Financial Performance - Revenue for the year ended December 31, 2023, was RMB 12,990 million, a decrease from RMB 14,279 million in 2022, representing a decline of approximately 9.0%[2] - Gross profit for the same period was RMB 2,061 million, down from RMB 2,537 million in 2022, indicating a decrease of about 18.8%[3] - Net profit attributable to shareholders for 2023 was RMB 2,382 million, compared to RMB 1,643 million in 2022, reflecting an increase of approximately 45.0%[3] - Basic earnings per share for the year were RMB 0.52, up from RMB 0.36 in the previous year, representing a growth of about 44.4%[3] - Total revenue for the year reached RMB 12,989,832 thousand, with a pre-tax profit of RMB 2,663,985 thousand[19] - Total sales revenue for 2023 was RMB 12,989,832, down 9.0% from RMB 14,279,054 in 2022[27] - Pre-tax profit increased to RMB 2,663,985 in 2023, up 17.3% from RMB 2,270,769 in 2022[34] - The effective tax rate for 2023 was 11%, significantly lower than 21% in 2022[34] - The group reported a net profit of RMB 2,374.1 million for the period, an increase of RMB 575.4 million compared to RMB 1,798.7 million in 2022[94] Dividends and Shareholder Returns - The proposed final dividend is RMB 0.207 per share, an increase from RMB 0.178 per share in 2022[2] - Proposed final dividend for 2023 is RMB 0.207 per share, up from RMB 0.178 per share in 2022, reflecting an increase of approximately 16.3%[48] - The board proposed a final dividend of RMB 0.207 per share for the year ending December 31, 2023, subject to shareholder approval[113] - The company is obligated to withhold corporate income tax at a rate of 10% on dividends distributed to non-resident corporate shareholders listed in the H-share register[115] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 24,317 million, an increase from RMB 23,498 million in 2022, showing a growth of approximately 3.5%[5] - Total equity attributable to shareholders was RMB 18,301 million, up from RMB 16,747 million in 2022, indicating an increase of about 9.3%[5] - The company reported a net cash position of RMB 9,700 million as of December 31, 2023, compared to RMB 8,400 million in 2022, reflecting a growth of approximately 15.5%[5] - Current assets decreased to RMB 179,578 thousand in 2023 from RMB 322,567 thousand in 2022, a decline of approximately 44.5%[38] - Non-current assets increased to RMB 674,729 thousand in 2023 from RMB 495,943 thousand in 2022, an increase of approximately 36.0%[38] - Total assets as of December 31, 2023, were RMB 24,317,346 thousand, with total liabilities of RMB 4,910,188 thousand[16] Revenue Breakdown by Segment - The urea segment generated revenue of RMB 4,676,853 thousand, contributing a pre-tax profit of RMB 967,274 thousand[19] - The phosphates and compound fertilizers segment reported revenue of RMB 3,033,373 thousand, with a pre-tax profit of RMB 637,163 thousand[19] - The methanol segment achieved revenue of RMB 2,707,045 thousand, with a pre-tax profit of RMB 130,419 thousand[19] - Urea revenue was RMB 4,676.9 million, down RMB 291.7 million or 5.9% from RMB 4,968.6 million in 2022, attributed to a price drop of RMB 188.8 per ton and an increase in sales volume by 33,207 tons[78] - Revenue from phosphate and compound fertilizers was RMB 2,707.0 million, a decrease of RMB 560.9 million or 17.2% from RMB 3,267.9 million in 2022, mainly due to a price drop of RMB 264.5 per ton and a sales volume decrease of 96,304 tons[78] - Methanol revenue was RMB 3,033.4 million, down RMB 477.9 million or 13.6% from RMB 3,511.3 million in 2022, due to a price decline of RMB 229.7 per ton and a sales volume decrease of 62,398 tons[79] Operational Highlights - The company plans to expand its market presence and invest in new product development to drive future growth[7] - The company achieved a 110% year-on-year increase in direct sales to farmers through e-commerce, totaling 84,600 tons[72] - The company’s fertilizer exports increased significantly, contributing to overall sales growth[72] - The company’s production management led to record high operational rates, with the Huahe Coal Chemical plant achieving a 130.2% operational rate[70] - The acrylonitrile project was successfully completed and operated continuously for over 300 days[77] - The company achieved a 0% safety incident rate and 0% environmental pollution incidents for two consecutive years[69] Future Outlook and Strategic Initiatives - The company expects that the adoption of new accounting standards will not have a significant impact on its financial statements[11] - In 2024, domestic urea supply and demand are expected to grow, driven by agricultural applications and raw material procurement for compound fertilizer factories, with seasonal fluctuations anticipated[106] - The overall price trend for methanol is expected to improve compared to last year, supported by stable downstream olefin demand and increased international capacity release[106] - The company aims to enhance production management and implement a new HSE management system to strengthen safety and environmental protection measures[107] - The focus for 2024 includes upgrading products and services to reinforce the company's position as a "plant nutrition solution provider" and optimizing processing costs[107] - The company plans to deepen research on the utilization of low-carbon natural gas and CO2 resources to enhance carbon reduction capabilities[107] - Strategic emphasis will be placed on technological innovation to master core technologies in fertilizer and chemical sectors through independent research and collaboration[107] Miscellaneous - The company has adopted new or revised International Financial Reporting Standards effective from January 1, 2023, to enhance financial reporting accuracy[8] - The company did not report any diluted share issues during the year, maintaining a consistent share count of 4,610,000[35] - The company has no single customer contributing 10% or more to sales revenue in both 2023 and 2022, indicating a diversified customer base[25] - The company’s non-current assets are entirely located within the People's Republic of China, emphasizing its domestic focus[25] - The group faced a foreign exchange loss of RMB 9.6 million during the period, a decrease of RMB 19.0 million from a foreign exchange gain of RMB 9.4 million in 2022[90] - The group trained 111,651 employees during the year, with a total training duration of 604,221 hours[98] - No purchases, sales, or redemptions of the company's listed securities were conducted by the company or its subsidiaries in 2023[116] - The annual report for 2023 will be published on the "Disclosure Easy" website and the company's website at an appropriate time[117]
中海石油化学(03983) - 2023 - 年度业绩