新动力(300152) - 2023 Q4 - 年度财报(更正)

Financial Performance - Revenue for 2023 increased by 8.83% to RMB 203,296,317.02 compared to RMB 186,796,370.50 in 2022[21] - Net profit attributable to shareholders improved by 19.35% to a loss of RMB -69,997,786.60 in 2023 from a loss of RMB -86,795,089.21 in 2022[21] - Operating cash flow decreased by 40.26% to RMB 9,422,369.53 in 2023 from RMB 15,771,729.81 in 2022[21] - Total assets decreased by 4.23% to RMB 797,117,084.12 at the end of 2023 compared to RMB 832,314,381.21 at the end of 2022[21] - Shareholders' equity decreased by 18.67% to RMB 322,700,125.84 at the end of 2023 from RMB 396,767,497.42 at the end of 2022[21] - Basic earnings per share improved by 19.38% to a loss of RMB -0.0982 in 2023 from a loss of RMB -0.1218 in 2022[21] - Weighted average return on equity improved slightly to -19.35% in 2023 from -19.45% in 2022[21] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 580.06 million, a decrease of RMB 5.53 million compared to the previous year[25] - Operating cash flow net amount was RMB -2.14 billion, a significant decrease from RMB 9.19 billion in the previous year[25] - Non-recurring gains and losses included government subsidies of RMB 1.35 billion, a decrease from RMB 3.73 billion in 2022[28] - Revenue in 2023 increased by 8.83% to RMB 203.3 million compared to RMB 186.8 million in 2022[48] - Revenue from the energy-saving and environmental protection industry reached 203,296,317.02 yuan, an increase of 8.83% year-on-year[50] - The gross profit margin for the energy-saving and environmental protection industry was 17.15%, a decrease of 11.07% year-on-year[50] - Production volume in the energy-saving and environmental protection industry increased by 38.63% year-on-year to 135,904,102.24 yuan[51] - Inventory volume in the energy-saving and environmental protection industry increased by 20.67% year-on-year to 189,890,011.73 yuan[51] - Raw material costs accounted for 66.89% of the operating costs in the energy-saving and environmental protection industry, an increase of 25.19% year-on-year[52] - Sales expenses increased by 14.91% year-on-year to 16,500,119.84 yuan due to increased revenue[57] - Financial expenses increased by 18.56% year-on-year to 4,071,879.51 yuan due to new bank loans[57] - Net cash flow from operating activities decreased by 40.26% to RMB 9,422,369.53 in 2023[63] - Net cash flow from investing activities decreased by 134.32% to RMB -3,703,492.53 in 2023[63] - Net cash flow from financing activities increased by 47.40% to RMB -11,890,885.03 in 2023[63] - Total cash and cash equivalents decreased by 256.02% to RMB -6,172,008.03 in 2023[63] - Investment income in 2023 was RMB -1,451,968.44, accounting for 2.06% of total profit[66] - Asset impairment in 2023 was RMB -1,084,644.60, accounting for 1.54% of total profit[66] - Revenue for 2023 reached RMB 203.2963 million, with a cost of RMB 168.4307 million, primarily from clean combustion and boiler energy efficiency improvement businesses[173] - Inventory balance as of December 31, 2023, was RMB 189.89 million, with a provision for inventory impairment of RMB 52.3866 million, accounting for 23.82% of total assets[176] - Accounts receivable balance as of December 31, 2023, was RMB 104.168 million, with expected credit loss assessed using a credit risk matrix[176] - Other equity instrument investments totaled RMB 140.8634 million, including RMB 134.9334 million in Puyi Fund, with fair value determined by management[181] Business Operations and Strategy - The company reported a net loss due to increased financial expenses, sales expenses, and reduced government subsidies[5] - No cash dividends, stock dividends, or capital reserve to share capital conversion will be distributed[6] - The company plans to focus on its core business, improve internal management, and enhance competitiveness in the future[5] - The company focuses on providing energy-efficient and low-pollution combustion equipment, targeting the growing demand for clean energy solutions[36] - The company's main business is energy-saving combustion, providing solutions for industries such as thermal power, petroleum, and chemical[39] - The company has developed a wide range of products including low-nitrogen burners, plasma ignition systems, and biomass energy utilization technologies[40] - The company operates exclusively in the domestic market, with 100% of revenue generated from China[48] - The company's revenue is entirely derived from the energy-saving and environmental protection industry, with no diversification into other sectors[48] - The company's sales are entirely through direct sales, with no revenue from other sales models[48] - The company's subsidiary, Kerong Nengke (Chongqing) Technology Co., Ltd., was deregistered on December 27, 2023[53] - The company has developed a 4MW hydrogen-natural gas dual-fuel burner, aiming to reduce NOx emissions to less than 30mg/Nm3[59] - A trial platform for ammonia-natural gas combustion equipment is under construction, targeting a NOx conversion rate of less than 1%[59] - The biogas heating primary air system is in the design phase, aiming for an ignition success rate of over 90% and a regulation ratio greater than 2:1[59] - The company is optimizing the structure of ground flare bodies to reduce execution costs and meet market demand[59] - Research on high-temperature flue gas expansion joints is in the data collection phase, aiming to reduce procurement costs and operational safety risks[59] - Development of a waste catalyst regeneration system is underway, targeting new market opportunities and profit growth[59] - The company is optimizing the structure of garbage furnace ignition burners to reduce manufacturing costs and improve maintenance convenience[59] - A simplified secondary air burner structure is being developed to reduce manufacturing costs and enhance usability[59] - The company is optimizing the structure of dual-strength oil burners to improve reliability and wind resistance[59] - A touchscreen framework template is being developed to enhance user experience and competitiveness without increasing costs[60] - Plasma power cabinet optimization reduces costs and improves competitiveness through new transformer rectifier modules[61] - New intelligent integrated fire detection system improves flame detection capability and product lifespan[61] - R&D personnel increased by 6.82% to 47 in 2023, with R&D personnel accounting for 18.73% of total employees[61] - R&D investment in 2023 was RMB 7,186,439.50, accounting for 3.53% of operating revenue[61] - The company's strategic direction focuses on "carbon peak and carbon neutrality" technologies, with a dual-drive strategy of "environmental protection + new energy"[122] - The company plans to strengthen its environmental protection market expansion, aiming for high-quality orders and exploring overseas markets, particularly in Asia, Africa, and countries along the "Belt and Road"[124] - The company will accelerate the implementation of new energy business to create a new growth point for performance, focusing on technological R&D and cost management[125] - The company will enhance technological innovation and R&D capabilities, promoting collaboration with research institutions and universities, and building a talent pipeline[126] - The company faces risks from industry competition, professional competitiveness, and challenges related to project construction periods and accounts receivable[129][130][131] - Rising production costs due to fluctuations in raw material prices and domestic labor costs pose risks to the company's profitability, prompting efforts to optimize management systems and enhance cost-efficiency[134] Corporate Governance and Compliance - The company received a warning letter from the Hebei Securities Regulatory Bureau and has completed rectification by March 17, 2023, ensuring long-term compliance[77] - The company maintains independent operations in production, procurement, and sales, with no reliance on controlling shareholders or related entities[78] - The company possesses independent production equipment, trademarks, patents, and non-patented technologies, with no asset occupation by controlling shareholders[79] - The company's senior management, including the general manager and financial director, are full-time employees with independent personnel and salary management[80] - The 2023 first extraordinary general meeting had a 17.38% investor participation rate, held on March 16, 2023[81] - The company has a complete and independent organizational structure, including shareholders' meetings, board of directors, and supervisory board[82] - Key executives include Qi Longlong, Wang Zilong, Zong Ran, and Wu Jinghai, with diverse backgrounds in finance, auditing, and energy sectors[83] - The company has a complete and independent financial department with sufficient full-time accounting personnel, an independent accounting system, and financial management system[87] - The company's board of directors and senior management underwent several changes in 2023, including the resignation of the Chairman Mao Junliang and the dismissal of CFO Cheng Fangfang[86][88] - Cheng Fangfang, the former CFO, held 10,000 shares at the beginning and end of the period with no changes in shareholding[85] - Guo Jiejian, a director, held 10,000 shares at the beginning and end of the period with no changes in shareholding[85] - The company appointed new executives including Qi Longlong as General Manager and Wang Zilong as Vice President and CFO in 2023[88] - Total pre-tax compensation for directors, supervisors, and senior management in the reporting period was 5.234 million yuan, with 529,750 yuan deducted, resulting in a net compensation of 4.70425 million yuan[90] - Mao Junliang resigned as Chairman and Director on January 16, 2023, and Cheng Fangfang was elected as the new Chairman on the same day[90] - Cheng Fangfang, the current Chairman, received a pre-tax compensation of 819,100 yuan[98] - Independent directors Xie Simin, Song Yantao, Guo Jiejian, and Zhang Yuguo each received a pre-tax compensation of 100,500 yuan[98] - The company has a performance-based compensation system for directors, supervisors, and senior management, approved by the shareholders' meeting and the board of directors[97] - The company did not distribute profits for the year 2022[99] - The company's total comprehensive credit line and guarantee applications for 2023 were approved[99] - The company terminated the plan to issue shares and pay cash for asset acquisition and related transactions in 2023[99] - The company's board of directors held 11 meetings in the reporting period, with all directors attending via teleconference[104] - The company's 2023 semi-annual report and summary were approved[103] - The company's 2023 third-quarter report was approved[103] - The company revised the independent director work system in 2023[103] - The company's board of directors approved the election of Cheng Fangfang as the chairman and legal representative in 2023[101] - The company's board of directors approved the issuance of shares and cash payment for asset acquisition and related transactions in 2023[101] - The company's board of directors approved the resignation and appointment of senior management in 2023[103] - The company strictly complies with laws and regulations such as the "Company Law," "Securities Law," and "Guidelines for Corporate Governance of Listed Companies," continuously improving its governance structure and internal management systems[133] - The company emphasizes transparency in information disclosure, ensuring timely and accurate reporting through designated media channels[139] - The company's controlling shareholder, Xuzhou Fengli, was declared bankrupt by the Xuzhou Court on April 9, 2024, with management rights transferred to a bankruptcy administrator[140][142] - The company's actual controller cannot be determined due to the bankruptcy proceedings of Xuzhou Fengli and the inability to effectively control the board of directors[147] - The controlling shareholder, Xuzhou Fengli Environmental Protection Technology Co., Ltd., has pledged 61,000 million RMB worth of shares, accounting for 80% of its total holdings, with 60 million RMB for production and operation and 50 million RMB for debt repayment[148] - The company invested 140 million RMB in Puyi Shijiazhuang Equity Investment Fund Management Center, but the fair value of this investment could not be verified, leading to a qualified audit opinion[167] - The company's 2023 financial statements received a qualified opinion from Zhongxingcai Guanghua Certified Public Accountants due to insufficient evidence regarding the fair value of the Puyi Fund investment[166] - The company's board of directors acknowledged the qualified audit opinion and committed to taking measures to eliminate the impact of the issues raised in the audit report[170] - The company's audit committee held 4 meetings in 2023, addressing financial reports and asset impairment provisions[191] - The company's financial statements were audited with a focus on identifying and assessing risks of material misstatement due to fraud or error[192] - No significant related-party transactions occurred during the reporting period, including asset or equity acquisitions and sales[186] - The company had no financial dealings with related-party financial companies during the reporting period[187] - No joint external investment-related transactions occurred during the reporting period[188] - No significant related-party transactions involving the company's controlled financial companies occurred during the reporting period[193] - No other significant related-party transactions occurred during the reporting period[194] - No trusteeship, contracting, or leasing situations occurred during the reporting period[195][196] Energy Industry Trends - Total electricity consumption in China in 2023 was 9.22 trillion kWh, a year-on-year increase of 6.7%[33] - China's total installed power generation capacity reached 29.2 billion kW by the end of 2023, with solar power capacity at 6.1 billion kW, a 55.2% increase[33] - Thermal power accounted for 48% of total installed capacity, while solar and wind power accounted for 21% and 15% respectively[33] - Expected total electricity consumption in 2024 is 9.8 trillion kWh, a 6% increase from 2023[35] - Total installed power generation capacity is expected to reach 32.5 billion kW by the end of 2024, with non-fossil energy accounting for 57%[36] - A new coal power capacity pricing mechanism will be implemented starting January 1, 2024, to support energy transition[37] Research and Development - The company holds 338 national invention patents and has won national awards for technological progress and invention[41] - The company completed the development and testing of 20J and 50J igniters in 2023, achieving mass production and engineering applications[45] - The company is involved in a national key R&D project for hydrogen/ammonia blended combustion technology, with a total funding of RMB 7.1 million (RMB 1.1 million from government and RMB 6 million self-raised)[44] Human Resources and Employee Welfare - Total number of employees at the end of the reporting period is 251, including 39 from the parent company and 212 from major subsidiaries[199] - Employee composition: 80 production personnel, 25 sales personnel, 79 technical personnel, 14 financial personnel, 25 administrative personnel, and 28 management personnel[199] - Education level of employees: 7 with doctoral degrees, 71 with master's degrees, 121 with bachelor's degrees, and 52 with associate degrees or below[199] - The company has implemented a market-oriented salary system focusing on performance and management level improvement, with differentiated assessments[200] - The company's salary policy emphasizes performance-based rewards, linking management results with personal value returns[200] - The company prioritizes employee well-being, offering health check-ups, safety measures, and recreational facilities to enhance workplace satisfaction and cohesion[144] - Safety and environmental protection are top priorities, with the company implementing standardized management systems and regular safety inspections to mitigate risks[145] Market and Customer Relations - The top five customers accounted for 31.18% of the total annual sales, with the largest customer contributing 9.35%[55] - The top five suppliers accounted for 23.58% of the total annual procurement, with the largest supplier contributing 7.79%[55] - The company maintains strong relationships with suppliers and customers, fostering mutual benefits through innovation, quality improvement, and fair competition[146] - The company actively engages with investors through online platforms like "Tonghuashun" and "Panorama," discussing industry trends, future plans, and internal quality[135][136] Asset and Investment Management - The company's monetary funds decreased by 0.23% to 12,407,863.12, accounting for 1.56% of total assets[109] - Accounts receivable decreased by 3.91% to 104,167,985.64, accounting for 13.07% of total assets[109] - Inventory increased by 4.91% to 189,890,011.73, accounting for 23.82% of total assets[109] - Contract liabilities increased by 3.60% to 156,517,819.29, accounting for 19.64% of total assets[109] - Long-term loans increased by 6.27% to 50,000,000.00, accounting for 6.27% of total assets, due to new bank loans[109] - The company provided a guarantee for a 60 million yuan loan to its subsidiary, Xuzhou Combustion Control Research Institute, with a remaining balance of 59.9946 million yuan as of December 31, 2023[110] - The company's financial assets decreased by 6,096,631.12 to 140,863,368.88 due to fair value changes[112] - The company's restricted assets totaled 229,105,681.46, including monetary funds, investment properties, fixed assets, and intangible assets[113] - The company reported no derivative investments during the reporting period[114] - The company