Yongfu(SZ:300712)2020-04-27 16:00Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares to all shareholders, based on a total of 182,104,000 shares [6]. - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 18,210,400.00 for the year 2019, based on a total share capital of 182,104,000 shares [176]. - The cash dividend for 2018 was RMB 1.00 per 10 shares, amounting to RMB 14,008,000.00, based on a total share capital of 140,080,000 shares [177]. - The cash dividend payout ratio for 2019 was 24.90% of the net profit attributable to shareholders, compared to 19.05% in 2018 and 18.20% in 2017 [178]. - The total cash dividends distributed over the past three years were RMB 18,210,400.00 in 2019, RMB 14,008,000.00 in 2018, and RMB 14,008,000.00 in 2017 [178]. - The company has maintained a consistent cash dividend distribution strategy over the past three years, with no stock bonuses or capital reserve conversions proposed [177]. - The cash dividends for 2019 represent an increase in total payout compared to previous years, reflecting the company's commitment to providing stable returns to shareholders [176]. - The company’s net profit for 2019 was RMB 73,142,052.3, which supports the dividend distribution [178]. Financial Performance - The company's operating revenue for 2019 was CNY 1,440,375,320.79, representing a 109.98% increase compared to CNY 685,964,228.70 in 2018 [18]. - The net profit attributable to shareholders for 2019 was CNY 73,142,052.32, a slight decrease of 0.53% from CNY 73,533,333.39 in the previous year [18]. - The net profit after deducting non-recurring gains and losses was CNY 66,558,602.44, which is a 2.88% increase from CNY 64,697,695.54 in 2018 [18]. - The total assets at the end of 2019 reached CNY 2,359,506,051.20, marking a 66.09% increase from CNY 1,420,600,618.35 in 2018 [18]. - The net cash flow from operating activities was negative at CNY -608,351,781.88, a significant decline compared to CNY 20,123,743.81 in 2018 [18]. - The basic earnings per share for 2019 was CNY 0.4016, a decrease of 0.54% from CNY 0.4038 in the previous year [18]. - The weighted average return on equity for 2019 was 7.63%, down from 8.18% in 2018 [18]. - The company reported a quarterly revenue of CNY 605,025,791.00 in Q4 2019, which was the highest among the four quarters [20]. - The total net profit for Q4 2019 was CNY 22,388,929.56, consistent with the performance in Q2 2019 [20]. - The company did not report any significant discrepancies between quarterly reports and annual financial indicators [20]. Strategic Direction and Development - The annual report outlines the company's strategic direction and future development plans, although these do not constitute binding commitments to investors [5]. - The company is focusing on clean energy and new energy projects, particularly in gas power generation and offshore wind power, with significant overseas project experience [33]. - The company aims to enhance its market presence in the "new infrastructure" sectors, including power IoT and ultra-high voltage [30]. - The company is implementing a "two sources, two seas" business strategy, focusing on smart energy and overseas markets [30]. - The company aims to become an internationally recognized comprehensive energy service provider, aligning with national energy investment policies [71]. - The company plans to enhance its EPC capabilities and accelerate the development of smart energy and intelligent operation businesses as part of its strategic revision [80]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge [124]. Research and Development - The company is increasing R&D investment in digital energy solutions, including network security and digital storage power stations [30]. - The company has established a professional research and development team in power information and communication technology, achieving substantial progress in digital power, power communication, and power information business [45]. - The company has established a digital technology R&D center in 2018 and initiated comprehensive promotion of digital design by the end of 2019, with plans for completion by October 25, 2021 [126]. - The company is committed to enhancing its R&D capabilities, focusing on offshore wind technology, digital design, and energy storage to strengthen its core competitiveness [159]. Market Expansion and Opportunities - The company is actively expanding its smart energy business, integrating cutting-edge technologies such as IoT, big data, and 4G/5G wireless communication [44]. - The company has established stable partnerships with over 30 large state-owned enterprises, enhancing its brand influence in the energy sector [68]. - The energy demand in Southeast Asia is expected to grow by over 80% by 2035, equivalent to the current total energy consumption of Japan, presenting significant market opportunities for the energy sector [152]. - The overall investment scale in China's electricity energy sector exceeds CNY 1 trillion annually, with emerging business models like comprehensive energy services and incremental distribution networks gaining traction [153]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report, indicating potential differences between plans and actual outcomes [5]. - The company is closely monitoring the impact of the COVID-19 pandemic on its financial status and operational results, with measures in place to mitigate risks [162]. - The company has established a long-term mechanism for accounts receivable management to improve recovery rates and mitigate associated risks [164]. - The company adheres to a principle of "efficiency first" in its investment strategy, ensuring thorough risk analysis and management for new projects [167]. Acquisitions and Investments - The company acquired Fujian Yongfu Operation and Maintenance Technology Co., Ltd. to build an intelligent operation and maintenance platform, extending its industrial chain [46]. - The company has expanded its operational footprint by acquiring several companies, including Fujian Huachao Information Technology Co., Ltd. for ¥5,044,000.00 and Fujian Yongfu Operation Technology Co., Ltd. for ¥14,080,000.00 [93]. - The company established a subsidiary, Yongfu Singapore New Energy Development Company PTE.LTD., with a registered capital of 30,000 USD on February 19, 2019, and has not yet made any actual contributions [199]. - The company established a subsidiary, YONGFU PHILIPPINE NEW ENERGY MANAGEMENT LTD.INC., with a registered capital of 52 million Philippine Pesos, contributing 51.9948 million Philippine Pesos, representing 99.99% of the capital [200]. Financial Management - The company reported a significant change in accounting policies, including the split of "accounts receivable" into "notes receivable" and "accounts receivable," with the previous year's balances being CNY 210,000 for notes receivable and CNY 390,892,460.73 for accounts receivable [191]. - The company has implemented new financial instrument standards, which require retrospective adjustments for previously recognized financial instruments, affecting the retained earnings and other comprehensive income at the beginning of the year [192]. - The company reported a credit impairment loss of 40,859,325.41 CNY for the current period, compared to 29,754,026.91 CNY in the previous period, indicating an increase of approximately 37.5% [195]. - The company’s total liabilities include accounts payable of 180,271,013.24 CNY, which remains consistent across reporting standards [195]. Compliance and Governance - The company guarantees to continue to regulate and gradually reduce related party transactions with its subsidiaries and affiliates [181]. - The company will fulfill its information disclosure obligations accurately and completely before any share reduction [180]. - The commitments made by the controlling shareholders are irrevocable and must be strictly followed [188]. - The company will disclose any failure to fulfill commitments in a timely manner and will correct any issues promptly [188].