富春环保(002479) - 2023 Q4 - 年度财报

Financial Performance - Revenue for 2023 was 4.44 billion yuan, a decrease of 7.32% compared to 2022[24] - Net profit attributable to shareholders in 2023 was 196.50 million yuan, a decrease of 24.12% compared to 2022[24] - Operating cash flow for 2023 was 714.53 million yuan, a decrease of 6.55% compared to 2022[24] - Total assets at the end of 2023 were 8.59 billion yuan, a decrease of 6.22% compared to 2022[24] - Revenue in Q4 2023 was 1.25 billion yuan, the highest among all quarters[28] - Net profit attributable to shareholders in Q4 2023 was 66.80 million yuan, the highest among all quarters[28] - The company achieved operating revenue of 44.40597 billion yuan, a year-on-year decrease of 7.32%[40] - The company's net profit attributable to shareholders was 196.5022 million yuan, with a basic earnings per share of 0.2272 yuan[40] - The company's net cash flow from operating activities was 714.53 million yuan, a year-on-year decrease of 6.55%[40] - Revenue from thermoelectric cogeneration units increased by 7.15% to 2.76 billion RMB, with a gross margin of 23.80%[42] - Clean electricity revenue grew by 10.57% to 482.18 million RMB, with a gross margin increase of 20.89% to 36.20%[42] - Clean heat energy revenue rose by 6.46% to 2.28 billion RMB, with a gross margin of 21.18%[42] - Sales volume of clean electricity increased by 10.53% to 1.145 billion kWh[43] - Sales volume of clean heat energy surged by 25.31% to 9.917 million steam tons[43] - Clean electricity revenue decreased by 80.75% to 187,773.96 yuan, accounting for 0.01% of total revenue[47] - Clean heat revenue decreased by 2.68% to 1,404,707,165.5 yuan, accounting for 38.48% of total revenue[47] - Direct labor costs for clean heat increased by 9.85% to 55,444,304.61 yuan, accounting for 1.52% of total revenue[47] - Manufacturing costs for clean heat increased by 24.58% to 272,923,046.97 yuan, accounting for 7.48% of total revenue[47] - Sales expenses increased by 28.41% to 9,608,026.19 yuan[51] - Financial expenses decreased by 17.11% to 86,437,354.58 yuan[51] - R&D expenses increased by 3.52% to 160,702,774.13 yuan[51] - Operating cash flow decreased by 6.55% to 714.53 million yuan in 2023, primarily due to increased bill settlements[62] - Investment cash flow improved by 2.94% to -322.92 million yuan, mainly due to reduced construction project expenditures[62] - Financing cash flow worsened by 71.04% to -655.51 million yuan, primarily due to decreased financing scale[62] - Net increase in cash and cash equivalents dropped by 641.84% to -263.90 million yuan[62] - Cash and cash equivalents decreased by 4.13% to 948,954,979.87 yuan, accounting for 11.05% of total assets[69] - Accounts receivable decreased by 0.04% to 238,641,386.08 yuan, accounting for 2.78% of total assets[69] - Inventory increased by 1.81% to 665,470,392.77 yuan, accounting for 7.75% of total assets[69] - Fixed assets increased by 9.18% to 4,152,379,801.15 yuan, accounting for 48.36% of total assets[69] - Construction in progress decreased by 4.63% to 516,890,455.66 yuan, accounting for 6.02% of total assets[69] - Short-term borrowings increased by 0.43% to 1,459,903,266.01 yuan, accounting for 17.00% of total assets[69] - Long-term borrowings decreased by 1.19% to 1,006,706,553.84 yuan, accounting for 11.72% of total assets[69] - The total book balance at the end of the period is 170,091,026.87 yuan, a decrease of 32.26% compared to the beginning of the period[83] - The book balance for receivables aged 2 to 3 years increased significantly to 127,637,050.03 yuan, up 1,215.5% from the beginning of the period[84] - The provision for bad debts increased to 84,327,300.04 yuan, accounting for 49.58% of the total book balance[86] - The company recovered 23,825,076.30 yuan from a lawsuit, which was previously frozen and returned via bank deposit[88] - Fixed assets increased by 15.75% to 4,152,379,801.15 yuan, mainly due to the transfer of construction in progress and new purchases[98] - The original value of fixed assets increased by 952,695,339.88 yuan, with 804,937,730.14 yuan coming from the transfer of construction in progress[99] - The company's total provision for bad debts decreased to 63,261,835.63 yuan, with 9,200,000.00 yuan recovered or reversed[100] - Contract assets totaled 176,626,195.71 yuan, with a provision for impairment of 13,765,356.42 yuan, representing 7.79% of the total[102] - The company's bad debt provision for other receivables at the end of 2023 was RMB 84,327,300.04, with a significant portion allocated to the third stage (over 2 years) at RMB 83,862,661.72[107][108] - The top five other receivables accounted for 84.71% of the total other receivables, with the largest being RMB 60,673,200.00 from Zhejiang Banqiao Qingyuan Environmental Group Co., Ltd., representing 35.67% of the total[111] - The company's inventory at the end of 2023 was RMB 674,956,494.17, with inventory impairment provision of RMB 9,486,101.40, primarily for finished goods at RMB 8,912,071.61[114][115] - The company's accounts receivable aging shows that 98.82% of receivables are within 1 year, amounting to RMB 129,989,479.24[112] - The company's long-term receivables due within one year decreased from RMB 65,022,881.53 at the beginning of the year to RMB 42,653,838.92 at the end of 2023[116] - The company's deferred tax assets increased from RMB 63,074,751.59 at the beginning of the year to RMB 78,274,220.55 at the end of 2023[117] - The initial balance of fixed assets was 1,171,322,459.87 yuan, and the ending balance increased to 1,314,473,832.56 yuan, reflecting an increase in asset value[121] - The total accumulated depreciation at the beginning of the period was 1,681,570,512.08 yuan, and by the end of the period, it rose to 1,971,609,237.53 yuan[121] - The impairment provision for fixed assets remained unchanged at 5,411,245.27 yuan throughout the period[121] - The total deductible losses increased from 426,681,774.72 yuan to 588,335,279.10 yuan, indicating a rise in potential tax benefits[122] - Asset impairment losses increased from 229,040,618.60 yuan to 301,295,062.40 yuan, reflecting higher write-downs[122] - The total combined deductible losses and asset impairment losses increased from 655,722,393.32 yuan to 889,630,341.50 yuan[122] - The initial balance of equity investments in joint ventures was 2,126,146.28 yuan, and the ending balance remained the same[118] - The initial balance of equity investments in associates was 66,830,094.99 yuan, and the ending balance decreased to 50,412,132.00 yuan[118] - The initial balance of equity investments in other entities was 96,769,650.94 yuan, and the ending balance slightly increased to 97,299,697.74 yuan[118] - The initial balance of equity investments in waste disposal entities was 9,143,672.24 yuan, and the ending balance decreased to 4,223,314.58 yuan[118] - Donggang Thermal Power Company achieved revenue of 29,210,169.7 yuan[131] - Shengyuan Industrial Company generated revenue of 28,270,407.2 yuan[131] - The annual production capacity of 100,000 tons of food packaging paper and pulp projects contributed revenue of 22,185,934.9 yuan[131] - Chang'an Energy Company's revenue reached 509,000,000 yuan with a gross profit margin of 49.09%[132] - The "Chou Gai Bei" project achieved a completion rate of 95.60% with revenue of 28,270,407.23 yuan[132] - The economic and technological development zone thermal power project achieved a completion rate of 98.55% with revenue of 521,551,655.78 yuan[132] - The total revenue of the company amounted to 1,834,910,500 yuan[132] - The initial balance of right-of-use assets was 115,993,088.46 yuan, with a final balance of 6,281,077.49 yuan after adjustments[133] - The accumulated depreciation of right-of-use assets increased by 1,959,385.31 yuan during the period[133] - The final book value of right-of-use assets was 1,975,071.82 yuan[133] - The company's intangible assets at the end of the period amounted to RMB 402,696,595.09, with a cumulative amortization of RMB 153,252,181.02[134] - The company's goodwill balance at the end of the period was RMB 647,569,112.17, with no changes during the period[138] - The company's goodwill impairment provision at the end of the period was RMB 58,192,484.95, with no changes during the period[140] - The recoverable amount of the company's goodwill-related asset groups was determined based on the present value of expected future cash flows, with a total recoverable amount of RMB 4,997,491,000.00[144] - The company's long-term prepaid expenses at the end of the period amounted to RMB 8,353,138.48, with a total increase of RMB 3,645,774.78 during the period[145] - The company's repair expenses increased by RMB 3,073,231.74 during the period, reaching RMB 3,151,040.90 at the end of the period[145] - The company's decoration expenses decreased by RMB 2,078,685.30 during the period, reaching RMB 1,897,136.01 at the end of the period[145] - The company's pollution rights usage expenses decreased by RMB 1,478,256.24 during the period, reaching RMB 1,719,194.59 at the end of the period[145] - The company's other long-term prepaid expenses increased by RMB 549,848.98 during the period, reaching RMB 1,585,766.98 at the end of the period[145] - Deferred tax assets increased to 96,869,241.89 yuan at the end of the period, up from 77,998,822.40 yuan at the beginning of the period[146][150] - Deferred tax liabilities at the end of the period were 164,175.41 yuan, with no balance at the beginning of the period[148][150] - The total amount of short-term borrowings at the end of the period was 451,835,951.76 yuan, a slight decrease from 450,859,931.26 yuan at the beginning of the period[155] - Prepaid project and equipment payments amounted to 84,782,205.54 yuan at the end of the period, slightly higher than 84,109,379.63 yuan at the beginning of the period[153] - Prepaid investment payments were 30,000,000.00 yuan at the beginning of the period, with no balance at the end of the period[153] - The company's total financial liabilities measured at amortized cost amounted to 588,335,279.10 yuan at the end of 2023, compared to 426,681,774.72 yuan at the beginning of the year[166] - The company's restricted assets at the end of 2023 included 428,989,059.74 yuan in fixed assets and 55,076,535.64 yuan in intangible assets, both used as collateral for bank loans[167] - The company's total borrowings at the end of 2023 were 1,459,903,266.01 yuan, consisting of 40,042,282.07 yuan in mortgage loans, 82,580,300.83 yuan in guaranteed loans, and 1,249,240,044.22 yuan in credit loans[168] - The company's accounts receivable at the end of 2023 totaled 587,277,100.45 yuan, including 341,866,199.62 yuan in goods sales and 234,513,799.85 yuan in engineering equipment sales[169] - Accounts payable over 1 year or overdue: 39,236,219.80 RMB, due to not meeting contract payment conditions[170] - Total other payables: 82,297,623.07 RMB at the end of the period, compared to 63,354,686.10 RMB at the beginning of the period[171] - Dividends payable: 14,000,000.00 RMB at the end of the period[173] - Contract liabilities: 192,650,875.41 RMB at the end of the period, compared to 174,116,723.04 RMB at the beginning of the period[190] - Short-term employee benefits: 39,088,593.48 RMB at the end of the period, with an increase of 276,601,072.51 RMB during the period[192] - Post-employment benefits - defined contribution plans: 94,102.62 RMB at the end of the period, with an increase of 13,802,003.97 RMB during the period[192] - Total employee benefits payable: 39,182,696.10 RMB at the end of the period, with an increase of 291,914,246.08 RMB during the period[192] - Short-term compensation increased by 242,583,199.67 yuan, with a final balance of 38,659,885.60 yuan[193] - Employee welfare expenses totaled 15,414,790.17 yuan, fully utilized during the period[193] - Social insurance expenses increased by 10,188,010.75 yuan, with a final balance of 87,465.78 yuan[193] - Housing provident fund expenses increased by 5,514,588.40 yuan, with a final balance of 20,152.00 yuan[194] - Total short-term compensation and benefits amounted to 276,601,072.51 yuan, with a final balance of 39,088,593.48 yuan[194] - Basic pension contributions increased by 13,364,073.56 yuan, with a final balance of 91,066.48 yuan[196] - Unemployment insurance contributions increased by 437,930.41 yuan, with a final balance of 3,036.14 yuan[196] - Total taxes payable decreased to 44,146,463.94 yuan from 68,704,877.15 yuan at the beginning of the period[197] - Short-term non-current liabilities decreased to 322,760,202.76 yuan from 416,711,017.78 yuan at the beginning of the period[198] Business Operations - The company's vision is to become a "technology-based energy and environmental comprehensive service provider"[4] - The company focuses on expanding its combined heat and power (CHP) business and exploring environmental monitoring and related technical services[4] - The company's historical development includes multiple stages, with recent emphasis on clean, low-carbon, and energy-efficient technologies[3] - The company operates in the energy-saving and environmental protection industry, with business expansion to four provinces: Zhejiang, Jiangsu, Jiangxi, and Shandong[33] - The company aims to become a leading "technology-based energy and environmental comprehensive service provider" in China[33] - The company's solid waste disposal business processed 33,800 tons of non-ferrous metal-containing solid waste during the reporting period[34] - The sludge treatment capacity of the first phase of the Haian Solid Waste Disposal Center project is 300 tons/day, with 12,000 tons of sludge processed during the reporting period[34] - The company's hazardous waste disposal business processed 28,200 tons of non-ferrous metal-containing hazardous waste during the reporting period[36] - The company sold 320,400 tons of carbon emission allowances (CEA) for a total of 233.869 million yuan during the reporting period[37] - The company's hazardous waste disposal capacity is 67,000 tons/year[36] - The company's carbon emission allowance surplus at the end of the reporting period was 1.0698 million tons[37] - The company established a new subsidiary, Zhoushan Fuchun Environmental Supply Chain Management Co., Ltd., with a capital contribution of 10 million yuan and a 100% ownership stake[48] - The top five suppliers accounted for 36.53% of the total annual procurement amount, totaling 1,333,314,350.60 yuan[49] - Supplier one accounted for 11.31% of the total annual procurement amount, with a procurement amount of 412,724,853.28 yuan[49] - The company's top five customers accounted for 22.32% of total annual sales, with a combined sales amount of 990,877,190.64 RMB[59] - The largest customer contributed 221,053