*ST新纺(002087) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 6,059,889,289.10, representing a 16.64% increase compared to CNY 5,195,202,111.76 in 2017[16] - The net profit attributable to shareholders for 2018 was CNY 386,464,408.69, which is a 32.27% increase from CNY 292,178,395.81 in 2017[16] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 362,660,323.37, up 32.47% from CNY 273,764,109.24 in 2017[16] - The basic earnings per share for 2018 was CNY 0.4731, reflecting a 32.26% increase from CNY 0.3577 in 2017[16] - The total revenue for 2018 was CNY 605,988,930, which represents a 16.64% increase compared to the previous year[38] - The net profit attributable to the parent company reached CNY 38,646,440, marking a 32.27% growth year-on-year[38] Assets and Liabilities - The total assets at the end of 2018 were CNY 9,760,695,690.96, a 7.05% increase from CNY 9,118,198,927.56 at the end of 2017[17] - The net assets attributable to shareholders increased by 20.10% to CNY 3,904,870,386.96 from CNY 3,251,314,156.23 in 2017[17] - As of the end of 2018, cash and cash equivalents amounted to ¥934,399,944.2, a decrease of 2.33% from ¥1,085,382,617 at the end of 2017[61] - Accounts receivable increased to ¥736,855,420.8, representing 7.55% of total assets, up from 6.78% in 2017, an increase of 0.77%[61] - Inventory rose significantly to ¥2,805,332,114, accounting for 28.74% of total assets, an increase of 4.69% from 24.05% in 2017, attributed to cotton acquisitions in Xinjiang[61] - Short-term borrowings increased to ¥2,232,830,000, representing 22.88% of total assets, up from 17.18% in 2017, reflecting a rise of 5.70%[61] Cash Flow - The net cash flow from operating activities for 2018 was CNY 150,508,153.51, which is a 41.59% increase compared to CNY 106,296,987.03 in 2017[16] - The net cash flow from operating activities in Q4 2018 was negative at CNY -335.56 million, indicating cash flow challenges[21] - The total cash inflow from operating activities was ¥5.68 billion in 2018, reflecting a year-on-year increase of 6.14%[57] - The net cash flow from operating activities increased by 41.59% to ¥150.51 million, primarily due to a decrease in cash paid for purchasing goods and services[58] Business Segments - The company's yarn business revenue reached CNY 3.82 billion in 2018, representing a year-on-year growth of 32.28%[28] - The fabric business generated revenue of CNY 1.495 billion, showing a year-on-year increase of 13.75%[28] - Yarn sales accounted for 63.04% of total revenue, with a total of CNY 3,819,884,987, reflecting a 32.27% increase from the previous year[43] - Domestic sales contributed 92.60% of total revenue, amounting to CNY 5,611,736,687, which is an 18.28% increase from the previous year[43] Research and Development - The company holds a total of 100 patents, including 4 invention patents, 68 utility model patents, and 28 design patents as of December 31, 2018[39] - Research and development expenses amounted to ¥182.71 million, a 12.49% increase compared to the previous year, representing 3.02% of total revenue[55] - The company has established a research and development team and an academician workstation to enhance its innovation capabilities[39] - The company has developed 12 successful product series through innovation and R&D efforts during the reporting period[39] Market Position and Strategy - The company ranked fifth in the 2017 China Cotton Textile Industry Competitiveness Top 100 list, reflecting its strong market position[31] - The company has established 28 sales offices across major textile markets in China to enhance market development and customer feedback[28] - The company focuses on high-end cotton textile products, including a range of yarns and fabrics, catering to diverse market needs[27] - The company aims to enhance its market share by adopting a customer-centric approach and diversifying its sales platforms[82] Environmental and Social Responsibility - The company has a wastewater treatment facility with a daily processing capacity of 1,000 tons, and the facility is operating normally[127] - The company has received approval for the environmental impact report of the 165,000 spindles high-end spinning project at Aksu Xinfa Cotton Industry Co., Ltd.[129] - The company has implemented a comprehensive environmental monitoring plan, including weekly monitoring of chemical oxygen demand and ammonia nitrogen in wastewater[133] - The company invested 1.072 million in poverty alleviation efforts, helping 76 individuals to escape poverty[122] Governance and Compliance - The company adheres to strict governance practices, ensuring compliance with relevant laws and regulations, and has not received any administrative regulatory measures from authorities[168] - The board of directors consists of 9 members, including 3 independent directors, meeting legal and regulatory requirements for structure and composition[169] - The company maintains independence from its controlling shareholder in terms of business operations, personnel, assets, and financial matters, ensuring autonomous governance[171] - The company has established a transparent performance evaluation and incentive mechanism for its directors and senior management, promoting accountability[170] Shareholder Information - The total number of shares after the recent changes is 816,794,300, with 99.86% being unrestricted shares[140] - The largest shareholder, Xinye County Finance Bureau, holds 27.30% of the shares, totaling 222,960,192 shares, with 110,500,000 shares pledged[142] - The total number of ordinary shareholders at the end of the reporting period was 41,740, down from 42,257[142] - The company has not issued any new shares or conducted any share buybacks during the reporting period[141] Debt and Financing - The company issued bonds with a total balance of 2,000 million yuan at a rate of 7.00% due on May 31, 2020[189] - The company also issued bonds with a total balance of 30,000 million yuan at a rate of 6.72% due on July 25, 2022[189] - The company has raised funds through bond issuance to optimize its debt structure and reduce financing costs[193] - The company has fully utilized the funds raised from the bond issuance as per the commitments in the prospectus[193] Employee Information - The total number of employees in the company is 8,912, with 6,982 in the parent company and 1,930 in major subsidiaries[163] - The company has a professional composition of 6,603 production personnel, 60 sales personnel, 2,012 technical personnel, 33 financial personnel, and 204 administrative personnel[163] - The total remuneration for directors and senior management during the reporting period amounts to 3.95 million yuan[161] - The company emphasizes employee training and development as a key factor for sustainable growth, implementing a layered training system combining internal and external training resources[165]