Ganso(SH:603886)2019-04-17 16:00Financial Performance - The company achieved a total revenue of ¥1,958,215,894.56 in 2018, representing a year-on-year increase of 10.18% compared to ¥1,777,241,093.10 in 2017[20]. - The net profit attributable to shareholders of the listed company for 2018 was ¥241,646,659.81, an increase of 18.74% from ¥203,513,298.30 in 2017[20]. - The net profit after deducting non-recurring gains and losses was ¥213,377,540.19, reflecting a growth of 16.78% compared to ¥182,716,051.44 in the previous year[20]. - The net cash flow from operating activities reached ¥365,296,419.61, which is a 12.49% increase from ¥324,748,214.93 in 2017[20]. - As of the end of 2018, the total assets of the company amounted to ¥2,204,174,819.14, up 11.87% from ¥1,970,288,947.07 at the end of 2017[20]. - The net assets attributable to shareholders of the listed company increased to ¥1,351,632,515.23, a rise of 10.88% from ¥1,219,028,342.21 in 2017[20]. - Basic earnings per share increased by 18.82% to CNY 1.01 in 2018 compared to CNY 0.85 in 2017[21]. - The company's gross profit margin for 2018 was 64.81%, which is higher than the average gross profit margin of comparable listed companies at 49.81%[36]. - The average gross profit margin for the company in 2018 was 58.74%, slightly down from 59.33% in 2017[36]. - The company reported a total of CNY 28,269,119.62 in non-recurring gains in 2018, compared to CNY 20,797,246.86 in 2017[27]. Dividend Policy - The company plans to distribute a cash dividend of ¥6.6 per 10 shares, totaling ¥158.40 million, subject to approval at the annual shareholders' meeting[4]. - The company distributed cash dividends of RMB 158.4 million in 2018, representing 65.55% of its net profit attributable to ordinary shareholders[123]. - The company has a cash dividend policy that mandates a minimum of 40% of distributable profits to be distributed as dividends when profitable[121]. - The company emphasizes continuous and stable profit distribution policies while considering sustainable development[122]. Operational Strategy - The company adopted a "central factory + retail" operational model to ensure product quality and safety[29]. - The online sales strategy includes self-operated flagship stores on major e-commerce platforms like Tmall and JD[30]. - The company aims to enhance brand influence through standardized and refined store management in its retail operations[30]. - The company has implemented a unified procurement system to control product quality and optimize capital efficiency[32]. - The company utilizes a "central factory + retail" logistics model to enhance efficiency and accuracy in product delivery[32]. - The company implemented a strategy of integrating online and offline retail channels, enhancing customer experience and service quality[46]. Market Position and Growth - The company ranked 2nd in the baking food industry with a total market value of 4.2 billion yuan, according to the 2018 ranking of listed companies in the food industry[37]. - The retail scale of China's baking food industry maintained a steady growth with a compound annual growth rate of 12.8% from 2012 to 2017, and the total revenue of large-scale baking enterprises reached 380 billion yuan in 2017, a year-on-year increase of 9%[34]. - The company anticipates continued growth in the baking industry, driven by rising disposable income and changing consumer preferences towards healthier options[96]. - The per capita consumption of baked goods in China was only 6.6 kg in 2018, significantly lower than the world average of 18.7 kg, indicating substantial growth potential in the market[98]. Product Development and Innovation - Research and development expenses increased by 18.25% to CNY 13.52 million, reflecting the company's commitment to innovation[55]. - The company has filed multiple patent applications for new baking technologies, indicating a commitment to innovation and market leadership[39]. - The company has initiated research and development in health functional foods, aiming to enhance food quality and expand market share, targeting specific demographics such as the elderly and women[110]. - The company is focused on enhancing its brand value through intellectual property management, including trademarks and patents, to strengthen its competitive edge in the market[112]. Risk Management - The board of directors has highlighted potential risks in the future development of the company, which are detailed in the report[7]. - The company faces potential risks related to food safety, raw material cost fluctuations, and production environment hygiene, which could impact its operational performance[118]. Corporate Governance - The company has received a standard unqualified audit report from KPMG Huazhen[8]. - The company has no significant litigation or arbitration matters reported for the year[145]. - The company has maintained a good integrity status with no significant debts overdue or unfulfilled court judgments[145]. - The company has not faced any penalties from securities regulatory agencies in the past three years[199]. Social Responsibility - The company supported over 100 impoverished children through the "Star Wish" program in 2018, focusing on both material and emotional assistance[171]. - The company has maintained its commitment to social responsibility through ongoing community support initiatives[170]. - The company emphasizes the importance of emotional support for children, believing it is crucial for their future development[171]. Employee Information - As of December 31, 2018, the total number of employees in the company and its subsidiaries is 4,635[200]. - The majority of employees are in sales, accounting for 76.03% with 3,524 individuals[200]. - Employees aged 31-40 represent 44.01% of the total workforce, totaling 2,040 individuals[200]. - The educational background shows that 71.67% of employees have other qualifications, totaling 3,322 individuals[200].