Financial Performance - Total sales volume of cement and clinker reached 20.5 million tons, an increase of 6.2% from 19.3 million tons in 2022[4] - Revenue for the year was RMB 9,020.9 million, reflecting a growth of 6.3% compared to RMB 8,489.1 million in the previous year[4] - Gross profit increased by 12.8% to RMB 2,460.0 million, up from RMB 2,181.8 million in 2022[4] - The net profit attributable to the owners of the company was RMB 421.3 million, a decrease of 65.3% from RMB 1,214.7 million in 2022[4] - The company’s total assets increased by 8.8% to RMB 32,902.9 million, compared to RMB 30,239.3 million in the previous year[4] - The net debt increased by 14.3% to RMB 8,556.1 million, up from RMB 7,487.1 million in 2022[5] - The proposed final dividend per share is 2.3 cents, a decrease of 65.7% from 6.7 cents in 2022[4] - The gross profit margin improved to 27.3%, up from 25.7% in the previous year, indicating better cost management[4] Market Conditions - In 2023, the overall cement demand in China declined due to slow economic recovery, high inflation, and strict environmental regulations, impacting the performance of the cement industry[19] - The competitive supply side continues to influence the average selling price of cement in Shaanxi province, with measures taken to balance supply and demand during off-peak seasons[19] - Fixed asset investment and real estate development investment growth rates have both declined, leading to an overall drop in cement product demand in Shaanxi province[19] - The group maintained a stable profit margin despite lower average prices in China, thanks to higher profit margins from African plants and successful cost reduction measures[19] Environmental Initiatives - The group has been actively pursuing energy-saving and emission-reduction initiatives, aiming to meet the highest industry standards[20] - The group achieved an 80% installation rate of waste heat recovery systems, reducing electricity consumption by approximately 30% and cutting CO2 emissions by about 22,000 tons per million tons of cement produced annually[20] - The nitrogen oxide emissions per ton of clinker were reduced by approximately 60% due to the installation of De-NOx equipment in all production facilities in China[20] - The group has engaged in hazardous and municipal waste incineration as part of its environmental initiatives[20] - Significant investments in environmental protection have been made, achieving pollutant discharge concentrations well below national standards[42] Production Capacity and Expansion - The company’s cement production capacity reached 31.8 million tons, with significant operations in Shaanxi, Xinjiang, Guizhou, and several African countries[8] - The company plans to leverage the "Western Development Policy" and "Silk Road Economic Development Plan" to expand its market presence in western China and Africa[9] - The company’s total cement production capacity reached 33.3 million tons by the end of 2023[27] - The company plans to focus on high-quality development in Africa for 2024 and beyond[28] Sales and Pricing - The average selling price of cement in the core market of southeastern Shaanxi province remains premium, with stable profit margins despite a decline in overall fixed asset investment and real estate development investment growth rate in 2023[36] - The average selling price in Shaanxi decreased by approximately 17.5% to about RMB 269 per ton, down from RMB 326 per ton in 2022[53] - The average cement price rose slightly to RMB 360 per ton in 2023 from RMB 358 per ton in 2022, contributing to revenue growth despite declines in aggregate and commercial concrete sales[81] Strategic Focus and Future Outlook - The company plans to enhance risk identification and control while promoting international development strategies[46] - The group anticipates that infrastructure investment will continue to support cement demand in 2024, despite low real estate investment negatively impacting the market[44] - The group expects stable prices in 2024 due to limited supply from stringent environmental policies[71] - The company is focusing on green development and carbon reduction technologies to explore cost-effective carbon emission control methods[46] Corporate Governance - The company remains committed to high corporate governance standards, ensuring transparency and accountability to shareholders[110] - The board consists of eight members, including four executive directors and four independent non-executive directors, ensuring compliance with listing rules[113] - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct confidentially[132] - The company’s risk management and internal control systems are deemed effective and sufficient by the board[137] Employee and Community Engagement - The group employed a total of 8,297 full-time employees, an increase from 7,736 in 2022, with employee benefits expenses rising to RMB 933,100,000 from RMB 776,600,000[104] - The group's charitable donations for the year ended December 31, 2023, reached RMB 21,100,000, compared to RMB 6,500,000 in 2022[200]
西部水泥(02233) - 2023 - 年度财报