Financial Performance - The company's revenue increased by approximately RMB 1,926.3 million or 41.3%, from approximately RMB 4,663.6 million in 2022 to approximately RMB 6,589.9 million in 2023[3]. - The group reported a net profit of RMB 85.5 million for the year ended December 31, 2023, compared to a net loss of RMB 165.3 million in 2022[29]. - Basic earnings per share for 2023 were RMB 14.28, compared to a loss per share of RMB 27.55 in 2022[29]. - The net profit attributable to the owners of the company for 2023 was approximately RMB 85.7 million, a significant recovery from a loss of approximately RMB 165.3 million in 2022[156]. - The net profit margin for 2023 was approximately 1.3%, compared to a net loss margin of 3.5% in 2022[157]. - The pre-tax profit for 2023 is RMB 101,161,000, a significant recovery from a loss of RMB 197,418,000 in 2022[76]. Sales and Production - Sales volume of cold-rolled steel products increased by approximately 272,209 tons or 44.2%, reaching about 886,949 tons in 2023 compared to 614,740 tons in 2022[3]. - Sales volume of galvanized steel products increased by approximately 240,052 tons or 69.9%, reaching about 583,438 tons in 2023 compared to approximately 343,386 tons in 2022[3]. - The sales volume of cold-rolled and galvanized steel products in 2023 totaled approximately 1,470,387 tons, representing an increase of about 512,261 tons or 53.5% compared to approximately 958,126 tons in 2022[169]. Costs and Expenses - The cost of sales increased to approximately RMB 6,293.3 million in 2023, an increase of RMB 1,609.6 million or 34.4% from approximately RMB 4,683.7 million in 2022[8]. - Selling expenses rose to approximately RMB 69.0 million in 2023, an increase of 75.1% from RMB 39.4 million in 2022, driven by higher shipping costs due to increased sales volume[21]. - Administrative expenses decreased to approximately RMB 58.6 million in 2023 from RMB 64.8 million in 2022, a decline of about 9.6%[22]. - Financial costs increased to approximately RMB 80.6 million in 2023, up 1.5% from RMB 79.4 million in 2022, mainly due to higher borrowing levels[26]. - Total employee benefits expenses increased to RMB 123,007,000 in 2023 from RMB 116,654,000 in 2022, reflecting a growth of approximately 5.8%[95]. Profitability Metrics - Gross profit for 2023 was approximately RMB 296.6 million, compared to a gross loss of approximately RMB 20.1 million in 2022[15]. - The gross margin for 2023 was approximately 4.5%, while the gross loss margin for 2022 was approximately 0.4%[16]. - Average selling price for cold-rolled steel products was RMB 4,174 per ton in 2023, down from RMB 4,644 per ton in 2022, a decrease of about 10.1%[18]. - Average selling price of galvanized steel products decreased to RMB 4,282 per ton in 2023 from RMB 4,524 per ton in 2022[5]. Assets and Liabilities - As of December 31, 2023, the net current liabilities were approximately RMB 266.7 million, a decrease of RMB 185.4 million or 41.0% from RMB 452.1 million on December 31, 2022[1]. - Total assets decreased from RMB 1,977,280,000 in 2022 to RMB 1,810,395,000 in 2023, a decline of approximately 8.4%[33]. - Current liabilities increased from RMB 1,922,144,000 in 2022 to RMB 2,244,015,000 in 2023, representing an increase of about 16.8%[33]. - Non-current liabilities rose significantly from RMB 449,285,000 in 2022 to RMB 1,028,911,000 in 2023, an increase of around 129.5%[52]. - The company's equity attributable to owners increased from RMB 425,338,000 in 2022 to RMB 512,825,000 in 2023, reflecting a growth of approximately 20.5%[35]. Cash Flow and Financing - Cash and cash equivalents increased from RMB 16,093,000 in 2022 to RMB 98,386,000 in 2023, a substantial increase of about 510.5%[33]. - The company reported a net cash outflow of RMB 82,265,000 for the year ended December 31, 2023[56]. - The operating cash flow showed a net outflow of RMB 371,976,000 for the same period[56]. - The total bank financing amount as of December 31, 2023, is approximately RMB 1,649,780,000, with RMB 1,192,201,000 utilized and RMB 457,579,000 unutilized[57]. - The total bank borrowings increased to RMB 2,277.9 million in 2023, compared to RMB 1,516.1 million in 2022[152]. Taxation and Subsidies - The income tax expense for 2023 is RMB 15,681,000, compared to an expense of RMB 32,119,000 in 2022[76]. - The group received a subsidy of RMB 195,000 from local Chinese authorities for business development, down from RMB 865,000 in 2022[72]. - Government grants increased to RMB 8,203,000 in 2023 from RMB 4,165,000 in 2022, representing a growth of 97.8%[88]. Corporate Governance and Compliance - The group has maintained compliance with corporate governance codes throughout the year ending December 31, 2023[166]. - The independent non-executive directors confirmed that the controlling shareholders fully complied with the non-competition agreement for the year ended December 31, 2023[199]. - The company is committed to effective board governance and appropriate independent policies to provide transparency and accountability to shareholders[194]. Future Outlook and Development - The group is developing the Huazhi Metal Industrial Park and plans to construct three berths with a maximum capacity of 30,000 deadweight tons, with the first berth expected to be completed in early 2024[178]. - The group anticipates that the application of other revised Hong Kong Financial Reporting Standards will not have a significant impact on future consolidated financial statements[65].
茂宸集团(00273) - 2023 - 年度业绩