SANXING(601567)2024-04-25 12:35Dividends and Share Repurchases - The company plans to distribute a cash dividend of RMB 6.50 per 10 shares, totaling approximately RMB 908,464,595.35[2] - The total cash dividend, including share repurchases, amounts to RMB 960,832,171.85, representing 50.47% of the net profit attributable to shareholders[2] - The company's total share capital is 1,411,197,171 shares, with 13,559,332 shares repurchased[2] - The company's 2023 dividend plan is to distribute a cash dividend of 6.50 yuan per 10 shares, with an estimated total cash dividend of approximately 908,464,595.35 yuan[151] - Including the 52,367,576.50 yuan spent on share repurchases, the total cash dividend for 2023 is 960,832,171.85 yuan, accounting for 50.47% of the net profit attributable to shareholders[152] - Cash dividend amount (including tax) is RMB 908,464,595.35, accounting for 47.72% of the net profit attributable to ordinary shareholders of the company[154] - Total dividend amount (including tax) is RMB 960,832,171.85, accounting for 50.47% of the net profit attributable to ordinary shareholders of the company[155] - The company completed the registration of 4.675018 million restricted shares for the fourth and fifth phases of the restricted stock incentive plan[156] - 581,500 restricted shares were repurchased and canceled due to 24 incentive objects leaving the company[156] - 8,344,200 restricted shares were released for the first time, with a release ratio of 40%[156] - 872,900 restricted shares were repurchased and canceled due to 18 incentive objects leaving the company[157] Subsidiaries and Investments - The company's subsidiaries include Samsung Smart, Ningbo Lianneng, and Samsung Hong Kong, among others[6] - The company has a significant presence in the medical and rehabilitation sectors with subsidiaries like Ningbo Mingzhou Hospital and Wenzhou Shenlan Hospital[6] - The company has multiple wholly-owned subsidiaries including Ningbo Sanxing Medical Research Institute, Nansen Instrumentos De Precisao Ltda in Brazil, and Sanxing Smart Electric Bangladesh Co. Ltd[8] - Key subsidiaries also include Ningbo Sanxing Electric (Sweden) AB, Foxytech Sp. z o.o., and NANSEN PERU S.A.C[8] - The company holds equity stakes in various partnerships such as Ningbo Sanxing Kaiyun Medical Investment Partnership and Beijing Chunfeng Bairun Equity Investment Partnership[8] - Major subsidiaries in the energy sector include Ningbo Aogao Supply Chain Co., Ltd., Ningbo Aogao Power Development Co., Ltd., and Ningbo Aogao Power Consulting Co., Ltd[8] - The company has significant investments in technology and IoT through subsidiaries like Ningbo Sanxing Power IoT Technology Co., Ltd. and Ningbo Sanxing IoT Co., Ltd[8] - Key subsidiaries in the medical field include Ningbo Mingzhou Puhua Pharmaceutical Co., Ltd. and Ningbo Sanxing Medical Research Institute[8] - The company has a presence in the renewable energy sector with subsidiaries like Ningbo Aogao Photovoltaic Power Generation Co., Ltd. and Nansen Solar Energy Co., Ltd. in Brazil[8] - The company acquired 18 new subsidiaries during the reporting period, expanding its consolidated financial statements[68] - The company acquired 100% equity in multiple hospitals, including Huzhou Zhebei Mingzhou Hospital and Quzhou Mingzhou Hospital[121] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd., Yuyao Mingzhou Rehabilitation Hospital Co., Ltd., Jiaxing Mingzhou Nursing Home Co., Ltd., Quzhou Mingzhou Hospital Co., Ltd., and Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd.[133] - The company acquired 100% equity of multiple hospitals, including Huzhou Zhebei Mingzhou Hospital, Yuyao Mingzhou Rehabilitation Hospital, Jiaxing Mingzhou Nursing Home, Quzhou Mingzhou Hospital, and Quanzhou Mingzhou Rehabilitation Hospital[144] - The company's subsidiary plans to acquire 100% equity of multiple hospitals for RMB 224 million[198] - The company acquired 100% equity of Huzhou Zhebei Mingzhou Hospital Co., Ltd. for a total of RMB 11,200 million[199] - The company acquired 100% equity of Yuyao Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,700 million[199] - The company acquired 100% equity of Jiaxing Mingzhou Nursing Home Co., Ltd. for a total of RMB 8,400 million[199] - The company acquired 100% equity of Quzhou Mingzhou Hospital Co., Ltd. for a total of RMB 12,900 million[199] - The company acquired 100% equity of Quanzhou Mingzhou Rehabilitation Hospital Co., Ltd. for a total of RMB 3,759.628 million[199] - The company completed the industrial and commercial registration changes for the five target hospitals in May 2023[199] - The company acquired 2.54% equity of Aokesi Intelligent Technology for RMB 3,759.628 million[199] Financial Performance - Revenue for 2023 reached RMB 11,462,508,357.39, a 25.99% increase compared to 2022[17] - Net profit attributable to shareholders in 2023 was RMB 1,903,702,022.52, up 100.79% year-over-year[17] - Operating cash flow for 2023 was RMB 1,901,306,987.04, a 55.52% increase from 2022[17] - Total assets at the end of 2023 were RMB 21,513,022,906.38, a 32.57% increase compared to 2022[17] - Basic earnings per share for 2023 was RMB 1.35, a 101.49% increase from 2022[18] - Weighted average return on equity (ROE) for 2023 was 18.51%, an increase of 8.19 percentage points from 2022[18] - Q4 2023 revenue was RMB 3,124,748,665.63, the highest among all quarters[20] - Non-operating income in 2023 included RMB 118,212,431.28 from government subsidies[21] - The company recognized RMB 64,406,482.16 in VAT refunds as recurring income due to its sustainability[24] - The company achieved operating revenue of 11.463 billion yuan, a year-on-year increase of 25.99%, and net profit attributable to shareholders of 1.904 billion yuan, a year-on-year increase of 100.79%[27] - The company's gross margin increased to 33.99%, up 5.11 percentage points year-on-year[27] - Company achieved revenue of 11.463 billion yuan, a year-on-year increase of 25.99%[61] - Net profit attributable to shareholders reached 1.904 billion yuan, a year-on-year increase of 100.79%[61] - Operating income from the manufacturing sector was 8.436 billion yuan, with a gross margin of 34.12%, an increase of 5.49 percentage points year-on-year[64] - Operating income from the medical services sector was 2.783 billion yuan, with a gross margin of 31.73%, an increase of 5.01 percentage points year-on-year[64] - Domestic operating income was 9.300 billion yuan, with a gross margin of 33.97%, an increase of 5.53 percentage points year-on-year[64] - International operating income was 1.961 billion yuan, with a gross margin of 32.85%, an increase of 2.98 percentage points year-on-year[64] - Direct sales revenue was 10.258 billion yuan, with a gross margin of 33.20%, an increase of 4.80 percentage points year-on-year[65] - Distribution sales revenue was 1.003 billion yuan, with a gross margin of 39.61%, an increase of 6.95 percentage points year-on-year[65] - Production volume of smart electricity products increased by 12% year-on-year to 25.750 million units/sets[66] - Sales volume of smart electricity products increased by 21% year-on-year to 25.444 million units/sets[66] - Manufacturing sector's main business cost increased by 14.36% year-on-year to 5,558,123,490.30 yuan[67] - Medical services sector's main business cost increased by 25.52% year-on-year to 1,899,717,301.57 yuan[67] - Operating cash flow increased by 55.52% year-on-year to 1,901,306,987.04 yuan[77] - Investment cash flow decreased significantly due to reduced receivables and increased construction investments[77] - Financing cash flow increased to 1,174,529,477.93 yuan due to increased long-term borrowing[77] - Fair value changes in non-current financial assets generated a profit of 100,688,795.43 yuan[79] - Disposal of subsidiaries and other non-current financial assets generated profits of 50,979,269.60 yuan and 27,942,470.54 yuan respectively[79] - Monetary funds increased by 85.93% to 5,452,937,584.98 yuan, mainly due to increased operating cash inflow and long-term loans[80] - Trading financial assets increased by 98.34% to 53,723,860.13 yuan, primarily due to changes in the fair value of Samsung Hong Kong stocks[80] - Inventory increased by 80.70% to 3,256,637,523.09 yuan, driven by scale growth and product/material stockpiling to meet order delivery[80] - Long-term loans surged by 1,544.00% to 2,466,000,000.00 yuan, as the company increased liquidity through additional long-term borrowing[81] - Overseas assets amounted to 1,575,977,257.21 yuan, accounting for 7.33% of total assets[83] - Total restricted assets were 749,963,385.33 yuan, including 410,251,706.66 yuan in monetary funds used as guarantees for bank transactions[85] - Total external investment reached 1,298,996,400 yuan, with 977,626,300 yuan allocated to equity investments through acquisitions and new establishments[87] - The acquisition of Zhebei Mingzhou for 224,000,000 yuan resulted in a profit impact of 5,856,200 yuan[88] - The acquisition of Yuyao Mingzhou Rehabilitation for 112,000,000 yuan resulted in a profit impact of 6,019,900 yuan[88] - The establishment of Quanzhou Mingzhou Rehabilitation for 129,000,000 yuan resulted in a profit impact of 8,639,000 yuan[88] - The company established new rehabilitation medical centers in Suzhou, Jinhua, Wuhu, Hefei, and Foshan with investments of 5,070, 3,900, 3,900, 5,200, and 4,550 thousand RMB respectively, all funded with 65% equity[89] - The company acquired Aokes Intelligent Technology for 3,759.63 thousand RMB, achieving a 100% ownership and generating a profit of 41,042.42 thousand RMB[89] - The company invested 10,000 thousand RMB in establishing Aokes Energy Storage, focusing on new energy technology R&D and equipment manufacturing[90] - The company's total investment in non-equity projects reached 97,762.63 thousand RMB, with a cumulative profit of 40,805.30 thousand RMB[90] - The company invested 32,137.01 thousand RMB in the Power Internet of Things Industrial Park project, with a cumulative investment of 107,975.40 thousand RMB[92] - The company's financial assets, including stocks, private equity funds, and derivatives, had a total fair value of 982,221.47 thousand RMB at the end of the period[93] - The company's stock investment in Modern Dental (HK3600) had an initial cost of 8,585.56 thousand RMB and a year-end fair value of 28,357.71 thousand RMB[94] - The company's commodity futures investments had a year-end fair value of 27,584.46 thousand RMB, accounting for 2.47% of the company's net assets[96] - The company's forward exchange contracts had a total investment of 21,321.15 thousand RMB, with all positions closed by the end of the period[96] - The fair value change of commodity futures contracts in the reporting period was RMB 2.2621 million, calculated based on the settlement prices of corresponding contracts on the Nanhua Futures Exchange[97] - The fair value of forward foreign exchange contracts was determined based on the difference between the contract price and the forward exchange rate at the end of the period[97] - Samsung Intelligent's total assets in 2023 were RMB 2.36837 billion, with a net profit of RMB 236.9189 million[100] - Aux Intelligent Technology's total assets in 2023 were RMB 5.0325527 billion, with a net profit of RMB 410.4242 million[100] - Ningbo Mingzhou Hospital's total assets in 2023 were RMB 1.8831204 billion, with a net profit of RMB 125.4596 million[100] - Mingzhou Medical Group's total assets in 2023 were RMB 2.355199 billion, with a net loss of RMB 28.295 million[100] - Aux Investment's total assets in 2023 were RMB 1.2562357 billion, with a net profit of RMB 142.538 million[100] Business Segments and Market Presence - The smart power distribution and utilization business generated revenue of 8.612 billion yuan, a year-on-year increase of 23.99%, with cumulative orders of 10.494 billion yuan, up 22.09% year-on-year[28] - Overseas orders for the smart power distribution and utilization business reached 4.525 billion yuan, a year-on-year increase of 42.93%, driven by rapid growth in key markets such as Europe, the Middle East, and the Americas[28] - The medical services business achieved revenue of 2.809 billion yuan, a year-on-year increase of 34.57%, with rehabilitation medical services revenue reaching 1.311 billion yuan, up 64.80% year-on-year[32] - The company expanded its hospital network to 28 hospitals, with a total of 8,868 beds, adding 10 new hospitals during the reporting period[33] - The company's overseas sales network now covers over 70 countries and regions, with new factories established in Germany and Mexico[28] - The company successfully delivered multiple smart energy integration projects in Europe and Latin America, achieving a data collection rate of over 99.9% in the Swedish PUMA smart meter project[29] - The company's overseas power distribution business made breakthroughs in the Middle East and Asia-Pacific markets, securing a project with Saudi Arabia's national power company[29] - The company launched new products in the new energy sector, including charging piles and energy storage systems, and developed an integrated "source-grid-storage-charging" business model[30] - The company's DC charging stations cover 60-480kW, with leading performance in recent years[47] - The company launched new products including residential inverters, small commercial string inverters, and residential energy storage inverters in 2023[47] - The company's smart metering products achieved industry-leading collection and line loss rates in overseas markets[47] - The company's photovoltaic box transformers received the first domestic certification, and compact ring main units have been widely used in the Middle East market[47] - The company has established 5 overseas manufacturing bases in Brazil, Indonesia, Poland, Mexico, and Germany, and 5 sales centers in Sweden, Colombia, Nepal, Peru, and Bangladesh, covering over 70 countries and regions[51] - The company's business in the European market covers 15 countries, making it the Chinese manufacturer with the most extensive coverage in Europe[51] - The company has 28 hospitals under its management, with a total of 8,868 beds, including 22 rehabilitation hospitals[57] - The company added 10 new hospitals through self-construction and acquisitions during the reporting period[57] - The company has 31 domestic offices, achieving comprehensive coverage of the power grid and user markets[51] - The company has established a global marketing platform, focusing on five major regional markets: Europe, the Middle East, Asia-Pacific, Africa, and the Americas[48] - The company has successfully passed the CMMI V2.0 L5 international certification, the highest level in the global software field[53] - The company has built a 5G+ industrial internet provincial-level digital factory, equipped with advanced manufacturing facilities such as smart meter production lines and 5G-AGV logistics systems[54] - The company has developed a comprehensive digital operation management platform, integrating systems like SAP, PLM, MES, CRM, WMS, and SRM[56] - The company has established a "large comprehensive base, strong specialized chain" medical system, with Ningbo Mingzhou Hospital becoming a third-level B comprehensive hospital in March 2023[58] Corporate Governance and Leadership - The company's legal representative is Shen Guoying, and its headquarters are located in Ningbo, Zhejiang Province[11] - The company's annual report is disclosed through major financial media outlets such as China Securities Journal, Shanghai Securities News, and Securities Times[14] - The company held a total of 5 shareholder meetings during the reporting period[113] - The company completed the board of directors' re-election, ensuring compliance with legal and regulatory requirements[114] - The company completed the board of supervisors' re-election, effectively supervising business decisions and financial status[115] - The company disclosed 104 temporary announcements in addition to regular reports during the reporting period[118] - The company held 3 performance briefings via video recording in 2023, engaging with investors on governance and strategy[119] - Chairman Shen Guoying holds 650,000 shares with no change during the year[124] - Director Zheng Jianjiang holds 179,306,730 shares with no change during the year[124] - Director Cheng Zhihao reduced his holdings by 172,000 shares to 258,000[124] - Former director Zheng Junda reduced his holdings by 497,375 shares to 50,000[124] - Total shares held by directors and supervisors decreased by 669,375 to 181,328,230[125] - Chairman Shen Guoying received a pre-tax remuneration of