ST星源(000005) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 486,180,975.75, a decrease of 8.43% compared to CNY 530,922,230.53 in 2017[14] - The net profit attributable to shareholders in 2018 was CNY 148,809,093.72, representing an increase of 872.07% from CNY 15,308,435.84 in 2017[14] - Basic earnings per share increased to CNY 0.1406, up 869.66% from CNY 0.0145 in the previous year[14] - The weighted average return on equity for 2018 was 10.58%, up from 1.18% in 2017[14] - The company experienced a quarterly fluctuation in net profit, with a notable profit of CNY 142,277,141.28 in Q4 2018 after losses in the first three quarters[18] - The gross profit margin for the environmental business was 29.12%, down by 4.50% year-on-year[52] - The company reported a net cash outflow from operating activities of CNY -94,794,814.73, an improvement from CNY -243,303,474.04 in the previous year[62] - Operating cash inflow from operating activities increased by 30.61% to CNY 562,730,773.88 compared to CNY 430,855,793.91 in 2017[62] Assets and Liabilities - Total assets at the end of 2018 were CNY 3,121,423,378.81, a growth of 7.19% from CNY 2,912,099,984.28 at the end of 2017[14] - The net assets attributable to shareholders increased by 12.61% to CNY 1,489,259,826.67 from CNY 1,322,511,167.10 in 2017[14] - Long-term equity investments decreased by 39.56% due to investment losses recognized under the equity method[24] - The total inventory increased to CNY 478,980,648.90, representing 15.34% of total assets, up from 14.29% the previous year[68] - Short-term borrowings amounted to CNY 472,000,000.00, accounting for 15.12% of total assets, showing a slight decrease from 16.55% in the previous year[68] Revenue Sources - Environmental protection business revenue accounted for 86.01% of total revenue, amounting to approximately ¥418.16 million, down 7.95% from ¥454.25 million[49] - The company reported a significant non-operating income of CNY 268,555,558.61 in 2018, compared to CNY 77,638,008.14 in 2017[20] Investments and Projects - The company signed a formal agreement with the Shenzhen Municipal Government to exchange the operating rights of the "Shenzhen Vehicle Port" for the "Nanshan Cultural and Sports Center" project[29] - The company initiated the "Comprehensive Water Governance Planning" project in the Citarum River Basin, Indonesia, which was included in the "Belt and Road" cooperation framework[31] - The company is developing a comprehensive platform for pollution cleaning and energy regeneration, focusing on organic waste "low-carbon reduction/high-efficiency conversion" technologies[32] - The company is in the investment construction phase for a large-scale cold storage urban cooling station project located at the intersection of Sunshine Road and Central Ring Road[33] - The company is involved in the early-stage planning of large industrial parks in Indonesia, focusing on renewable energy and pollution treatment technologies[46] Research and Development - The company invested over ¥20 million in technology research and development related to environmental pollution treatment during the reporting period[38] - Research and development expenses amounted to CNY 16,128,027.52, representing 3.32% of total operating revenue, an increase from 2.84% in 2017[60] Shareholder and Governance - The company has not distributed any cash dividends in the past three years due to negative retained earnings, with no plans for cash dividends or capital reserve transfers in the current year[99][100] - The company has a diverse board with members holding various significant positions in other organizations, enhancing its governance[166] - The company has established four specialized committees, each holding one annual meeting to discuss business planning and audit reports[190] - The company has not reported any new product launches or technological advancements in the current report[169] Financial Risks and Audit - The company received a qualified audit report from Zhongshun Zhonghuan Accounting Firm for the 2018 financial report, highlighting issues related to the Zhaoqing project[109] - The company is actively pursuing arbitration related to disputes arising from a 1992 contract with Zhaoqing Qixing Development Company, with an involved amount of CNY 8 million[121] - The company has not reported any non-operating fund occupation by its controlling shareholders or related parties during the reporting period[104] Employee and Management - The total number of employees in the company is 745, with 79 in the parent company and 666 in major subsidiaries[173] - The total remuneration for directors, supervisors, and senior management during the reporting period is 5.388 million yuan[171] - The company emphasizes employee training and development, encouraging participation in relevant training programs[176] Future Outlook - The company anticipates a high growth in engineering service business in 2019, driven by breakthroughs in real estate and clean energy project services[86] - The company plans to manage the investment in the urban renewal project of the Nanyou Factory area, expecting annual cash returns of ¥80 million from preferred shares during the investment management period[41]