Financial Performance - Revenue for the year ended December 31, 2023, was RMB 210.216 billion, a decrease of 10.1% compared to the same period in 2022[2] - Net profit attributable to equity holders was RMB 3.863 billion, a significant decline from the previous year[2] - Basic earnings per share were RMB 0.458, down 52.5% year-over-year[2] - Gross profit for the year was RMB 37.446 billion, compared to RMB 39.843 billion in 2022[3] - Investment and other income, net, decreased to RMB 3.454 billion from RMB 5.700 billion in 2022[3] - Profit before tax was RMB 12.520 billion, down from RMB 18.010 billion in the previous year[3] - Total comprehensive income for the year was RMB 10.337 billion, compared to RMB 15.406 billion in 2022[4] - Total operating revenue for 2023 was RMB 210,216.43 million, down from RMB 233,879.82 million in 2022[29] - Sales of goods accounted for RMB 172,646.63 million of the total operating revenue in 2023, down from RMB 197,868.20 million in 2022[29] - Engineering services revenue increased to RMB 35,026.16 million in 2023 from RMB 32,558.20 million in 2022[29] - Adjusted EBITDA for operating segments decreased to RMB 32,954,623 thousand in 2023 from RMB 36,897,904 thousand in 2022, a decline of 10.7%[39] - Profit before tax declined to RMB 12,519,922 thousand in 2023 from RMB 18,009,599 thousand in 2022, a decrease of 30.5%[39] - The company's net profit for the year was RMB 10,400,650 thousand, with a pre-tax profit of RMB 12,519,922 thousand and tax expenses of RMB 2,119,272 thousand[33] - The company's net profit for 2022 was RMB 15,403,268 thousand, with a pre-tax profit of RMB 18,009,599 thousand and tax expenses of RMB 2,606,331 thousand[37] - The company's profit before tax for 2023 was RMB 12,519,922 thousand, a decrease from RMB 18,009,599 thousand in 2022[47] - The company's income tax expense for 2023 was RMB 3,129,981 thousand, based on a domestic tax rate of 25%[47] - The company's share of profits from associates and joint ventures in 2023 was RMB (378,130) thousand and RMB 839 thousand, respectively[47] - The company's other comprehensive income for 2023 was RMB (63,319) thousand, after tax adjustments[48] - The company's basic and diluted earnings per share for 2023 were RMB 3,863,048 thousand and RMB 3,795,691 thousand, respectively[50] - The company's revenue decreased by 10.1% from RMB 233,879.8 million in 2022 to RMB 210,216.4 million in 2023[82] - Net profit attributable to equity holders dropped by 52.5% from RMB 8,129.6 million in 2022 to RMB 3,863.0 million in 2023[82] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.229 per share for the year, totaling RMB 1.932 billion[2] - The company declared a final dividend of RMB 1,931,562 thousand for 2023, subject to shareholder approval[49] - The company plans to distribute a final dividend of RMB 1,931,562,481.60 for the period from January 1, 2023, to December 31, 2023, based on 8,434,770,662 issued shares, amounting to RMB 0.229 per share[121] - The final dividend per share will depend on the number of issued shares on May 13, 2024[121] - The proposed final dividend is subject to approval at the Annual General Meeting on April 29, 2024[122] - Non-resident enterprise shareholders will have a 10% enterprise income tax withheld on the final dividend[123] - Mainland enterprise investors holding H-shares for 12 consecutive months are exempt from enterprise income tax on dividends[123] - Individual H-share shareholders will have a 20% personal income tax withheld on dividends[123] - Hong Kong and Macau resident individual H-share shareholders with a 10% dividend tax rate under tax treaties will have a 10% personal income tax withheld[124] - Individual H-share shareholders from countries with a tax treaty rate lower than 10% must submit relevant documents by May 14, 2024, to enjoy the treaty rate[124] - Individual H-share shareholders from countries with a tax treaty rate higher than 10% but lower than 20% will have the actual treaty rate applied[124] - Individual H-share shareholders from countries with a 20% tax treaty rate or no treaty will have a 20% personal income tax withheld[125] - The company will suspend share registration from April 24, 2024, to April 29, 2024, for the annual general meeting, and from May 7, 2024, to May 13, 2024, for the final dividend distribution[126] Assets and Liabilities - Property, plant, and equipment increased to RMB 198.008 billion as of December 31, 2023, from RMB 194.821 billion in 2022[5] - Cash and cash equivalents stood at RMB 27.431 billion at the end of 2023, slightly up from RMB 26.990 billion in 2022[5] - Trade and other payables decreased to RMB 93.78 billion in 2023 from RMB 101.72 billion in 2022, a decline of 7.8%[6] - Short-term borrowings decreased to RMB 73.98 billion in 2023 from RMB 77.69 billion in 2022, a decline of 4.8%[6] - Total current liabilities decreased to RMB 176.80 billion in 2023 from RMB 189.16 billion in 2022, a decline of 6.5%[6] - Non-current liabilities increased to RMB 118.59 billion in 2023 from RMB 104.20 billion in 2022, an increase of 13.8%[6] - Total equity increased to RMB 193.51 billion in 2023 from RMB 182.96 billion in 2021, an increase of 5.8%[7] - Property, plant, and equipment, right-of-use assets, and intangible assets had book values of approximately RMB 198,007.88 million, RMB 27,006.93 million, and RMB 29,880.94 million respectively as of December 31, 2023[23] - Goodwill had a book value of approximately RMB 32,243.66 million as of December 31, 2023, compared to RMB 32,634.46 million in 2022[24] - Deferred tax assets related to unused tax losses were approximately RMB 2,091.04 million as of December 31, 2023, up from RMB 1,702.92 million in 2022[25] - The company recognized a provision of approximately RMB 241.50 million for inventory write-downs in 2023, compared to RMB 194.64 million in 2022[27] - Total assets for the segments amounted to RMB 400,276,215 thousand, with total liabilities at RMB 232,784,275 thousand[35] - Additions to non-current assets, including property, plant, and equipment, amounted to RMB 26,637,545 thousand, with total additions across all categories reaching RMB 31,853,407 thousand[35] - Depreciation and amortization for property, plant, and equipment totaled RMB 11,865,579 thousand, with intangible assets depreciation at RMB 2,002,026 thousand[35] - The company's total comprehensive assets amounted to RMB 488,897,924 thousand, with total comprehensive liabilities at RMB 295,383,837 thousand[35] - The company's trade and other receivables as of 2023 were RMB 86,588,871 thousand, a decrease from RMB 91,541,013 thousand in 2022[50] - The company's trade and other payables as of 2023 were RMB 93,783,605 thousand, a decrease from RMB 101,721,660 thousand in 2022[54] - The company's trade receivables aged within two months were RMB 9,156,966 thousand in 2023, a decrease from RMB 13,577,996 thousand in 2022[52] - The company's trade payables aged within two months were RMB 12,181,924 thousand in 2023, a decrease from RMB 21,151,992 thousand in 2022[54] - The company's total borrowings increased from RMB 174,236.1 million in 2022 to RMB 184,905.7 million in 2023, with bank loans increasing from RMB 127,294.7 million to RMB 145,081.0 million, while bonds decreased from RMB 45,600.0 million to RMB 38,900.0 million[104] - The company's asset-liability ratio increased from 35.6% in 2022 to 37.8% in 2023, calculated as total borrowings divided by total assets[106] Acquisitions and Subsidiaries - The company completed the acquisition of Hefei Cement Research & Design Institute for RMB 3.65 billion, making it a subsidiary[9] - The company completed the acquisition of Beixin Technology for RMB 90.40 million, making it a subsidiary[10] - The company completed the acquisition of 51% equity in Tianjin Lighthouse Coatings for RMB 129.93 million, making it a subsidiary[10] - The company controls major subsidiaries such as Beixin Building Materials (37.83% ownership), Sinoma International (40.96% ownership), and Ningxia Building Materials (49.03% ownership), despite not holding a majority stake[17][18][19] - The company no longer controls Zhongjiao Design Consulting Group as of December 31, 2023, after previously holding 20.95% of its voting rights[20] - The company has significant influence over associated companies such as Shanghai Yaohua Pilkington Glass (12.74% ownership), Gansu Shangfeng Cement (14.50% ownership), and China Shanshui Cement (12.94% ownership)[21] - The company completed the asset restructuring of Qilian Mountain and China Communications Construction Group Design Institute, marking a milestone in market-oriented restructuring among central enterprises[63] - The company's international platform was established, with Sinoma International increasing its stake in Sinoma Cement, and the Zambia Industrial Park achieving a net profit exceeding RMB 100 million[63] - The company's glass fiber production base in Egypt achieved full production capacity of 120,000 tons annually, and the U.S. base saw steady improvements in production efficiency and operational quality[64] - The company's gypsum board business expanded internationally, with significant growth in core operating indicators in Tanzania and profitable operations in Uzbekistan within the first year[65] - The company's glass fiber business initiated the construction of the world's first zero-carbon intelligent manufacturing base in Huai'an Lianshui, with supporting wind power projects also underway[64] - The company's gypsum board business accelerated its transformation into a consumer-oriented building materials manufacturing service provider, focusing on system capabilities and terminal brand capabilities in prefabricated interior decoration[65] - The company successfully launched the world's most advanced 12MW "Shagehuang" onshore wind turbine blade, setting a global record for 100-meter thermoplastic composite wind turbine blades[66] - The company's lithium battery separator business achieved significant growth, with overseas customers and coated film shipments increasing substantially, and five 1 billion square meter production bases accelerating construction[67] - The company's carbon fiber business achieved a doubling of production capacity with the full operation of the Xining base, and launched the world's first 48K large-tow carbon fiber using dry-jet wet spinning technology[67] - The company's waterproofing business achieved a breakthrough in revenue despite a sluggish real estate market, with significant cost reductions and efficiency improvements through various measures[68] - The company's graphite new materials business maintained a leading market share, with a 100% operating rate for fine powder production lines, achieving the best historical level[69] - The company's hydrogen energy storage cylinder sales reached 12,000 units in 2023, a 72% year-on-year increase, and completed the certification for the first domestically developed 70MPa Type IV cylinder production line[70] - The company's coatings business completed the acquisition of 51% equity in Lighthouse Coatings, holding 100% ownership, and built a 50,000-ton industrial coatings and 20,000-ton resin production base in Tianjin Nangang[71] - The company's engineering technical services division saw a 55% year-on-year increase in overseas orders, maintaining its global leadership in cement technology equipment and engineering market share[72] - The company's state-owned enterprise reform efforts included the successful completion of the three-year action plan for SOE reform, with China Jushi and Zhongfu Shenying selected as world-class professional leading demonstration enterprises[73] - The company's management mechanism reform deepened, with 54.82% of management positions filled through competitive selection and a 2.38% market-based exit rate for employees[75] - Long-term incentives increased by 133% in 2023, reaching 3,180 participants compared to the end of 2022[76] - Huadong Materials sold certain receivables to Debon Securities Asset Management for RMB 1.01 billion, with the transaction exceeding 5% but below 25% of relevant ratios under listing rules[127] - North Building Materials acquired approximately 78.34% of shares in Carpoly for RMB 4,073,822,613.03, increasing its coatings production capacity from 103,000 tons to over 1.3 million tons[128] - Ningxia Building Materials absorbed and merged with CBM Information Technology for a total consideration of RMB 2,294.308 million, issuing 173,675,807 A shares at RMB 13.21 per share[129] - Ningxia Building Materials and Tianshan Cement signed an asset restructuring agreement, with Tianshan Cement acquiring 51% equity of Ningxia Saima from Ningxia Building Materials, resulting in a net acquisition of approximately 11.70% (up to 35.95% considering the acquisition request rights) of Ningxia Saima's equity by the company[132] - The absorption merger of Zhongjian Information by Ningxia Building Materials will reduce the company's equity percentage in Ningxia Building Materials, constituting a deemed disposal transaction with applicable percentage ratios exceeding 0.1% but below 5% for related parties and exceeding 5% but below 25% for all shareholders[131] - The company holds approximately 45.0192% of direct and indirect equity in Ningxia Building Materials through its parent company, making the absorption merger of Zhongjian Information a connected transaction with applicable percentage ratios exceeding 5% but below 25%[130] - The company will provide acquisition request rights to shareholders of Ningxia Building Materials, with applicable percentage ratios exceeding 5% but below 25%, constituting a disclosable transaction under Chapter 14 of the Listing Rules[131] - The absorption merger and cement asset restructuring are part of the company's cement restructuring transactions, aimed at resolving同业竞争 issues and enhancing the company's leading position in the cement industry[133] - The absorption merger will position Ningxia Building Materials as the company's future digital service platform, leveraging Zhongjian Information's digital advantages and smart logistics platform to drive digital transformation and high-quality development[133] - The Qilian Mountain asset restructuring involves the exchange of 100% equity of Gansu Qilian Mountain Cement Group Co., Ltd. for the 100% equity of six design and research institutes held by China Communications Construction Company and China Urban-Rural Holding Group Co., Ltd.[134] - The transaction price for the divested assets (100% equity of Qilian Mountain Cement) is RMB 10,430.4298 million, while the consideration for the acquired assets (100% equity of 6 subsidiaries of China Communications Construction and China Urban Construction) is RMB 23,503.1329 million, resulting in a price difference of RMB 13,072.7031 million[135] - Qilian Mountain will issue 1,285,418,199 shares at RMB 10.17 per share to cover the price difference between the divested and acquired assets[135] - Post-reorganization, Qilian Mountain will no longer be a subsidiary and will indirectly hold 10.06% to 26.73% of the acquired assets, depending on the maximum compensation under the performance commitment agreement[136] - The cumulative realized net profit of the performance commitment assets during 2021-2023 is RMB 13,726.9607 million, falling short of the cumulative promised net profit of RMB 35,518.2403 million by RMB 21,791.2796 million[138] - The estimated impairment compensation amount ranges between RMB 19,673.8884 million and RMB 20,259.1209 million, but the final compensation amount and method are yet to be determined[138] Business Segments and Operations - The company operates in five business segments: cement, concrete, new materials, engineering services, and others[31] - Over 90% of the company's business and assets are located within China as of December 31, 2023[31] - External sales for the year ended December 31, 2023, amounted to RMB 173,844,549 thousand, with inter-segment sales totaling RMB 210,216,434 thousand[33] - Adjusted EBITDA for the operating segments reached RMB 32,092,053 thousand, with depreciation and amortization costs of RMB 16,179,275 thousand[33] - External sales for the year ended December 31, 2022, were RMB 199,937,382 thousand, with inter-segment sales of RMB 233,879,825 thousand[37] - Adjusted EBITDA for the operating segments in 2022 was RMB 36,209,863 thousand, with depreciation and amortization costs of RMB 15,587,957 thousand[37] - Total external customer revenue from China decreased to RMB 181,819,066 thousand in 2023 from RMB 211,543,399 thousand in 2022, a drop of 14.0%[40] - Revenue from Africa increased significantly to RMB 12,941,833
中国建材(03323) - 2023 - 年度业绩