汇得科技(603192) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was RMB 1,592,519,755.40, representing an increase of 11.67% compared to RMB 1,426,122,040.87 in 2017[22] - The net profit attributable to shareholders of the listed company was RMB 115,454,115.13, a growth of 4.76% from RMB 110,203,187.27 in the previous year[22] - The net profit after deducting non-recurring gains and losses was RMB 107,693,081.77, which is an 18.44% increase from RMB 90,928,135.15 in 2017[22] - The total assets of the company at the end of 2018 reached RMB 1,634,418,531.33, a 46.12% increase from RMB 1,118,571,681.96 in 2017[22] - The net assets attributable to shareholders of the listed company increased by 113.08% to RMB 1,116,769,908.00 from RMB 524,103,838.57 in 2017[22] - The basic earnings per share for 2018 was RMB 1.30, a decrease of 5.80% compared to RMB 1.38 in 2017[23] - The weighted average return on net assets was 15.59%, down 7.25 percentage points from 22.84% in the previous year[23] - The cash flow from operating activities was RMB 89,992,834.92, a decrease of 22.81% from RMB 116,582,769.11 in 2017[22] - The total share capital at the end of 2018 was 106,666,667 shares, an increase of 33.33% from 80,000,000 shares in 2017[22] Revenue Breakdown - The company's operating revenue for Q1 2018 was approximately CNY 371.19 million, Q2 was CNY 437.66 million, Q3 was CNY 452.90 million, and Q4 was CNY 330.77 million[26] - The net profit attributable to shareholders for Q1 2018 was CNY 23.86 million, Q2 was CNY 35.20 million, Q3 was CNY 32.33 million, and Q4 was CNY 24.07 million[26] - The main business revenue reached RMB 1,480.90 million, growing by 9.11% year-on-year, with the average price of main products increasing by 7.86%[43] - In 2018, the company achieved a main business revenue of CNY 1,480.90 million, an increase of 9.11% year-on-year[48] Investment and Capital Structure - The company raised RMB 522.67 million through its initial public offering, with a net amount of RMB 478.91 million after deducting issuance costs[37] - The company invested a total of RMB 30.94 million in safety and environmental protection measures over the past three years[40] - The company aims to optimize product structure and enhance R&D capabilities through fundraising projects to solidify its industry position[102] - The company plans to achieve continuous growth in operating performance through product optimization, technological innovation, and market expansion[103] Research and Development - The company holds 28 authorized patents, all of which are invention patents, indicating a strong focus on R&D[39] - The total R&D expenditure was 66,595,286.04 CNY, accounting for 4.18% of operating revenue, with 127 R&D personnel, representing 24.95% of the total workforce[62] - The R&D strategy includes both forward-looking and market application research to align product development with market needs[35] - The company is focusing on developing specialty polyester polyols for use in elastomers and adhesives, addressing specific market needs[77] Environmental and Social Responsibility - The company has invested in environmental management systems and aims to comply with increasingly stringent environmental regulations[115] - The company contributed a total of RMB 1,327,834.28 to public welfare projects in 2018, focusing on community building and poverty alleviation in Shanghai Jinshan District and Fujian Fuding City[156] - The company is classified as a key pollutant discharge unit in Shanghai, with wastewater and air emissions monitored and reported[157] - The company has implemented a comprehensive waste management strategy, including the classification and proper disposal of solid waste through qualified third-party services[160] Shareholder and Governance - The company reported a net profit of RMB 115,454,115.13 for the year 2018, with a cash dividend distribution of RMB 37,333,333.45, representing 32.34% of the net profit attributable to ordinary shareholders[126] - The cash dividend policy stipulates that at least 20% of the distributable profit will be distributed in cash if certain conditions are met, including a positive audited net profit[122] - The company’s profit distribution policy emphasizes cash dividends as the primary method, with a minimum of 80% cash distribution for mature stages without major capital expenditures[122] - The company has committed to timely and sufficient disclosure of any share reduction plans, including a three-day notice prior to any planned reductions[134] Market Position and Strategy - The company aims to maintain a strong financial position while exploring new strategic initiatives for growth[182] - The company is positioned in the fine chemical industry, with a focus on polyurethane products, which are expected to see increased demand in various sectors[100] - The company is expanding its marketing strategy to include both domestic and international markets, aiming to increase its customer base and product reach[108] - The company plans to invest in technology innovation to improve production efficiency and reduce volatile organic compound emissions in the synthetic leather manufacturing process[105] Risks and Challenges - The company faces risks related to the economic conditions of downstream industries, which could impact the demand for its polyurethane products[113] - The company acknowledges the risk that its fundraising projects may not achieve the expected returns due to market uncertainties[117] - There is a risk associated with changes in tax incentive policies; if the company fails to pass the high-tech enterprise review, it will face a corporate income tax rate of 25%[119] - The cost of key raw materials (MDI, AA, and DMF) accounts for approximately 60% of the company's main business costs, making it vulnerable to price fluctuations[112]