*ST天沃(002564) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥7,700,163,469.11, a decrease of 25.99% compared to ¥10,403,683,552.02 in 2017[19] - The net profit attributable to shareholders for 2018 was ¥74,602,746.53, down 66.86% from ¥225,145,578.55 in 2017[19] - Basic earnings per share for 2018 were ¥0.090, a decrease of 70.97% from ¥0.31 in 2017[19] - The company reported a diluted earnings per share of ¥0.090, down 70.00% from ¥0.30 in 2017[19] - The company reported a non-operating loss of -¥476,998.70 for the year, significantly down from a gain of ¥137,586,693.35 in 2017[27] - In 2018, the company achieved operating revenue of CNY 770,016.35 million, a decrease of 25.99% year-on-year, and a net profit of CNY 18,548.81 million, down 42.13% year-on-year[49] - The decline in revenue was primarily due to changes in the project structure of the power engineering contracting business and a contraction in the photovoltaic market, although wind power projects showed growth[49] Cash Flow and Investments - The net cash flow from operating activities was -¥2,306,825,649.28, a decline of 352.70% compared to -¥509,572,371.56 in 2017[19] - The net cash flow from operating activities was negative in all quarters, with the lowest point in the third quarter at -¥1,475,996,744.99[24] - The financing cash inflow increased by 136.39% to ¥18,346,517,593.73, indicating improved capital raising efforts[80] - The net cash flow from investment activities was -360.06 million RMB, an increase of 62.40% compared to the previous year[81] - The net cash flow from financing activities reached 3,135.83 million RMB, a significant increase of 170.45% year-on-year, primarily due to the non-public issuance of shares and increased borrowing[81] - The company invested 1,630.31 million RMB in 2018, a decrease of 44.73% compared to the previous year[88] Assets and Liabilities - Total assets at the end of 2018 were ¥25,864,751,845.28, an increase of 14.51% from ¥22,586,717,443.96 at the end of 2017[20] - The net assets attributable to shareholders increased by 40.02% to ¥3,797,412,728.03 at the end of 2018 from ¥2,712,090,017.31 at the end of 2017[20] - The company's asset-liability ratio stands at 83.15%, leading to a financial cost burden of RMB 333 million during the reporting period[63] - As of the end of 2018, accounts receivable increased to 7,462.65 million RMB, accounting for 28.85% of total assets, up 7.40% from the previous year[84] - Short-term borrowings rose to 6,847.02 million RMB, representing 26.47% of total liabilities, an increase of 13.10% year-on-year due to business development needs[85] Business Strategy and Development - The company aims to enhance its competitiveness in the solar thermal power market through the construction of a 50,000 kW solar thermal power project in Gansu, which is part of its fundraising projects[34] - The company is exploring entry into the petrochemical and refining business, targeting the Shandong Guangrao region for industry integration and transformation[34] - The company’s strategy includes leveraging industry funds to enhance overall risk resistance and support strategic transformation[35] - The company is focusing on innovation and upgrading its main business, leveraging the support from Shanghai Electric to improve operational efficiency and market competitiveness[48] - The company is actively pursuing mergers and acquisitions to optimize resource allocation and enhance competitiveness in the petrochemical and refining industries[107] Market and Industry Position - The company ranks 60th in the ENR and China Construction Times' list of top 80 contractors, and 7th in the "most efficient" category[39] - The company is actively developing a 50 MW solar thermal power project in Gansu, which is one of the first 20 demonstration projects by the National Energy Administration[40] - The company is enhancing its military-civilian integration efforts, with progress in existing military orders and expansion into the civilian market[51] - The company is committed to becoming a comprehensive service provider in clean energy and power engineering, with a focus on military-civilian integration as a breakthrough direction[108] Risk Management - The company experienced a significant risk related to accounts receivable and operational management, as noted in the risk factors section[6] - The company faces macroeconomic risks that could impact order volumes and revenue, and it plans to enhance risk assessment capabilities to adapt to market changes[117] - The company recognizes the risks associated with its solar thermal power projects, including technology maturity and market conditions, and will closely follow project development to minimize uncertainties[119] Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares[7] - The company has not distributed cash dividends or increased share capital from capital reserves for the past three years, including the current reporting period[128] - The cash dividend amount was 0, representing 0.00% of the net profit attributable to ordinary shareholders[129] - The company has committed to maintaining independent market competition for its subsidiary, Tianwo Technology, in various energy sectors[134] Research and Development - The company reported a 94.74% increase in R&D expenses, totaling ¥80,886,177.75, reflecting a significant focus on new product and technology development[76] - The total R&D investment was ¥317,589,054.03, a decrease of 27.76% from the previous year, with R&D personnel accounting for 22.42% of the workforce[79] - The company is enhancing its R&D efforts in various fields, including solar thermal power and seawater desalination systems, to meet diverse customer needs[42] Corporate Governance and Compliance - The company has not encountered any issues in the use and disclosure of raised funds[94] - The company has made commitments to avoid competition with its controlled companies, ensuring no direct or indirect involvement in similar business activities[138] - The company is actively engaged in ensuring compliance with its commitments regarding related party transactions and fund occupation[138]