Financial Performance - Asia Cement (China) reported a revenue of RMB9,614,330,000 in 2022, a year-on-year decrease of 18%[9]. - The gross operating profit for 2022 was RMB1,288,929,000, reflecting a significant year-on-year decrease of 65%[9]. - The net operating profit amounted to RMB532,702,000, representing an 82% decline compared to the previous year[9]. - The gross operating margin was recorded at 13.4%, while the net operating margin stood at 5.5%[9]. - In 2022, Asia Cement (China) reported a revenue of CNY 9,614,330 thousand, a decrease of 18% compared to the previous year[10]. - The operating gross profit for 2022 was CNY 1,288,929 thousand, down 65% year-on-year, with a gross profit margin of 13.4%[10]. - The net profit for 2022 was CNY 532,702 thousand, reflecting an 82% decline from the previous year, resulting in a net profit margin of 5.5%[10]. - The total revenue for Asia Cement (China) in 2022 was RMB9,614,330,000, a year-on-year decrease of 18%[17]. - The gross operating profit and net operating profit were RMB1,288,929,000 and RMB532,702,000, reflecting year-on-year decreases of 65% and 82% respectively[17]. - The total comprehensive income for the year 2022 was RMB 420,072, compared to RMB 1,768,307 in 2021, indicating a significant decline of approximately 76.3%[176]. Industry Challenges - The cement industry faced challenges due to rising production costs driven by increasing coal and electricity prices[6]. - The cement industry's profits are expected to drop by over 50% in 2022 due to high production costs and weak demand[15]. - The cement industry faced a 39.4% year-on-year decline in newly started residential area and a 53.4% year-on-year decrease in land acquisition area in 2022[59]. - The price of coal surged to RMB1,600 per tonne in 2022, creating significant business pressure for the cement industry[60]. - Environmental protection and low carbon policies are anticipated to deepen in 2023, further suppressing cement supply and increasing cost pressure on backward enterprises[62]. Strategic Initiatives - Asia Cement (China) is focusing on high-quality development and green transformation in response to the "dual carbon" policy[8]. - The company is investing in digitalization and green factory construction to enhance operational efficiency[8]. - Asia Cement (China) plans to achieve production capacity targets of 40 million tonnes for cement, 20 million tonnes for aggregates, and 10 million tonnes for products over the next five years[11]. - The company aims to meet environmental grade A standards for all cement and clinker production lines, focusing on low-carbon transformation and energy-saving technologies[11]. - The company is committed to high-quality development and comprehensive talent cultivation to create long-term value for customers, employees, and society[11]. - The company is focusing on green and low-carbon development, utilizing industrial waste in raw material mixtures and treating 73,000 tons of various wastes throughout the year to enhance resource utilization[24]. - The company is accelerating its transformation towards renewable energy and has begun to invest in photovoltaic and energy storage sectors[20]. Market Outlook - For 2023, the GDP growth rate is estimated to be approximately 5%, with expectations of stabilization in the property market and strong support for cement demand[11]. - The cement industry is expected to see improved operating efficiency in 2023 due to a rebound in cement prices and coal prices returning to reasonable levels[11]. - The Group expects that infrastructure construction will become one of the important drivers of economic growth in 2023, supporting cement demand[61]. - The Group anticipates industry profits will improve slightly due to the gradual implementation of key construction projects and favorable real estate policies[64]. - The Group expects the overall cement market to continue declining in 2023, but the decline will significantly narrow, especially in the second half of the year, with cement demand expected to stabilize[64]. Corporate Governance - The Board is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[67]. - The Board comprises eleven Directors, including six executive Directors, one non-executive Director, and four independent non-executive Directors[68]. - The Company has complied with all code provisions of the Corporate Governance Code throughout the year ended December 31, 2022[67]. - The Board is responsible for overseeing the Group's businesses, strategic decisions, and performance, promoting the Company's success[72]. - The Company emphasizes the importance of independent non-executive directors attending general meetings to understand shareholder views[71]. Financial Position - The company's total assets were valued at RMB21,146,284,000, with net assets of RMB17,390,864,000[5]. - The current ratio improved to 5.10, while the gearing ratio was reported at 0.18[5]. - Total equity decreased by approximately 2% to RMB17,390.9 million as of December 31, 2022, down from RMB17,673.8 million in 2021[51]. - Cash generated from operating activities decreased from RMB2,498.9 million in 2021 to RMB1,614.7 million in 2022[51]. - The Group's borrowings as of December 31, 2022, included short-term borrowings of RMB1,014 million and long-term borrowings of RMB1,361.6 million[53]. Employee and Social Responsibility - The company emphasizes corporate social responsibility and will actively participate in the construction of "Zero Waste City" initiatives[11]. - The Group has policies to select suppliers and contractors that align with its social, environmental, and labor practice standards[158]. - Employees are compensated equitably and competitively, with ongoing training and development opportunities provided to enhance performance and achieve corporate goals[158]. - Charitable donations made by the Group during the year totaled RMB9.8 million, a significant increase from RMB1.4 million in 2021[137].
亚洲水泥(中国)(00743) - 2022 - 年度财报