TYHI(SH:600169)2023-04-26 16:00Financial Performance - Revenue for 2022 was RMB 8.04 billion, a decrease of 3.37% compared to 2021[22] - Net profit attributable to shareholders in 2022 was RMB 215.97 million, an increase of 31.60% compared to 2021[22] - Net cash flow from operating activities in 2022 was RMB 120.31 million, an increase of 11.46% compared to 2021[22] - Total assets at the end of 2022 were RMB 31.59 billion, an increase of 1.32% compared to 2021[22] - Basic earnings per share in 2022 were RMB 0.0648, an increase of 31.71% compared to 2021[23] - Weighted average return on equity in 2022 was 4.40%, an increase of 0.92 percentage points compared to 2021[24] - Revenue for Q1 2022 was 1.865 billion RMB, Q2 was 2.165 billion RMB, Q3 was 2.091 billion RMB, and Q4 was 1.918 billion RMB[25] - Net profit attributable to shareholders in Q4 2022 was 121.98 million RMB, a significant increase compared to Q3's 18.46 million RMB[25] - Non-recurring gains and losses for 2022 totaled 118.31 million RMB, a decrease from 231.49 million RMB in 2021[27] - Company achieved annual revenue of 8.04 billion yuan, a decrease of 3.37% year-on-year, and net profit attributable to shareholders of 216 million yuan, an increase of 31.69% year-on-year[46] - Revenue from domestic market decreased by 7.75% to 7.14 billion yuan, while revenue from international market increased by 77.66% to 857.85 million yuan[49] - Revenue from excavating and coking equipment decreased by 7.04% to 2.36 billion yuan, with a gross margin decrease of 5.10 percentage points[49] - Revenue from crane equipment increased by 1.18% to 1.82 billion yuan, with a gross margin decrease of 1.34 percentage points[49] - Revenue from train wheel axles and wheel sets increased by 12.52% to 1.78 billion yuan, with a gross margin decrease of 4.17 percentage points[49] - Revenue from rolling and forging equipment increased by 52.10% to 615.22 million yuan, with a gross margin decrease of 4.67 percentage points[49] - Revenue from oil film bearings increased by 10.65% to 302.57 million yuan, with a gross margin increase of 4.68 percentage points[49] - Revenue from wind power equipment decreased by 46.95% to 86.17 million yuan, with a gross margin decrease of 0.10 percentage points[49] - Revenue from gear transmission machinery decreased by 38.92% to 240.83 million yuan, with a gross margin increase of 8.02 percentage points[49] - Revenue from complete sets of projects decreased by 76.01% to 55.95 million yuan, with a gross margin increase of 1.15 percentage points[49] - Raw material costs for rolling equipment increased by 63.26% to 322,089,750.42 yuan, accounting for 60.54% of total costs[52] - Total costs for lifting equipment increased by 2.86% to 1,501,428,106.21 yuan, with raw materials making up 70.96% of costs[52] - Costs for excavating and coking equipment decreased by 0.64% to 1,867,654,196.23 yuan, with raw materials accounting for 68.87%[52] - Wheel and axle equipment costs rose by 18.47% to 1,473,956,933.62 yuan, with raw materials contributing 72.38%[52] - Total costs for oil film bearings increased by 2.71% to 183,153,634.43 yuan, with raw materials making up 59.85%[53] - Casting and forging parts costs grew by 9.86% to 239,565,103.49 yuan, with raw materials accounting for 63.67%[53] - Gear transmission machinery costs dropped by 44.44% to 194,179,348.97 yuan, with raw materials contributing 24.69%[53] - Wind power equipment costs decreased by 46.89% to 74,957,379.79 yuan, with raw materials making up 74.22%[53] - Other income decreased by 51.24% to 63.55 million yuan, mainly due to reduced subsidies and the inclusion of other income from the disposal of Taiyuan Heavy Industry Binhai Company in the previous period[55] - Investment income decreased by 64.28% to 48.42 million yuan, primarily due to the disposal of Taiyuan Heavy Industry Binhai Company's equity in the previous period[55] - Tax refunds received increased by 131.26% to 122.40 million yuan, while taxes paid decreased by 30.58% to 360.72 million yuan[61] - Cash received from the disposal of fixed assets increased by 16,073.31% to 8.76 million yuan, while cash received from the disposal of subsidiaries decreased by 100% to 0 yuan[62] - Long-term loans increased by 32.63% to 4.26 billion yuan, and corporate bonds issued increased by 42.63% to 1.68 billion yuan[65] - The company's 2022 net profit was 184,227,485.14 yuan, but due to the carryover of undistributed profits from the previous year (-363,661,868.49 yuan), the undistributed profit at the end of 2022 was -180,414,383.35 yuan, leading to no profit distribution for 2022[129] Operational Performance - The company completed orders worth 10.85 billion RMB in 2022, a 21.8% year-on-year increase[32] - Export orders reached 2.47 billion RMB in 2022, a 66.1% increase compared to the previous year[32] - Production plan completion rate improved by 3.1% year-on-year, and contract fulfillment rate increased by 4.3%[33] - The company's heavy machinery products are exported to over 50 countries, with significant market share in domestic and international markets[39] - The company has produced over 6000 crane units, with a leading domestic market share for cranes over 300 tons[39] - The company has manufactured over 1400 mining machinery excavators, with bucket capacities ranging from 4m³ to 75m³[40] - The company has produced over 50 sets of seamless pipe rolling equipment, leading in domestic market share[40] - The company's oil film bearings are used in over 1600 rolling mills, with leading domestic market share and exports to over 10 countries[40] - The company has installed over 850 wind turbines with capacities ranging from 1.5MW to 3MW, and has successfully developed a 10MW wind turbine[41] - The company operates over 2500 sets of production equipment, including smelting, casting, forging, and welding facilities[44] - The company has established a strong user base among major domestic enterprises in metallurgy, mining, power, and railway sectors[44] - The company's rail transit equipment includes wheels, axles, gearboxes, and integrated wheel sets, widely used in railways, urban transit, and industrial applications[39] - The company's crane products include bridge cranes, gantry cranes, and portal cranes, with flagship products like the 1300-ton hydropower station bridge crane[39] - The company successfully developed 5.6/8.0/10MW wind turbine units, advancing in the new energy sector[31] R&D and Innovation - R&D investment totaled 763.62 million yuan, accounting for 9.50% of operating revenue, with 54.81% of the R&D investment being capitalized[57] - The company has 898 R&D personnel, accounting for 16.25% of the total workforce, with 291 holding a master's degree and 1 holding a doctoral degree[58] - R&D efforts in 2022 focused on new products such as wind turbines, intelligent equipment, mining equipment, and high-speed rail wheel axles, as well as key technology breakthroughs and cost reduction projects[59] - The company aims to strengthen its R&D system by deepening cooperation with research institutes, universities, and collaborative enterprises[83] - The company will optimize its product structure by promoting localization, accelerating intelligence, improving humanization, achieving lightweight design, and realizing green transformation[84] Corporate Governance and Management - The company did not propose any profit distribution or capital reserve conversion to share capital for 2022[4] - The company's registered address is No. 53 Yuhe Street, Wanbailin District, Taiyuan City, Shanxi Province[16] - The company's website is http://www.tyhi.com.cn[16] - The company's annual report is disclosed on the websites of the China Securities Journal and the Shanghai Securities News[18] - The company issued 1 billion RMB in corporate bonds and implemented its first equity incentive plan, granting 38.834 million shares to 192 individuals[34] - The company's equity investment amount showed no significant change compared to the same period last year[70] - The company conducted financial derivatives hedging transactions with a limit of 500 million yuan or equivalent foreign currency, locking in 8,043,380 euros for key imported equipment[73] - The company emphasized innovation, intelligent and green upgrades, quality improvement, internationalization, and efficiency enhancement as key trends for the "14th Five-Year Plan" period[77] - The company's strategy focuses on "user-first, efficiency-oriented, people-oriented, reform and innovation, and benchmarking against world-class standards"[78] - The company aims to build a modern intelligent equipment manufacturing enterprise with international first-class competitiveness[79] - The company's 2023 revenue target is 13.7 billion yuan, aiming for stable profit growth[80] - The company plans to focus on digital transformation, including the upgrade and promotion of intelligent systems such as remote operation of mining shovels and intelligent cranes[81] - A total of 60 training sessions will be conducted in 2023, involving nearly 3,000 employees to enhance their skills and capabilities[82] - The company will implement a comprehensive budget management system to integrate financial, business, investment, and compensation budgets[88] - The company aims to achieve 100% control over the entire process and 100% coverage of execution standards in its quality management system[90] - The company faces market risks due to macroeconomic fluctuations and increased competition, which may impact its performance and financial status[91] - The company has established a risk control system to manage contract risks, especially for new products, new markets, and uncertain political or economic regions[91] - The company has implemented targeted measures for customer credit risk, including legal actions to expedite the collection of receivables from completed but unsettled projects[92] - The company is optimizing procurement costs by establishing strategic partnerships with industry leaders and improving the centralized procurement management platform[93] - The company is strengthening debt risk prevention through monthly forecasts and six-month rolling warnings, while reducing financial expenses by controlling financing costs and replacing high-interest debts with low-interest ones[93] - The company has improved its corporate governance structure and internal control systems, ensuring compliance with laws and regulations, and effectively balancing the responsibilities of shareholders, board of directors, and supervisors[95] - The 2021 annual shareholders' meeting approved 14 proposals, including the 2021 annual report and board of directors' work report[96] - The 2022 first extraordinary shareholders' meeting approved 5 proposals, including the 2022 restricted stock incentive plan and its implementation assessment measures[97] - The company's 2022 restricted stock incentive plan granted 38,833,900 shares, with senior executives Wang Shenglin, He Wei, Duan Zhihong, and Zhao Xiaoqiang collectively holding 1,406,400 shares[103] - Cheng Dongsheng participated in the restricted stock incentive plan, holding 510,000 shares, and was appointed as Vice President on December 23, 2022[103] - The annual pre-tax remuneration for independent directors Yao Xiaomin, Zhao Baodong, Wu Peiguo, and Qu Fuzheng was 80,000 yuan each[103] - Wang Shenglin, the General Manager, received 352,100 shares through equity incentives[100] - Cheng Dongsheng, Vice President, received 510,000 shares through equity incentives[100] - He Wei, Vice President, received 383,800 shares through equity incentives[100] - Duan Zhihong, CFO, received 343,100 shares through equity incentives[100] - Zhao Xiaoqiang, Board Secretary, received 327,400 shares through equity incentives[100] - The total number of shares held by the company's executives at the end of the year was 1,916,400[102] - The total pre-tax remuneration for the company's executives in the reporting period was 3,347,900 yuan[102] - The total actual remuneration received by all directors, supervisors, and senior management at the end of the reporting period was 3.3479 million yuan[107] - The company completed the election of the 9th Board of Directors and 9th Board of Supervisors, and appointed new senior management[108] - Han Zhentang was elected as Chairman, Tao Jiajin as Vice Chairman, and Zhao Chende as Chairman of the Supervisory Committee[110] - Bu Yanfeng was appointed as General Manager, Wang Shenglin and He Wei as Deputy General Managers, Duan Zhihong as CFO, and Zhao Xiaoqiang as Board Secretary[110] - Cheng Dongsheng was appointed as Deputy General Manager at the 3rd interim meeting of the 9th Board of Directors in 2022[110] - Bu Yanfeng resigned as Director, Audit and Risk Control Committee member, and General Manager due to work changes[110] - Zhao Chende resigned as Chairman of the Supervisory Committee for personal reasons[110] - Wang Shenglin was appointed as General Manager and relieved of his position as Deputy General Manager at the 1st interim meeting of the 9th Board of Directors in 2023[110] - The company received a disciplinary action from the Shanghai Stock Exchange in August 2020 for failing to disclose asset sales and large asset impairment provisions in a timely manner[111] - The company held 8 board meetings in 2022, with all directors attending as required, and no instances of consecutive absences[116] - The Audit and Risk Control Committee held 4 meetings in 2022, focusing on annual report audits, internal control evaluations, and financial reviews[118][119] - The Nomination Committee held 3 meetings in 2022, proposing candidates for the 9th board of directors, supervisors, and senior management positions[120] - The Remuneration and Assessment Committee held 2 meetings in 2022, reviewing and approving the 2021 compensation for directors, supervisors, and senior management[121] - The company approved the 2022 Restricted Stock Incentive Plan and related adjustments during board meetings in August 2022[115] - The company reviewed and approved the 2022 semi-annual report during the second board meeting on August 25, 2022[115] - The company reviewed and approved the 2022 third-quarter report during the third board meeting on October 28, 2022[115] - The company approved the expected daily related-party transactions with new related parties for 2022 during the third interim meeting on December 23, 2022[115] - The company elected the chairman and vice-chairman of the 9th board of directors and members of various special committees during the first board meeting on May 18, 2022[115] - The company appointed a new general manager during the 11th board meeting on May 8, 2022[115] - The company's strategic committee held two meetings in 2022, focusing on the restricted stock incentive plan and the capital increase and share transfer of a subsidiary[123] - The company's board of directors and supervisory board have no objections to the supervision matters during the reporting period[124] - The company's cash dividend policy complies with the articles of association and shareholder meeting resolutions, with clear standards and procedures[130] - The company's restricted stock incentive plan was approved by the board and received feedback from the Shanxi State-owned Capital Operation Company[131] - The company granted a total of 3,883,390 restricted shares under the 2022 Restricted Stock Incentive Plan, which were registered on September 27, 2022[132] - Senior management received a total of 1,916,400 restricted shares in 2022, with a grant price of 1.38 yuan per share and a market price of 2.38 yuan per share at the end of the reporting period[134] - The company implemented a core personnel equity incentive plan in 2022 to enhance long-term incentives[127] - The 2023 training plan aims for 100% coverage and completion, targeting 150,000 training sessions with an average of 36 hours per person, and aims to add 280 skilled talents and 230 technical talents[128] Environmental and Social Responsibility - The company invested 39.8064 million yuan in environmental protection during the reporting period[140] - The company's main pollutants in 2022 included 24.64 tons of waste mineral oil, 4.57 tons of waste paint residue, and 117.4 tons of electric arc furnace dust, all within emission limits[142] - The company renewed its pollutant discharge permit on November 17, 2022, with certificate number 91140000701013306H001V[141] - The company reduced carbon dioxide emissions by 9,400 tons in 2022 through measures such as optimizing energy structure, developing low-carbon technologies, and promoting green production[148] - The company's comprehensive energy consumption decreased by 11.4% in 2022, contributing to a reduction of approximately 9,400 tons of carbon dioxide emissions[149] - The company invested a total of 12.96 million yuan in external donations and public welfare projects, including 3.58 million yuan donated by model workers and craftsmen[151] - The company allocated 82.31 million yuan for poverty alleviation and rural revitalization projects, including 73.34 million yuan in funds and 8.97 million yuan in material equivalents[152] - The company directly purchased and assisted in the sales of agricultural products worth 14.7 million yuan, benefiting local farmers[154] - The company's environmental protection measures include the use of high-efficiency dust collectors and advanced VOCs treatment processes for paint booths[143] - The company implemented an environmental self-monitoring