Financial Performance - Revenue for 2023 decreased by 12.9% to RMB 25,549.6 million compared to RMB 29,332.4 million in 2022[2] - Net profit attributable to the company's owners dropped by 60.1% to RMB 643.8 million from RMB 1,612.6 million in 2022[2] - Gross profit for 2023 was RMB 3,761.954 million, down from RMB 4,616.301 million in 2022[4] - Basic earnings per share for 2023 were RMB 0.092, a significant decrease from RMB 0.231 in 2022[5] - The company's pre-tax profit for 2023 was RMB 1,897,264 thousand, compared to RMB 1,942,553 thousand in 2022[14] - The company's basic earnings per share for 2023 were RMB 643,821 thousand, a significant decrease from RMB 1,612,583 thousand in 2022[19] - The company's comprehensive revenue for the year ended December 31, 2023, was RMB 25,549,600,000, a decrease of 12.9% compared to RMB 29,332,400,000 in the previous year (restated)[61] - The company's comprehensive gross profit in 2023 was RMB 3,762 million, a decrease of 18.5% compared to RMB 4,616.3 million in 2022[65] - The comprehensive gross profit margin in 2023 was 14.7%, a decrease of 1.0 percentage points compared to 15.7% in 2022[65] - The company's net profit margin in 2023 was 2.4%, a decrease of 2.9 percentage points compared to 5.3% in 2022[70] - The actual tax rate in 2023 was 32.3%, compared to 18.2% in 2022[69] - The company's joint ventures generated a profit of RMB 46.6 million in 2023, compared to a loss of RMB 60.8 million in 2022[69] Assets and Liabilities - Total assets increased by 1.3% to RMB 72,792.2 million as of December 31, 2023, compared to RMB 71,855.9 million in 2022[2] - Fixed assets increased to RMB 31,172.910 million in 2023 from RMB 28,109.417 million in 2022[6] - Cash and bank balances stood at RMB 2,603.664 million as of December 31, 2023, up from RMB 1,948.876 million in 2022[6] - Total current liabilities decreased to RMB 10,979.935 million in 2023 from RMB 13,673.142 million in 2022[6] - The company's equity attributable to owners increased slightly by 0.6% to RMB 44,108.5 million in 2023[2] - The gearing ratio rose to 36.9% in 2023 from 33.5% in 2022[2] - Non-current liabilities increased to RMB 16,065,133 thousand in 2023, up from RMB 12,922,681 thousand in 2022, primarily due to an increase in bank loans[7] - Total equity remained stable at RMB 45,747,169 thousand in 2023, compared to RMB 45,260,117 thousand in 2022[7] - Trade receivables decreased to RMB 1,719,622 thousand in 2023 from RMB 2,591,078 thousand in 2022[21] - Trade payables increased to RMB 2,978,619 thousand in 2023 from RMB 2,895,815 thousand in 2022[23] - Total accounts receivable as of December 31, 2023, amounted to RMB 2,978,619 thousand, compared to RMB 2,895,815 thousand in 2022[24] - Total bank and other borrowings as of December 31, 2023, were RMB 16,281,438 thousand, compared to RMB 14,679,372 thousand in 2022[73] - Fixed-rate and floating-rate bank and other borrowings as of December 31, 2023, were RMB 3,184,300,000 and RMB 13,097,100,000, respectively[73] - Unused bank loan facilities as of December 31, 2023, amounted to RMB 22,076,200,000[74] - Non-RMB denominated debt accounted for 13% of the company's total debt as of December 31, 2023[75] - The company's net current liabilities as of December 31, 2023, were RMB 3,289,700,000[75] Segment Performance - Revenue from the cement segment decreased to RMB 19,435,964 thousand in 2023 from RMB 23,729,742 thousand in 2022[13] - Revenue from the concrete segment decreased to RMB 3,425,643 thousand in 2023 from RMB 4,539,637 thousand in 2022[13] - Revenue from the aggregates and other segment increased to RMB 3,550,216 thousand in 2023 from RMB 1,825,588 thousand in 2022[13] - Total revenue for 2023 was RMB 25,549,648 thousand, down from RMB 29,332,435 thousand in 2022[13] - Segment performance for cement was RMB 814,698 thousand in 2023, compared to RMB 129,434 thousand for concrete and RMB 815,636 thousand for aggregates and other[13] - The company's cement, clinker, concrete, and aggregate external sales decreased by 5,400,000 tons, 400,000 tons, 1,500,000 cubic meters, and increased by 30,500,000 tons, respectively, compared to 2022, representing decreases of 7.5%, 12.2%, 13.6%, and an increase of 201.5%[61] - Cement sales volume in 2023 was 66,728 thousand tons, a decrease of 7.5% compared to 72,110 thousand tons in 2022[62] - The average selling price of cement in 2023 was RMB 273.9 per ton, a decrease of 11.2% compared to RMB 308.4 per ton in 2022[63] Operational Metrics - The company's cement, clinker, and concrete production line utilization rates for 2023 were 71.8%, 81.0%, and 25.9%, respectively, compared to 81.6%, 90.5%, and 29.3% in 2022[36] - The company's clinker production capacity remained at approximately 1.6 million tons per year, while cement production capacity increased to approximately 2.1 million tons per year after technical upgrades[35] - The company reduced standard coal consumption per ton of clinker by 4.34 kg through energy-saving and carbon-reduction initiatives[37] - The company's total concrete production capacity decreased by approximately 50,000 cubic meters in 2023 due to acquisitions, disposals, and capacity adjustments[35] - The company achieved a 33% clinker production capacity meeting the GB16780 first-level energy consumption standard, totaling 20.67 million tons[37] - The company added 36.3 million tons of limestone resources through the acquisition of mining rights in Hunan[35] - The company's coal procurement volume in 2023 was approximately 6.6 million tons, with 82%, 10%, and 8% sourced from northern China, surrounding production bases, and overseas, respectively[39] - The average coal purchase price in 2023 was RMB 929 per ton, a decrease of 12.7% compared to RMB 1,064 per ton in 2022[64] Strategic Initiatives and Future Plans - The company revised its "14th Five-Year Plan" development strategy, focusing on cement, aggregates, concrete, artificial stone, and new materials[79] - The company plans to accelerate the layout of strategic emerging industries and promote green development in 2024[79] - The company aims to increase R&D investment to drive green and intelligent upgrades in traditional businesses[79] - The company is committed to leading digital transformation and building a world-class building materials technology enterprise[79] - The company plans to increase the proportion of imported coal procurement and conduct annual price inquiries with Australian mining companies in 2024[40] - Capital expenditure for expansion plans as of December 31, 2023, was approximately RMB 5,508,000,000, with expected payments of RMB 4,822,800,000 in 2024[77] ESG and Corporate Governance - The company's ESG performance was rated at a five-star level, ranking 13th in the "China ESG Listed Companies Pioneer 100" list[32] - The company's Huarun Cement (Tianyang) Co., Ltd. was recognized as a "Lighthouse Factory" by the World Economic Forum, representing the highest level of intelligent manufacturing and digitalization in the global manufacturing industry[33] - The company has complied with the applicable code provisions of the Corporate Governance Code, except for Code Provision C.2.1, which was rectified on April 18, 2023, with the appointment of Mr. Jing Shiqing as the new President and Executive Director[80] - The company did not repurchase, sell, or redeem any of its listed securities during the year[81] - The Board proposed a final dividend of HKD 0.006 per share for the year ended December 31, 2023, compared to HKD 0.009 per share in 2022, with a total distribution of HKD 0.047 per share for 2023 (2022: HKD 0.129 per share)[82] - The final dividend will be paid in HKD by default, with an option for shareholders to receive it in RMB based on the exchange rate published by the People's Bank of China on May 24, 2024[82] - The company will suspend share transfer registration from May 21 to May 24, 2024, and from June 3 to June 7, 2024, for the final dividend distribution[83] - The annual report for the year ended December 31, 2023, has been reviewed by the company's audit committee[84] - The company expressed gratitude to its directors, management team, employees, shareholders, customers, suppliers, and other stakeholders for their contributions and support[85] - As of the announcement date, the executive directors include Mr. Ji Youhong and Mr. Jing Shiqing, with non-executive and independent non-executive directors also listed[86] Market and Industry Trends - China's GDP grew by 5.2% in 2023, reaching RMB 126.1 trillion[25] - National fixed asset investment (excluding rural households) increased by 3.0% to RMB 50.3 trillion in 2023[25] - Guangdong's GDP reached RMB 13.6 trillion in 2023, with a growth rate of 4.8%[25] - National infrastructure investment (excluding power, heat, gas, and water production) rose by 5.9% in 2023[25] - Railway fixed asset investment increased by 7.5% to RMB 764.5 billion in 2023[25] - National real estate development investment decreased by 9.6% to RMB 11.1 trillion in 2023[26] - National cement production decreased by 0.7% to approximately 2.02 billion tons in 2023[27] - Guangdong's cement production was approximately 143 million tons in 2023, a decrease of 5.8%[27] - National clinker production capacity increased by 24.9 million tons with 17 new clinker production lines added[28] - Guangdong added 1 clinker production line, increasing clinker production capacity by 1.6 million tons[28] - Guangxi added 2 clinker production lines, increasing clinker production capacity by 3.3 million tons[28] - Guizhou added 2 clinker production lines, increasing clinker production capacity by 2.5 million tons[28] - Hunan added 2 clinker production lines, increasing clinker production capacity by 2.8 million tons[28] - By the end of 2025, 50% of clinker production capacity in key regions is targeted to complete ultra-low emission transformation[28] - By the end of 2028, 80% of clinker production capacity nationwide is targeted to complete ultra-low emission transformation[28] Innovation and Technology - The company successfully acquired mining rights for limestone resources in Guangxi and Guangdong, expanding clinker and aggregate resources[31] - The company's new dry-process clinker production line in Hunan was successfully ignited after technical, energy consumption, and environmental upgrades[31] - The company's precast concrete component projects are expected to reach an annual design capacity of 1.4 million cubic meters upon completion[31] - The company's artificial stone Oracle EBS system has been successfully piloted and is operating stably at Dongguan and Laibin factories[52] - The company has implemented 3 AI algorithms in its advanced control and quality management systems across multiple bases[52] - The company has completed information system coverage for 19 new bases in aggregates and new materials, achieving business digitization and management standardization[52] - The company's smart logistics system has been promoted and implemented in 10 aggregate bases and 1 cement base, achieving unmanned weighing and semi-automated loading, improving shipping efficiency[54] - The company's digital transformation project for marketing has been fully launched in major regions, covering 100% of cement, aggregate, concrete, and tile adhesive businesses, with artificial stone business also being promoted online[55] - The company holds 323 valid patents, including 60 invention patents and 263 utility model patents, with 32 new patents authorized in 2023, an increase of 11.0% compared to the previous year[57] - The company has 607 scientific and technological talents, including 2 group-level leading talents, 6 company-level leading talents, 6 company-level backbone talents, and 26 company-level young talents[56] Sales and Distribution - The company's e-commerce platform had a cumulative shipment volume of approximately 180 million tons, with 35,000 registered users, 517 carriers, and 87,000 vehicles (ships) as of December 31, 2023[55] - The company's e-commerce platform had a cumulative delivery business volume of 294,000 tons and a credit line of approximately RMB 1.36 billion as of December 31, 2023[55] - The company's sales and distribution expenses in 2023 were RMB 506.2 million, an increase of 11.2% compared to RMB 455.3 million in 2022[66] - The company's general and administrative expenses in 2023 were RMB 2,322.1 million, a decrease of 4.9% compared to RMB 2,440.7 million in 2022[67] - The company's "Runfeng" brand terminal coverage rate reached 92.2%, with 3 new brand image stores added, and customer satisfaction increased by 0.57% to 98.19%[44] - The company's new strategic customers in 2023 contributed over RMB 24 million in contract value, with 15 new projects signed totaling over RMB 40 million[49] Production and Capacity - The company's aggregate business has a planned annual production capacity of approximately 14.75 million tons through subsidiaries and 1.36 million tons through joint ventures and associates[46] - The company has 6 concrete prefabricated component projects with a total planned annual production capacity of approximately 1.4 million cubic meters[47] - The company's Guangdong Fengkai autoclaved aerated concrete block and panel production line project has a planned annual production capacity of 400,000 cubic meters for panels and 200,000 cubic meters for blocks[47] - The company's inorganic artificial stone production capacity will reach 26.1 million square meters annually after all ongoing projects are completed[48] - The company's new intelligent inorganic artificial stone production line in Laibin, Guangxi, has a planned annual capacity of 6 million square meters, with the first phase (3 million square meters) operational since December 2023[48] - The company's Hubei Chongyang calcium oxide project has a resource reserve of approximately 84 million tons, with a planned annual production capacity of 250,000 tons, expected to be operational by 2024[50] - The company's Guangxi Guigang high-end calcium-based project has a resource reserve of approximately 110 million tons, with planned annual production capacities of 500,000 tons of calcium oxide and 100,000 tons of calcium hydroxide, expected to be operational by 2024[50] - The company's Guangxi Tianyang cement production base achieved a 24% reduction in CO2 emissions, a 105% increase in per capita cement production, and a 56% reduction in unplanned equipment downtime[52] - The company's Guangxi Tianyang cement production base improved quality stability by 25% and reduced average customer delivery time by 39%[52] Logistics and Supply Chain - The company's annual transportation capacity in the Xijiang River Basin is approximately 39.9 million tons, with 30 transit warehouses mainly located in the Guangdong Pearl River Delta region, with an annual transit capacity of about 30.9 million tons[41] - The company's nuclear cement is supplied to 5 nuclear power projects in Zhejiang, Fujian, Guangdong, and Hainan, with new supply to the Hainan Changjiang Nuclear Power Phase II project[42] - The company's "Runfeng" brand low-heat cement has been successfully applied in hydropower stations and railway construction projects in Yunnan, including the Sichuan-Tibet Railway project[43] Human Resources - The company's total employee costs for 2023 were RMB 3,056,899 thousand, slightly lower than RMB 3,071,704 thousand in 2022[17] - The company employed 17,939 full-time employees as of December 31, 2023, with 343 working in Hong Kong and 17,596 in mainland China[58] - The company's management team consists of 481 members, with 86% male and 14% female, and 84% holding a university degree or above[59] Other Financial Metrics - Interest income for 2023 was RMB 77,759 thousand, while financial expenses were RMB 535,814 thousand[13] - Interest income for 2023 was RMB 77,759 thousand, a decrease from RMB 100,419 thousand in
华润水泥控股(01313) - 2023 - 年度业绩