FOSSI(600753)2024-04-26 12:04Financial Performance - In 2023, the company reported a net profit of -51,369,284.55 CNY, with a net profit attributable to the parent company of -51,495,343.33 CNY[6]. - The company's retained earnings at the end of 2023 were -133,745,863.02 CNY, reflecting a significant increase in accumulated losses[6]. - The company's operating revenue for 2023 was ¥818,122,349.83, a decrease of 55.72% compared to ¥1,847,549,150.63 in 2022[22]. - The net profit attributable to shareholders for 2023 was -¥51,495,343.33, representing a decline of 461.96% from a profit of ¥14,226,906.98 in 2022[22]. - The basic earnings per share for 2023 was -¥0.22, a decrease of 454.84% compared to ¥0.062 in 2022[23]. - The weighted average return on equity for 2023 was -19.74%, down by 24.86 percentage points from 5.12% in 2022[23]. - The net cash flow from operating activities for 2023 was ¥34,883,210.31, an increase of 161.99% from ¥13,314,657.72 in 2022[22]. - The total assets at the end of 2023 were ¥460,498,849.23, an increase of 15.01% from ¥400,415,933.80 at the end of 2022[22]. - The net assets attributable to shareholders at the end of 2023 were ¥235,643,065.60, a decrease of 17.74% from ¥286,450,418.07 at the end of 2022[22]. - The company reported a significant increase in cash flow from operating activities in the first quarter of 2023, amounting to ¥39,039,174.35[25]. - The company experienced a net loss of -¥18,998,812.40 in the fourth quarter of 2023, contributing to the overall annual loss[25]. Business Strategy and Operations - The company is actively reducing the scale of its bulk commodity supply chain business due to market factors such as falling coal prices and insufficient downstream demand[32]. - The company is focusing on the new energy sector, particularly in the construction and operation of electric vehicle charging infrastructure, with operational sites opened in cities like Shanghai, Fuzhou, and Hangzhou[32]. - The company is leveraging its real estate and engineering management experience to accelerate the construction and operation of charging stations[38]. - The company is actively exploring opportunities in the new energy sector, particularly in public charging for electric vehicles[40]. - The company plans to expand its charging station business, which has led to significant increases in fixed assets and intangible assets[56]. - The company aims to enhance the utilization rate of charging stations and strengthen brand promotion, actively building the "Gengxing Energy" brand image[73]. - The company will position itself as a "dual carbon" service operator, actively shrinking its bulk commodity supply chain management business and focusing on new energy, energy storage, and green carbon storage as its strategic development direction[72]. - The company plans to gradually reduce the scale of its traditional coal (including coke) supply chain business while expanding into the public charging sector for new energy electric vehicles[73]. Regulatory and Compliance Issues - The audit report issued by Zhongshun Zhonghuan CPA indicates a qualified opinion, highlighting potential concerns regarding financial statements[5]. - The company received regulatory criticism for inaccurate disclosure of the 2022 annual performance forecast and non-operating fund occupation by the controlling shareholder, resulting in penalties for the company and its executives[132]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, with a formal case opened on December 27, 2023[134]. - The company has implemented a rectification plan in response to regulatory warnings and is enhancing its internal control and compliance measures to prevent future violations[135]. - The company has emphasized the importance of legal awareness and compliance among its management and controlling shareholders following regulatory penalties[135]. Corporate Governance - The total pre-tax remuneration for the board members amounted to 727.34 million CNY[83]. - The company has appointed a new general manager on May 22, 2023, indicating a leadership transition[85]. - The company is actively expanding its board with diverse expertise, including members with backgrounds in finance, law, and engineering[86]. - The company has seen a consistent retention of board members, with terms extending until January 2025 for several directors[83]. - The independent directors bring significant experience from various industries, enhancing corporate governance[85]. - The company has a strong focus on strategic leadership, with several members holding key positions in other major organizations[86]. - The company has a structured process for determining the remuneration of senior management based on performance evaluations conducted by the remuneration and assessment committee[91]. - The board of directors has been proactive in filling vacancies, ensuring continuity in management roles[94]. Shareholder and Equity Information - The company changed its name from "Fujian Oriental Silver Star Investment Co., Ltd." to "Gengxing Energy Group Co., Ltd." and the stock abbreviation changed from "Oriental Silver Star" to "Gengxing Shares" while the stock code remained unchanged[145]. - As of the end of the reporting period, the total number of ordinary shareholders was 24,683, an increase from 22,626 at the end of the previous month[151]. - The company’s controlling shareholder changed from Zhonggeng Real Estate Group Co., Ltd. to Zhejiang Haixin Energy Co., Ltd., with the actual controller changing from Mr. Liang Yanfeng to Mr. Zhong Renhai[146]. - The largest shareholder, Zhonggeng Real Estate Group Co., Ltd., holds 81,929,600 shares, accounting for 35.57% of total shares[153]. - The company has 15,267,175 shares under lock-up conditions, which will be tradable starting from August 24, 2024[155]. - The top ten shareholders have not changed compared to the previous period, indicating stability in ownership[154]. Employee and Labor Information - The company has a total of 127 employees, with 10 in the parent company and 117 in major subsidiaries[105]. - The company has established a comprehensive performance evaluation system to enhance employee efficiency and motivation, which will influence rewards, promotions, and training[108]. - The company has a diverse employee educational background, with 15 holding postgraduate degrees and 83 holding bachelor's degrees[105]. Environmental and Social Responsibility - The company has not made any environmental protection investments during the reporting period, with a total of 0 RMB allocated[118]. - The company has not implemented any carbon reduction measures during the reporting period, resulting in zero reduction in carbon emissions[120]. - The company donated a total of 200,000 RMB to the University of Chinese Academy of Sciences and 49,600 RMB to Wuhan University for educational development[121].