MEI YAN(600868)2024-04-17 13:46Financial Performance - Revenue for 2023 decreased by 35.31% to RMB 313,674,689.16 compared to 2022[1] - Net profit attributable to shareholders in 2023 was a loss of RMB -100,276,860.11, compared to a profit of RMB 59,027,185.59 in 2022[1] - Total assets at the end of 2023 decreased by 4.85% to RMB 2,765,817,022.84 compared to the end of 2022[1] - Consolidated operating revenue decreased by 35.31% to 314 million yuan, with power generation revenue increasing by 15.27% to 177 million yuan[123] - Geographic information industry revenue decreased by 61.64% to 120 million yuan due to reduced business volume[123] - The company's net profit for 2023 was -100,276,860.11 yuan, with undistributed profits of -91,991,042.61 yuan[139] - Basic earnings per share for 2023 were -0.0528 RMB, compared to 0.0311 RMB in 2022 (adjusted)[164] - Weighted average return on equity for 2023 was -4.27%, a decrease of 6.75 percentage points from 2022[164] - Revenue for the fourth quarter of 2023 was 75,691,532.00 RMB, with a net profit attributable to shareholders of -133,121,907.90 RMB[165] - Non-recurring gains and losses for 2023 included a government subsidy of 336,147.35 RMB and a loss from non-current asset disposal of -521,793.25 RMB[167] Energy and Power Generation - National electricity consumption in 2023 increased by 6.7% to 9.2 trillion kWh[9] - Non-fossil energy installed capacity reached 15.7 billion kW, accounting for 53.9% of total installed capacity, an increase of 4.3 percentage points year-on-year[9] - The company's hydropower stations have a total installed capacity of 150,000 kW and an annual designed power generation of approximately 470 million kWh[14] - Hydropower business has a total installed capacity of 150 MW and an annual designed power generation of 470 million kWh[31] - The company's hydropower generation reached 38,725.88 MWh, a year-on-year increase of 9.01%, with revenue of 177.17 million yuan, up 15.27% compared to the previous year[96] - The company's total installed capacity of hydropower stations is 151 MW, with an annual designed power generation of approximately 470 million kWh[105] - The electricity generation in Guangdong Province/Meizhou City increased by 9.01% year-on-year to 38,725.88 million kWh[74] - The online electricity volume in Guangdong Province/Meizhou City increased by 8.78% year-on-year to 38,174.45 million kWh[74] - The electricity sales volume in Guangdong Province/Meizhou City increased by 8.76% year-on-year to 38,146.69 million kWh[74] - The company operates 7 power stations in Meizhou with a total installed capacity of 150,000 kW and an annual designed power generation of 470 million kWh[161] New Energy and Energy Storage - The company is developing a new business in electrolytic copper foil with multilayer composite catalytic electrodes (titanium electrodes)[15] - The company's investment in flywheel energy storage technology has been included in the application scenarios for Guangzhou Metro Line 18[23] - The company is actively promoting the application of flywheel energy storage technology in Guangzhou Metro Line 18[52] - The company is exploring new energy and energy storage projects through technical R&D team collaborations[155] - The company is investing in high-tech enterprises to jointly promote the R&D and commercialization of new energy storage technologies[156] - The company invested in Hefei Zhaoyang Electronics Technology Co., Ltd., leveraging their expertise in energy storage and transformation technologies[180] - The company established Guangdong Jiyang Energy Technology Co., Ltd. to promote the application of flywheel energy storage in rail transit[180] - Invested in Shanghai Anyang Green Hydrogen Energy Development Center to build a hydrogen energy storage and refueling system, starting with acquiring and converting gas stations in Shanghai[183] - Completed feasibility study for a 100 MW photovoltaic power generation project and obtained development approvals for multiple photovoltaic projects[193] Subsidiaries and Investments - The company acquired a 51.00% equity stake in Guangdong Yueke Runda Technology Co., Ltd., which was included in the consolidated financial statements[34] - The company's subsidiary, Guangzhou Guoce Planning Information Technology Co., Ltd., experienced a significant decline in performance, leading to a goodwill impairment provision[90] - The company's subsidiary, Meizhou Meiyan Mining Co., Ltd., holds a 100% stake and is engaged in mining activities[89] - The company's subsidiary, Guangdong Yueke Runda Technology Co., Ltd., holds a 51% stake and is engaged in technical services[89] - The company's subsidiary, Meizhou Bingcun Hydropower Co., Ltd., holds a 100% stake and is engaged in power generation[89] - The company's subsidiary, Meizhou Meiyan Rotary Kiln Cement Co., Ltd., holds a 70% stake and is engaged in cement clinker production[89] - The company's subsidiary, Meizhou Longshang Hydropower Co., Ltd., holds a 100% stake and is engaged in power generation[89] - The company's other equity instrument investment balance at the end of the reporting period is 59,372,400.00 RMB, including a 6.56% stake in Guangdong Jiaoling Rural Commercial Bank Co., Ltd.[76] - The company's investment in Shanghai Anyang Green Hydrogen Energy Development Center (Limited Partnership) is 12,375,000 RMB, representing a 49.50% stake[76] - The company's other equity instrument investments increased by 29,955,000 yuan, from 28,417,400 yuan to 59,372,400 yuan[148] Costs and Expenses - Total merger costs decreased by 39.22% to 191 million yuan, with hydropower production costs increasing by 9.87% to 101 million yuan[33] - Sales expenses increased by 30.93% to 12.50 million yuan due to increased efforts in debt collection and business expansion[35] - R&D expenses increased by 28.12% to 9.03 million yuan, mainly due to the adjustment of subsidiary outsourcing R&D costs[48] - Management expenses increased by 20.79% to 46.40 million yuan due to increased staff and salary adjustments[45] - Financial expenses increased by 33.91% to 4,136,193.91 yuan due to higher interest expenses and lease liability amortization[115] - Cost of electricity production increased by 9.87% to 100.54 million yuan, accounting for 52.58% of total costs[197] - Geographic information business faced significant challenges with a 61.63% decrease in costs to 81.88 million yuan due to market fluctuations[197] Corporate Governance and Strategy - The company plans to focus on the development of new energy markets, leveraging the clean energy effects of its hydropower business[130] - The company added 7 new industry qualifications, bringing the total to 23, including military secrecy level 2 and urban planning level B certificates[155] - The company focused on green energy, new energy, and energy storage projects, aiming to upgrade its market competitiveness[169] - Established a joint venture Guangdong Yueke Runda Technology Co., Ltd. to develop and produce coating titanium electrode technology for electrolytic copper foil, leveraging local resources and tax incentives in Meizhou[183] - Recovered management rights of Meiyuan Rotary Kiln Cement Company and conducted ignition tests to verify equipment integrity and maintain cement production capacity[190] - Completed board, supervisory board, and management team restructuring to optimize corporate governance and decision-making[190] - Addressed and rectified issues from the 2022 annual report audit opinion, improving internal controls and risk management[190] - Formulated a mid-to-long-term development plan focusing on green industries, new energy, data integration, and smart development[191] Minority Shareholder Equity - The minority shareholder's equity balance of Meizhou Meiyuan Rotary Kiln Cement Co., Ltd. is -5,609,593.66 RMB, with a 30.00% minority shareholder stake[57] - The minority shareholder's equity balance of Fengshun County Meifeng Hydropower Development Co., Ltd. is 36,653,182.12 RMB, with a 23.72% minority shareholder stake[57] - The minority shareholder's equity balance of Guangzhou Guoce Planning Information Technology Co., Ltd. is 53,853,431.35 RMB, with a 46.9149% minority shareholder stake[57] - The minority shareholder's equity balance of Guangdong Yueke Runda Technology Co., Ltd. is 3,852,730.51 RMB, with a 49.00% minority shareholder stake[57] Sales and Procurement - Top 5 customers accounted for 63.40% of total annual sales, totaling 198.88 million yuan[25] - The sales to Guangdong Power Grid Company Meizhou Power Supply Bureau account for 52.96% of the total annual sales, amounting to 166,116,359.14 RMB[61] - Total procurement amount from top 5 suppliers is 17,960,354.27 yuan, accounting for 9.39% of annual procurement[115] - Strengthened accounts receivable collection efforts and expanded business scope in the geographic information industry to enhance service capabilities[199] Assets and Liabilities - Monetary funds increased by 3.18% to 330,722,827.30 yuan, accounting for 11.96% of total assets[126] - Fixed assets increased by 1.66% to 1,360,284,395.43 yuan, accounting for 49.18% of total assets[126] - Short-term borrowings increased by 114.16% to 22,100,000.00 yuan[126] - Accounts receivable decreased by 0.82% to 380,139,085.33 yuan[126] - Prepaid expenses increased by 106.95% to 3,385,224.21 yuan[126] - The company's restricted monetary funds amounted to 3.85 million yuan, including 3.70 million yuan for mine geological environment restoration funds and 150,006.45 yuan for performance bond guarantees[102] - The company's deferred tax assets increased due to higher asset impairment provisions and deductible temporary differences[127] Other Investments and Projects - The company invested 14.28 million yuan in fixed assets (hydropower) during the reporting period, including 8.57 million yuan for the purchase of fixed assets and 5.71 million yuan for ongoing projects[97] - The company paid the first 50% of the investment for Shanghai Anyang Green Hydrogen Energy Development Center[117] - The company continued to operate Meizhou Meiyan Middle School, emphasizing quality education and long-term development[180] - The company corrected accounting errors for the first three quarters of 2023, updating the financial data accordingly[160] - The company will not distribute cash dividends, issue bonus shares, or convert capital reserve into share capital for 2023[139]