JUFEI(SZ:300303)2019-03-29 16:00Financial Performance - The company's operating revenue for 2018 was CNY 2,345,024,339.67, representing a 14.11% increase compared to CNY 2,055,139,742.26 in 2017[15]. - The net profit attributable to shareholders for 2018 was CNY 159,804,568.73, a significant increase of 167.02% from CNY 59,847,804.91 in 2017[15]. - The net profit after deducting non-recurring gains and losses was CNY 133,132,115.68, up 138.37% from CNY 55,850,254.15 in the previous year[15]. - The net cash flow from operating activities was CNY 74,930,411.71, an increase of 64.28% compared to CNY 45,611,941.44 in 2017[15]. - The basic earnings per share for 2018 was CNY 0.13, reflecting a 160.00% increase from CNY 0.05 in 2017[15]. - The total revenue for the LED industry reached approximately ¥2.08 billion, representing a year-over-year increase of 11.81%[48]. - The gross margin for the LED industry improved to 23.86%, an increase of 1.35% compared to the previous year[48]. - The company reported a significant increase in accounts receivable and notes receivable, with a total of CNY 1,285,703,180.55, up from CNY 477,486,376.87 for notes receivable alone in the previous year[119]. Assets and Liabilities - The total assets at the end of 2018 were CNY 3,251,759,670.57, a decrease of 2.00% from CNY 3,318,279,113.01 at the end of 2017[15]. - The net assets attributable to shareholders increased by 5.34% to CNY 1,923,103,072.93 from CNY 1,825,623,099.95 in 2017[15]. - The company's goodwill decreased by 43.19% due to impairment provisions made for its Hong Kong subsidiary during the reporting period[27]. - The company reported a significant increase in other payables, which rose by 157.02% to ¥112,973,513.78, due to increased equipment payables and stock repurchase obligations[66]. - Total assets at the end of 2018 were significantly impacted, with cash and cash equivalents decreasing to ¥285,156,355.44, down from ¥336,544,390.84 in 2017[64]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.45 per 10 shares, totaling CNY 57,258,090.66 based on 1,272,646,559 shares[4]. - The total distributable profit for the year was 674,899,157.51 CNY, with the remaining undistributed profit carried forward to future years amounting to 617,630,062.35 CNY[109]. - The company has a policy to distribute at least 30% of the average distributable profit over the past three years in cash dividends, with a minimum of 10% for the current year[105]. - The cash dividend distribution plan aligns with the company's articles of association and relevant regulations[108]. - In 2018, the cash dividend amount for the company was 57,269,095.16, representing 35.84% of the net profit attributable to ordinary shareholders[112]. Business Operations and Strategy - The company is focusing on expanding its market share in the LED industry, which is experiencing a shift towards higher concentration and quality control[84]. - The company is expanding into new markets, including automotive LED products, which have shown significant growth and passed audits from major clients[38]. - The company has established a strategic partnership with major material suppliers, ensuring quality while maintaining a good cost reduction capability[31]. - The company is implementing an internationalization strategy to increase its global market share by actively exploring overseas markets[89]. - The company aims to expand its market presence by leveraging its headquarters in Shenzhen and its facilities in Huizhou and Wuhu to strengthen its foothold in South China and expand into East and North China[88]. Research and Development - R&D expenses for the year amounted to ¥95.98 million, accounting for 4.09% of total revenue, with a year-over-year increase of 9.53%[57][58]. - The company has developed several new LED products, including "Mini LED module technology" and "high-efficiency large power LED devices," aimed at enhancing product competitiveness[59][60]. - The number of R&D personnel increased to 331, accounting for 14.07% of total employees, compared to 305 and 14.04% in the previous year[63]. Corporate Governance and Compliance - The company has implemented a comprehensive internal control system to enhance corporate governance and protect the rights of shareholders and creditors[175]. - The company has maintained a stable audit relationship with the accounting firm for 11 years, with an audit fee of CNY 500,000[122]. - The company has not faced any major litigation or arbitration issues during the reporting period[123]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[113]. Social Responsibility and Community Engagement - The company invested 101 million in vocational skills training, benefiting 958 individuals, and helped 65 registered impoverished households achieve employment[185]. - The company donated a LED packaging line valued at 2.48 million (net value 600,000) to Shenzhen Vocational and Technical College for educational purposes[183]. - The company actively engages in environmental protection initiatives, promoting energy-saving practices among employees and participating in community service activities[182]. Stock Incentive Plans - The company has implemented a restricted stock incentive plan to attract and retain talent, with the first grant of 593,300 shares at a price of CNY 4.97 per share[129]. - The stock incentive plan is designed to align the interests of the company and its key personnel, ensuring the achievement of strategic and operational goals[142]. - The company granted 24 million restricted stocks to 89 incentive objects as part of the 2018 stock incentive plan, with an additional 6 million reserved[143].