory authorities in the past three years[181]. - The company has established a fourth supervisory board consisting of 3 supervisors, including 1 employee representative, complying with legal requirements[190]. - The company has conducted one annual general meeting in 2019, adhering to legal procedures and ensuring transparency[193]. Social Responsibility - The company has actively participated in social responsibility initiatives, including poverty alleviation efforts, contributing 78,000 RMB to targeted poverty alleviation projects[148]. - The company has improved rural living conditions through various projects, with a total investment of 54.95 million RMB in other initiatives aimed at enhancing the quality of life for farmers[151]. - The company actively engages in social responsibility initiatives, aiming for harmony between corporate development and societal progress[152]. - The company does not belong to the key pollutant discharge units as per environmental protection department announcements[155]. - The company has not disclosed any environmental information due to not being classified as a key pollutant discharge unit[156].