寒锐钴业(300618) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was CNY 2,782,467,462.38, representing an increase of 89.94% compared to CNY 1,464,896,612.27 in 2017[22]. - The net profit attributable to shareholders of the listed company reached CNY 707,628,530.93, a growth of 57.46% from CNY 449,404,770.84 in the previous year[22]. - Basic earnings per share for 2018 were CNY 3.69, up 51.23% from CNY 2.44 in 2017[22]. - The net profit attributable to shareholders for the year was approximately CNY 1.03 billion, reflecting a significant increase compared to the previous year[26]. - The company reported a diluted earnings per share of CNY 3.68, which is a 50.82% increase from CNY 2.44 in the previous year[22]. - The total amount of non-recurring gains and losses for the year was approximately CNY 5.95 million, with government subsidies and fair value changes contributing to this figure[29]. - The company’s net profit attributable to shareholders for 2018 is CNY 707,628,530.93[178]. Cash Flow and Assets - The net cash flow from operating activities was CNY 290,798,534.50, a significant increase of 409.00% compared to a negative cash flow of CNY -94,110,657.74 in 2017[22]. - The total assets at the end of 2018 amounted to CNY 3,450,553,253.70, reflecting a growth of 58.73% from CNY 2,173,866,309.79 at the end of 2017[22]. - The net cash flow from operating activities was ¥290,798,534.50, a significant increase of 409.00% compared to the previous year[86]. - Cash inflow from operating activities totaled ¥2,552,597,567.68, an increase of 84.19% year-on-year[86]. - The company has a total of ¥75,047.5 million in raised funds, with 30.89% remaining unutilized[110]. Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 10.00 per 10 shares, totaling CNY 192,000,000 shares as the base[6]. - The company declared a cash dividend of CNY 192,000,000, which is 27.13% of the net profit attributable to shareholders for the year 2018[179]. - The cash dividend per 10 shares is CNY 10.00, and there is a capital reserve increase of 4 shares for every 10 shares held[174]. - The cash dividend amount represents 96.33% of the total profit distribution[178]. - The company has maintained a cash dividend payout ratio above the minimum requirement of 80% for mature companies without significant capital expenditure plans[178]. - The company has a profit distribution policy that mandates a minimum cash dividend of 20% of the distributable profit for the year, with higher percentages for mature stages without major capital expenditures[168]. Inventory and Production - The company's inventory increased by 43.35% year-on-year, reaching approximately CNY 131.3 million, primarily due to increased material purchases[43]. - The total sales volume of copper products increased by 47.16% to 5,826 tons in 2018, compared to 3,959 tons in 2017[67]. - The production volume of cobalt products from the subsidiary in Congo increased by 56.66%, reaching 6,375.30 tons[70]. - The inventory of cobalt products increased by 45.94% due to higher production and in-transit materials[70]. Research and Development - The company has a strong R&D capability and has established itself as a major supplier of cobalt powder products in both domestic and international markets[36]. - Research and development expenses for the year amounted to ¥40,854,791.83, a 70.14% increase compared to the previous year[80]. - The company focused on cobalt product R&D, with a stable R&D investment contributing to strong technical advantages and market competitiveness[81]. - The company has established a technology innovation system centered on its R&D center to enhance product innovation capabilities and maintain competitiveness in the cobalt powder market[161]. Market Strategy and Expansion - The company established a marketing network in Japan, South Korea, Switzerland, Israel, India, and the United States, enhancing its international sales capabilities[39]. - The company has actively adjusted its market strategy to increase market share, focusing on both domestic and overseas markets[55]. - The company aims to enhance product performance and expand product range over the next three years, seizing opportunities in the hard alloy industry and battery materials sector[148]. - The global market for power batteries is expected to exceed $28 billion by 2020, with automotive power batteries being the largest growth point for cobalt consumption[143]. Risk Management and Corporate Governance - The company has outlined future strategies and risk management measures in its report, emphasizing the importance of investor awareness regarding potential risks[6]. - The company is committed to improving its internal control system and risk management framework to address management risks associated with its expanding business scale[162]. - The company will closely monitor international cobalt metal price trends and adjust its product structure, procurement, and production plans accordingly to mitigate risks from price fluctuations[160]. Subsidiaries and Investments - The company has included 10 subsidiaries in its consolidated financial statements for the reporting period[72]. - The subsidiary Congo Mite reported total assets of 908,844,090.01, with a net loss of 20,973,477.07[137]. - The company has invested RMB 95.82 million in the construction of a 3,000-ton cobalt powder production line and technology center, which is 55.09% of the adjusted total investment of RMB 173.94 million[115]. - The company has established a joint venture in Congo for the implementation of the cobalt electrolysis project, enhancing its operational capabilities in the region[127]. Shareholder Engagement - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights[173]. - The company will conduct at least one profit distribution annually, contingent on having distributable profits[169]. - The company will provide network voting options for shareholders during profit distribution discussions to enhance transparency and engagement[172].