On the evening of March 25, 2014, the company released its annual report. In 2013, both revenue and net profit saw a decline compared to the previous year. This performance drop was partly linked to the broader diamond industry's fluctuating conditions. The first quarter of 2014 also experienced a downturn, mainly due to seasonal factors associated with the Spring Festival holiday, along with a reduction in non-recurring gains and losses, such as government subsidies. Additionally, the gross profit margin for the first quarter declined slightly, but it is anticipated to stabilize during the second quarter, which is typically a peak season for infrastructure projects. The company is currently advancing several fundraising initiatives, most of which are nearing completion, with production expected to ramp up soon. New high-grade diamond projects, diamond wire initiatives, and diamond wheel developments are expected to be key drivers of future growth.
In 2013, the company reported operating income of 524 million yuan, reflecting a 4.7% year-on-year decrease. Net profit stood at 94.26 million yuan, down by 23% from the previous year. The domestic economic environment remained challenging throughout the year, and the overall diamond industry did not perform strongly. Despite these challenges, the company focused on its core business of diamond production, implemented product structure adjustments, and pursued strategic transformation. It also expanded its synthetic diamond industry chain while continuing to develop its main business, aiming to enhance overall competitiveness and ensure stable and sustainable operations. By the end of 2013, total assets reached 2.51 billion yuan, an increase of 19.3% compared to the prior year, while equity amounted to 1.41 billion yuan, up 4.5% year-on-year. Many ongoing projects were progressing smoothly.
Looking ahead, the company aims to leverage the completion of several fundraising projects, which are expected to serve as major contributors to future performance. It continues to focus on product restructuring, emphasizing research and development and market expansion for products such as large single crystal diamonds, diamond micro powder, and diamond wire saws. These efforts aim to further refine the product portfolio, creating a comprehensive industrial chain that includes synthetic diamonds, synthetic equipment, large single crystals, diamond micro powders, diamond wire saws (both electroplated and resin types), and grinding wheels. In 2013, the 1.02 billion carat high-grade synthetic diamond project entered trial production, and the electroplated diamond wire project was successfully completed by the end of September. The new facility of Jiaozuo Huajing Diamond Co., Ltd. was launched, and the resin diamond wire and grinding wheel project was also initiated in Luoyang. The company has established four industrial bases across Zhengzhou High-tech Zone, Zhengzhou Export Processing Zone, Luoyang, and Jiaozuo, further optimizing its industrial layout and positioning itself for long-term growth.
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