银星能源(000862) - 2019 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2019 was CNY 1,356,564,109.45, representing a 13.53% increase compared to CNY 1,194,889,968.52 in 2018[18]. - The net profit attributable to shareholders decreased by 45.58% to CNY 28,928,405.17 from CNY 53,154,184.72 in the previous year[18]. - The net cash flow from operating activities was CNY 614,440,011.29, down 18.40% from CNY 753,003,465.20 in 2018[18]. - Basic earnings per share fell by 45.55% to CNY 0.0410 from CNY 0.0753 in the previous year[18]. - The total assets at the end of 2019 were CNY 9,352,754,458.53, a decrease of 4.08% from CNY 9,750,298,256.17 at the end of 2018[18]. - The weighted average return on net assets was 1.11%, down from 1.92% in 2018[18]. - The company reported a slight decrease of 0.54% in net profit attributable to shareholders after deducting non-recurring gains and losses, totaling CNY 52,713,984.52[18]. - The net profit attributable to shareholders for the fourth quarter was CNY 5,556,806.91, showing a significant recovery from a loss of CNY 16,137,450.56 in the third quarter[23]. Revenue Breakdown - The revenue from the power generation sector was ¥1,066,961,893.25, accounting for 78.65% of total revenue, which saw a decline of 3.14% from the previous year[39]. - The equipment manufacturing sector experienced significant growth, with revenue increasing by 179.76% to ¥200,568,442.99, up from ¥71,692,241.96 in 2018[39]. - The company's wind turbine equipment manufacturing revenue surged by 599.09% to ¥196,095,487.80, while the photovoltaic equipment manufacturing revenue dropped by 89.75% to ¥4,472,955.19[40]. Cash Flow and Investments - The company's operating cash inflow decreased by 6.77% to ¥1,075,579,050.37, while the net cash flow from operating activities fell by 18.40% to ¥614,440,011.29[55]. - The net cash flow from investment activities was negative at -¥188,712,577.95, a 24.08% improvement compared to the previous year[56]. - The total amount of financing cash inflow increased by 41.28% to ¥1,410,000,000.00, driven by enhanced external financing efforts[56]. Assets and Liabilities - The company's cash and cash equivalents decreased by 15.63% primarily due to unsettled subsidy payments[29]. - The company's total assets increased by 0.89% compared to the previous year, reaching CNY 2,620,870,914.65[19]. - Accounts receivable increased from 1,098,998,920.80 to 1,407,421,462.14, an increase of 3.77% in total assets, mainly due to unsettled electricity subsidies[61]. - Fixed assets decreased from 7,618,575,025.59 to 6,889,122,214.87, a decline of 4.54% due to depreciation[62]. Shareholder and Dividend Information - The company plans not to distribute cash dividends or issue bonus shares[7]. - The total cash dividend amount for 2019 was 0.00, with the same for 2018 and 2017, indicating no distribution to shareholders[84]. - The company did not distribute any cash dividends in 2019, 2018, or 2017 due to significant unremedied losses[83]. Governance and Management - The company has maintained a stable share structure with 706,118,997 total shares, of which 204,766,107 are subject to trading restrictions[128]. - The company has a performance-based salary system for senior management, with base salaries assessed monthly and performance bonuses paid after the assessment period[154]. - The company has established independent financial accounting and management systems, ensuring autonomous financial decision-making[166]. Related Party Transactions - The company engaged in related party transactions, including the sale of tower tubes to a related party for 13.92 million yuan, which accounted for 70.98% of similar transaction amounts[100]. - The company sold components and brackets to a related party for 4.473 million yuan, representing 100% of the approved transaction amount[100]. - The company provided labor services to related parties amounting to 53.94 million yuan, which is 38.42% of the annual expected amount[107]. Operational Efficiency and Future Plans - The company has established a specialized maintenance center to enhance operational efficiency and reduce downtime for wind turbines[31]. - The company aims to expand its maintenance services to nearby wind power markets, increasing potential revenue streams[31]. - The company plans to enhance its overall profitability and expand through self-built and acquired renewable energy projects[80]. Audit and Compliance - The audit report issued a standard unqualified opinion, confirming that the financial statements fairly reflect the company's financial position and operating results for 2019[188]. - The internal control audit report was disclosed on March 24, 2020, indicating transparency in financial reporting practices[182]. - The company did not experience any major or important deficiencies in financial reporting during the reporting period[181].