WSBE(SH:600421)2023-04-18 16:00Financial Performance - The net profit attributable to shareholders for 2022 was -6,487,068.34 RMB, with a total distributable profit of -431,603,834.45 RMB[5]. - Operating revenue for 2022 was 125,191,438.01 RMB, a decrease of 3.96% compared to 2021[20]. - The net assets attributable to shareholders decreased by 23.60% year-on-year, totaling 20,973,417.00 RMB at the end of 2022[20]. - The total assets increased by 5.30% year-on-year, reaching 127,433,325.82 RMB at the end of 2022[20]. - The basic earnings per share for 2022 was -0.03 RMB, compared to -0.05 RMB in 2021[21]. - The cash flow from operating activities was -24,750,376.39 RMB, indicating a significant cash outflow[20]. - The weighted average return on equity was -26.79% for 2022, reflecting continued financial challenges[21]. - The company reported total operating revenue of CNY 125.19 million in 2022, a decrease of 3.96% compared to 2021[26]. - The net profit attributable to shareholders was a loss of CNY 6.49 million, an improvement of 26.81% from the previous year's loss[26]. - The main business revenue decreased by 2.59%, while the main business cost decreased by 2.09%, resulting in a gross margin of 7.51%[51]. Sales and Market Performance - The sales revenue from molds increased by 17.17% in 2022, with municipal road and bridge molds generating CNY 29.09 million, a growth of 437.78% year-on-year[27]. - The company achieved a sales volume of 15,365.78 tons in 2022, an increase of 6.37% compared to 2021[29]. - The sales revenue from formwork was CNY 4.78 million, accounting for only 3.95% of total revenue, significantly down from 36.29% in 2020[30]. - The company operates in a customized production model, with a focus on pre-cast concrete (PC) molds and related products[45]. - The market share remains strong, with the company being one of the earliest manufacturers of PC molds in China, capable of producing over 10,000 tons annually[46]. - The company has expanded its market presence from East China to South, North, and Northwest regions, aligning with the rapid development of prefabricated construction[47]. Cost Management and Efficiency - The average procurement price of plate materials decreased by approximately CNY 900 per ton, a decline of 18% compared to 2021[29]. - The company implemented cost-reduction measures, achieving a nearly 30% reduction in workforce in the first half of 2022[28]. - The company has reduced financial expenses by 31.71% to CNY 977,375.09, reflecting improved cost management[51]. - Research and development expenses decreased by 9.41% to CNY 5.41 million, indicating a focus on efficiency[51]. - The gross margin for direct sales mode was 7.51%, a decrease of 0.48 percentage points compared to the previous year[52]. Strategic Initiatives and Future Plans - The company plans not to distribute profits or increase capital reserves for the 2022 fiscal year[5]. - The company plans to stabilize the PC mold base while expanding into municipal road and underground space markets in 2023[69]. - The company aims to enhance product structure and develop new products to support transformation and growth[69]. - The company is actively seeking new profit growth points to enhance its risk resistance and sustainable development capabilities[69]. - The company plans to continuously improve its product structure and expand into municipal road and bridge markets, as well as underground space markets, to enhance its resilience against market risks[73]. Governance and Compliance - The company has established a robust internal control management system in compliance with regulations, enhancing decision-making efficiency and ensuring asset safety[115]. - The internal control system was continuously improved, achieving the expected goals and safeguarding the interests of the company and its shareholders[115]. - The company has not engaged in any related party transactions that could impact its independence[81]. - The company has maintained compliance with governance regulations without significant discrepancies[80]. - The company emphasizes transparency in its financial reporting and governance practices, as evidenced by its detailed disclosures in the annual report[92]. Shareholder and Capital Structure - The total number of ordinary shareholders increased from 6,683 to 6,868 during the reporting period[134]. - The largest shareholder, Zhejiang Hengshun Investment Co., Ltd., holds 38,136,775 shares, representing 19.50% of the total shares[136]. - The company reported a total of 31.96% of shares held by the combined actions of Shanghai Tianji Investment Co., Ltd. (12.46%) and Zhejiang Hengshun Investment Co., Ltd. (19.50%) as they are wholly-owned subsidiaries of Zhongtian Holdings Group Co., Ltd.[143]. - The company’s financial statements for the year ended December 31, 2022, were audited and found to fairly reflect its financial position and operating results according to Chinese accounting standards.[147]. Cash Flow and Financial Position - Cash and cash equivalents decreased by 77.29% to 3,704,392.81, down from 16,310,210.50[63]. - Accounts receivable increased by 43.23% to 79,580,216.89, compared to 55,562,260.52 in the previous period[63]. - The company reported a net cash flow from operating activities of -24,750,376.39 RMB, compared to -6,119,029.16 in the previous period[61]. - The ending cash and cash equivalents balance decreased to 3,704,392.81 RMB in 2022 from 16,310,210.50 RMB in 2021, reflecting a decline of 77%[172]. - The company’s cash flow from operating activities showed a net outflow for the second consecutive year, indicating ongoing operational challenges[171].