天际股份(002759) - 2023 Q4 - 年度财报

Financial Performance - Revenue for 2023 decreased by 33.03% to 2,193,032,123.05 yuan compared to 2022[21] - Net profit attributable to shareholders dropped by 93.04% to 36,640,946.24 yuan in 2023[21] - Operating cash flow decreased by 87.03% to 119,214,825.50 yuan in 2023[21] - Basic earnings per share fell by 93.13% to 0.09 yuan in 2023[21] - Total assets increased by 24.61% to 7,748,144,972.66 yuan at the end of 2023[21] - Net assets attributable to shareholders grew by 22.43% to 4,665,429,753.95 yuan at the end of 2023[21] - Q4 2023 revenue was 546,364,082.95 yuan, with a net profit of 10,921,720.09 yuan[25] - Government subsidies in 2023 amounted to 1,731,624.05 yuan[27] - The company's total revenue decreased by 33.03% year-on-year, from 3,274,624,049.6 yuan in 2022 to 2,193,032,123.0 yuan in 2023[78] - Revenue from the chemical manufacturing sector decreased by 34.97% year-on-year, accounting for 88.24% of total revenue in 2023[78] - Revenue from small household appliances decreased by 14.16% year-on-year, accounting for 11.64% of total revenue in 2023[78] - Overseas sales surged by 224.85% year-on-year, reaching 66,790,143.26 yuan in 2023, though still only 3.05% of total revenue[79] - The gross margin for small household appliances increased by 7.47% year-on-year to 29.15% in 2023[81] - Sales volume of small household appliances decreased by 15.51% year-on-year to 274,000 units in 2023[83] - Direct materials cost in the chemical manufacturing sector decreased by 3.77% to 1,449,993,259.02 yuan, accounting for 83.52% of operating costs[87] - Direct labor cost in the chemical manufacturing sector decreased by 0.22% to 47,194,412.87 yuan, accounting for 2.72% of operating costs[87] - Manufacturing expenses in the chemical manufacturing sector increased by 3.99% to 238,816,279.87 yuan, accounting for 13.76% of operating costs[87] - Direct materials cost in the home kitchen appliance manufacturing sector decreased by 2.54% to 153,930,361.35 yuan, accounting for 85.08% of operating costs[87] - Direct labor cost in the home kitchen appliance manufacturing sector increased by 5.90% to 24,729,318.56 yuan, accounting for 13.67% of operating costs[87] - Manufacturing expenses in the home kitchen appliance manufacturing sector decreased by 3.36% to 2,255,441.90 yuan, accounting for 1.25% of operating costs[87] - Investment loss was RMB 4,107,603.80, accounting for -7.99% of total profit[101] - Asset impairment loss was RMB 7,384,152.36, accounting for -14.37% of total profit[103] - Non-operating income was RMB 322,374.53, accounting for 0.63% of total profit[103] - Non-operating expenses were RMB 3,216,176.67, accounting for 6.26% of total profit[103] - The company's total revenue for the fiscal year 2023 was 108.5 billion, with a net profit of 25.98 billion[174] - The company's total assets amounted to 8.57 trillion, with total liabilities of 99.95 billion[174] - The company's total equity reached 5.446 trillion[174] Business Operations - The company's main business includes lithium hexafluorophosphate and related fluorine chemical products, sodium hypophosphite and related phosphorus chemical products, and small household appliances, ranked by sales revenue from high to low[20] - The company completed the acquisition of Changshu Xinte Chemical Co., Ltd. in 2023, adding sodium hypophosphite and related phosphorus chemical products to its main business[20] - The company's main products include lithium hexafluorophosphate and related fluorine chemical products[32] - Lithium hexafluorophosphate is a key material for lithium-ion batteries, primarily used in power batteries, energy storage batteries, and digital/lighting lithium batteries[33][34] - The company's subsidiary, Xintai Materials, has a designed production capacity of 12,000 tons/year for lithium hexafluorophosphate, increased from 8,160 tons/year after a technical upgrade in October 2023[41] - Taiji Materials has a designed production capacity of 10,000 tons/year for lithium hexafluorophosphate[42] - Lithium hexafluorophosphate accounts for 35%-40% of the core raw materials in electrolyte composition[45] - Global new energy vehicle sales reached 14.653 million units in 2023, with China accounting for 64.8% of global sales at 9.495 million units[46] - Global power battery shipments reached 865.2GWh in 2023, with expected growth to 1,926.0GWh by 2025 and 5,004.3GWh by 2030[47] - Global lithium-ion battery electrolyte shipments reached 1.312 million tons in 2023, with China accounting for 86.7% at 1.138 million tons[48] - The company's total annual production capacity for lithium hexafluorophosphate is 22,000 tons, ranking among the top in the industry[49] - The company's main product, tetrakis(hydroxymethyl)phosphonium sulfate and tetrakis(hydroxymethyl)phosphonium chloride, is widely used in water treatment, oil fields, and paper industries, with over 70% exported to regions including the US, Canada, South America, Southeast Asia, and the Middle East[53] - APT6500 extractant is increasingly used in the production and purification of raw materials for new energy batteries, such as nickel-cobalt-manganese ternary precursors, and the recycling of rare metals from power batteries, with growing market demand[54] - The company's procurement of lithium fluoride accounted for 51.72% of total procurement, with an average price of 434,275.19 yuan/ton in the first half of the year and 282,044.25 yuan/ton in the second half[57] - The company's lithium hexafluorophosphate production capacity is 18,800 tons, with a capacity utilization rate of 90%, and an additional 15,000 tons of capacity under construction, expected to be operational in the second half of 2024[59] - The company has obtained 44 domestic patents, including 8 invention patents, and maintains close industry-academia collaboration with universities such as Southeast University and Soochow University[58] - The company's energy procurement costs account for over 30% of total production costs[58] - The company's lithium hexafluorophosphate production technology is mature, with a stable core technical team and extensive experience in fluorine chemical research and production[58] - The company holds multiple licenses and certifications, including environmental permits, safety production permits, and hazardous chemical registration certificates, valid until 2028[60] - The company's R&D and technological advantages in lithium battery materials are strong, with a focus on high-purity lithium hexafluorophosphate for new energy vehicle batteries[61] - The company's main products include ceramic cooking appliances such as ceramic stew pots, ceramic rice cookers, and ceramic porridge pots, catering to consumer demand for healthy and convenient cooking[55] - The company has achieved a product purity of 99.99% for lithium hexafluorophosphate through advanced purification processes and ultrasonic crystallization techniques[62] - The company holds 44 domestic patents in the new energy materials field, including 8 invention patents[62] - The total annual production capacity of lithium hexafluorophosphate has reached 22,000 tons, with 12,000 tons from subsidiary Xintai Materials and 10,000 tons from subsidiary Taiji Materials[63] - The company produced a total of 16,895 tons of lithium hexafluorophosphate in 2023[73] - The company completed the 100% acquisition of Changshu Xinte Chemical Co., Ltd. in August 2023, integrating its sodium hypophosphite and related phosphorus chemical products business into the consolidated financial statements from September 2023[75] - The company has established long-term stable cooperative relationships with major new energy battery and electrolyte manufacturers, including Guotai Huarong and BYD[64] - The company has developed core technologies in production efficiency control, quality control, and raw material consumption control for lithium hexafluorophosphate, with rich technical reserves in related fluoride salt series products[66] - The company has a strong management team and a scientific human resource management system, providing strong support for sustainable development[65] - The small household appliances business achieved a 7% year-on-year increase in product profit margin through strict cost control and improved production efficiency[77] - Overseas sales of small household appliances grew by 40% year-on-year, driven by market expansion efforts[77] - The company's lithium-ion battery material business focuses on the research and industrialization of upstream materials for electrolytes, aiming to extend into electrolyte additives and electronic chemicals[126] - The company emphasizes the importance of quality control and customer structure optimization to strengthen its market position and improve operational performance[127] - The company will focus on the research and development of electrolyte materials, particularly lithium hexafluorophosphate and its upstream raw materials, to enhance product performance and reduce costs[128] - The company acquired 100% equity of Xinte Chemical in August 2023, with a total investment of 220.79 million yuan for its expansion project, and has already invested over 70 million yuan by December 2023[133] - Xinte Chemical's expansion project is progressing as planned, with warehouse and workshop construction completed by over 60%, and the entire project is expected to be completed by April 2024[133] - The company will integrate Xinte Chemical into its management system, leveraging its core management team and resources in Changshu, while retaining Xinte's original management team[134] - The company will strengthen financial control over Xinte Chemical and accelerate the integration of information systems to ensure the smooth implementation of the expansion project[134] - The company will continue to focus on product innovation and cost reduction in the kitchen appliance sector, aiming to meet consumer demand for high-quality and cost-effective products[135] - The company faces risks from changes in industrial policies, particularly in the new energy vehicle sector, which could impact profitability due to subsidy reductions and increased technical standards[137] - The company is addressing potential overcapacity risks in the lithium hexafluorophosphate market by deepening partnerships with key customers to mitigate the impact of oversupply[138] - The company is exposed to risks from fluctuations in raw material prices, such as lithium fluoride and phosphorus pentachloride, and has established long-term supplier relationships to manage these risks[139] - The company is intensifying efforts in environmental protection and safety production to comply with stricter regulations and avoid potential penalties or operational disruptions[142] - The company is focusing on technological reserves for sodium-ion batteries and new lithium salts to mitigate the risk of technological substitution in the electrolyte industry[144] - The company's goodwill balance at the end of 2023 was 1.774 billion yuan, with a risk of impairment due to market uncertainties in the new energy materials sector[145][146] - The company's top five customers account for a significant portion of sales, posing a risk if demand from these customers declines[147] - The company has strengthened internal control measures to address risks related to imperfect execution and potential non-standard related-party transactions[148] - The acquisition of Xinte Chemical introduces integration risks, but the company plans to leverage its existing management system to ensure smooth integration[149][151] - The company has conducted investor relations activities, including online and on-site meetings, to discuss its lithium hexafluorophosphate production capacity and the strategic rationale behind the Xinte Chemical acquisition[152] Corporate Governance - The company's registered address and office address are both located at 12-12 District, Jinyuan Industrial City, Chaoshan Road, Shantou City, Guangdong Province[16] - The company's stock is listed on the Shenzhen Stock Exchange with the stock code 002759[16] - The company's legal representative is Wu Xidun[16] - The company's website is http://www.tonze.com and the email address is tonze@tonze.com[16] - The company's board secretary is Zheng Wenlong and the securities affairs representative is Zheng Haoran[17] - The company's annual report is disclosed on the website of the Shenzhen Stock Exchange and the media names include "China Securities Journal", "Securities Times", "Shanghai Securities News", and "Securities Daily"[18] - The company's unified social credit code is 9144050061839817XE[19] - The company's board of directors revised the "Articles of Association" and the "Internal Accountability System for Directors, Supervisors, and Senior Management" to enhance corporate governance quality[162] - The company maintains independent operations in business, assets, personnel, institutions, and finance, with no interference from controlling shareholders[163] - The company has an independent procurement, production, and sales system, with no reliance on shareholders or affiliated enterprises for raw material procurement or product sales[164] - The company owns all assets related to its business, including land use rights, buildings, equipment, trademarks, and patents, with clear property rights and no guarantees provided for shareholder debts[166] - The company's senior management and financial personnel are appointed independently, with no overlapping roles in shareholder units[167] - The company has an independent financial department, accounting system, and bank accounts, with no mixed tax payments with shareholder units[168] - The company's operational and office institutions are completely separate from shareholder units, with no joint operations or shared office spaces[169] - The 2023 Annual General Meeting had an investor participation rate of 34.52%[170] - The 2023 Third Extraordinary General Meeting had an investor participation rate of 22.10%[170] - The 2023 Fourth Extraordinary General Meeting had an investor participation rate of 32.47%[170] - The company's current board consists of 7 members, including 3 independent directors[176] - The company's Chairman and CEO, Wu Xidun, holds multiple executive positions across various subsidiaries, including Jiangsu Xintai Materials Technology Co., Ltd. and Jiangsu Tairui Lianteng Materials Technology Co., Ltd.[176] - The company appointed new directors and supervisors on March 11, 2024, including Xue Chenjian as a director and Wu Hui as an independent director[174] - The company's Vice President, Zhou Shuai, held 24,000 shares before his appointment on March 11, 2024[175] - The company's Supervisor, Wang Jian, held 1,200 shares before his appointment on March 11, 2024[175] - The company's former independent directors, Chen Mingqin and Qian Junxiong, completed their six-year terms and left their positions on March 11, 2024[174] - The company's former Vice President and Board Secretary, Zheng Wenlong, left his position on March 11, 2024, but continues to serve as Vice President and Board Secretary[174] - The company's board of directors includes experienced professionals such as Tao Huiping, who serves as the director and deputy general manager, and also holds the position of general manager at Jiangsu Tianji New Energy Co., Ltd[177] - Xue Chenjian, a board member, has a background in international trade and investment, currently serving as the deputy director of the procurement department at Jiangsu Ruite New Energy Materials Co., Ltd[177] - Chen Junming, a board member and deputy general manager, has extensive experience in banking and finance, currently also serving as the chairman of Jiangsu New Energy Battery Materials Co., Ltd[178] - Su Xudong, an independent director, has a strong financial background, having served as the financial director at Guangdong Chaohongji Industrial Co., Ltd[178] - Yu Chaosheng, an independent director, has a legal background and is a partner at Guangdong Mingxiang Law Firm[179] - Wu Hui, an independent director, has a background in technology and management consulting, currently serving as the deputy general manager at Beijing Yivie Carbon Management Consulting Co., Ltd[180] - The company's supervisory board includes Lin Qingquan, who has a background in logistics and currently serves as the chairman of the supervisory board and the chairman of the labor union[181] - Wang Jian, a member of the supervisory board, has a background in chemical engineering and currently serves as the general manager of Jiangsu Taiji Materials Technology Co., Ltd[181] - Han Xiaotian, a member of the supervisory board, is a personnel specialist at Jiangsu Xintai Material Technology Co., Ltd[181] - The company's senior management team includes Zheng Wenlong, who serves as the deputy general manager and board secretary, and has a background in administration and management[186] - Total remuneration for directors, supervisors, and senior management in 2023 amounted to 9.08 million yuan[192] - Chairman and General Manager Wu Xidun received a pre-tax remuneration of 2.01 million yuan[192] - Independent directors received a fixed remuneration of 100,000 yuan each[192] - The company held 8 board meetings in 2023, with all directors attending either in person or via teleconference[195] - No directors raised objections to company matters during the reporting period[196] - The board of directors actively participated in decision-making, providing professional and constructive suggestions for major company decisions[197] - The company approved a plan to issue stocks to specific targets and a three-year shareholder return plan (2023-2025) during the Strategic Committee meeting on February 7, 2023[199] - The company approved a cash acquisition of 100% equity in Changshu Xinte Chemical Co., Ltd. during the Strategic Committee meeting on August 1, 2023[199] - The company adjusted the amount of funds to be invested in fundraising projects and approved providing guarantees for subsidiaries to apply for bank credit during the Strategic Committee meeting on December 14, 2023[199] - The company reviewed and approved the 2022 annual report, financial report, internal control evaluation report, and profit distribution plan during the Audit Committee meeting on March 18, 2023[200] - The company approved the 2023 bank credit application and internal audit plan, and reviewed the 2022 inventory impairment provision