亚太实业(000691) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥37,721,516.23, a decrease of 18.26% compared to ¥46,147,810.94 in 2017[16] - The net profit attributable to shareholders in 2018 was ¥11,002,564.38, representing a significant increase of 227.93% from a loss of ¥8,600,632.59 in 2017[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥8,170,576.25, a slight improvement of 7.56% from -¥8,839,027.17 in 2017[16] - The net cash flow from operating activities decreased by 37.37% to ¥9,249,396.33 compared to ¥14,767,153.41 in the previous year[18] - Basic and diluted earnings per share increased by 213.33% to ¥0.034 from a loss of ¥0.03 in the previous year[18] - The weighted average return on equity improved to 13.77%, up from -10.93% in the previous year, representing a 24.70% increase[18] - Total assets decreased by 21.55% to ¥198,474,606.91 from ¥252,987,702.89 at the end of the previous year[18] - Net assets attributable to shareholders increased by 14.79% to ¥85,414,854.39 from ¥74,412,290.01 at the end of the previous year[18] Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares[6] - The company did not distribute cash dividends for the fiscal year 2018, with a total cash dividend amount of 0.00[72] - The company reported a net profit available for distribution to ordinary shareholders, but no cash dividend distribution plan was proposed[73] - The company has not distributed any cash dividends or bonus shares over the past three years, indicating potential liquidity issues[71] Shareholder Information - The company’s major shareholder, Lanzhou Yatai Industrial Group, held 54,740,795 shares, accounting for 16.93% of the total shares as of December 31, 2018[16] - The total number of shares is 323,270,000, with 10.14% being limited shares and 89.86% being unrestricted shares[134] - The number of shareholders increased from 19,516 to 21,897 during the reporting period[136] - The largest shareholder, Lanzhou Asia-Pacific Industrial Group Co., Ltd., holds 32,177,295 shares, accounting for 9.95% of total shares[138] - The second largest shareholder, Lanzhou Taihua Investment Holding Co., Ltd., holds 22,000,000 shares, representing 6.98% of total shares[138] Legal and Regulatory Issues - The company is currently facing significant operational risks due to its reliance on the "Asia-Pacific Rose Garden" real estate project, with limited cash flow and ongoing challenges in project development[64] - The company is involved in multiple legal disputes, including a lawsuit with a bank that has resulted in the seizure of 13.42 million yuan in equity, which may lead to further litigation risks[65] - The company has a contingent liability of 1,342,000 yuan related to a lawsuit involving its subsidiary Tianjin Green Source[89] - The company is involved in a legal case with Tianjin Huaheng Xinrui Asset Management Co., with a debt amounting to 2,800,000 yuan[89] - The company has received a court ruling requiring it to pay 4,167,832.18 yuan plus interest to Gansu Fourth Construction Group Co., Ltd. for project payments[93] Business Strategy and Transformation - The company plans to transform its business towards the pharmaceutical industry and has signed a memorandum to acquire at least 70% of Chengdu Xinhengchuang Pharmaceutical Co., Ltd.[63] - The company is focused on expanding its market presence in Lanzhou, leveraging its brand recognition and development experience in the local real estate sector[26] - The company has actively participated in regulatory meetings and is working on mergers and acquisitions to promote business transformation[34] - The company plans to achieve a sales revenue of CNY 40 million in 2019, with a cash return target of CNY 20 million[33] Financial Management and Audit - The company has engaged Lianda Certified Public Accountants for auditing, which provided an unqualified opinion with emphasis on certain matters[5] - The company received a non-standard audit report from Lianda CPA, which reflects the company's financial status and potential risks[82] - The company’s financial statements were prepared in accordance with accounting standards, reflecting its financial position and operating results accurately[188] - The audit identified key audit matters, including revenue recognition and debt restructuring, which were deemed critical for the financial statements.[192] Operational Challenges - The company has faced challenges in selling its remaining properties due to a lack of an active market, leading to a severe shortage of available housing.[190] - The company’s "Asia-Pacific Rose Garden" project has seen slow development in zones B-D due to resident relocations and financial constraints, with only a small number of shops and parking spaces remaining for sale in zone A.[190] - The company has acknowledged that commitments made regarding "Blue View Home" and "Tongliao Land" do not meet regulatory requirements due to legal obstacles[78] Employee and Management Structure - The total number of employees in the company is 28, with 15 in the parent company and 13 in major subsidiaries[161] - The company has a total of 5 financial personnel and 17 administrative personnel among its employees[162] - Several senior management personnel, including the financial director, left the company for personal reasons in April 2018[149] - The current chairman and general manager, Ma Bing, has been with the company since 2016 and has held various positions[150] Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation from its controlling shareholder[168] - The attendance rate for the annual shareholder meeting was 17.00%, while the attendance for the first extraordinary shareholder meeting was 16.89%[169] - Independent directors attended all required board meetings and did not raise any objections to company matters during the reporting period[171] - The company reported zero significant internal control deficiencies during the reporting period[178] Related Party Transactions - The company reported a total of 14.01 million yuan in related party transactions for the year, with a breakdown of 2.11 million yuan for property management fees and 1.01 million yuan for water and electricity fees[98] - The company has a total of 39.53 million yuan in payables to related parties, with no repayments made during the reporting period[102] - A guarantee of 40 million yuan was provided for a bank loan to a subsidiary, with 20 million yuan remaining as of December 17, 2018[103] Future Outlook - The company is optimistic about its future development and capital market conditions, which influenced its shareholding increase plan[79] - The company has plans to assist in recovering related assets worth 30 million yuan, with a current impairment provision of 12,780,401.68 yuan for intangible assets[76] - The company’s management has disclosed plans to address the uncertainties affecting its ongoing operations in the financial statements.[190]