Luxin Co.,(600783)2014-04-30 16:00Financial Performance - In 2013, the company achieved a net profit of 218.92 million yuan, with a total distributable profit of 1.43 billion yuan after accounting for previous distributions and reserves[8]. - The company's operating revenue for 2013 was approximately ¥234.65 million, a decrease of 10.08% compared to ¥260.94 million in 2012[28]. - Net profit attributable to shareholders for 2013 was approximately ¥218.92 million, representing a 23.01% increase from ¥177.96 million in 2012[28]. - Basic earnings per share for 2013 increased by 20.83% to ¥0.29 from ¥0.24 in 2012[26]. - The weighted average return on equity rose to 7.34% in 2013, up from 6.28% in 2012, an increase of 1.06 percentage points[26]. - The company reported a non-operating income from the disposal of non-current assets amounting to ¥235,135.42 in 2013[29]. - The company received dividends of CNY 55.87 million from 19 enterprises, representing a year-on-year decrease of 20.7%[34]. - The investment income increased by 37.44% year-on-year, amounting to CNY 385.14 million, compared to CNY 280.22 million in the previous year[39]. - The company achieved an operating revenue of CNY 226,601,835.08, which is 102.17% of the annual target of CNY 230 million[47]. - The total revenue for the year 2013 reached 4.369 billion RMB, with investment income amounting to 778.8 million RMB[107]. Profit Distribution - The proposed profit distribution plan includes a cash dividend of 0.1 yuan per share, totaling 74.44 million yuan to be distributed to shareholders[8]. - The company plans to carry forward the remaining distributable profits to the next fiscal year, indicating a strategy for future growth[8]. - The company allocated CNY 10,291,285.17 for profit distribution, which included allocations to surplus reserves and general risk reserves[169]. - In 2012, the company distributed cash dividends of 1.5 RMB per 10 shares, totaling 111.65 million RMB, based on a total share capital of 744,359,294 shares[78]. - The company has proposed a differentiated cash dividend policy, considering industry characteristics and operational factors, which will be submitted for shareholder approval[78]. Financial Integrity and Compliance - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[9]. - The company received a standard unqualified audit report from Ruihua Certified Public Accountants, affirming the accuracy of its financial statements[7]. - There are no violations of decision-making procedures regarding external guarantees, reflecting compliance with regulations[9]. - The company emphasizes the importance of risk awareness in forward-looking statements, advising investors to consider investment risks[9]. - The company is committed to protecting shareholder and creditor rights by establishing a comprehensive corporate governance structure[79]. - The company has committed to minimizing and regulating related party transactions, ensuring fair market principles are followed[93]. Investment Activities - Investment decisions were made for 30 projects, with a total investment amount of CNY 999.5 million, marking a historical high in both investment quantity and amount[34]. - The company completed the exit from three projects during the year, including the Luoxin Pharmaceutical project[35]. - The company established a new investment fund with a scale of CNY 100 million, with the first phase of CNY 50 million already in place[36]. - The company is exploring diverse equity exit models to ensure investor returns while efficiently utilizing operational funds[72]. - The company plans to enhance post-investment management by establishing an information platform for resource sharing and improving project management efficiency[75]. Risk Management - The company has outlined potential risks in its board report, which should be reviewed for future development considerations[14]. - The company faces risks related to the inability to exit investment projects through IPOs due to a sluggish capital market, potentially impacting cash flow and future investment plans[76]. - The company aims to strengthen post-investment evaluation to ensure investment efficiency and mitigate risks associated with investment projects[76]. - The company emphasizes talent acquisition and retention, implementing a market-oriented compensation and incentive mechanism linked to investment performance[81]. Governance and Management - The board of directors confirmed that all members attended the board meeting, ensuring governance transparency[6]. - The company has established an internal management information platform to enhance resource integration and support decision-making processes[82]. - The company has a structured decision-making process for the remuneration of its directors and supervisors, which involves the shareholders' meeting[123]. - The company has seen a consistent leadership structure with experienced personnel in key management roles[121]. - The total remuneration for the board members and senior management during the reporting period amounted to 252.92 million RMB[112]. Operational Performance - The company produced 9,490.81 tons of abrasives, a decrease of 29.33% year-on-year, and sold 9,562.14 tons, a decrease of 28.11% year-on-year[40]. - The company's operating cash flow net amount was CNY -90.63 million, compared to CNY -20.92 million in the previous year[39]. - The company reported a cash inflow of 144,490,000.00 RMB from investment recoveries, an increase from 125,350,000.00 RMB in the previous year, indicating improved investment performance[165]. - The company has implemented a robust internal control system to ensure compliance, asset security, and the accuracy of financial reporting[138]. Shareholder Information - The total number of shares after the recent change is 744,359,294, with 45.65% being restricted shares[98]. - The largest shareholder, 山东省鲁信投资控股集团, holds 71.77% of the shares, totaling 534,206,761[104]. - The total number of shareholders at the end of the reporting period is 33,786[104]. - The company has not issued any new shares or securities in the last three years[102]. Legal Matters - The company is involved in a contract dispute with Zibo Yuanjing Real Estate Development Co., with a claim amounting to RMB 114,338,316.39[86]. - The company has filed a counterclaim in the ongoing litigation, which is currently being processed by the Zibo Intermediate People's Court[85]. - The company has actively tracked the progress of litigation matters and will fulfill its information disclosure obligations[85].