ZY-Tungsten(002378)2023-04-17 16:00Financial Performance - The company's operating revenue for 2022 was CNY 3,203,373,048, representing a 20.23% increase compared to CNY 2,664,432,290 in 2021[22]. - The net profit attributable to shareholders for 2022 was CNY 203,344,626.62, up 23.24% from CNY 165,000,766.10 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 170,235,766.10, reflecting a 29.69% increase from CNY 131,267,027.06 in 2021[22]. - The basic earnings per share for 2022 was CNY 0.22003, an increase of 23.24% compared to CNY 0.17854 in 2021[22]. - The total assets at the end of 2022 amounted to CNY 4,791,738,750.76, a 4.75% increase from CNY 4,574,576,721.79 at the end of 2021[22]. - The net assets attributable to shareholders at the end of 2022 were CNY 2,001,861,723.73, which is a 6.80% increase from CNY 1,874,465,566.85 in 2021[22]. - The net cash flow from operating activities for 2022 was CNY 209,721,360.10, up 17.57% from CNY 178,379,276.34 in the previous year[22]. - The weighted average return on net assets increased to 10.58%, up by 1.27 percentage points from 9.31% in 2021[22]. Revenue and Sales - The company achieved a total revenue of 7,701.040 million CNY for the year 2022[164]. - The revenue from tungsten powder and tungsten carbide powder saw significant growth, with tungsten powder sales increasing by 18.72% to CNY 948,542,928.53 and tungsten carbide powder sales increasing by 32.31% to CNY 1,101,802,358.41[72]. - The sales volume of tungsten powder was 4,041.07 tons, a slight increase of 0.81% year-on-year[61]. - The sales volume of tungsten carbide powder increased by 14.32% year-on-year, reaching 4,803.69 tons[61]. - The company’s domestic revenue accounted for 77.92% of total revenue, with a year-on-year growth of 19.86%[72]. - The company’s export revenue accounted for 22.08% of total revenue in 2022, primarily settled in USD[140]. Production and Operations - The total production of tungsten concentrate in China for 2022 was approximately 127,300 tons, a decrease of 6.04% year-on-year[35]. - The production of ammonium paratungstate (APT) in 2022 was approximately 114,000 tons, showing a slight decline of 0.87% year-on-year[35]. - The company operates a fully integrated production system from upstream exploration to downstream processing, positioning itself as one of the few manufacturers with a complete industry chain in China[38]. - The company has a tungsten ore mining quota of 5,480 tons, with a total national control indicator for tungsten concentrate mining set at 109,000 tons in 2022[47]. - The company has established a complete industrial chain from exploration to deep processing, enhancing its risk resistance capabilities[52]. Research and Development - The company has developed nearly 5,000 new products, including advanced cutting tools with high precision and stability[57]. - The company has a strong R&D team and has established partnerships with leading universities to enhance its innovation capabilities[53]. - The total R&D investment for the period was ¥144,763,900, representing an 18.31% increase year-on-year, and accounting for 4.52% of operating revenue[92]. - Key completed R&D projects include the development of high-end CNC machine tool materials and Ti(C, N) metal ceramic tools[92]. - The company has obtained 66 new patents in 2022, bringing the total to 252 patents, including 58 invention patents[66]. Cash Flow and Investments - Operating cash inflow totaled CNY 2,824,683,583.80, an increase of 13.82% year-over-year, driven by revenue growth and increased cash receipts from sales[99]. - Operating cash outflow amounted to CNY 2,614,962,223.70, up 13.53% year-over-year, primarily due to higher procurement costs, increased employee compensation, and higher tax payments[99]. - Net cash flow from investing activities was -CNY 201,818,973.19, a 9.47% improvement year-over-year[99]. - The company has invested in the construction of a high-performance tungsten powder intelligent manufacturing project, aiming to add a production capacity of 5,000 tons/year of ultra-fine tungsten carbide powder[113]. Corporate Governance - The company has a well-defined corporate governance structure, with independent operation of the board of directors, supervisory board, and management[160]. - The company has three independent directors on its board, ensuring diverse perspectives and compliance with governance standards[148]. - The company emphasizes the protection of stakeholders' rights, including creditors, employees, customers, and suppliers, to enhance sustainable development[152]. - The company strictly adheres to information disclosure obligations, ensuring timely and accurate communication with all shareholders[153]. - The company has established a performance evaluation and incentive mechanism that is fair and transparent, in line with legal requirements[151]. Future Outlook and Strategy - The company anticipates growth in demand for tungsten products driven by the transition to high-end manufacturing and smart manufacturing in China[36]. - The company plans to achieve sales revenue of 3.3 billion CNY in 2023, although this is not a performance commitment[130]. - The company aims to develop high-performance, high-precision, and high-value-added hard alloys, leveraging its mining resources for integrated production systems[125]. - The company is actively pursuing new technologies and product development to maintain competitive advantage in the tungsten industry[169]. - The overall corporate strategy includes potential mergers and acquisitions to enhance market share and operational capabilities[169].