长青股份(002391) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 3,000,795,069.74, representing a 33.65% increase compared to CNY 2,245,305,884.69 in 2017[14]. - The net profit attributable to shareholders for 2018 was CNY 319,432,523.67, a 40.16% increase from CNY 227,898,176.94 in 2017[14]. - The net cash flow from operating activities was CNY 608,574,446.58, up 18.15% from CNY 515,069,727.27 in the previous year[14]. - The basic earnings per share for 2018 was CNY 0.8886, reflecting a 40.16% increase from CNY 0.6340 in 2017[14]. - The total assets at the end of 2018 were CNY 4,072,542,697.05, a 6.47% increase from CNY 3,825,020,229.83 at the end of 2017[14]. - The net assets attributable to shareholders at the end of 2018 were CNY 3,258,830,584.49, which is a 6.94% increase from CNY 3,047,385,053.29 at the end of 2017[14]. - The weighted average return on equity for 2018 was 10.16%, an increase of 2.53% from 7.63% in 2017[14]. - The net profit after deducting non-recurring gains and losses was CNY 322,106,836.31, a 40.11% increase from CNY 229,891,773.51 in 2017[14]. Revenue Breakdown - The pesticide segment generated ¥2,937,720,225.95, accounting for 97.90% of total revenue, with a year-on-year growth of 34.61%[45]. - Herbicide sales amounted to ¥1,230,080,687.15, representing 41.00% of total revenue, with a growth rate of 17.36%[45]. - Insecticide sales increased significantly by 53.20% to ¥1,508,560,385.33, making up 50.27% of total revenue[45]. - Self-export revenue surged by 71.84% to ¥1,445,399,671.46, accounting for 48.17% of total revenue[45]. - The Northeast region's revenue grew by 48.57% to ¥112,955,531.79, representing 3.76% of total revenue[45]. Cash Flow and Investments - The company’s total liabilities increased to CNY 79,616.70 million, a rise of 4.14% from the beginning of the year[38]. - The company has invested in a hazardous waste treatment facility with a capacity of 29,500 tons per year, enhancing its environmental management capabilities[29]. - The company has established production lines for 300 tons of epoxiconazole and 200 tons of indoxacarb, enhancing its profitability[40]. - The company is actively constructing projects for 1,600 tons of butoxycarboxylic acid and 5,000 tons of hydroxylamine hydrochloride, laying a solid foundation for future performance growth[40]. Research and Development - The company has established a comprehensive R&D system, extending from raw materials to end formulations, enhancing its competitive edge in the pesticide market[23]. - R&D expenses rose by 40.15% to ¥138,043,606.35 in 2018, driven by increased investment in new products and technologies[54]. - The company obtained 12 new patents in 2018, bringing the total to 26 invention patents and 54 utility model patents[55]. - R&D investment accounted for 4.60% of operating revenue in 2018, up from 4.39% in 2017[55]. Environmental and Safety Management - The company has implemented strict environmental protection measures, ensuring that all investment projects comply with environmental and safety requirements[134]. - The company achieved a total emission of 68.745 tons of particulate matter, 115.038 tons of sulfur dioxide, and 177.035 tons of nitrogen oxides, all of which met the national emission standards[136]. - The company has established three hazardous waste disposal facilities at the parent company, capable of handling various solid waste types, with a daily processing capacity of 12 tons at the Nantong subsidiary[140]. - The company has installed a German Dürr RTO device with a processing capacity of 40,000 m³/h for VOCs, significantly improving emission standards[140]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 3.00 per 10 shares, with no bonus shares issued[4]. - The proposed profit distribution plan for 2018 includes a cash dividend of RMB 3 per share and a capital reserve conversion of 5 shares for every 10 shares held, increasing total share capital to 539,229,270 shares[96]. - The cash dividend payout ratio for 2018 was 33.76%, down from 47.32% in 2017 and 66.31% in 2016[98]. - The company is committed to a stable profit distribution policy for the next three years (2018-2020), prioritizing cash dividends, with a minimum of 20% of distributable profits allocated annually[102]. Corporate Governance - The company has established an effective internal control system that complies with corporate governance requirements, ensuring orderly operations and risk prevention[181]. - The governance structure includes a shareholder meeting, board of directors, supervisory board, and management team, ensuring effective decision-making and oversight[179]. - The board of directors consists of 7 members, including 3 independent directors, ensuring a balanced governance structure[180]. - The company has maintained a continuous relationship with its accounting firm for 8 years, with an audit fee of 600,000 CNY for the current period[108]. Employee Management - The total employee compensation for 2018 was CNY 158.22 million, representing a 22.05% increase compared to the previous year[132]. - The company employed a total of 1,937 staff, with 1,162 in production roles and 526 in technical positions[173][174]. - The company has established a performance evaluation system linking senior management's remuneration directly to their work performance[171]. - The company has invested in improving employee working conditions and has increased salaries and benefits in line with its growth[132]. Market Position and Strategy - The company ranked 19th in the 2018 list of China's top 100 pesticide sales enterprises, with an export value ranking of 8th nationally[23]. - The company aims to achieve a revenue of CNY 3.5 billion in 2019, representing a 16.64% increase from 2018[82]. - The company plans to enhance its global market strategy by expanding overseas registrations and increasing direct export ratios[81]. - The company is focusing on the development of high-efficiency, low-toxicity, and low-residue pesticides to meet market demands[82].