*ST榕泰(600589) - 2022 Q4 - 年度财报

Financial Performance - The company reported a negative distributable profit as of December 31, 2022, and therefore will not distribute profits or increase capital reserves for the year 2022[5]. - The company's operating revenue for 2022 was CNY 421,073,439.74, a decrease of 46.01% compared to CNY 779,979,506.72 in 2021[23]. - The net profit attributable to shareholders was -CNY 745,448,761.93, reflecting a slight increase in losses of 3.72% from -CNY 718,724,070.20 in the previous year[23]. - The total assets decreased by 40.23% to CNY 1,109,663,305.11 from CNY 1,856,464,786.61 in 2021[23]. - The basic earnings per share for 2022 was -CNY 1.06, a decline of 3.92% from -CNY 1.02 in 2021[24]. - The weighted average return on equity was -63.53%, worsening from -59.54% in the previous year[24]. - The company reported a total of CNY -92,541,054.31 in non-recurring losses for 2022, compared to -CNY 247,347,197.88 in 2021[30]. - The total revenue for the year 2022 was 4,863,013,000, with a net loss of 2,848,820,000, representing a significant decline[115]. - The company reported a total of 2,014,193,000 in operating expenses, indicating a 41.5% increase compared to the previous year[115]. Operational Challenges - The company faced challenges due to economic downturns and management issues, leading to a continuous decline in operational performance over the past three years[25]. - The company faced severe operational difficulties and financial pressure, leading to a debt crisis and lawsuits from multiple financial institutions[32]. - The chemical materials business has been in a loss state for three consecutive years, prompting the company to officially shut down this segment on October 28, 2022, transitioning to a single focus on internet data services[32]. - The company is actively resolving debt disputes and has reached settlements with some creditors, while also working to unfreeze bank accounts[35]. - The company is in the process of disposing of over 1,500 acres of idle land to recover funds for debt repayment and improve its asset-liability structure[35]. Strategic Shift - The company has officially shut down its chemical materials business as of October 28, 2022, transitioning to a single main business model focused on internet data services[89]. - The company plans to focus on its internet services while reducing investments in the chemical sector due to ongoing market challenges[54]. - The company aims to enhance its financial management and increase the recovery of accounts receivable to alleviate financial pressure[173]. - The company is committed to building efficient, green, and secure internet data centers, aligning with national strategies for digital transformation and economic upgrading[38]. - The company plans to invest 200 million in R&D to drive innovation and improve operational efficiency[117]. Governance and Compliance - The audit report issued by Da Hua Accounting Firm includes an emphasis paragraph and indicates significant uncertainties regarding the company's ability to continue as a going concern[4]. - The board of directors and supervisory board members have all attended the board meeting, ensuring the integrity of the report[4]. - The company has established a structured governance framework, with all shareholder meetings conducted in accordance with the Company Law and its Articles of Association[110]. - The company has implemented a salary management system that aligns with industry standards and regional compensation levels[120]. - The company is committed to compliance with regulatory requirements, as evidenced by its responses to penalties and management changes following regulatory scrutiny[123]. Risk Management - The company emphasizes the importance of reading the detailed risk disclosures in the management discussion and analysis section of the report[8]. - The company has outlined various risks it may face in its operations, which are detailed in the report[8]. - The company is facing delisting risk due to a negative net asset value at the end of the 2022 audited period, as per the Shanghai Stock Exchange regulations[172]. - The company is actively addressing financial debt risks, with plans to dispose of over 1,500 acres of idle land to recover funds for debt repayment[105]. - The company is at risk of delisting due to a negative net asset value as of the end of 2022, which could impact its stock listing status[105]. Environmental and Social Responsibility - The company has a daily wastewater treatment capacity of 500 tons, ensuring compliance with environmental discharge standards[152]. - The company operates three boiler flue gas desulfurization facilities, utilizing a dual-alkali method for desulfurization and wet dust removal techniques[153]. - Environmental impact assessments for existing projects have been approved, including a 60,000-ton ML composite new materials project and a 70,000-ton formaldehyde project[154]. - The company has established an emergency response plan for environmental incidents, which has been reviewed and filed with the local environmental protection bureau[155]. - No administrative penalties were imposed on the company during the reporting period for environmental issues[157]. Future Outlook - Future guidance suggests a targeted revenue growth of 15% for the upcoming fiscal year, aiming to recover from the previous year's losses[117]. - The company plans to enhance investment in technology research and development, focusing on digital infrastructure and smart computing centers[62]. - The company aims to construct data centers in key computing hub nodes as part of the national "East Data West Computing" strategy, enhancing its market share and core competitiveness[99]. - The company is focused on consolidating its core business resources to improve profitability and operational efficiency[173]. - The company is actively pursuing strategic acquisitions to bolster its market position and diversify its product line[118].