CTS Logistics(SH:603128)2019-04-25 16:00Financial Performance - The company's operating revenue for 2018 was CNY 9,445,441,266.22, representing an increase of 8.38% compared to CNY 8,715,345,271.66 in 2017[30]. - The net profit attributable to shareholders for 2018 was CNY 322,995,050.98, reflecting a growth of 15.95% from CNY 278,556,693.79 in 2017[30]. - The total profit for 2018 was 429 million RMB, reflecting a year-on-year growth of 19.34%[91]. - The net profit attributable to the parent company reached 323 million RMB, with a year-on-year increase of 15.95%[86]. - The total non-recurring gains and losses for 2018 amounted to CNY 41,977,328.75, compared to CNY 35,965,984.88 in 2017[37]. - The company reported a compound annual growth rate (CAGR) of 13.69% for operating revenue over the past three years[30]. - The gross margin for comprehensive logistics services was 12.68%, a slight decrease of 0.02 percentage points year-on-year[103]. - The gross margin for supply chain trade was 1.77%, an increase of 0.08 percentage points year-on-year[103]. Assets and Liabilities - The total assets at the end of 2018 were CNY 5,479,948,537.42, a slight increase of 0.01% from CNY 5,479,665,007.84 at the end of 2017[33]. - The company’s total assets reached CNY 5.48 billion, a slight increase of 0.01% from the beginning of the year[64]. - The company maintained a current ratio of 2.56 and a total asset liability ratio of 28.05% by the end of 2018[64]. - The company’s overseas assets amounted to CNY 627.82 million, representing 11.46% of total assets[68]. - The total liabilities decreased by 9.20% to CNY 1.54 billion, with a notable reduction in accounts payable by 11.63% to CNY 853 million[138]. - The company's asset-liability ratio decreased to 28.05%, down 2.84 percentage points from the beginning of the year[86]. - The company reported a 24.58% increase in prepaid accounts to CNY 41.36 million, primarily due to increased prepayments for logistics projects[141]. Cash Flow - The net cash flow from operating activities decreased by 66.44% to CNY 139,143,420.07 in 2018, down from CNY 414,660,320.80 in 2017[30]. - The company’s net cash inflow from operating activities was 139 million yuan, a decrease of 276 million yuan year-on-year, primarily due to an increase in accounts receivable[132]. - Investment activities resulted in a net cash outflow of 44 million yuan, mainly for acquiring subsidiary equity and purchasing fixed assets[133]. - Financing activities led to a net cash outflow of 168 million yuan, with significant outflows for dividend distribution and stock repurchase[134]. - Cash and cash equivalents at the end of the period amounted to CNY 1.24 billion, a decrease of 2.14% year-on-year, primarily due to the use of CNY 70 million in working capital for stock repurchase[141]. Dividends and Share Capital - The company plans to distribute a cash dividend of RMB 0.98 per 10 shares, totaling RMB 97,158,708.32, which accounts for 39.96% of the distributable profits[6]. - The total share capital as of December 31, 2018, is 1,012,038,353 shares, after deducting 20,622,962 shares repurchased[6]. - The remaining undistributed profits amount to RMB 145,971,698.06, which will be carried forward[6]. Audit and Compliance - The company has received a standard unqualified audit report from Dahua Certified Public Accountants[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[8]. - The board of directors and senior management confirm the accuracy and completeness of the annual report[4]. Market and Industry Insights - In 2018, China's GDP exceeded 90 trillion yuan, growing by 6.6% year-on-year, while total foreign trade reached 30.5 trillion yuan, an increase of 9.7%[47]. - The total logistics cost in China for 2018 was 13.3 trillion yuan, up 9.8% year-on-year, with the logistics cost as a percentage of GDP at 14.8%, an increase of 0.2 percentage points from the previous year[53]. - The logistics industry revenue in 2018 was 10.1 trillion yuan, growing by 14.5% compared to the previous year, with an increase of 3 percentage points in growth rate[53]. - The air cargo transport volume in China reached 7.385 million tons in 2018, reflecting a year-on-year growth of 4.6%[50]. - The cross-border e-commerce sector is expected to account for over 40% of China's foreign trade exports by 2020, driven by efficiency improvements in logistics services[51]. Business Operations - The company continues to focus on cross-border modern comprehensive third-party logistics services, with no significant changes in its main business over the past three years[42]. - The company has maintained a unique operating model in the cross-border logistics sector, emphasizing customer needs and resource integration[43]. - The company has established deep cooperation with major international partners, enhancing its global logistics service network across over 150 countries and regions[45]. - The company is focusing on innovation in logistics services to meet the evolving demands of international trade, emphasizing the need for integrated and cost-effective solutions[58]. - The company operated 6,300 China-Europe freight trains in 2018, representing a year-on-year increase of 72%, with return trips increasing by 111%[61]. - The company has established a comprehensive service network with nearly 80 subsidiaries in major domestic ports and logistics cities, and partnerships with over 260 overseas logistics networks[70]. Revenue Breakdown - International air freight business volume reached 353,500 tons, a year-on-year increase of 5.84%, with revenue of 3.597 billion yuan, up 5.53% year-on-year[96]. - International sea freight business volume was 954,700 TEUs, growing 7.30% year-on-year, with revenue of 3.491 billion yuan, an increase of 14.28% year-on-year[97]. - Revenue from international engineering logistics was 173 million yuan, a year-on-year growth of 6.98%, with a gross profit of 22.03 million yuan, up 12.97% year-on-year[98]. - Revenue from third-party logistics warehousing reached 379 million yuan, a year-on-year increase of 21.94%, with a gross profit of 116 million yuan, but a gross margin decrease of 6.37 percentage points[98]. - Special logistics revenue decreased by 14.75% to 572 million yuan, while gross profit increased by 4.01% to 167 million yuan, with a gross margin increase of 5.27 percentage points[100]. - Supply chain trade revenue was 1.111 billion yuan, up 14.52% year-on-year, with a gross profit of 19.62 million yuan, a 19.49% increase[100].