*ST凯撒(000796) - 2019 Q4 - 年度财报

Financial Performance - Revenue in 2019 decreased by 26.21% to 6,035,553,540.91 yuan compared to 2018 [32] - Net profit attributable to shareholders decreased by 35.28% to 125,652,695.93 yuan in 2019 [32] - Net cash flow from operating activities dropped significantly by 279.06% to -404,949,253.67 yuan in 2019 [32] - Total assets increased by 6.80% to 6,514,957,834.48 yuan at the end of 2019 [35] - Shareholders' equity increased by 7.89% to 2,391,558,987.41 yuan at the end of 2019 [35] - Non-recurring gains and losses amounted to 52,087,001.44 yuan in 2019, a significant increase from 21,942,184.29 yuan in 2018 [43] - Total revenue decreased by 26.21% to RMB 6.04 billion, with tourism services contributing 81.51% of total revenue [105] - Tourism services revenue dropped by 29.86% to RMB 4.92 billion, with a gross margin of 15.54% [108] - Air catering and services revenue fell by 12.42% to RMB 779.56 million, with a gross margin of 18.37% [108] - Revenue from the Beijing region decreased by 34.01% to RMB 2.96 billion, accounting for 49.08% of total revenue [105] - The company's parent company reported a net loss of RMB 66 million in 2019, with cumulative distributable profits at negative RMB 219 million, leading to no cash dividend distribution for the year [188] - In 2019, the company's net profit attributable to ordinary shareholders was RMB 125,652,695.93, with no cash dividends distributed, resulting in a 0.00% cash dividend payout ratio [191] Business Operations - The company operates in tourism service management, aviation, and railway catering, facing risks such as intensified market competition, quality control, exchange rate fluctuations, and force majeure [7] - The company operates in over 152 countries and regions, providing comprehensive tourism services [47] - The company has established destination reception companies in 8 overseas core cities and cooperates with over 100 countries and regions [48] - The company has developed over 20,000 self-developed tourism products across 12 sub-brands and 28 themes [48] - The company's subsidiary, Yishi Holdings, operates 7 airline catering companies and 13 railway catering bases, serving over 40 airline catering enterprises and 7 railway bureaus with 140 operational routes [49][51] - The company's tourism products cover 152 countries and regions, with over 20,000 self-developed products [65] - The company has established partnerships with more than 150 domestic and international airlines [69] - The company has direct contracts with 13,600 hotels, including major brands like Marriott and Hilton [69] - The company has deep cooperation with 11 global cruise companies, offering a "full series" of cruise products [69] - The company has established destination reception companies in 8 overseas core cities, including Hamburg, Paris, and Tokyo [70] - The company has achieved independent visa submission in multiple cities, including Beijing, Shanghai, and Guangzhou [70] - The company's aviation and railway catering business has over 20 years of industry experience [73] - The company's aviation catering subsidiary is the only one in mainland China with kosher meal production qualifications [64] - The company's tourism business has a network of over 50 subsidiaries and branches in key commercial cities [68] - The company launched a 53-day South Pacific cruise covering over 16,000 nautical miles, including destinations like Tahiti and New Caledonia [83] - The company acquired Kangtai Travel Agency to expand the inbound and outbound tourism market through Hong Kong and Macau [83] - The company introduced 12 major themes and over 1,000 domestic travel routes, including red tourism and Chinese tea culture [83] - The company partnered with Airbnb to integrate 5 million global homestay resources into its accommodation offerings [87] - The company held over 3,000 marketing events to enhance customer engagement and loyalty [88] - The company secured the official ticketing agency rights for the 2020 Tokyo Olympics, which were postponed due to the pandemic [92] - The company acquired 100% equity of Kangtai Travel Agency to expand its presence in the Guangdong-Hong Kong-Macao Greater Bay Area [98] - The company entered the duty-free business by establishing Hainan Tongsheng Shijia Duty-Free Group and acquiring equity in a duty-free shop in Nanjing [99] - The company increased its investment in Zhenxiang Yueli, a cross-border asset allocation company, to enhance its overseas service offerings [98] - The company plans to focus on high-net-worth individuals by offering premium travel products and services, including private jet management and charter services [178] - The company is increasing its investment in Hainan, aiming to leverage the region's tourism resources and develop high-end domestic and international tourism products [179] - The company signed a cooperation agreement with the Sanya Municipal Government to promote tourism business and provide high-end travel services [179] - The company changed its registered address to Sanya and increased capital in Hainan Kaisa Group to directly access local tourism resources and incubate new tourism-related businesses [182] - The company actively expanded into the duty-free market, securing investments in the Tianjin International Cruise Home Port inbound duty-free store and the Nanjing domestic duty-free store, and won the bid for the Beijing duty-free store project in March 2020, further extending its duty-free business into the promising Beijing region [183] - The company's duty-free business strategy aligns with national policies aimed at stimulating duty-free consumption and attracting consumption回流, positioning it to benefit from the growing domestic duty-free market [183] Financial Transactions and Investments - The company's equity assets increased by 33.94% due to the acquisition of company equity, while construction in progress decreased by 99.39% due to the transfer of fixed assets [57] - Long-term equity investments surged by 3393.87% due to the establishment of subsidiaries and the acquisition of third-party company equity [60] - The company's overseas assets include fixed assets in Germany worth 494,583.38 yuan and long-term equity investments in Germany worth 15,253,200 yuan [61] - The company's prepayments increased by 119.01% due to payments for air tickets, cruises, and ground handling fees [57] - The company's accounts receivable increased by 632.37% due to business development and the receipt of bills [57] - The company's investment properties decreased by 85.97% due to equity transfers [60] - The company acquired 51% of Hainan Tourism Information Technology Co., Ltd. for 7,195,400.00 RMB on July 26, 2019 [115] - The company acquired 65% of Fujian Jiutian Information Technology Co., Ltd. for 20,965,600.00 RMB on August 23, 2019 [115] - The company disposed of 100% of Baoji Yishi International Shopping Plaza Co., Ltd. for 40,000,000.00 RMB on March 25, 2019 [120] - The company's top five customers accounted for a total sales amount of RMB 652,353,430.45, representing 10.81% of the total annual sales [125] - The top five suppliers accounted for a total procurement amount of RMB 1,805,286,461.65, representing 37.57% of the total annual procurement [127] - The company invested a total of 1,515,198,629.24 yuan during the reporting period, a significant increase from 0.00 yuan in the same period last year [142] - A major equity investment was made in HNA Hotel Holding Group Co., Ltd., with an investment amount of 785,000,000.00 yuan, acquiring a 10.09% stake [142] - The company acquired a 65% stake in Fujian Jiutianda Information Technology Co., Ltd. for 20,965,600.00 yuan, focusing on smart tourism services [145] - A new subsidiary, Tianjin Tongsheng PinTai Commercial Factoring Co., Ltd., was established with an investment of 201,050,000.00 yuan, holding a 60% stake [145] - The company invested 12,000,000.00 yuan to acquire a 20% stake in Jiangsu Zhongfu Duty-Free Goods Co., Ltd., focusing on duty-free sales [145] - A new investment platform, Hainan Tongsheng Shijia Duty-Free Group Co., Ltd., was established with a total investment of 200,000,000.00 yuan, fully owned by the company [145] - The company invested 100,000,000.00 yuan to establish Hainan Caissa Shijia Tourism Development Group Co., Ltd., holding a 33.33% stake [145] - The company increased its investment in Beijing Zhenxiang Yueli Culture Development Co., Ltd. by 60,000,000.00 yuan, raising its stake to 43.77% [148] - The company raised a total of RMB 14.999 billion through equity issuance and corporate bonds, with RMB 13.304 billion already utilized [152] - 43.33% of the funds raised in 2015 were reallocated, totaling RMB 3.466 billion [152] - The domestic marketing headquarters project achieved a 95.87% investment progress, with RMB 35.68 million invested [159] - The informationization + e-commerce platform upgrade project reached 69.87% completion, with RMB 19.815 million invested [159] - The sports tourism project had a 75.18% investment progress, with RMB 6.199 million utilized [159] - The outdoor tourism project was terminated due to underperformance, with only 29.16% of the funds (RMB 1.8 million) utilized [156][159] - The repayment of financial institution loans was fully completed, utilizing RMB 50 million [159] - The supplementary working capital project achieved 97.94% utilization, with RMB 19.548 million invested [159] - The company permanently reallocated RMB 346.62 million from terminated projects to working capital [152] - No derivative investments were made during the reporting period [149] - The company used RMB 385 million of idle raised funds to temporarily supplement working capital in 2015, and returned the funds by December 2016 [161] - In 2016, the company used RMB 400 million of idle raised funds to temporarily supplement working capital, and returned the funds by December 2017 [161] - In 2017, the company used RMB 350 million of idle raised funds to temporarily supplement working capital, and returned the funds by April 2018 [161] - In 2018, the company used RMB 300 million of idle raised funds to temporarily supplement working capital multiple times, with the last return made by April 2019 [161] - The company saved approximately RMB 339.28 million in project construction costs due to technological advancements and standardized processes [161] - As of February 28, 2019, the company permanently supplemented working capital with RMB 346.64 million from the remaining funds and interest of completed and terminated projects [161] - The company allocated RMB 346.62 million of raised funds for permanent working capital supplementation, with a 100% investment progress for all sub-projects [166] - The "Informationization + E-commerce Platform Upgrade Project" and "Sports Tourism Project" had lower construction costs than originally estimated [164] - The "Outdoor Tourism Project" was terminated due to insufficient profitability caused by external market changes [164] - The company did not sell any significant assets during the reporting period [167] - The company sold 22,600,000 shares of Yong'an Property Insurance Co., Ltd. for 580.82 million yuan, contributing to the optimization of the company's asset structure and liquidity [170] - The company sold 100% equity of Shaanxi Guomao Industrial Co., Ltd. for 629.7 million yuan, aiming to enhance asset operation efficiency and focus on core business development [170] - The subsidiary Kaisa Tongsheng generated a net profit of 112.66 million yuan with total assets of 3.92 billion yuan and revenue of 4.92 billion yuan [171] - The subsidiary Xinhua Air Catering achieved a net profit of 74.32 million yuan with total assets of 1.71 billion yuan and revenue of 1.08 billion yuan [173] - The company sold Baoji International Trade Hotel Co., Ltd. for 39.31 million yuan to optimize its industrial structure and improve asset operation efficiency [173] - The company sold Shaanxi Guomao Industrial Co., Ltd. for 23.66 million yuan to concentrate resources on core business development [173] Operational Costs and Expenses - Aviation catering and services raw material costs decreased by 19.03% to 273,191,257.86 RMB in 2019, accounting for 5.69% of operating costs [112] - Aviation catering and services labor costs decreased by 33.14% to 70,152,729.33 RMB in 2019, accounting for 1.46% of operating costs [112] - Aviation catering and services energy and power costs increased by 46.03% to 19,450,188.20 RMB in 2019, accounting for 0.40% of operating costs [112] - Railway catering and services raw material costs increased by 34.88% to 118,694,974.20 RMB in 2019, accounting for 2.47% of operating costs [112] - Railway catering and services labor and other costs increased by 25,224.12% to 67,612,827.27 RMB in 2019, accounting for 1.41% of operating costs [112] - Tourism services transportation costs decreased by 41.77% to 1,802,019,385.68 RMB in 2019, accounting for 37.50% of operating costs [112] - Tourism services ground handling fees decreased by 15.88% to 2,155,868,668.80 RMB in 2019, accounting for 44.87% of operating costs [112] - Sales expenses decreased by 0.55% year-on-year to RMB 718,500,480.77 [129] - Management expenses decreased by 5.52% year-on-year to RMB 237,949,988.84 [129] - Financial expenses decreased by 13.37% year-on-year to RMB 97,108,187.70 [129] - R&D expenses decreased by 10.56% year-on-year to RMB 15,708,507.80 [129] - Cash flow from operating activities decreased by 279.06% year-on-year to RMB -404,949,253.67 [134] - Cash flow from investing activities increased by 6,318.88% year-on-year to RMB 1,092,002,048.94 [134] - Cash flow from financing activities increased by 54.93% year-on-year to RMB 675,334,924.19 [134] - The company's monetary funds decreased by 11.55% year-on-year to RMB 843,639,081.20, accounting for 12.95% of total assets [137] - The company's financial assets at the end of the period amounted to 1,232,796,222.52 yuan, with other equity instrument investments increasing to 1,185,871,588.20 yuan from an initial 990,420,747.53 yuan [138] - The total restricted assets at the end of the reporting period were 236,519,218.31 yuan, including 82,057,500.18 yuan in monetary funds and 115,570,390.97 yuan in fixed assets [141] Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital [11] - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the years 2017, 2018, and 2019 due to negative net profits and cumulative distributable profits [188][191] Industry Trends - In 2019, domestic tourism in China reached 6.006 billion trips, generating 5.73 trillion yuan in revenue, an increase of 8.4% and 11.7% respectively compared to the previous year [52] - The civil aviation industry completed 660 million passenger trips in 2019, a 7.9% increase year-on-year, with total industry revenue reaching 1.06 trillion yuan, up 5.4% from the previous year [56] - National railway fixed asset investment in 2019 was 802.9 billion yuan, with 35.7 billion passenger trips completed, a 7.7% increase year-on-year, and high-speed rail passenger trips reaching 2.29 billion, up 14.1% [56] Related Party Transactions - The company's 2019 daily related-party transactions exceeded the planned amount due to the large workload of statistical work, constituting a major defect in non-financial report internal control [7] - Hainan Airlines commits to maintaining fair market principles and prices in related transactions with listed companies and catering companies, ensuring repayment periods for receivables do not exceed 6 months [198] - Hainan Airlines pledges to continue long-term cooperation with six catering companies under fair pricing and good service conditions [198] - Hainan Airlines will sign new catering service agreements with Gansu and Xinjiang catering companies once they meet service qualifications and conditions [198] Company Information - The company's registered address is at 155 Jing'er Road, Weibin District, Baoji City, Shaanxi Province, with a postal code of 721000 [26] - The company's office address is on the 4th floor of the HeShengHui Office Building, Chaoyang District, Beijing, with a postal code of 100022 [26] - The company's website is http://www.caissa.com.cn, and the email address is Tosun@caissa.com.cn [26] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 000796 [26] - The company's legal representative is Liu Jiangtao [26] - The company's Board Secretary is Lu Jianxiang, and the Securities Affairs Representative is Yu Qingyu, both located on the 4th floor of the HeShengHui Office Building, Chaoyang District, Beijing [27] - The company's annual report is available on the China Securities Regulatory Commission's designated website at http://www.cninfo.com.cn/ [28] Customer and Supplier Information - Citizen wholesale business revenue decreased by 63.87% to 455.2541 million yuan, with a 17% decline in the