Revenue and Profit Decline - Revenue decreased to RMB 7,888,810 thousand in 2023 from RMB 11,055,439 thousand in 2022, a decline of 28.6%[2] - Gross profit dropped to RMB 1,629,323 thousand in 2023 from RMB 2,713,844 thousand in 2022, a decrease of 40%[2] - Net loss attributable to the company's owners was RMB 633,875 thousand in 2023, compared to a profit of RMB 448,690 thousand in 2022[2] - Basic loss per share was RMB 0.22 in 2023, compared to a profit of RMB 0.15 per share in 2022[2] - Revenue from cement sales in 2023 was RMB 6,087,333 thousand, a decrease from RMB 8,552,711 thousand in 2022[12] - Revenue from limestone aggregate sales in 2023 was RMB 1,502,820 thousand, down from RMB 1,652,967 thousand in 2022[12] - Revenue from clinker sales in 2023 was RMB 298,657 thousand, significantly lower than RMB 849,761 thousand in 2022[12] - Total revenue in 2023 was RMB 7,888,810 thousand, compared to RMB 11,055,439 thousand in 2022[12] - The company's net loss attributable to owners in 2023 was RMB 633.875 million, compared to a net profit of RMB 448.690 million in 2022[29] - Total revenue in 2023 decreased by 28.6% to RMB 7,888.8 million compared to 2022[35] - The company's revenue in 2023 was approximately RMB 7,888.8 million, a decrease of 28.6% compared to RMB 11,055.4 million in 2022[40] - Revenue from cement sales in 2023 was approximately RMB 6,087.3 million, a decrease of 28.8% compared to 2022, with cement sales volume decreasing by 9.0% to 25.2 million tons[40] - Revenue from limestone aggregate sales in 2023 was approximately RMB 1,502.8 million, a decrease of 9.1% compared to 2022, despite a 4.1% increase in sales volume to 43.6 million tons[40] - The company's gross profit in 2023 was approximately RMB 1,629.3 million, a decrease of 40.0% compared to 2022, with the gross margin dropping from 24.5% to 20.7%[43] - The company's EBITDA in 2023 was RMB 1,476.5 million, a decrease of 49.4% compared to RMB 2,918.5 million in 2022[45] - Pre-tax loss of approximately RMB 629.8 million in 2023, compared to a profit of RMB 687.9 million in 2022[51] Asset and Liability Changes - Total assets increased to RMB 40,573,494 thousand in 2023 from RMB 32,343,592 thousand in 2022, a growth of 25.4%[2] - Current assets rose significantly to RMB 27,326,926 thousand in 2023 from RMB 16,874,102 thousand in 2022, an increase of 62%[2] - Total liabilities increased to RMB 24,787,427 thousand in 2023 from RMB 15,753,498 thousand in 2022, a rise of 57.3%[2] - Current liabilities grew to RMB 18,814,217 thousand in 2023 from RMB 13,521,730 thousand in 2022, an increase of 39.1%[2] - Total assets in the Central China segment increased to RMB 33,747,731 thousand in 2023 from RMB 25,588,318 thousand in 2022[16] - Total assets in the Northeast China segment increased to RMB 6,665,705 thousand in 2023 from RMB 6,581,467 thousand in 2022[16] - Total liabilities in the Central China segment increased to RMB 20,886,620 thousand in 2023 from RMB 12,660,769 thousand in 2022[16] - Total liabilities in the Northeast China segment increased to RMB 3,440,574 thousand in 2023 from RMB 2,604,290 thousand in 2022[16] - Trade receivables in 2023 increased to RMB 142.705 million from RMB 109.361 million in 2022, with a significant increase in receivables over 181 days[32] - Trade payables in 2023 increased to RMB 1,075.859 million from RMB 993.114 million in 2022, with a notable increase in payables over 1 year[34] - Trade and other receivables increased from RMB 9,240.2 million in 2022 to RMB 19,606.2 million in 2023, mainly due to an increase in bills receivable and prepayments to suppliers[52] - Cash and cash equivalents increased by RMB 187.0 million or 18.9% to RMB 1,174.8 million in 2023, driven by net cash flows from operating, investing, and financing activities[55] - Total borrowings and bonds increased by RMB 8,955.9 million or 93.1% to RMB 18,578.6 million in 2023, with short-term borrowings rising to RMB 13,345.3 million and long-term borrowings to RMB 5,233.3 million[56] - Asset-liability ratio increased to 61.1% in 2023 from 48.7% in 2022, reflecting a 12.4 percentage point increase due to reduced owner's equity and increased borrowings[58] - Net debt ratio surged to 79.3% in 2023 from 24.9% in 2022, a 54.4 percentage point increase, calculated as net debt divided by equity attributable to owners[60] Segment Performance - The Central China segment reported a loss of RMB 347,027 thousand in 2023, compared to a profit of RMB 845,737 thousand in 2022[14] - The Northeast China segment reported a loss of RMB 197,210 thousand in 2023, compared to a profit of RMB 89,226 thousand in 2022[14] Production and Sales Volume - Cement sales volume in 2023 decreased by 9.0% to 25.2 million tons, with an average price decrease of 21.8% to RMB 241.5 per ton[35] - Limestone aggregate sales volume in 2023 increased by 4.1% to 43.6 million tons, with an average price decrease of 12.6% to RMB 34.5 per ton[35] - Clinker sales volume in 2023 decreased by 1.4 million tons to 1.3 million tons compared to 2022[35] - The company's production capacity remained unchanged in 2023, with 28.4 million tons of clinker, 56.4 million tons of cement, and 30.2 million tons of limestone aggregate[35] Expenses and Costs - Financial expenses rose to RMB 1.15 billion in 2023 compared to RMB 1.03 billion in 2022[17][18] - The company's financial expenses in 2023 increased by 11.5% to RMB 1,152.1 million, mainly due to increased borrowing scale and interest expenses[49] - The company's administrative expenses in 2023 decreased by 5.1% to RMB 905.6 million, primarily due to cost-saving measures[47] - The company's other income in 2023 decreased by 25.8% to RMB 396.6 million, mainly due to reduced VAT refunds and other business-related income[46] - The company's other expenses in 2023 decreased by 36.4% to RMB 70.0 million, primarily due to reduced seasonal shutdown costs[48] - Current tax expenses for corporate income tax in China dropped significantly to RMB 12.03 million in 2023 from RMB 121.89 million in 2022[26] - The company's sales cost in 2023 was approximately RMB 6,259.5 million, a decrease of 25.0% compared to 2022, primarily due to lower coal and raw material procurement prices[42] Investments and Capital Expenditures - New property, plant, and equipment additions totaled RMB 394.17 million in 2023, a decrease from RMB 696.79 million in 2022[17][18] - Property, plant, and equipment decreased to RMB 9,279,029 thousand in 2023 from RMB 9,768,770 thousand in 2022, a decline of 5%[5] - Capital expenditures decreased to RMB 639.4 million in 2023 from RMB 936.6 million in 2022, primarily related to the construction of cement and aggregate production facilities[60] Government Subsidies and Tax Refunds - VAT refunds decreased to RMB 112.21 million in 2023 from RMB 173.39 million in 2022[20] - Government incentive subsidies remained stable at RMB 46.68 million in 2023, slightly down from RMB 47.60 million in 2022[20] Other Financial Metrics - Cash, deposits, and bank balances increased to RMB 5,118,386 thousand in 2023 from RMB 4,546,923 thousand in 2022, a growth of 12.6%[5] - Software service revenue more than doubled to RMB 24.62 million in 2023 from RMB 10.76 million in 2022[20] - Expected credit loss model impairment losses (net of reversal) increased to RMB 5.01 million in 2023 from RMB 1.24 million in 2022[22] - Interest income from bank deposits grew to RMB 97.42 million in 2023 from RMB 88.06 million in 2022[20] - Foreign exchange gains improved to RMB 17.94 million in 2023 from a loss of RMB 141.64 million in 2022[25] - Total depreciation and amortization in 2023 decreased to RMB 954.261 million from RMB 1,197.181 million in 2022[28] - Foreign exchange gain of RMB 17.9 million in 2023, compared to a loss of RMB 141.6 million in 2022, due to the depreciation of the USD against RMB[50] Corporate Governance and Operations - The company has not appointed a new CEO since the resignation of the former CEO on December 1, 2015, and has established an Executive Committee consisting of five executive directors to oversee daily operations[71] - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers and confirmed that all directors complied with the code during the year ended December 31, 2023[72] - The Audit Committee, composed of three independent non-executive directors, reviewed the company's accounting principles and practices, and the full-year results for the year ended December 31, 2023[73][74] - The company did not purchase, sell, or redeem any of its listed securities in 2023[74] - No final dividend was recommended for the year ended December 31, 2023[74] - The annual results and annual report are available on the company's website and the Hong Kong Exchanges and Clearing Limited website[74] - The Board of Directors consists of the Chairman and Executive Director, four other Executive Directors, one Non-Executive Director, and three Independent Non-Executive Directors[76] Employee and Operational Costs - The company had 6,892 employees in 2023, down from 7,299 in 2022, with employee costs (including salaries) at RMB 562.3 million, slightly lower than RMB 564.7 million in 2022[66] Future Plans and Strategic Initiatives - The company plans to optimize ultra-low emissions and promote staggered production to maintain industry and corporate interests[69] - The company aims to extend its industrial chain by exploring new energy businesses such as wind, solar, and energy storage to seek new profit growth points[69] - The company has 19 A-level, B-level, and performance-leading enterprises, with 14 national or provincial green mines and 11 green factories, including 8 national-level green factories[70] - The company has 21 smart factories and 19 high-tech enterprises, with 9 subsidiaries passing the high-tech enterprise re-evaluation during the reporting period[70] - The company has successfully developed and upgraded key technologies such as ultra-low emissions, grate coolers, ammonia-free denitrification, and high-temperature fans[70] - The company's subsidiary, Weihui Tianrui Cement, was awarded the title of National Quality Benchmark Enterprise for its "12406" high-quality development model in key process quality control[70] - The company's general public budget expenditure for 2024 is planned at 28.5 trillion yuan, an increase of 1.1 trillion yuan compared to the previous year[68] - The company plans to issue 1 trillion yuan in ultra-long-term special government bonds in 2024 to fund major national strategic projects and key security capacity construction[68] - The company has identified 1,284 key construction projects in Henan Province for 2024, with a total investment of approximately 3.9 trillion yuan and an annual planned investment of about 1.1396 trillion yuan[68] - The company has determined 300 provincial key projects in Liaoning Province for 2024, with a total investment exceeding 1.4 trillion yuan and an annual planned investment of over 1.7 trillion yuan[68]
中国天瑞水泥(01252) - 2023 - 年度业绩