YONGAN PHARMACEUTICAL(002365)2024-04-18 12:38Share Capital and Dividends - The company's total share capital is 294,682,500 shares, with no changes during the reporting period[16] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) based on a total of 294,682,500 shares[4] Senior Management Changes - The company's senior management changes in 2023 included the appointment of Chen Zidi and Guo Dianhai, and the resignation of Dai Xiangzhen, Wu Xiaobo, and Mei Songlin[17] Restricted Shares - The company's restricted shares increased by 163,013 shares and decreased by 115,513 shares during the reporting period, resulting in a total of 536,537 restricted shares at the end of the period[21] Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period is 28,260[22] - The largest shareholder, Chen Yong, holds 21.54% of the shares, totaling 63,468,000 shares[22] - Huanggang Yong'an Pharmaceutical Co., Ltd. holds 3.57% of the shares, totaling 10,529,232 shares[22] - Central Huijin Asset Management holds 2.58% of the shares, totaling 7,610,350 shares[22] - The top 10 shareholders include 5 individuals and 5 corporate entities, with no significant changes in shareholding percentages during the reporting period[22][27] - The company's controlling shareholder is Chen Yong, a natural person with no changes in control during the reporting period[31] - The top 10 shareholders did not engage in any repurchase agreements during the reporting period[30] - The company's actual controller is a natural person, with no changes in control during the reporting period[32] - The company's shares are primarily held in RMB ordinary shares, with no significant changes in share structure[27] - The company's shareholder structure remains stable, with no significant changes in the top 10 shareholders' positions[22][27] Financial Performance - Revenue for 2023 decreased by 33.48% to RMB 972,890,144.84 compared to 2022[50] - Net profit attributable to shareholders in 2023 was a loss of RMB -12,312,563.51, a decrease of 108.77% from 2022[50] - Operating cash flow decreased by 42.88% to RMB 221,196,161.28 in 2023[50] - Basic earnings per share in 2023 were RMB -0.0418, a decrease of 108.78% from 2022[50] - Total assets at the end of 2023 decreased by 3.18% to RMB 2,347,138,093.66 compared to 2022[50] - Shareholders' equity at the end of 2023 decreased by 1.66% to RMB 1,983,913,143.72[50] - Weighted average return on equity in 2023 was -0.61%, a decrease of 7.84 percentage points from 2022[50] - Revenue from main business operations in 2023 was RMB 959,372,808.56 after deducting other business income[50] - Revenue for Q1 was 311.17 million yuan, Q2 was 267.27 million yuan, Q3 was 224.38 million yuan, and Q4 was 170.07 million yuan[56] - Net profit attributable to shareholders was 14.98 million yuan in Q1, 41.14 million yuan in Q2, -9.70 million yuan in Q3, and -58.74 million yuan in Q4[56] - Non-recurring gains and losses included 45.01 million yuan from the disposal of non-current assets and 10.84 million yuan from government subsidies[57] - Main business revenue for 2023 was 959.37 million yuan[81] - Total operating revenue for 2023 decreased to 972,890,144.84 yuan from 1,462,447,548.32 yuan in 2022, representing a 33.5% decline[164] - Net profit for 2023 was -28,414,556.08 yuan, a significant drop from 132,720,371.92 yuan in 2022[166] - Research and development expenses increased slightly to 41,500,983.96 yuan in 2023, up from 40,449,406.92 yuan in 2022[164] - Total liabilities decreased to 176,373,184.19 yuan in 2023 from 161,294,174.51 yuan in 2022[164] - Total owner's equity decreased to 2,005,830,451.82 yuan in 2023 from 2,057,638,701.11 yuan in 2022[164] - Basic earnings per share (EPS) for 2023 was -0.0418 yuan, compared to 0.4762 yuan in 2022[168] - Total comprehensive income for 2023 was -27,519,802.76 yuan, down from 137,788,341.31 yuan in 2022[168] - Parent company's operating income for 2023 was 740,881,026.05 yuan, a decrease from 1,010,850,278.63 yuan in 2022[170] - Parent company's net profit for 2023 was -28,414,556.08 yuan, compared to 132,720,371.92 yuan in 2022[170] - Parent company's research and development expenses for 2023 were 30,710,085.61 yuan, slightly down from 32,377,811.14 yuan in 2022[170] - Net profit for the year was -28,242,019.04, a significant decline compared to the previous year's profit of 140,353,899.08[173] - Operating cash flow decreased to 221,196,161.28 from 387,279,801.68 in the previous year[177] - Cash received from sales of goods and services dropped to 994,883,578.48 from 1,554,482,672.91 year-over-year[174] - Total cash inflow from operating activities decreased to 1,048,978,861.76 from 1,699,802,771.05[177] - Cash outflow for operating activities reduced to 827,782,700.48 from 1,312,522,969.37[177] - Investment cash inflow increased to 1,461,952,825.25 from 1,029,366,408.96[177] - Investment cash outflow rose to 1,604,940,968.87 from 1,259,761,476.79[177] - Net cash flow from investment activities improved to -142,988,143.62 from -230,395,067.83[177] - Cash and cash equivalents at year-end stood at 294,228,203.22, up from 274,714,697.91[180] - The company's cash position increased by 19,513,505.31 during the year[180] - Operating cash flow decreased to 165.3 million yuan in 2023 from 328.8 million yuan in 2022, a decline of 49.7%[181] - Sales revenue from goods and services dropped to 707.2 million yuan in 2023 from 1.1 billion yuan in 2022, a decrease of 36%[181] - Investment cash outflow increased to 1.25 billion yuan in 2023 from 1.15 billion yuan in 2022, up 9.1%[181] - Net cash flow from investment activities improved to -149.4 million yuan in 2023 from -224.1 million yuan in 2022[181] - Total owner's equity decreased by 54.7 million yuan in 2023, with a -33.5 million yuan reduction in parent company equity[183] - Comprehensive income for 2023 showed a loss of 41.8 million yuan in undistributed profits[183] - Dividend distribution in 2023 totaled 29.5 million yuan, with an additional 6 million yuan allocated to minority shareholders[186] - Special reserves increased by 7.3 million yuan in 2023, with 9.7 million yuan extracted and 2.4 million yuan used during the year[190] - Total comprehensive income for the period increased by RMB 145,417,090.80, driven by a net profit of RMB 140,349,121.41[193] - Capital reserves increased by RMB 549,202.33 due to owner contributions and capital reductions[193] - Profit distribution included an extraction of surplus reserves amounting to RMB 14,035,389.91 and a distribution to owners of RMB 1,120,187.45[196] - Special reserves for the period amounted to RMB 5,491,125.47, with an extraction of RMB 10,991,548.41 and usage of RMB 5,500,422.94[199] - Total owner's equity at the beginning of the year was RMB 2,057,638,701.11, with a decrease of RMB 51,808,249.29 during the period[200] Business Diversification and Risks - The company faces risks including safety and environmental protection, operational, exchange rate, and management risks[4] - The company has diversified its business into areas such as hydrogen energy, health products, and chemical materials[48] - The company is actively seeking new products and projects to diversify its offerings and enhance risk resistance in the superplasticizer sector[89] Taurine Production and Market - The company's taurine production capacity is 58,000 tons per year, accounting for approximately 50% of the market share[63] - Taurine products are exported worldwide and are key suppliers to companies like Red Bull, Nestlé, and Coca-Cola[63] - Taurine demand is rapidly increasing in the beverage and health food sectors, especially in functional drinks and pet food, with significant growth in the domestic market[88] - The company is the largest taurine production base globally, with major production concentrated in China[88] - The new national standard for taurine in infant formula, implemented in February 2023, has increased the required taurine content, reflecting official recognition of its benefits[88] - Taurine production capacity is 58,000 tons/year with a utilization rate of 90.00%, and a new 40,000 tons/year capacity project is under construction with an investment of 250 million yuan[100] - The company is the largest taurine production base globally, holding approximately 50% of the market share[106] - The company is constructing a new 40,000 tons/year taurine production line, which will increase total capacity to nearly 100,000 tons/year[106] - The company obtained 11 new patents during the reporting period, including 2 Chinese invention patents related to taurine production[106] - Taurine production increased by 18.09% to 44,700 tons, with significant reductions in production costs, especially energy consumption[144] - Taurine sales grew by 10.97% to approximately 42,700 tons despite a price drop of over 30%[144] - Taurine production increased by 18.09% to 44,742.09 tons, while sales rose by 10.97% to 42,728.24 tons[153] Health Food and Supplements - The health food market is expanding due to aging population and rising health awareness, with increasing demand for nutritional supplements[92] - The company's subsidiary, Yongankangjian, focuses on developing a health industry chain centered around taurine, offering functional foods and dietary supplements[93] - Regulatory policies are becoming stricter, which is expected to improve the health food market environment and consumer confidence[93] - The health food industry is benefiting from favorable policies under the "Healthy China 2030" initiative, emphasizing prevention and early intervention[93] - Health supplement sales surged by 110.94% to 10,597,609 bottles, with production up by 113.65% to 10,661,652 bottles[155] Chemical Manufacturing and Superplasticizers - The polycarboxylate superplasticizer industry is in a mature phase, with demand weakened due to economic slowdown and reduced construction activities[89] - The company's subsidiary, Ling'an Technology, is working to reduce production costs and improve product quality in the superplasticizer sector[89] - Polycarboxylate-based water reducer production capacity is 144,000 tons/year for polyether and 70,000 tons/year for water reducer, with a utilization rate of 10.46%[100] Procurement and Costs - Epoxyethane procurement accounted for 30.67% of total procurement, with an average price of 6,794.22 in the first half of the year and 6,373.97 in the second half[95] - Energy procurement costs accounted for over 30% of total production costs[96] - Raw material costs for pharmaceutical manufacturing accounted for 41.34% of total operating costs, a slight increase of 0.24% year-over-year[156] Assets and Liabilities - Total current assets increased to 1,213,596,306.81 yuan in 2023 from 1,195,344,274.49 yuan in 2022[125] - Monetary funds grew to 326,171,803.22 yuan in 2023 compared to 274,716,138.81 yuan in 2022[125] - Trading financial assets rose to 630,099,163.70 yuan in 2023 from 557,503,180.92 yuan in 2022[125] - Accounts receivable decreased to 165,473,255.39 yuan in 2023 from 172,942,083.99 yuan in 2022[125] - Inventory dropped significantly to 69,895,984.49 yuan in 2023 from 149,597,978.67 yuan in 2022[125] - Fixed assets declined to 927,635,265.65 yuan in 2023 from 971,902,018.29 yuan in 2022[125] - Long-term equity investment decreased to 68,300,352.29 yuan in 2023 from 81,374,014.12 yuan in 2022[125] - Construction in progress reduced to 26,118,014.36 yuan in 2023 from 51,548,767.55 yuan in 2022[125] - Intangible assets slightly decreased to 82,393,203.12 yuan in 2023 from 84,493,498.07 yuan in 2022[125] - Goodwill significantly dropped to 517,416.38 yuan in 2023 from 8,766,208.59 yuan in 2022[125] - Total assets decreased from 2,424,179,175.81 to 2,347,138,093.66[128] - Non-current assets decreased from 1,228,834,901.32 to 1,133,541,786.85[128] - Current liabilities decreased from 285,127,152.95 to 257,255,645.43[128] - Fixed assets remained stable at 786,497,947.13 compared to 788,968,794.19[132] - Intangible assets decreased from 60,464,704.05 to 57,666,743.46[132] - Total liabilities decreased from 129,165,810.92 to 148,416,325.59[132] - Deferred tax assets increased from 5,613,717.73 to 7,568,578.39[132] - The company's total liabilities decreased to RMB 298.85 million from RMB 321.17 million[161] - Total equity decreased to RMB 2.05 billion from RMB 2.10 billion, with a decline in undistributed profits to RMB 812.69 million[161] Subsidiaries and Patents - Subsidiary Yong'an Kangjian developed over 220 new products in functional nutrition, health foods, and special dietary foods[142] - The company holds 28 patents, including 8 utility patents obtained during the reporting period[141] - The "Chu Niu" brand has gained high recognition and reputation both domestically and internationally[142] - The company has 46 patents related to taurine production and 27 utility model patents and 1 transferred invention patent related to polycarboxylate-based water reducers[97][100] Revenue Breakdown - Total revenue decreased by 33.48% to 972.89 million yuan, with the pharmaceutical manufacturing sector contributing 68.06% of total revenue[149] - Revenue from the chemical manufacturing sector dropped by 41.57% to 121.47 million yuan, accounting for 12.49% of total revenue[149] - Revenue from health food products declined by 49.94% to 156.77 million yuan, making up 16.11% of total revenue[149] - International sales accounted for 58.36% of total revenue, decreasing by 16.46% to 567.80 million yuan[149] - Domestic sales fell by 48.25% to 405.09 million yuan, representing 41.64% of total revenue[149] - Online sales plummeted by 70.73% to 77.31 million yuan, contributing 7.95% to total revenue[149] - Offline sales decreased by 25.26% to 895.58 million yuan, making up 92.05% of total revenue[149] - Pharmaceutical manufacturing revenue decreased by 25.03% to RMB 662.17 million, with a gross margin of 29.40%[152] - Chemical manufacturing revenue dropped by 41.57% to RMB 121.47 million, resulting in a negative gross margin of -10.70%[152] - Health supplement revenue fell by 49.94% to RMB 156.77 million, with a gross margin of 35.73%[152] - Overseas revenue accounted for 34.25% of total revenue, decreasing by 16.46% to RMB 567.80 million[152] - Online sales revenue plummeted by 70.73% to RMB 77.31 million, with a gross margin of 48.90%[152] Certifications and Quality - The company received a standard unqualified audit opinion from Ernst & Young for its 2023 financial statements[77] - The company achieved a BRCGS A+ certification for taurine production and maintained ISO 9001 and ISO 22000 certifications for its subsidiary Yong'an Kangjian[147] Shareholder Equity and Reserves - Total owner's equity at the beginning of the year was RMB 2,057,638,701.11, with a decrease