浙江众成(002522) - 2018 Q4 - 年度财报

Financial Performance - In 2018, the company's operating revenue reached ¥1,048,780,336.92, representing a 65.14% increase compared to ¥635,085,675.75 in 2017[16] - The net profit attributable to shareholders decreased by 47.18% to ¥35,916,005.04 from ¥68,003,274.80 in the previous year[16] - The net profit after deducting non-recurring gains and losses fell by 74.26% to ¥13,324,965.03, down from ¥51,764,680.45 in 2017[16] - Basic and diluted earnings per share were both ¥0.04, a decrease of 50% from ¥0.08 in 2017[16] - The total assets at the end of 2018 were ¥3,108,565,671.94, reflecting a 5.94% increase from ¥2,934,323,776.85 in 2017[16] - The net assets attributable to shareholders decreased by 1.44% to ¥1,785,954,949.38 from ¥1,812,122,883.20 in the previous year[16] - The company achieved a total operating revenue of 1,048.78 million yuan in 2018, representing a year-on-year growth of 65.14%[39] - The net profit attributable to the parent company was 35.92 million yuan, a decrease of 47.18% compared to the previous year[39] - The company reported a 22.80% decline in other business income, totaling ¥20,019,766.06[46] Cash Flow and Investments - The net cash flow from operating activities improved significantly to ¥54,380,762.98, compared to a negative cash flow of ¥199,905,927.77 in 2017[16] - The net cash flow from operating activities was ¥3.04 million in Q1, significantly increasing to ¥27.97 million in Q3, but turned negative at -¥1.73 million in Q4[20] - Operating cash inflow totaled ¥1,156,577,722.20, a 74.87% increase year-on-year, while operating cash outflow was ¥1,102,196,959.22, up 27.97%[62] - The company's cash and cash equivalents increased by 7.53% to ¥172,014,933.24[63] - The total amount of investment income was ¥14,425,396.01, reflecting a decrease of 463.90% compared to the previous year[66] - The total actual use of raised funds in 2018 amounted to ¥121.01 million, with a cumulative expenditure of ¥1.28 billion, including ¥1.10 billion directly invested in committed projects[79] Business Segments and Market Position - The company's POF shrink film products accounted for approximately 64% of total sales revenue, while thermoplastic elastomers contributed around 35%[28] - The company maintained its position as the largest domestic producer of POF shrink film, with sales exceeding 31,000 tons in 2018, ranking second globally[29] - The thermoplastic elastomer segment is in a rapid development phase, with the company achieving stable high-quality production of environmentally friendly SBS and trial sales of SEBS and SEPS products[31] - The market for POF shrink films is expanding, driven by the growth of the fast-moving consumer goods sector and innovations in packaging technology[29] - The revenue contribution from POF heat shrink film products decreased to 25.68% in 2018 from 33.96% in 2017[48] Risks and Challenges - The company faces risks including raw material price fluctuations, supplier concentration, and exchange rate volatility[5] - The company generates approximately 60% of its revenue from exports, making it vulnerable to exchange rate fluctuations, particularly with USD and EUR[99] - Over 80% of the company's raw materials are imported, primarily from major suppliers like Dow Chemical and BASF, exposing the company to supply concentration risks[99] - The company reported significant losses in its subsidiary due to high management and operational costs, impacting the consolidated financial results[91] Research and Development - The company has adopted a "sales-driven production" model, responding to specific customer requirements for non-standardized products[26] - The company emphasizes high-end and differentiated market strategies, leading to stable growth in high-value-added products like cross-linked films and printed films[40] - The company maintains a strong focus on R&D, combining independent innovation with collaborative development to enhance product structure and introduce new products[41] - The company is actively developing high-performance functional polypropylene film, with over ten related invention patents obtained[41] Shareholder and Governance - The company plans to distribute a cash dividend of ¥0.30 per 10 shares, based on a total share capital of 905,779,387 shares[5] - The company declared a cash dividend of CNY 27,173,381.61 for the fiscal year 2018, which represents 75.66% of the net profit attributable to ordinary shareholders[112] - The company has committed to avoiding non-operational fund occupation by controlling shareholders and related parties, ensuring compliance with commitments made during the IPO[115] - The company has maintained a consistent dividend payout ratio over the past three years, with ratios of 75.66%, 79.92%, and 87.60% for 2018, 2017, and 2016 respectively[112] Environmental and Social Responsibility - The company has implemented effective pollution control measures, ensuring that all emissions meet legal standards, with no exceedances reported[171] - The company has received environmental impact assessment approvals for all projects and has obtained pollution discharge permits[172] - The company has established a charity fund, donating nearly 1.3 million RMB to various social causes, including support for the elderly and education[167] Financial Management and Asset Management - The company has engaged in cash asset management, with a total of ¥216,824 million in entrusted financial management, sourced from self-owned funds and idle raised funds[146] - The company reported a total of ¥22,212 million in overdue amounts from entrusted financial management, with no overdue amounts yet to be recovered[146] - The company has shown a commitment to transparency in reporting the performance and yields of its financial products[161] Strategic Initiatives - The company plans to enhance market development and customer acquisition efforts, focusing on both domestic and international markets for heat shrink film products[94] - The company aims to strengthen new product development, particularly in thermoplastic elastomers and high-barrier heat shrink films, to diversify its product structure and expand profit sources[95] - The company is positioned to leverage these funds for potential market expansion and new product development initiatives[188]