XZCE(SZ:002534)2019-03-25 16:00Financial Performance - The company's operating revenue for 2018 was CNY 3,571,856,750.49, representing a year-over-year increase of 2.02%[6]. - The net profit attributable to shareholders for 2018 was CNY 244,092,955.74, a decrease of 41.51% compared to the previous year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 39,429,818.52, down 88.36% year-over-year[6]. - The net cash flow from operating activities for 2018 was CNY 514,073,354.26, reflecting a decline of 3.79% from the previous year[6]. - The basic earnings per share for 2018 was CNY 0.33, a decrease of 42.11% compared to the previous year[6]. - The diluted earnings per share for 2018 was CNY 0.33, down 41.07% from the previous year[6]. - The company's operating profit was CNY 34,993,280, a decline of 28.04% compared to the previous year[67]. - The company reported a net profit of RMB 244,092,955.74, with cash dividends accounting for 60.58% of the net profit attributable to ordinary shareholders[152]. Cash Dividends - The company reported a cash dividend of RMB 2.00 per 10 shares (including tax) based on a total of 739,391,850 shares[6]. - The company plans to distribute cash dividends of RMB 2.0 per 10 shares for the 2018 fiscal year, totaling RMB 147,878,370[148]. - The cash dividend distribution for 2018 represents 100% of the total profit distribution amount[153]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends of RMB 1.5 per 10 shares in 2016 and RMB 2.0 per 10 shares in 2017[148]. - The company is in a mature development stage and aims to maintain a minimum cash dividend ratio of 80% during profit distributions[154]. Assets and Liabilities - Total assets at the end of 2018 were CNY 8,339,570,640.67, an increase of 2.94% from the end of 2017[6]. - The net assets attributable to shareholders at the end of 2018 were CNY 3,112,015,072.97, up 4.38% from the end of 2017[6]. - The company did not have any outstanding debts as of the reporting date[6]. - The accounts receivable increased to approximately ¥1.58 billion, representing 18.90% of total assets, up from 17.37% the previous year[99]. - The inventory also increased to approximately ¥1.01 billion, accounting for 12.13% of total assets, compared to 9.88% the previous year[99]. - Total accounts payable and notes payable amounted to approximately ¥1,961.34 million, with accounts payable at ¥1,670.70 million[161]. Market and Business Strategy - The company acknowledged risks related to market changes, competition, industry cycles, and raw material price fluctuations[6]. - The company has not changed its main business since its listing, indicating stability in operations[24]. - The company is actively expanding into new energy sectors, including biomass and solar energy, to capture emerging market opportunities[62]. - The company aims to leverage its existing technology, scale, marketing network, and market position to enhance current products while entering new fields, focusing on high-efficiency and energy-saving products to meet market demand[123]. - The company is focusing on risk management, particularly in controlling accounts receivable and assessing customer credit to mitigate potential bad debts[130]. Research and Development - Research and development expenses increased by 18.43% to ¥187,155,762.74 compared to the previous year[82]. - The company's R&D investment increased by 18.43% year-on-year, reaching approximately ¥187.16 million, which represents 5.24% of total revenue[91]. - The company has successfully developed a series of high-end gas boilers, including the 9H level gas waste heat boiler, which has been recognized as a key equipment in Zhejiang Province[83]. - The company is actively involved in the development of large-capacity biomass boilers, enhancing its market share in this sector[88]. - The company plans to increase R&D efforts in renewable energy and environmental protection sectors, achieving significant breakthroughs with new products like the ultra-high pressure waste heat boiler and the successful commissioning of a solar thermal power project[136]. New Orders and Projects - The company achieved new orders of 3.592 billion yuan during the reporting period, representing a year-on-year growth of 9.2%[61]. - New product orders in the petrochemical, chemical, and solar energy sectors reached 611 million yuan, a 101% increase compared to the previous year[62]. - The company successfully launched a high-parameter biomass boiler, generating new orders of 144 million yuan[62]. - The company secured new orders of 320 million yuan for waste incineration furnaces during the reporting period[62]. - The company obtained the "Civil Nuclear Safety Equipment Manufacturing License," allowing it to manufacture pressure vessels, storage tanks, and heat exchangers[63]. Financial Management - The total investment amount for the reporting period was ¥226,202,666.60, representing a 41.49% increase compared to ¥159,871,186.52 in the same period last year[103]. - The company reported a significant increase in investment income, contributing approximately ¥120.97 million, which accounts for 34.57% of total profit[95]. - The overdue amounts across different financial products highlight potential liquidity risks[184]. - The company is actively managing its financial products to optimize returns while monitoring overdue amounts[184]. - The company has established a total of 7,000 million in funding for the "东方茂集合资金信托" project, with a return rate of 7.70%[187]. Social Responsibility and Governance - The company emphasizes social responsibility, focusing on shareholder returns and employee development[198]. - The company is committed to environmental protection and resource conservation initiatives[198]. - The company has a strong focus on customer rights and after-sales service[198]. - The company has committed to avoiding competition with related parties and has strictly adhered to this commitment since January 2011[157].