NARADA(SZ:300068)2019-04-21 16:00Global Operations and Market Presence - The company has expanded its global operations, covering over 150 countries and regions, but faces risks from international political and economic instability, particularly due to trade protectionism and currency fluctuations[6]. - The company has established a global sales network covering over 150 countries and regions, enhancing its market and channel advantages[62]. - The company is actively expanding its lithium battery storage market, with plans to increase investment in the electric vehicle battery sector as market conditions stabilize[67]. - The company’s overseas lithium products have expanded to over 40 countries and regions, entering the supplier lists of several well-known overseas operators[79]. Financial Performance - The company's operating revenue for 2018 was ¥8,063,134,838.57, a decrease of 6.64% compared to ¥8,636,812,561.29 in 2017[34]. - The net profit attributable to shareholders for 2018 was ¥242,022,322.55, down 36.46% from ¥380,886,623.42 in 2017[34]. - The total profit for the period was ¥92,126,575.78, down 77.94% compared to the previous year[70]. - The gross margin for the main business was 14.04%, a decrease of 0.62 percentage points from the previous year[70]. - The company reported a net profit of -¥191,767,667.00 in Q4 2018, contrasting with positive profits in the first three quarters[39]. Investment and Capital Expenditure - The company raised funds of 10.60 billion CNY for the construction of a high-efficiency green treatment and comprehensive recycling demonstration project for waste lead-acid batteries, which will add an annual processing capacity of 750,000 tons upon full capacity release[92]. - The total investment amount for the reporting period was ¥1,913,167,665, a decrease of 32.10% compared to ¥2,817,570,187.67 in the same period last year[135]. - The company made a significant equity investment of ¥80,000,000 in Quick Point Technology Group, acquiring a 20% stake[135]. - The waste lead-acid battery recycling project has an investment of ¥854,132,699.28, with a cumulative investment of ¥955,235,178.15, currently at 100% completion[136]. Research and Development - The company holds multiple intellectual property rights for its core technologies, including high-temperature batteries and lithium-ion batteries, which are critical for maintaining its competitive edge[11]. - Research and development expenses increased by 21.44% to 191,051,322.96 yuan in 2018 compared to 157,318,577.40 yuan in 2017[117]. - The company is collaborating with Zhejiang University on solid-state battery R&D and has reached a consensus with Huineng Technology to advance solid-state lithium battery industrialization[58]. - The company is focusing on technology innovation and has completed the development of a lead-carbon start-stop battery project, which has passed acceptance[87]. Environmental and Sustainability Initiatives - The company has established a robust environmental management system and has met the regulatory requirements for the lead-acid battery industry, ensuring sustainable development[10]. - The company is actively promoting lithium-ion battery recycling and new material businesses, aiming to build a comprehensive green circular economy platform[59]. - The company aims to increase the proportion of recycled lead from 33% in 2015 to 45% by 2020, in line with national development plans for the recycling industry[179]. - The company plans to achieve a waste battery recycling capacity of 1.2 million tons, positioning itself as the largest lead resource recycling facility globally[181]. Management and Internal Controls - As the company expands its scale and new business ventures, it faces increased management risks, necessitating improvements in internal controls and organizational structure[12]. - The company is committed to improving its internal management systems to adapt to the complexities arising from its growth and expansion[14]. - The company continues to enhance internal control processes and brand culture, aiming for modernization and efficiency improvements[96]. - The company has established several new subsidiaries in 2018, including Zhejiang Nandu Hongxin Power Co., Ltd. with a 51% stake and Beijing Nandu Smart Energy Technology Co., Ltd. with a 100% stake[109]. Cash Dividend Policy - The company has distributed a total of 332,362,893.46 CNY in cash dividends from 2015 to 2017, which is 70.24% of the average distributable profit of 473,171,525.07 CNY for the same period[195]. - The company has not issued any stock dividends or cash dividends for the current year, with a cash dividend amount of 0.00 CNY[197]. - The company's cash dividend policy is compliant with the relevant regulations and has been executed transparently, ensuring the protection of minority shareholders' rights[196]. - The decision-making process for the cash dividend policy is complete and clear, with independent directors fulfilling their responsibilities[196].