*ST凯撒(000796) - 2018 Q4 - 年度财报

Business Focus and Strategy - The company reported a significant change in its main business focus, shifting from retail to aviation food and railway catering after a major asset restructuring in 2009, and later adding tourism service management in 2015[24]. - The company plans to continue expanding its market presence and enhancing service offerings in the tourism sector[84]. - The company aims to expand its global market presence by focusing on outbound tourism as a core business, enhancing its service network with high-quality products and integrated online and offline marketing[141]. - The company intends to leverage cross-industry innovations in aviation, internet, consumption, and financial technology to enhance its outbound tourism service network[144]. - The company will focus on developing niche tourism markets such as sports tourism and leisure vacation travel, providing comprehensive services including visas, hotels, and car rentals[145]. - The company aims to optimize its tourism product structure to meet the increasing demand for personalized and experiential travel options[139]. - The company will continue to align with the "Belt and Road" initiative, focusing on developing a diverse range of tourism products along the Silk Road, including cruise, high-end group tours, and themed tourism[146]. Financial Performance - The company's operating revenue for 2018 was ¥8,179,620,906.93, representing a year-over-year increase of 1.67% compared to ¥8,045,318,644.19 in 2017[26]. - The net profit attributable to shareholders for 2018 was ¥194,142,235.88, a decrease of 12.03% from ¥220,699,435.50 in 2017[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥172,200,051.59, which is an increase of 13.68% from ¥151,472,578.09 in 2017[26]. - The net cash flow from operating activities for 2018 was ¥226,148,422.27, down 54.55% from ¥497,566,411.80 in 2017[26]. - The basic and diluted earnings per share for 2018 were both ¥0.2418, reflecting a decrease of 12.01% from ¥0.2748 in 2017[26]. - The weighted average return on equity for 2018 was 9.18%, down from 11.43% in 2017, a decline of 2.25%[26]. - The company reported a significant decline in net cash flow from operating activities in the first quarter, with a negative cash flow of ¥138,323,979.92[32]. - The company’s cash and cash equivalents decreased by 36.85% due to investments in low-risk financial products[49]. - The company’s other current assets increased by 2921.25% as a result of using idle funds for low-risk financial investments[49]. Shareholder and Dividend Information - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves for the year[9]. - The company did not distribute cash dividends in 2017 and 2018 due to negative net profits, with retained earnings carried forward to future periods[160]. - The company did not distribute cash dividends for the reporting period and has no plans to issue stock dividends or convert capital reserves into share capital[162]. - The net profit attributable to ordinary shareholders for 2018 was 194,142,235.88, with no cash dividends distributed[161]. Risks and Challenges - The company faced risks including intensified market competition, quality control issues, exchange rate fluctuations, and force majeure events[8]. - The company has acknowledged the existence of some excess related party transactions, constituting a significant internal control defect in non-financial reporting[7]. - The company faces intensified market competition due to the increasing demand for outbound tourism, prompting it to enhance resource integration and develop differentiated tourism products[150]. Investments and Acquisitions - The company has invested in three joint ventures, resulting in a 34.35% year-on-year increase in long-term equity investments[52]. - The company acquired 100% of Chongqing Quanwo Conference Exhibition Service for a cash consideration of CNY 20 million, generating revenue of CNY 57 million and net profit of CNY 5.24 million from the acquisition date to the end of the reporting period[92]. - The company disposed of 70% of its stake in Beijing Xuri Travel Agency with a disposal price of CNY 0, resulting in a loss of control on March 31, 2018, with a net asset share of CNY 93.46 million[93]. Operational Highlights - The company has launched 12 specialized sub-brands, offering over 20,000 high-end travel products across more than 120 countries and regions, focusing on themes such as art, festivals, and family travel[41]. - The company has established deep cooperation with over 80 domestic and international airlines and 11 global cruise companies, enhancing its control over upstream resources[41]. - The company has launched multiple themed boutique stores in collaboration with tourism bureaus and airlines to enhance customer service experience[68]. - The company has implemented a comprehensive online and offline integrated tourism service model, improving customer satisfaction significantly[57]. - The company has established a professional visa service brand, covering 105 countries and regions, facilitating outbound travel for Chinese tourists[59]. - The company has formed deep partnerships with 11 global cruise companies, offering a full range of cruise products[59]. Compliance and Governance - The company’s financial report was confirmed to be true, accurate, and complete by its board of directors and senior management[6]. - The company committed to maintaining the independence of its operations and personnel, ensuring no interference from controlling shareholders[166]. - The company has ongoing commitments to avoid related party transactions that do not adhere to market principles and fair pricing[169]. - The company is actively working to strengthen its main business through strategic partnerships and operational adjustments[186]. Future Outlook - By 2040, the company anticipates that China's tourism industry will evolve into a highly intensive world tourism power, driven by various strategic initiatives[137]. - The company plans to develop international tourism routes and new destinations, while enhancing online channel operations and optimizing resource management in 2019[145]. - The company will continue to strengthen its food service business, particularly in aviation and railway catering, by maintaining high standards in product and operational management[144].