维尔利(300190) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 2,064,843,723.91, representing a 45.64% increase compared to CNY 1,417,765,375.61 in 2017[23]. - The net profit attributable to shareholders for 2018 was CNY 232,366,860.28, a 67.53% increase from CNY 138,703,129.69 in 2017[23]. - The net cash flow from operating activities reached CNY 246,095,084.10, marking a significant increase of 277.34% compared to CNY 65,219,021.22 in 2017[23]. - The total assets at the end of 2018 amounted to CNY 7,212,673,349.94, which is a 17.48% increase from CNY 6,139,644,965.50 at the end of 2017[23]. - The company reported a basic earnings per share of CNY 0.29 for 2018, up 70.59% from CNY 0.17 in 2017[23]. - The net profit after deducting non-recurring gains and losses for 2018 was CNY 216,834,636.73, reflecting a 48.58% increase from CNY 145,936,922.75 in 2017[23]. - The company achieved operating revenue of CNY 2,064,843,723.91, a year-on-year increase of 45.64%[59]. - The operating profit for the same period was CNY 282,685,022.02, reflecting a growth of 51.39% compared to the previous year[59]. - The company reported a total of 437,464,820.41 CNY in sales from its top five customers, which constituted 21.19% of the annual total sales[78]. - The company reported a total project investment of 100,500.01 million, with 45,322.1 million utilized and 89,101.42 million remaining[116]. Investment and Acquisitions - The company has made substantial equity investments, including ¥32,550,000.00 in Guangzhou Yili Environmental Services, acquiring a 35% stake[97]. - The company has completed the acquisition of 49% equity in Changzhou Jintan Water Supply Co., Ltd. for RMB 49 million[103]. - The company plans to invest RMB 30,000 million of idle funds in safe, liquid principal-protected financial products to enhance investment returns[104]. - The company has allocated RMB 3,639.0145 million for the PPP project at Shenyang Daxin Landfill for leachate treatment[104]. - The company has invested RMB 20,000 million in Hanfeng Technology after the equity transfer was completed[103]. - The company has also allocated RMB 1,000 million for the resource utilization and harmless treatment of kitchen waste in Tonglu County[104]. - The company has successfully raised 4,900 million from the transfer of 49% equity in Jintan Water Supply Co., Ltd.[116]. - The company plans to invest 1,630 million in the Changshu second waste incineration power plant expansion project[116]. Risk Management - The company is facing financial risks associated with mergers and acquisitions, which may impact profitability if the acquired businesses do not meet expectations[6]. - Accounts receivable have increased, with a focus on managing this risk to avoid liquidity shortages and bad debt losses[8]. - The company aims to strengthen its financial management and risk control in response to the growing scale of operations and subsidiaries[11]. - The company acknowledges the competitive risks in the environmental industry due to changing government policies and increased competition from state-owned enterprises[9]. Technological Innovation and Development - The company emphasizes the importance of technological innovation and aims to maintain a competitive edge in the environmental protection industry[9]. - The company has established a research and development center to enhance technological innovation and strengthen its competitive edge[53]. - The company is actively developing kitchen waste resource utilization and harmless treatment technology, aiming to optimize organic loss rate, oil extraction rate, and biogas yield[83]. - The company has developed the EMBT technology for resource recovery and reduction of kitchen waste, with successful pilot projects in Hangzhou and Shaoxing[40]. - The company aims to enhance product quality while developing new technologies for low-concentration gas catalytic oxidation in various industries[44]. - The company is focusing on low-energy ammonia nitrogen leachate treatment technology, which can be applied in municipal wastewater and industrial wastewater projects[83]. Market Expansion and Business Strategy - The company is expanding its market presence and actively pursuing business transformation to enhance competitiveness[9]. - The company aims to strengthen its brand as an expert in organic waste resource utilization while providing high-cost performance engineering services[32]. - The company is positioned to benefit from the increasing demand for waste treatment solutions driven by stringent environmental regulations and government support[35]. - The company plans to leverage existing industrial environmental customer resources to expand its market presence in energy-saving and environmental protection services[45]. - The company has successfully expanded its overseas business by undertaking a solid waste disposal project in Thailand[60]. Shareholder Returns and Dividends - The company reported a profit distribution plan, proposing a cash dividend of 0.50 CNY per 10 shares based on a total of 783,784,957 shares[12]. - The cash dividend distribution plan for 2018 is to distribute RMB 0.50 per 10 shares, totaling RMB 39,189,247.85[145]. - The total cash dividend amount, including other methods, reached RMB 194,595,125.96, which accounts for 100% of the distributable profit[145]. - The cash dividend for 2018 represents 16.87% of the net profit attributable to shareholders[150]. - The company has maintained a consistent cash dividend policy, with a minimum of 20% of profits allocated for cash dividends during growth phases[145]. Environmental and Social Responsibility - The company has implemented a comprehensive emergency response plan for environmental incidents, filed with local environmental authorities[194]. - The company has established various pollution control facilities, including a pre-treatment comprehensive pool with a capacity of 60,000 tons per day, which is currently operating normally[193]. - The company has submitted an environmental impact report for the sewage treatment project and received approval from the local environmental protection bureau[194]. - The company has been actively monitoring its environmental impact and has registered its pollution source self-monitoring plan[195]. Corporate Governance and Compliance - The company has committed to minimizing and regulating related party transactions to protect the interests of itself and minority shareholders[153]. - The company has established a long-term effective non-competition agreement with key personnel to avoid conflicts of interest[152]. - The company has implemented strict compliance measures for related party transaction approvals and information disclosure obligations[153]. - The company has confirmed that there was no impairment of goodwill related to the acquisition of Hanfeng Technology[161]. - The company has confirmed that there was no impairment of goodwill related to the acquisition of Dole Refrigeration[163].