HAI TIAN(603288)2014-03-24 16:00Financial Performance - The company's operating revenue for 2013 was CNY 8,401,589,320.86, representing an increase of 18.84% compared to CNY 7,069,591,619.67 in 2012[26]. - The net profit attributable to shareholders for 2013 was CNY 1,606,418,791.67, a growth of 33.03% from CNY 1,207,566,852.96 in the previous year[26]. - The net profit after deducting non-recurring gains and losses was CNY 1,546,198,540.36, which is an increase of 28.58% compared to CNY 1,202,564,690.05 in 2012[26]. - The total assets at the end of 2013 reached CNY 6,722,123,294.35, marking a 10.01% increase from CNY 6,110,204,366.74 in 2012[26]. - The net assets attributable to shareholders increased to CNY 3,914,438,998.01, reflecting a growth of 6.98% from CNY 3,658,927,527.25 in the previous year[26]. - The basic earnings per share for 2013 was CNY 2.26, up 32.94% from CNY 1.70 in 2012[26]. - The weighted average return on equity increased to 45% in 2013, up from 38% in 2012, representing a 7 percentage point increase[26]. Revenue Breakdown - Main business revenue reached 8.329 billion RMB, with a growth rate of 18.79%[36]. - Soy sauce revenue was 5.582 billion RMB, increasing by 17.57% year-on-year[36]. - Oyster sauce revenue grew by 25.42% to 1.114 billion RMB, driven by increased sales volume[36]. Cash Flow and Investments - The company reported a net cash flow from operating activities of 1.93 billion RMB, down 11.10% from 2012[34]. - The investment activities generated a cash inflow of CNY 346,716,010.07, a significant increase of 2213.33% compared to the previous year[42]. - The company plans to invest ¥1,837,916,114.00 in a 1.5 million-ton soy sauce expansion project, with no funds used as of the report date[61]. Research and Development - Research and development expenses amounted to 284.83 million RMB, a rise of 17.04% from the previous year[34]. - Research and development expenditures totaled CNY 284,830,364.62, representing 7.28% of net assets and 3.39% of operating revenue, with a year-on-year growth of 17.04%[40]. Market Position and Strategy - The company maintained its position as the market leader for over 20 years, achieving simultaneous growth in scale, quality, and efficiency[33]. - The company is focusing on developing new high-end soy sauce products and specialty condiments, enhancing its technological advantages in the industry[40]. - The seasoning market is experiencing stable growth with increasing concentration and product structure upgrades, indicating a competitive landscape where brand and product quality will be crucial for success[69]. Corporate Governance - The company has established a clear governance structure, ensuring compliance with the Company Law and relevant regulations during the reporting period[128]. - The board of directors held 13 meetings during the year, with all members attending[134]. - The supervisory board also fulfills its duties diligently, overseeing the legality and compliance of the company's financial practices[130]. Shareholder Information - The total number of shares remained unchanged at 71.1 million, with no changes in restricted shares during the reporting period[98]. - Guangdong Haitian Group Co., Ltd. holds 64.87% of the shares, totaling 461,225,700 shares, with no changes during the reporting period[104]. - The top ten shareholders hold a total of 99.75% of the shares, indicating a high concentration of ownership[104]. Employee and Management - The company employed a total of 3,942 staff, with 1,356 in production, 1,327 in sales, 842 in technical roles, 62 in finance, and 355 in administration[121]. - The company has established a performance evaluation and promotion system, along with a salary and benefits system to enhance employee motivation and fairness[123]. - The company has a diverse management team with various roles in different sectors, ensuring comprehensive oversight[114]. Risk Management - The company recognizes the risk of raw material price fluctuations, which could impact profit margins if prices rise significantly[74]. - The supervisory board found no issues with the company's risk management during the reporting period[136]. Financial Reporting - The audit opinion for the financial statements was a standard unqualified opinion, confirming that the financial statements fairly represent the company's financial position[142]. - The company aims to improve the quality of financial reporting by adhering to the requirements of the Accounting Law and internal control standards[140].