Financial Performance - The Group's revenue increased by 1.9% to approximately RMB 28.0 billion in 2023 compared to 2022, driven by higher contributions from food additives, high-end amino acids, and colloid segments [2]. - Overall gross profit decreased by 13.4% to approximately RMB 6.2 billion in 2023, primarily due to reduced gross profit from food additives, animal nutrition, and other segments [2]. - Profit attributable to shareholders amounted to approximately RMB 3.1 billion, representing a decrease of 18.6% compared to 2022 [2]. - Earnings per share (Basic) was RMB 124.02 cents in 2023, down from RMB 152.34 cents in 2022 [2]. - Return on equity was 18.1% in 2023, compared to 24.9% in 2022 [2]. - The Group's profit before income tax expense for 2023 was RMB 3,850,245, a decrease from RMB 4,860,309 in 2022 [55]. - The total current income tax expense for 2023 was RMB 672,690,000, a decrease of 21.6% from RMB 858,579,000 in 2022 [49]. - Basic earnings per share profit attributable to shareholders was RMB 3,144,124,000 in 2023, down from RMB 3,861,078,000 in 2022, indicating a decrease of about 18.6% [63]. - Diluted earnings per share attributable to shareholders decreased to RMB 123.99 cents in 2023 from RMB 152.30 cents in 2022, representing a decline of approximately 18.5% [61]. Dividends - The Board proposed final dividends of HK 35.0 cents per share, resulting in a full-year dividend of HK 58.0 cents per share, with a payout ratio of 42.5% [2]. - The interim dividend paid in 2023 was RMB 534,954,000, a decrease from RMB 810,067,000 in 2022, reflecting a reduction of approximately 33.9% [69]. - The final dividends paid in 2023 amounted to RMB 748,943,000, compared to RMB 253,301,000 in 2022, representing an increase of approximately 195.5% [69]. - The proposed final dividend for 2024 is RMB 504,494,000, down from RMB 643,789,000 in 2022, which is a decrease of about 21.6% [70]. - The special final dividend proposed for 2024 is RMB 160,521,000, compared to RMB 91,018,000 in 2022, representing an increase of approximately 76.5% [70]. - The total dividends for 2023 were RMB 1,337,558,000, down from RMB 1,544,874,000 in 2022, indicating a decrease of approximately 13.4% [69]. Assets and Liabilities - Total assets increased to RMB 32.6 billion in 2023, up from RMB 26.4 billion in 2022 [9]. - Non-current assets rose to RMB 12.8 billion in 2023, compared to RMB 10.5 billion in 2022 [9]. - Current assets totaled RMB 19.7 billion in 2023, an increase from RMB 15.9 billion in 2022 [9]. - Total liabilities increased to RMB 15,236,673, up 39.5% from RMB 10,895,000 in 2022 [10]. - Current liabilities rose to RMB 14,044,560, a 49.5% increase compared to RMB 9,387,995 in 2022 [10]. - Non-current liabilities decreased to RMB 1,192,113, down 20.9% from RMB 1,507,005 in 2022 [10]. - Total equity and liabilities reached RMB 32,560,887, up 23.4% from RMB 26,388,624 in 2022 [10]. Revenue Breakdown - Total revenue for 2023 reached RMB 28,006,875,000, an increase from RMB 27,474,639,000 in 2022, representing a growth of approximately 1.9% [29]. - Revenue from external customers in the PRC amounted to RMB 20,482,261,000 in 2023, up from RMB 19,517,420,000 in 2022, indicating a growth of about 4.9% [28]. - Revenue from external customers overseas decreased to RMB 7,524,614,000 in 2023 from RMB 7,957,219,000 in 2022, reflecting a decline of approximately 5.4% [28]. - The food additives segment generated revenue of RMB 13,495,002,000 in 2023, compared to RMB 13,300,548,000 in 2022, marking an increase of about 1.5% [26]. - The animal nutrition segment reported revenue of RMB 8,901,002,000 in 2023, down from RMB 9,581,198,000 in 2022, a decrease of approximately 7.1% [26]. - High-end amino acid products revenue increased significantly to RMB 1,972,812,000 in 2023 from RMB 1,201,208,000 in 2022, representing a growth of about 64% [26]. Cost and Expenses - Gross profit for the group in 2023 was RMB 6,247,385,000, compared to RMB 7,212,467,000 in 2022, indicating a decline of approximately 13.4% [27]. - Selling and marketing expenses increased by approximately RMB 47.6 million, or 2.7%, in the Year [145]. - Administrative expenses rose by approximately RMB 148.5 million, or 14.1%, due to increased employee benefits and impairment charges [146]. Cash Flow and Financing - The net cash inflow from operating activities for the year was approximately RMB 1,704.9 million, a decrease of 52.6% compared to RMB 3,600.1 million in 2022 [157]. - The Group's cash and bank balances reached approximately RMB 10,880.2 million as of December 31, 2023, up from RMB 7,639.5 million in 2022, representing an increase of 42.9% [157]. - The Group's total bank borrowings amounted to approximately RMB 9,724.5 million, an increase of 63.1% from RMB 5,953.1 million in 2022 [157]. - The weighted average effective interest rate on borrowings decreased to 2.10% in 2023 from 2.81% in 2022 [88]. Market and Economic Conditions - The price of 98% lysine was RMB9,410 per tonne in 2023, representing a drop of 13.3% compared to 2022 [114]. - The price of 70% lysine was RMB5,810 per tonne in 2023, reflecting a decrease of 11.2% compared to 2022 [114]. - China's corn production in 2023 was approximately 288.8 million tonnes, an increase of 4.2% from 2022 [105]. - The forecast for global economic growth in 2024 is projected at 3.1%, with China targeting around 5% growth [163]. Strategic Initiatives - The Group aims to confirm site locations in the U.S. and Eastern Europe in 2024 as part of its internationalization plan [165]. - The Group plans to further enhance its production technology and improve sales and marketing strategies [165].
阜丰集团(00546) - 2023 - 年度业绩