HBSXNBM(600293)2023-04-26 16:00Financial Performance - Revenue in 2022 was 1,888,882,047.30 yuan, a decrease of 39.24% compared to 2021[23] - Net profit attributable to shareholders in 2022 was -293,510,307.46 yuan, a decrease of 425.43% compared to 2021[23] - Operating cash flow in 2022 was 313,440,998.14 yuan, a decrease of 62.09% compared to 2021[23] - Total assets at the end of 2022 were 3,675,729,317.54 yuan, a decrease of 2.28% compared to the end of 2021[23] - Shareholders' equity at the end of 2022 was 1,676,273,844.80 yuan, a decrease of 15.01% compared to the end of 2021[23] - Basic earnings per share decreased by 412.5% to -0.25 yuan per share in 2022 compared to 0.08 yuan per share in 2021[24] - Diluted earnings per share also decreased by 412.5% to -0.25 yuan per share in 2022[24] - Weighted average return on equity decreased by 20.80 percentage points to -16.09% in 2022[24] - Revenue for Q1 2022 was 409.40 million yuan, Q2 was 527.43 million yuan, Q3 was 508.09 million yuan, and Q4 was 443.96 million yuan[25] - Net profit attributable to shareholders was 55.41 million yuan in Q1, -20.34 million yuan in Q2, -109.14 million yuan in Q3, and -219.44 million yuan in Q4[25] - The company achieved a revenue of 1.89 billion yuan in 2022, a decrease of 39.24% year-on-year, and a net loss of 294 million yuan, a decrease of 425.43% year-on-year[39] - Total assets of the company were 3.68 billion yuan, a decrease of 2.28% year-on-year, and net assets were 1.68 billion yuan, a decrease of 15.01% year-on-year[39] - Total operating revenue decreased to 1,888,882,047.30 RMB in 2022 from 3,108,551,977.05 RMB in 2021, a decline of approximately 39.2%[169] - Net profit for 2022 was -324,084,673.77 RMB, compared to 112,085,020.27 RMB in 2021, indicating a significant loss[169] - Basic earnings per share (EPS) for 2022 was -0.25 RMB, down from 0.08 RMB in 2021[170] - Total comprehensive income for 2022 was -328,669,906.58 RMB, compared to 137,732,368.34 RMB in 2021[170] - Net profit attributable to the parent company's shareholders was -293,510,307.46 RMB in 2022, down from 90,190,308.30 RMB in 2021[170] - The company's other comprehensive income after tax was -4,585,232.81 RMB in 2022, compared to 25,647,348.07 RMB in 2021[170] - Operating cash flow from sales of goods and services decreased to RMB 1,088.47 million in 2022 from RMB 2,065.13 million in 2021, a decline of 47.3%[174] - Total operating cash inflow dropped to RMB 1,200.59 million in 2022 from RMB 2,392.39 million in 2021, a decrease of 49.8%[174] - Net cash flow from operating activities fell to RMB 313.44 million in 2022 from RMB 826.83 million in 2021, a decrease of 62.1%[174] - Net cash flow from investing activities was negative RMB 211.72 million in 2022, compared to negative RMB 172.42 million in 2021[175] - Net cash flow from financing activities was negative RMB 393.80 million in 2022, compared to negative RMB 286.83 million in 2021[175] - Total cash and cash equivalents decreased by RMB 292.08 million in 2022, compared to an increase of RMB 367.58 million in 2021[175] - Parent company's operating cash flow from sales of goods and services increased to RMB 1,438.12 million in 2022 from RMB 1,246.58 million in 2021, a growth of 15.4%[177] - Parent company's net cash flow from operating activities decreased to RMB 109.59 million in 2022 from RMB 449.97 million in 2021, a decline of 75.6%[177] - Parent company's net cash flow from investing activities was negative RMB 132.96 million in 2022, compared to negative RMB 139.24 million in 2021[177] - Parent company's net cash flow from financing activities was negative RMB 176.85 million in 2022, compared to negative RMB 45.68 million in 2021[177] - Total owner's equity at the end of 2022 was RMB 1,807,670,312.49, a decrease of RMB 326,593,588.75 compared to the beginning of the year[182] - Comprehensive income for 2022 was a loss of RMB 298,095,540.27, contributing to the decrease in owner's equity[182] - Retained earnings decreased by RMB 293,510,307.46, reflecting the company's financial performance in 2022[182] - The company's total equity at the beginning of 2022 was RMB 2,134,263,901.24[182] - In 2021, the company's comprehensive income was RMB 115,837,656.37, with a minority interest increase of RMB 7,806,335.59[184] - The company's total owner's equity at the end of the period was RMB 1,652,312,465.75, a decrease of RMB 224,424,915.46 compared to the beginning of the period[190] - The comprehensive income for the period was a loss of RMB 224,424,915.46, primarily due to a decrease in other comprehensive income of RMB 4,585,232.81 and a decrease in undistributed profits of RMB 219,839,682.65[190] - The company's total owner's equity at the end of 2021 was RMB 1,876,737,381.21, an increase of RMB 238,030,587.78 compared to the beginning of the year[191] - The comprehensive income for 2021 was a gain of RMB 238,030,587.78, primarily due to an increase in other comprehensive income of RMB 21,128,521.59 and an increase in undistributed profits of RMB 216,902,066.19[191] Dividends and Profit Distribution - The company's cumulative distributable profit at the end of 2022 was -1,659,915,228.89 yuan, leading to no cash dividends, stock dividends, or capital reserve conversion[5] Audit and Financial Reporting - The audit report issued by Zhong Shen Zhong Huan Certified Public Accountants was a qualified opinion[4] - The company's 2022 financial statements received a qualified audit opinion due to insufficient audit evidence regarding the operating results and cash flows of Shenzhen Hengbo from July to December 2021[146][148] - The company's board of directors expressed understanding and no objection to the qualified opinion audit report issued by Zhonghuan Certified Public Accountants[114] - The company renewed its contract with Zhonghuan Certified Public Accountants for the 2022 financial report and internal control audit, with a fee of 1.3 million yuan for financial report auditing and 600,000 yuan for internal control auditing[117] - The financial statements are prepared on a going concern basis and follow the accrual basis of accounting, with historical cost as the primary measurement basis[194] - The company's financial statements comply with the Chinese Accounting Standards and the disclosure requirements of the China Securities Regulatory Commission[197] - The company's accounting period follows the calendar year, from January 1 to December 31[198] - The company's normal operating cycle is 12 months, which is used as the standard for classifying assets and liabilities by liquidity[199] - The functional currency of the company and its domestic subsidiaries is the Chinese Yuan (RMB), and the financial statements are prepared in RMB[200] Corporate Governance and Compliance - The company did not have any non-operational fund occupation by controlling shareholders or related parties[7] - The company did not violate any decision-making procedures in providing external guarantees[8] - The company did not have more than half of its directors unable to guarantee the authenticity, accuracy, and completeness of the annual report[9] - The company's board of directors held 3 meetings in 2022, with all members attending at least 2 meetings in person or via teleconference[81] - The company's audit committee held 3 meetings in 2022, reviewing annual and quarterly reports[85] - The company's board of directors approved various reports and plans, including the 2021 annual report, 2022 financing plan, and a three-year dividend return plan (2021-2023)[80] - The company faced regulatory penalties in 2020 and 2022, including a reprimand from the Shanghai Stock Exchange and a warning from the Hubei Securities Regulatory Bureau[78] - The company received a warning from the Hubei Securities Regulatory Bureau due to inaccurate disclosure of non-GAAP net profit in the 2021 performance forecast[125] - The company's actual controller has a significant amount of debt that has not been repaid, affecting the company's credit status[126] - The company disclosed its 2022 Social Responsibility Report alongside the annual report, available on the Shanghai Stock Exchange website[106] R&D and Innovation - R&D expenses increased by 35.21% to 81.78 million yuan in 2022[41] - R&D investment in 2022 was 81.78 million yuan, accounting for 4.33% of total revenue[47] - The company has 168 R&D personnel, accounting for 10.71% of the total workforce[48] - R&D personnel are primarily aged 40-50 (72 people) and 50-60 (71 people)[48] - The company conducted 13 R&D projects in 2022, focusing on high-quality development of float glass[49] - R&D expenses increased to 81,780,305.10 RMB in 2022 from 60,481,922.02 RMB in 2021, reflecting a 35.2% growth in investment[169] Environmental and Safety Investments - Environmental protection investment in 2022 was 90.49 million yuan, with the qualified operation days rate increasing by 2.67 percentage points[34] - Safety production investment in 2022 was 9.74 million yuan, with no major safety or environmental accidents occurring throughout the year[34] - The company invested a total of 94.09 million yuan in environmental protection in 2022, including 52.29 million yuan in operational costs and 41.8 million yuan in technical upgrades[95][97] - In 2022, the company's total emissions were 780.628 tons of sulfur dioxide, 1,432.264 tons of nitrogen oxides, and 35.504 tons of particulate matter, with sulfur dioxide and nitrogen oxides increasing by 70.192 tons and 185.529 tons respectively compared to the previous year, while particulate matter decreased by 3.661 tons[96] - The company implemented 6 special emission limit periods in 2022, totaling 21 days, as part of its environmental protection measures[96] - The company completed a 25.47488 million yuan environmental upgrade project for the float glass production line (Line 2) in 2022[97] - The company conducted 6 emergency responses for heavy pollution weather in 2022, lasting a total of 21 days, resulting in an annual emission reduction of 53.9 tons[104] - The company's float glass production lines (Lines 1-5) have all passed environmental impact assessments and are equipped with pollution prevention facilities[99] - The company organized specialized emergency drills and training in 2022 to improve environmental incident response capabilities[102] - The company conducted quarterly environmental monitoring in 2022, with third-party testing conducted 4 times to support environmental tax compliance[103] - The company submitted timely reports on pollutant discharge permits and online monitoring data in 2022, ensuring compliance with environmental regulations[103] - The company transferred a total of 34 tons of hazardous waste in 2022, categorized into three types, and implemented standardized disposal of general waste such as waste plastics and used desulfurization dust removal bags[105] - The company reduced carbon dioxide equivalent emissions by 24,995 tons in 2022 through measures including the development of a carbon peak and neutrality target plan for 2030, and the initiation of a rooftop photovoltaic power generation project[105] - The company's 2021 carbon emissions verification total was 828,206 tons, with a quota of 844,253 tons, resulting in a surplus of 16,047 tons. The 2022 budgeted carbon emissions total is 803,211 tons (unverified)[105] Market and Sales Performance - The company's glass manufacturing and processing industry revenue was 1.84 billion yuan, a decrease of 39.92% year-on-year, with a gross profit margin of -4.77%, a decrease of 43.13 percentage points year-on-year[43] - Production volume of flat glass was 2.44 million weight boxes, an increase of 3.11% year-on-year, while sales volume was 2.32 million weight boxes, a decrease of 0.58% year-on-year[44] - Top 5 customers accounted for 22.10% of total annual sales, totaling 417.35 million yuan[47] - Top 5 suppliers accounted for 49.41% of total annual procurement, totaling 964.20 million yuan[47] - The company's Low-E coated glass market successfully opened up, and the marketing strategy was adjusted to ensure the needs of major customers in the regional market[32] - The company plans to produce 24.8 million weight cases of flat glass, an increase of 1.803 million weight cases year-over-year, with a first-grade product rate of 90.84%, up by 0.94 percentage points[65] - The subsidiary Jinjing New Materials plans to produce 18 million square meters of Low-E coated glass, consuming 20% of flat glass raw materials, with a superior product rate of over 95%[65] - The subsidiary Xinjiang Puyao aims to produce 2.55 million weight cases of flat glass and 1 million square meters of Low-E coated glass, with sales revenue exceeding 250 million yuan[65] - The company targets flat glass sales of over 20 million weight cases with a sales price range of 85-100 yuan per weight case, projecting annual sales revenue of over 1.84 billion yuan[65] - Low-E coated glass sales are projected at 18 million square meters with a sales price range of 25-33 yuan per square meter, aiming for annual sales revenue of over 500 million yuan[65] Financial Risks and Liabilities - Non-current liabilities increased by 81.44% to 440.43 million yuan due to long-term loans[52] - Restricted assets totaled 2.17 billion yuan, including 1.42 billion yuan in fixed assets used as collateral for loans[54] - The company holds equity investments in Guangfa Bank, Hubei Bank, and Dangyang Guoxin Guarantee, with a total book value of 124.63 million yuan[57] - The company's deferred tax assets based on deductible tax losses amounted to 161.232 million yuan, which is significant and relies on future taxable income[151] - Total liabilities increased to 1,868,059,005.05 RMB in 2022, up from 1,627,391,421.86 RMB in 2021[165] - Long-term loans increased to 185,800,000.00 RMB in 2022 from 0 RMB in 2021[165] - Short-term borrowings decreased to 305,756,490.27 RMB in 2022 from 565,369,077.89 RMB in 2021[167] - Deferred income increased to 84,365,635.23 RMB in 2022 from 42,393,122.48 RMB in 2021[165] - Total equity decreased to 1,807,670,312.49 RMB in 2022 from 2,134,263,901.24 RMB in 2021[165] - The company faces risks from fluctuating raw material costs, particularly for fuel, soda ash, and silica sand, which account for a significant portion of production costs[67] - Increasing environmental protection costs pose a risk as stricter regulations and standards are implemented, requiring higher compliance investments[67] - The company's actual controller has 100% of shares pledged, frozen, and partially auctioned, leading to a risk of control change[67] - Total guarantee amount (including guarantees for subsidiaries) is RMB 2,081.024 million, accounting for 12.42% of the company's net assets[130] - Guarantee balance for subsidiaries at the end of the reporting period is RMB 466 million[130] Shareholder and Ownership Structure - Total number of ordinary shareholders at the end of the reporting period is 53,530[136] - The largest shareholder, Shenzhen Qianhai Jiahao Investment Partnership, holds 95,438,680 shares, representing 8.23% of total shares[137] - The second largest shareholder, Dangyang Construction Investment Holding Group, holds 65,581,208 shares, representing 5.65% of total shares[137] - The third largest shareholder, Hainan Zongxuanda Industrial Investment, holds 64,674,550 shares, representing 5.49% of total shares[137] - The fourth largest shareholder, Dangyang Guozhong'an Investment, holds 55,371,600 shares, representing 4.77% of total shares[137] - The fifth largest shareholder, Hualong Securities-Pudong Development Bank Tianjin Branch-Hualong Securities Pledge Treasure No. 8, holds 52,000,000 shares, representing 4.48% of total shares[137] - The sixth largest shareholder, Xu Xizhong, holds 51,387,072 shares, representing 4.43% of total shares[137] - The seventh largest shareholder,