Financial Performance - The company recorded revenue of approximately RMB 5.057 billion for the year ended December 31, 2023, an increase of about 18.9% compared to RMB 4.253 billion for the year ended December 31, 2022[12]. - The profit attributable to shareholders for the year ended December 31, 2023, was approximately RMB 284.7 million, representing a 19.3% increase from RMB 238.6 million for the year ended December 31, 2022[12]. - Basic and diluted earnings per share for the year ended December 31, 2023, were approximately RMB 0.0791, compared to RMB 0.0663 for the year ended December 31, 2022[12]. - The total comprehensive income for the year ended December 31, 2023, was RMB 331.5 million, compared to RMB 252.6 million for the previous year[21]. - The net profit for the year ended December 31, 2023, was RMB 339.34 million, compared to RMB 271.50 million for the previous year, reflecting a significant increase[52]. - The company reported a pre-tax profit of RMB 425.38 million for the year ended December 31, 2023, up from RMB 367.70 million in the previous year[52]. - The company reported a net income of HKD 1,637,000 for the year ended December 31, 2023, with a significant increase from the previous year's loss of HKD 1,196,000[151]. - The company confirmed revenue of approximately RMB 196,300,000 from 52 urban service projects, with a total contract value of about RMB 5.4 billion and estimated annual revenue of RMB 1 billion[197]. Revenue Breakdown - The total revenue for urban environmental governance services increased by 17.3% to RMB 4,060,872,000 in 2023 from RMB 3,460,927,000 in 2022[63]. - The total revenue from hazardous waste treatment services rose to RMB 546,759,000 in 2023, a 3.8% increase from RMB 526,580,000 in 2022[66]. - Revenue from hazardous waste treatment services was RMB 314,480 thousand in 2023, slightly up from RMB 308,043 thousand in 2022, showing a growth of about 2.3%[154]. - The revenue from the sale of recycled products was RMB 232,279 thousand in 2023, up from RMB 218,537 thousand in 2022, representing an increase of about 6.3%[154]. - In 2023, the total revenue from urban services reached RMB 4,343,559,000, a 25.5% increase from RMB 3,460,927,000 in 2022[192]. Profitability Metrics - The gross profit for the year ended December 31, 2023, was RMB 1.022 billion, compared to RMB 865.7 million in 2022[14]. - The gross profit margin for urban environmental governance services improved to 22.0% in 2023, up from 21.8% in 2022[63]. - The gross profit margin for construction services was approximately 8.0% for the year ended December 31, 2023, compared to zero for the year ended December 31, 2022[57]. - The gross profit margin for harmless disposal projects declined to 17.7% in 2023 from 18.7% in 2022[69]. - The gross profit margin for urban services was 21.1% in 2023, slightly down from 21.8% in 2022, reflecting a 0.7% decrease[192]. Expenses and Costs - Administrative expenses increased to RMB 523,700,000 in 2023 from RMB 408,300,000 in 2022, primarily due to ongoing business expansion in urban services[80]. - The cost of goods sold decreased to RMB 325.52 million in 2023 from RMB 434.55 million in 2022, representing a decline of approximately 25.1%[93]. - The total employee benefits expenses increased to RMB 2.474 billion in 2023 from RMB 2.142 billion in 2022, reflecting a growth of about 15.5%[93]. - The company’s financing costs increased from RMB 28.97 million to RMB 61.33 million, indicating a rise in financial expenses[47]. - Financing costs increased to RMB 113,978,000 in 2023 from RMB 91,610,000 in 2022, attributed to higher interest on bank and other borrowings[79]. Assets and Liabilities - The company’s total assets as of December 31, 2023, were RMB 2.992 billion, consistent with the previous year[9]. - Non-current assets increased to RMB 3,841,533 thousand in 2023, up from RMB 3,610,628 thousand in 2022, representing a growth of 6.4%[29]. - Current assets totaled RMB 4,285,259 thousand in 2023, compared to RMB 4,085,697 thousand in 2022, reflecting an increase of 4.9%[29]. - Total assets reached RMB 8,126,792 thousand in 2023, a rise from RMB 7,696,325 thousand in 2022, marking an increase of 5.6%[29]. - Current liabilities rose to RMB 2,593,940 thousand in 2023, up from RMB 2,072,432 thousand in 2022, indicating a significant increase of 25.2%[30]. - The company’s non-current liabilities decreased to RMB 1,680,804 thousand in 2023 from RMB 2,050,732 thousand in 2022, a reduction of 18.1%[30]. - The net debt ratio rose to 38.5% as of December 31, 2023, compared to 29.7% in 2022, indicating an increase due to business expansion[111]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.015 per share, with a total annual dividend of HKD 0.027 and a payout ratio of approximately 30.7%[12]. - The board proposed a final dividend of HKD 0.015 per share for the year ended December 31, 2023, compared to HKD 0.01 in 2022[132]. - The company repurchased a total of 3,636,000 ordinary shares at a total cost of HKD 1,650,860 for the year ended December 31, 2023[133]. Operational Highlights - The company won 52 new urban service projects through public bidding in 2023, with a total contract value and estimated annual revenue of approximately RMB 5.4 billion and RMB 1 billion, respectively[12]. - The actual processing volume of harmless disposal projects increased from 186,269 tons for the year ended December 31, 2022, to 230,027 tons for the year ended December 31, 2023[58]. - The company has been involved in various activities including urban services and hazardous waste treatment, indicating a focus on expanding its service offerings[37]. - The company has eight operational harmless disposal projects as of December 31, 2023, primarily located in Shandong and Jiangsu provinces[58]. - The design processing capacity for harmless treatment projects increased to 423,366 tons per year in 2023, up from 351,016 tons in 2022[200]. Future Outlook - The group plans to focus on "regional deep cultivation" and "coordinated development" strategies in 2024 to enhance market responsiveness[107]. - The group managed over 100 urban service projects nationwide, providing a solid foundation for horizontal and vertical expansion[113].
北控城市资源(03718) - 2023 - 年度业绩