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天威视讯(002238) - 2018 Q4 - 年度财报
TOPWAYTOPWAY(SZ:002238)2019-03-28 16:00

Financial Performance - In 2019, the company plans to achieve operating revenue of CNY 1.56 billion, which is approximately flat compared to the previous year[7]. - The total profit target for 2019 is set at CNY 200 million, also remaining stable year-on-year[7]. - The net profit attributable to shareholders is projected to be CNY 196 million, consistent with the previous year's performance[7]. - The company's operating revenue for 2018 was ¥1,560,405,514.50, a decrease of 1.92% compared to ¥1,590,888,309.25 in 2017[34]. - The net profit attributable to shareholders for 2018 was ¥197,223,366.34, down 16.28% from ¥235,574,969.76 in 2017[34]. - The net profit after deducting non-recurring gains and losses was ¥150,111,843.89, a decline of 31.43% from ¥218,918,937.29 in 2017[34]. - The net cash flow from operating activities was ¥431,177,283.23, which is a decrease of 24.11% compared to ¥568,167,823.82 in 2017[34]. - The company's total revenue for 2018 was approximately ¥1.56 billion, a decrease of 1.92% compared to ¥1.59 billion in 2017[66]. - The cable television segment generated revenue of approximately ¥1.31 billion, accounting for 84.18% of total revenue, with a slight decline of 0.54% year-over-year[66]. - The new business revenue reached approximately ¥48.84 million, representing a significant growth of 66% year-over-year, with all new projects achieving profitability[66]. User Metrics and Market Trends - In 2018, the total number of cable TV users in China decreased by 21.396 million, representing a decline of 8.7%[9]. - The company's digital cable TV user terminals decreased by 5.9%, contributing to a decline in revenue and profit levels[9]. - The total number of cable broadband users reached 38,563,000, but growth has significantly slowed due to intense market competition[48]. - The number of cable digital TV user terminals decreased to 1,933,500, down by 121,800 from the end of 2017[59]. - The number of HD interactive TV user terminals increased to 1,248,600, up by 46,500 from the end of 2017[59]. - The number of cable broadband paying users reached 550,500, an increase of 46,200 from the end of 2017[59]. - The decline in profit was primarily due to the impact of IPTV and online video competition, leading to a drop in basic viewing fee income[60]. - The company is actively promoting the replacement of 4K smart set-top boxes and integrated packages, although this has led to a decrease in direct sales revenue from set-top boxes[60]. Strategic Initiatives - The company aims to mitigate user loss by developing long-cycle broadband and TV products, and implementing targeted marketing strategies[9]. - The company will continue to promote its 4K smart set-top boxes to maintain its leading position in the video service sector[10]. - The company plans to strengthen strategic cooperation with Shenzhen Unicom to optimize its product offerings[10]. - The company has initiated a strategic shift towards upgrading its product offerings and enhancing content to adapt to changing consumer habits[59]. - The company is focused on expanding its enterprise business management system and increasing collaboration to diversify its market presence[127]. - The company is committed to improving asset management to achieve resource optimization and utilization[127]. - The company recognizes the risks associated with user attrition and is developing strategies to retain existing customers while attracting new ones[128]. Profit Distribution and Dividends - The profit distribution plan approved by the board is to distribute a cash dividend of CNY 5.00 per 10 shares, totaling CNY 30.87 million[15]. - The cash dividend for 2017 was 2.50 RMB per 10 shares, amounting to 154,338,300.00 RMB, while for 2016 it was 3.00 RMB per 10 shares, totaling 185,205,960.00 RMB[140]. - The cash dividends distributed over the past three years represent 156.51% of the net profit attributable to ordinary shareholders for 2018, 65.52% for 2017, and 60.70% for 2016[141]. - The company maintains a policy that at least 10% of the annual distributable profit should be distributed as cash dividends, with a cumulative distribution of at least 30% over three years[135]. - The total distributable profit for 2018 is reported at 1,818,482,353.54 RMB, with the cash dividend representing 100% of the total profit distribution[142]. - The company’s retained earnings after the 2018 dividend distribution will be 669,220,046.02 RMB, carried forward to the next year[146]. Subsidiary Performance - The subsidiary Shenzhen Baoguang Broadcasting Network reported a revenue of CNY 263.61 million and a net profit of CNY 86.28 million, contributing significantly to the company's overall performance[107]. - Shenzhen Tianlong Broadcasting Network achieved a revenue of CNY 241.71 million and a net profit of CNY 70.43 million in 2018, indicating strong operational results[110]. - The subsidiary Shenzhen Tianwei Network Engineering generated a revenue of CNY 42.46 million with a net profit of CNY 8.64 million, reflecting its contribution to the overall profitability[110]. - The company is focusing on expanding its advertising business, which is subject to regulatory approvals, indicating a strategic move towards enhancing revenue streams[107]. - The overall financial health of the subsidiaries indicates a robust operational framework, with several subsidiaries contributing positively to the net profit margins[118]. Governance and Compliance - Shenzhen Broadcasting Group committed to avoiding competition with the listed company and its subsidiaries during the major asset restructuring, ensuring no direct or indirect competitive activities[147]. - The listed company will have independent management and operational capabilities, with all business decisions made independently from the controlling group[155]. - The commitments made by Shenzhen Broadcasting Group are valid for the long term and are being fulfilled normally[150]. - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[175]. - The company did not experience any major litigation or arbitration matters during the reporting period[182]. - The company and its controlling shareholder, Shenzhen Broadcasting Group, have no integrity issues such as failing to fulfill court judgments or significant overdue debts[184]. Research and Development - Research and development expenses for the year were ¥60,788,152.54, a 9.10% increase from the previous year[78]. - The number of R&D personnel decreased by 36.08% to 271, with R&D expenses representing 3.90% of operating revenue[81]. - The company is investing in new technology development, particularly in digital technology products and related services, to stay competitive in the market[113]. Cash Flow and Investments - Investment activities generated a net cash outflow of ¥493,042,157.80, an improvement of 34.73% from the previous year[85]. - The company completed FTTH network coverage for 1 million users by the end of 2018, enhancing service quality[80]. - The company completed a significant equity investment of CNY 2,588,000.00, acquiring an 11.00% stake in Shenzhen Broadcasting Film and Television Co., Ltd.[96].