*ST西发(000752) - 2018 Q4 - 年度财报

Audit and Financial Reporting - The company received an audit report with a disclaimer of opinion from Da Xin Accounting Firm for the 2018 financial statements, indicating significant uncertainties regarding the accuracy of financial data related to long-term equity investments[6]. - The company reported a significant asset impairment provision during the reporting period, which investors should be aware of[8]. - The company’s stock is subject to delisting risk warnings due to the disclaimer of opinion on its financial report[8]. - The company has acknowledged potential risks in its future development and has outlined corresponding countermeasures in the report[7]. - The board of directors acknowledges the serious issues and risks highlighted by the audit report and commits to taking effective measures to mitigate these risks[118]. - The company faces significant risks and issues highlighted by the non-standard audit opinion issued by the accounting firm, which could materially impact the financial statements[118]. Internal Control and Governance - There were major internal control deficiencies identified during the reporting period, primarily due to former executives bypassing established procedures, leading to substantial legal liabilities[7]. - The company has implemented a restructuring of its governance and management since July 2018 to address the identified internal control issues[7]. - The company has experienced significant legal issues, leading to the freezing of three major bank accounts and potential debt crises[36]. - The company is actively addressing legal disputes and financial challenges by hiring legal teams and negotiating with creditors[39]. - The company is focused on ensuring fair and transparent operations in any necessary related party transactions, adhering to market principles[106]. Financial Performance - The company’s operating revenue for 2018 was ¥323,117,085.53, a decrease of 10.63% compared to ¥361,551,960.70 in 2017[17]. - The net profit attributable to shareholders was -¥411,969,131.10, representing a significant decline of 4,425.71% from ¥9,523,725.85 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥366,225,398.60, down 4,018.99% from ¥9,344,901.46 in 2017[17]. - The basic earnings per share for 2018 was -¥1.5619, a decline of 4,426.59% from ¥0.0361 in the previous year[17]. - The weighted average return on net assets was -70.69%, down 71.90% from 1.21% in 2017[17]. - The company reported a net loss attributable to the parent company of ¥411,969,131.10, a significant decrease of 4,425.71% compared to the previous year, primarily due to large asset impairment losses and estimated liabilities[39]. Cash Flow and Investments - The net cash flow from operating activities increased by 312.66% to ¥108,955,682.78, compared to ¥26,402,966.46 in 2017[17]. - The company reported a significant decrease in investment cash outflow by 90.87%, totaling ¥18,813,679.84, reflecting a substantial reduction in external investments[56]. - The company’s long-term equity investments accounted for 47.54% of total assets, showing a slight decrease from 38.36% in the previous year[65]. - The company reported an investment loss of ¥43,852,162.57, which constituted 11.62% of total profit[61]. - The total investment amount for the reporting period was ¥7,525,693.99, a significant decrease of 96.24% compared to the previous year's investment of ¥200,000,000.00[67]. Legal and Compliance Issues - The company is currently facing litigation risks, with several bank accounts frozen, which could impact its financial stability if the outcomes are unfavorable[82]. - The company has ongoing litigation with multiple defendants, including Tibet Development and Tianyi Longxing, with claims for joint liability on debts[127]. - The company is involved in a lawsuit where it is requested to repay a loan principal of 45 million yuan along with interest and penalties totaling 45.028 million yuan[127]. - The company has reported a total of 2,710 million yuan in debt as of December 31, 2018, with an outstanding principal of 2,590 million yuan and interest of 404.79 million yuan[131]. - The company is actively managing its legal risks and financial liabilities through ongoing litigation strategies[127]. Shareholder and Capital Structure - The company reported a total share capital of 263,758,491 shares as of the last trading day before disclosure[19]. - The company has no outstanding corporate bonds[19]. - The company has no controlling shareholder or actual controller, as no single entity holds more than 30% of voting rights[200]. - The total number of ordinary shareholders at the end of the reporting period is 38,281[195]. - The largest shareholder is Li Min and her concert party Ma Shufen, holding a combined stake of 11.04%[198]. Social Responsibility and Environmental Initiatives - The company provided financial support of 516,100 yuan to assist 202 registered impoverished individuals in poverty alleviation efforts during 2018[168]. - The company has implemented energy-saving and emission-reduction measures to promote sustainable development[165]. - The company’s subsidiary, Tibet Lhasa Beer Co., has implemented a wastewater treatment facility with a design capacity of 2000M³/d, ensuring compliance with wastewater management requirements[175]. - The company is involved in multiple social responsibility initiatives, including employment assistance and green development measures[165]. - The company plans to continue targeted poverty alleviation efforts in Tibet, specifically in the villages of Zinu and Karze, until all registered impoverished individuals are lifted out of poverty[174].