CRM(SZ:000927)2019-03-29 16:00Financial Performance - In 2018, the company achieved operating revenue of CNY 1,124,838,610.72, a decrease of 22.50% compared to CNY 1,451,371,698.09 in 2017[11]. - The net profit attributable to shareholders was CNY 37,308,496.47, marking a 102.27% increase from a loss of CNY 1,640,535,397.42 in 2017[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -1,262,845,023.27, an improvement of 24.20% from CNY -1,666,102,422.69 in 2017[11]. - The net cash flow from operating activities was CNY -1,305,949,934.85, a 22.45% improvement from CNY -1,684,065,377.34 in 2017[11]. - The total operating revenue for the year was 1,124.84 million CNY, representing a year-on-year decline of 22.50%[18]. - The company reported a net profit of ¥37,308,500, primarily from the investment income of the stake sale, rather than from sales activities[28]. - The company reported a net profit of approximately 37.31 million yuan for 2018, but did not distribute any cash dividends due to negative retained earnings from consolidated statements[35]. - The company reported a total revenue of CNY 81,114.12 million, with a total of 218,170 units sold during the reporting period[44]. - The company reported a total cash balance of RMB 1,875,230,430.85 at the end of the period, compared to RMB 1,028,162,100.18 at the beginning of the period, indicating a significant increase[116]. Asset Management - The total assets at the end of 2018 were CNY 4,514,532,342.31, a decrease of 7.87% from CNY 4,900,300,385.69 at the end of 2017[11]. - The company’s total assets have been impacted by a significant reduction in the book value of investment properties, which decreased by 41,817,558.77 during the period[131]. - The total fixed assets at the end of the period amount to 1,338,081,144.45, an increase from 1,159,576,241.49 at the beginning of the period[132]. - The total amount of construction in progress at the end of the period was CNY 22,360,148.25, down from CNY 310,426,069.15 at the beginning of the period[134]. - The total amount of prepayments at the end of the period is 36,505,136.17, compared to 55,614,890.22 at the beginning of the period[139]. Inventory and Receivables - The company’s inventory increased significantly by 2055.88% to 2,932 units, compared to 136 units in 2017[21]. - The company reported inventory of 525.9 million yuan as of December 31, 2018, with a provision for inventory impairment of 261.2 million yuan, leading to a net inventory value of 264.7 million yuan[77]. - The aging analysis of accounts receivable shows that 39% of the total is overdue by more than 5 years, amounting to 1,378,977.32[123]. - The total accounts receivable at the end of the period amounted to 70,289,116.62, with a bad debt provision of 51,759,552.65, representing 73.64% of the total[118]. - The company plans to enhance its receivables management strategy to reduce overdue amounts in the future[123]. Investment and Financing - The company has transferred a 15% equity stake in Tianjin FAW Toyota as part of its asset management strategy[17]. - Investment cash inflow surged by 1302.18% to ¥3,117,259,703.45, mainly from the sale of a 15% stake in Tianjin FAW Toyota[28]. - The company sold a 15% stake in Tianjin FAW Toyota for ¥292,305,000, contributing significantly to its net profit[32]. - The company reported a cash dividend distribution of 193,235,817.53 during the period, reflecting a commitment to returning value to shareholders[131]. Research and Development - Research and development expenses totaled ¥27,825,600, representing 2.47% of total revenue and 29.81% of the latest audited net assets[24]. - R&D expenses rose by 34.17% to ¥27,825,550.82, accounting for 2.47% of operating revenue, up from 1.43% in the previous year[27]. - The company plans to invest about 139 million yuan in technology transformation and upgrading projects, funded by its own capital and loans[34]. Market and Sales - The automotive market in China saw a decline in production and sales, with a total of 27.81 million vehicles produced, down 4.2% year-on-year[18]. - The company experienced challenges in sales due to overall market decline and ineffective brand influence from new products[18]. - The sales volume of vehicles decreased by 30.59% to 18,791 units in 2018, down from 27,074 units in 2017[21]. Corporate Governance - The company has established a complete governance structure, including a shareholders' meeting, board of directors, supervisory board, and general manager's office, ensuring compliance with relevant laws and regulations[65]. - The company has a dedicated audit committee composed of independent directors, ensuring diligent oversight of financial reporting and auditing processes[70]. - The company has not faced any significant differences in governance practices compared to the regulations set by the China Securities Regulatory Commission[65]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with emissions of sulfur dioxide at 0.748 tons and nitrogen oxides at 3.66 tons, both within regulatory limits[48]. - The company’s wastewater treatment and air pollution control facilities are operating effectively, ensuring compliance with environmental standards[48]. - The company completed environmental impact assessments for new vehicle projects and coal-to-gas projects, with other construction projects progressing normally[49]. Employee Management - The total number of employees in the company is 3,860, with 2,820 in production, 229 in sales, and 492 in technical roles[60]. - Employee compensation consists of basic salary, seniority salary, and performance salary, with performance salary based on monthly performance indicators[61]. - The company plans to enhance training programs focusing on leadership, intelligent networking, and new energy knowledge[61]. Future Outlook - The company plans to accelerate the transition from traditional fuel vehicles to new energy vehicles and increase investment in areas such as safety and environmental protection[2]. - The company aims to optimize its organizational structure and improve labor productivity and management efficiency[34]. - The company is committed to reducing costs and increasing efficiency through various measures, including asset disposal and meticulous management of non-production expenses[34].