TSPC(000554)2020-04-29 16:00Financial Performance - The company's operating revenue for 2019 was ¥2,924,590,160.11, a decrease of 4.97% compared to ¥3,077,522,876.17 in 2018[17] - The net profit attributable to shareholders increased by 215.69% to ¥5,925,292.63 from ¥1,876,962.28 in the previous year[17] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥11,405,255.90, a significant increase of 321.40% compared to a loss of ¥5,188,520.19 in 2018[17] - The basic earnings per share rose to ¥0.0123, reflecting a growth of 215.38% from ¥0.0039 in 2018[17] - The total operating revenue for 2019 was CNY 2.92 billion, a decrease of 4.97% compared to CNY 3.08 billion in 2018[34] - The company reported a significant reduction in financial expenses, with interest expenses decreasing from ¥4,275,286.89 in 2018 to ¥4,838,970.46 in 2019[177] - The total comprehensive income attributable to the parent company was ¥5,925,292.63 in 2019, compared to ¥1,876,962.28 in 2018[180] Assets and Liabilities - The total assets at the end of 2019 were ¥1,318,442,652.00, an increase of 3.92% from ¥1,268,717,144.37 at the end of 2018[18] - The total liabilities increased to ¥406,431,421.93 in 2019 from ¥354,908,423.61 in 2018, representing a growth of 14.5%[176] - The company's equity increased to CNY 909,620,669.95 from CNY 903,559,368.22, showing a growth of approximately 0.8%[171] - The company's contract liabilities increased to CNY 155,012,904.45 from CNY 113,112,949.85, representing a growth of approximately 37.0%[170] - The total liabilities rose to CNY 408,821,982.05 from CNY 365,157,776.15, marking an increase of about 12.0%[170] Cash Flow - The net cash flow from operating activities was ¥88,262,615.43, down by 4.49% from ¥92,414,940.09 in the previous year[17] - Operating cash inflow for 2019 was ¥3,381,713,729.80, a decrease of 7.41% compared to 2018[44] - Cash flow from operating activities in 2019 was CNY 88,262,615.43, slightly down from CNY 92,414,940.09 in 2018, a decrease of about 4.63%[185] - Cash flow from investing activities showed a net outflow of CNY 62,359,854.92 in 2019, compared to a net outflow of CNY 107,215,755.28 in 2018, indicating an improvement of approximately 41.85%[186] - The net cash flow from financing activities was -¥77,017,808.65, compared to a positive net cash flow of ¥12,924,300.17 in 2018, indicating a shift in financing strategy[189] Market and Sales - Gasoline sales accounted for 63% of total revenue in 2019, generating CNY 1.84 billion, while diesel sales contributed 33.12% with CNY 0.97 billion[34] - The company experienced a decline in retail gasoline volume, which decreased by 3.9 thousand tons year-on-year, totaling 30.6 thousand tons in 2019[31] - The total sales volume of oil products was 406.31 thousand tons in 2019, a slight decrease of 1.39% from the previous year[37] - The company’s natural gas sales dropped by 26.22% year-on-year, totaling CNY 9.73 million in 2019[34] - The overall market for refined oil remained competitive, with significant price competition among various operators in the region[31] Shareholder Structure - The total number of shares is 480,793,320, with 24.57% being limited shares and 75.43% being unrestricted shares[104] - The largest shareholder is China Petroleum & Chemical Corporation, holding 118,140,120 shares, which represents 24.57% of the total shares[107] - The company has 48,383 common shareholders at the end of the reporting period[107] - The company maintains a stable shareholder structure with no significant changes in the ownership percentages of major shareholders[109] Corporate Governance - The company has maintained its accounting firm, with a fee of 700,000 RMB for audit services, and has engaged the same firm for four consecutive years[78] - The company has implemented a strict HSSE management system to enhance safety production and prevent accidents[61] - The company emphasizes its commitment to social responsibility, ensuring energy supply and supporting pandemic response efforts[96][97] - The company has independent operations in business, personnel, assets, institutions, and finance, ensuring no overlap with the controlling shareholder[139] Risk Management - The company has disclosed risk factors and countermeasures in the report, ensuring transparency regarding future strategic plans[4] - The company recognizes the risks associated with the oil and petrochemical industry, including natural disasters and market volatility, and is focused on improving its market analysis and competitive strategies[60] - The audit committee confirmed that there were no significant internal control deficiencies identified during the reporting period[150] Employee and Management Compensation - The total remuneration for directors, supervisors, and senior management in 2019 amounted to CNY 2.5876 million[130] - The company has a performance-based compensation mechanism linking senior management salaries to employee income fluctuations[130] - The company employs a "three determinations and three links" method for gas station employee income, which is tied to total salary expenses[130] Future Outlook - The company expects to achieve a total operating volume of 420,000 tons of various refined oil products in 2020[59] - The refined oil market is expected to continue facing oversupply and intensified competition in 2020 due to various factors including the COVID-19 pandemic and geopolitical tensions[60] - The company plans to utilize all profits for daily operations and working capital needs, rather than distributing dividends or increasing capital reserves[69]