COFC(SZ:000798)2020-04-09 16:00Financial Performance - The company's operating revenue for 2019 was ¥578,668,995.10, a decrease of 7.59% compared to ¥626,212,925.18 in 2018[18]. - The net profit attributable to shareholders in 2019 was ¥22,477,221.61, down 60.73% from ¥57,240,555.22 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥44,901,776.79, a decline of 376.79% compared to ¥16,222,287.42 in 2018[18]. - The net cash flow from operating activities was -¥4,220,887.74, a decrease of 133.51% from ¥12,594,930.99 in 2018[18]. - The basic earnings per share for 2019 was ¥0.0704, down 60.71% from ¥0.1792 in 2018[18]. - The total operating revenue for 2019 was 578.67 million yuan, a decline of 7.59% from 626.21 million yuan in 2018, with a net profit attributable to shareholders of 22.48 million yuan, down 60.73% from 57.24 million yuan[37]. - The company reported a significant decline in quarterly net profit, with the fourth quarter showing a profit of ¥10,046,581.59 after losses in the first three quarters[22]. - The company reported a significant increase in non-operating income, totaling approximately 67.38 million, with a notable contribution from financial investments[26]. - The company reported a total production capacity increase in the South Pacific tuna project, maintaining a stable economic benefit and market demand[73]. - The company reported a total impairment provision of 44 million yuan for dividends receivable from the subsidiary Xiamen Xinyangzhou Aquatic Products Trade Co., Ltd. due to its bankruptcy proceedings[106]. Assets and Liabilities - The total assets at the end of 2019 were ¥1,124,725,159.54, an increase of 7.51% from ¥1,046,175,872.60 at the end of 2018[18]. - The net assets attributable to shareholders at the end of 2019 were ¥764,319,964.83, up 3.13% from ¥741,146,487.92 at the end of 2018[18]. - The company reported a significant increase in inventory, with stock rising to 211,567,123.41 yuan, up from 173,389,101.69 yuan, due to market oversupply[58]. - The company’s fixed assets increased to 402,507,834.84 yuan, primarily due to the acquisition of Zhejiang Fenghui Ocean Fisheries Co., Ltd., which included six low-temperature tuna fishing vessels[58]. - The total financial assets amounted to ¥90,358,792.12, with restricted cash of ¥4,282,248.04 due to various guarantees and deposits[60]. - The company’s consolidated balance sheet showed an undistributed profit of CNY -45.54 million at the end of 2019, indicating financial challenges[91]. Business Operations - The company focuses on the tuna fishing industry and aims to become a leading player in the global deep-sea fishery market, with major products including tuna, squid, and mackerel[27]. - The company acquired 100% of Zhejiang Fenghui Ocean Fisheries Co., Ltd., which includes 7 vessels, enhancing its asset base significantly[28]. - The company has expanded its fleet with the construction of 3 low-temperature tuna vessels and 4 ultra-low-temperature tuna vessels during the reporting period[28]. - The company’s tuna fleet has expanded its operational areas to the Atlantic and Indian Oceans, increasing product variety and economic value[30]. - The company is the only domestic entity with a quota for bluefin tuna fishing, enhancing its competitive edge in the market[31]. - The company’s fishing fleet is recognized as the largest and most professional in the domestic market, with a strong emphasis on production capacity and technological advancement[30]. - The company aims to enhance its operational capabilities in deep-sea fisheries, focusing on high-value species and expanding its fishing scale[73]. - The company aims to optimize its industrial structure and extend its industrial chain by developing seafood processing and trade[73]. - The company is committed to complying with international fishing regulations and maintaining sustainable fishing practices[74]. Revenue Sources - The company’s retail trade revenue increased by 20.94% to 143.89 million yuan in 2019, compared to 118.98 million yuan in 2018[41]. - The tuna segment accounted for 70.68% of total revenue, with a revenue of 409.01 million yuan, down 3.89% from 425.57 million yuan in 2018[41]. - The company’s domestic revenue was 385.87 million yuan, accounting for 66.68% of total revenue, while international revenue was 192.80 million yuan, accounting for 33.32%[41]. - The company’s fuel subsidy income decreased by approximately 21% in 2019, prompting a need for structural adjustments and reduced reliance on subsidy income[35]. - Self-operated trade revenue accounted for 24.87% of the company's total revenue, representing a 20.94% increase compared to 2018, indicating a more rational business structure[82]. Challenges and Risks - The company faced significant challenges in 2019, including a 12% drop in tuna prices and increased competition in the fishing industry[35]. - The company is facing risks related to fishing quota reductions and increasing operational costs due to stricter international fishing regulations[77]. - The company reported a direct loss of RMB 34.8 million and indirect losses of RMB 11.98 million due to a maritime accident, totaling RMB 46.78 million in damages[107]. - The company is involved in ongoing litigation regarding the maritime accident, with a civil mediation document issued by the Dalian Maritime Court on December 23, 2019[107]. Shareholder and Governance - The company has not distributed cash dividends for three consecutive years (2017, 2018, and 2019), maintaining a 0.00% payout ratio[90]. - The company plans to retain undistributed profits for development purposes, including modernizing its fleet by phasing out older, less efficient fishing vessels[91]. - The company’s board of directors has consistently decided against cash dividends, emphasizing sustainable development and operational stability[89]. - The company has engaged in multiple communications regarding its mixed-ownership reform progress and performance outlook throughout 2019[84]. - The company has not reported any changes in its controlling shareholder during the reporting period, ensuring stability in governance[156]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective decision-making and management[181]. Social Responsibility and Community Engagement - The company has helped 400 registered impoverished individuals to escape poverty through its targeted poverty alleviation efforts, with a total investment of 18 million[134]. - The company is actively involved in fisheries diplomacy, contributing to the establishment of diplomatic relations between China and other countries[130]. - The company has signed a three-year agreement for industrial poverty alleviation with the Anhui Xiaoxian Yellow River Ecological Garden, committing to specific tasks over the next two years[132]. - The company has established a work mechanism for poverty alleviation, led by the party committee secretary and supported by dedicated departments[133]. - The company has implemented labor poverty alleviation research and is exploring various methods for labor assistance[132]. Management and Human Resources - The total number of employees in the company is 1,371, with 1,216 in the parent company and 155 in major subsidiaries[176]. - The professional composition includes 1,119 production personnel, 16 sales personnel, 83 technical personnel, 34 financial personnel, and 119 administrative personnel[176]. - The company implements a dynamic salary distribution mechanism based on performance, with executives on an annual salary system and other employees on various compensation forms[177]. - An annual training plan is developed each fourth quarter to enhance employee skills, focusing primarily on internal training[178]. - The company has established a performance evaluation and incentive mechanism linked to salary, ensuring accountability and motivation among employees[183]. Legal and Compliance - The company has not reported any significant undisclosed information during its communication activities[84]. - The company has not faced any situations that would lead to suspension or termination of its listing following the annual report disclosure[106]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[96]. - The supervisory board found no major defects in internal controls during the reporting period[199]. - The company has established a management system for insider information, ensuring no violations occurred during the reporting period[197].