Yunnan Aluminium (000807)2024-03-27 16:00Financial Performance - Total revenue for 2023 reached CNY 484.63 billion, an increase of 13.6% compared to CNY 426.69 billion in 2022[7] - Net profit attributable to shareholders was CNY 55.44 billion, up from CNY 39.56 billion in 2022, representing a growth of 40.2%[7] - The company's operating revenue for 2023 was CNY 42,668,767,604.20, a decrease of 11.96% compared to CNY 48,463,024,922.95 in 2022[27] - The net profit attributable to shareholders for 2023 was CNY 3,955,771,178.74, down 13.41% from CNY 4,568,644,918.34 in 2022[27] - The net profit after deducting non-recurring gains and losses was CNY 3,930,422,607.56, a decrease of 9.69% compared to CNY 4,346,296,909.94 in 2022[27] - The net cash flow from operating activities for 2023 was CNY 5,870,990,366.26, down 15.09% from CNY 6,914,468,893.21 in 2022[27] - Basic earnings per share for 2023 were CNY 1.14, a decline of 13.64% from CNY 1.32 in 2022[27] - The total operating revenue for 2023 was approximately CNY 42.67 billion, a decrease of 11.96% compared to CNY 48.46 billion in 2022[52] - The revenue from the non-ferrous metal smelting industry was CNY 21.60 billion, accounting for 50.61% of total revenue, while the aluminum processing industry generated CNY 20.41 billion, representing 47.83% of total revenue, both showing declines of 3.32% and 20.63% respectively[52] Assets and Liabilities - The company's total assets amounted to CNY 393.10 billion, while net assets attributable to shareholders were CNY 257.29 billion, reflecting a year-on-year increase of 17.0% and 15.1% respectively[6] - Yunnan Aluminium achieved a significant reduction in its asset-liability ratio to 25.60% in 2023 from 35.29% in 2022, indicating improved financial stability[6] - The total assets at the end of 2023 were CNY 39,309,705,821.93, an increase of 0.64% from CNY 39,059,473,292.29 at the end of 2022[27] - The net assets attributable to shareholders at the end of 2023 were CNY 25,729,228,476.89, up 15.12% from CNY 22,351,067,956.93 at the end of 2022[27] Green Development and Sustainability - Yunnan Aluminium has established a comprehensive green development strategy, including the successful implementation of photovoltaic power generation technology for aluminum production[16] - The company has built the first domestic aluminum ash resource utilization production line and the first comprehensive recovery line for electrolytic aluminum repair slag[16] - Yunnan Aluminium was recognized as a national environmentally friendly enterprise and a national green factory, highlighting its commitment to sustainable practices[17] - The company is committed to green development and has achieved ASI dual certification for its integrated aluminum production facilities[34] - Approximately 80% of the company's production electricity comes from green energy, resulting in carbon emissions that are about 20% of those from coal-powered aluminum production[41] - The company is actively expanding its circular economy business, focusing on the comprehensive utilization of solid waste resources from electrolytic aluminum[36] - The company has established a green aluminum integrated industry scale with an annual production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, 800,000 tons of anode carbon, 20,000 tons of graphitized cathodes, and 157,000 tons of green aluminum alloys[39] - The company achieved a 100% compliance rate for solid waste disposal and a 100% emission rate for waste gas, becoming the first "waste-free group" pilot enterprise in Yunnan Province[50] Research and Development - The company holds 654 valid patents, including 168 invention patents, reflecting its strong capability in independent technological innovation[45] - Research and development expenses surged by 139.84% to CNY 197,997,087.32, reflecting increased investment in projects such as high-efficiency electrolytic cells[61] - The company is investing $50 million in R&D for new technologies aimed at improving production efficiency[5] - The company is investing in new product development, with a budget allocation of 500 million yuan for R&D in advanced aluminum materials[135] - The number of R&D personnel increased by 12.16% to 1,853 in 2023, compared to 1,652 in 2022[63] Market and Sales - The company operates eight aluminum industry clusters across six prefectures in Yunnan Province, enhancing its market presence[12] - The market share of green casting aluminum alloys (A356.2) has been further consolidated, with a focus on high-end applications in automotive lightweighting, rail transportation, and defense industries[40] - The company sold 1.3 million tons of aluminum liquid and ingots, and 1.23 million tons of aluminum alloys, marking a historical sales high with a year-on-year increase of 30,000 tons[52] - The company is focusing on expanding its customer base, particularly in emerging industries such as new energy vehicles and 3C electronics, to increase direct supply ratios[91] Governance and Management - The company maintains complete independence from its controlling shareholder in business, personnel, assets, institutions, and finance[104][105][106][107][108] - The company has established an independent financial accounting department with a complete accounting system and independent bank accounts[108] - The company has a well-structured board of directors and committees that operate in compliance with relevant laws and regulations[102] - The company has committed to resolving competition issues with its controlling shareholder by 2028 through asset restructuring and other recognized methods[109][110] - The company has a complete and independent business system, ensuring no reliance on the controlling shareholder for operations[104] Environmental Compliance - The company has obtained and is managing pollution discharge permits for all its entities, with valid periods extending from 2021 to 2028[168] - The company achieved a total pollutant discharge of 57.14 tons for particulate matter, 886.5 tons for sulfur dioxide, and 1.52 tons for fluorides, all within the permitted limits[169] - The company has implemented a comprehensive air pollution control system, achieving a 100% compliance rate for emissions standards across all industrial waste gas discharge points[170] - The company has established wastewater treatment facilities across all enterprises, achieving zero wastewater discharge by reusing treated water[170] Future Outlook - In 2024, the company aims to produce approximately 1.4 million tons of alumina, 2.7 million tons of electrolytic aluminum, 1.26 million tons of aluminum alloys and processed products, and 800,000 tons of carbon products[89] - The company plans to enhance production efficiency by implementing standardized operations and improving management practices in electrolytic production[90] - The company is pursuing a strategy of optimizing its industrial structure and accelerating the development of downstream projects, including alloying and carbon recycling[91] - The company anticipates sustained growth in aluminum consumption driven by new applications in lightweight vehicles, rail transportation, and photovoltaic power[86] Shareholder Engagement - The company held its first temporary shareholders' meeting in 2023 with an investor participation rate of 59.86% on March 10, 2023[111] - The annual shareholders' meeting for 2022 had a participation rate of 58.05% and was held on May 17, 2023[111] - The second temporary shareholders' meeting in 2023 had a participation rate of 52.12% on July 17, 2023[111] - The third temporary shareholders' meeting in 2023 had a participation rate of 60.74% on December 27, 2023[111] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 2.3 per 10 shares, totaling CNY 797.63 million[2] - The cash dividend per 10 shares is set at 2.3 CNY (including tax)[158] - The company reported a cash dividend of 797,630,203.15 CNY, which represents 100% of the distributable profit for the year[158]