HSTD(600054)2014-03-26 16:00Financial Performance - In 2013, the company's operating revenue was CNY 1,294,090,283.92, a decrease of 12.36% compared to the previous year[28]. - The net profit attributable to shareholders was CNY 143,808,053.42, down 40.08% from 2012[28]. - Basic earnings per share for 2013 were CNY 0.31, reflecting a decline of 39.22% year-over-year[30]. - The total revenue for 2013 was CNY 1,294.09 million, down 12.36% from CNY 1,476.52 million in 2012[38]. - The company's total revenue from hotel business was CNY 382,785,595.44, with a decrease of 3.92% compared to the previous year, and a gross margin of 15.27%, which decreased by 6.75 percentage points[44]. - The total revenue from the cableway business was CNY 322,723,912.00, with a decrease of 5.90% year-on-year, and a gross margin of 84.86%, which decreased by 1.69 percentage points[44]. - The company's investment income decreased by 122.55% due to no cash dividends from Huashan Securities in the reporting period[38]. - The company reported a net profit of CNY 7,399,000 from its subsidiary Huangshan Yeping Cableway Co., Ltd., which has a registered capital of CNY 19 million and is 80% owned by the company[52]. - The net profit for 2013 was CNY 161,442,463.18, a decline of 38.04% compared to CNY 260,570,292.61 in the previous year[158]. - The company reported an increase in retained earnings, with an ending balance of CNY 911,562,786.53, up from CNY 212,282,684.99 in the previous year[172]. Cash Flow and Investments - The cash flow from operating activities was CNY 240,721,955.85, representing a decrease of 33.38% compared to 2012[28]. - Operating cash flow net amount was CNY 240.72 million, down 33.38% from CNY 361.33 million in the previous year[38]. - The net cash flow from operating activities was CNY 240,721,955.85, a decrease of 33.3% compared to CNY 361,327,127.53 in the previous period[162]. - The net cash flow from investing activities was -CNY 175,528,097.41, an improvement from -CNY 381,981,478.59 in the previous period[163]. - Cash inflow from investing activities was CNY 2,398,415.66, significantly lower than CNY 11,128,792.99, a decrease of 78.5%[163]. - Cash outflow from investing activities was CNY 177,926,513.07, down from CNY 393,110,271.58, a reduction of 54.8%[163]. - The net cash flow from financing activities was -CNY 79,490,236.60, compared to a positive net flow of CNY 98,134,777.39 in the previous period[163]. - Cash inflow from financing activities reached CNY 1,309,065,884.00, an increase from CNY 874,500,000.00, representing a growth of 49.6%[163]. - Cash outflow from financing activities totaled CNY 1,388,556,120.60, up from CNY 776,365,222.61, indicating an increase of 78.5%[163]. Assets and Liabilities - The total assets at the end of 2013 amounted to CNY 3,355,068,453.93, a slight decrease of 0.73% from the previous year[28]. - The company's accounts receivable decreased by 31.66% to CNY 37,647,640.18 from CNY 55,092,743.51 in the previous period[44]. - The company's short-term borrowings decreased by 68.78% to CNY 212,265,884.00 from CNY 680,000,000.00 in the previous period[45]. - Total liabilities decreased to CNY 1,298,140,320.54 from CNY 1,456,051,486.46, representing a reduction of about 10.8%[153]. - Owner's equity increased to CNY 2,056,928,133.39 from CNY 1,923,625,282.66, showing an increase of approximately 6.9%[153]. - The total owner's equity at the end of the period is CNY 2,057,402,672.96, an increase from CNY 1,919,500,988.12 at the end of the previous year, reflecting a growth of approximately 7.2%[181]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of CNY 0.40 per 10 shares, totaling CNY 18,854,000[5]. - In 2013, the company distributed a cash dividend of 18,854,000 RMB, which is 0.40 RMB per 10 shares, representing 13.11% of the net profit attributable to shareholders[72]. - In 2012, the cash dividend was 14,140,500 RMB, or 0.30 RMB per 10 shares, accounting for 5.89% of the net profit attributable to shareholders[72]. - In 2011, the company distributed 65,989,000 RMB, which is 1.40 RMB per 10 shares, representing 25.76% of the net profit attributable to shareholders[72]. - The total number of shareholders at the end of the reporting period was 52,577, with 31,781 A-share holders and 21,796 B-share holders[93]. - The largest shareholder, Huangshan Tourism Group Co., Ltd., holds 41.95% of the shares, totaling 197,730,500 shares, with no changes during the reporting period[93]. Strategic Plans and Market Focus - The company aims to receive 3 million tourists in 2014, targeting revenue of over 1.493 billion yuan, a decrease compared to 2013 due to accounting adjustments[59]. - The company plans to enhance its marketing strategy by focusing on three major markets: the traditional markets in the Yangtze River Delta and Pearl River Delta, mid-to-long distance markets with direct high-speed rail and air connections, and emerging markets in Southeast Asia, Russia, and North America[60]. - The company is investing in infrastructure projects, including the renovation of the Yuhua Cableway, which is expected to be operational by May 2015[61]. - The company is expanding its business into new sectors such as Huizhou cuisine and e-commerce to seek new growth points[58]. - The company continues to focus on tourism-related services and product development as part of its core business strategy[186]. Governance and Management - The company has established a governance structure in compliance with relevant laws and regulations, ensuring no discrepancies during the reporting period[125]. - The company has maintained a stable leadership team with no significant changes in management roles during the reporting period[107]. - The company has a structured salary policy that adjusts remuneration based on operational performance and market conditions[120]. - The company has established a performance-linked compensation assessment system for senior management, aiming to align their interests with those of shareholders[135]. - The company has signed confidentiality agreements with key technical personnel to protect its core technology[115]. Risks and Compliance - The company has identified risks including policy environment changes, market competition, and external factors like natural disasters, and is developing strategies to mitigate these risks[64]. - The internal control system is designed to ensure legal compliance, asset security, and the authenticity of financial reporting, although inherent limitations exist[138]. - The audit report for internal control was issued by Huapu Tianjian Accounting Firm, confirming the effectiveness of the internal control system[139].