YNCE(SH:600792)2023-04-26 16:00Financial Performance - In 2022, the company reported a net profit attributable to shareholders of -181,038,272.23 yuan, with an undistributed profit of -239,633,220.45 yuan at the end of the reporting period[5]. - The parent company achieved a net profit of -16,025,329.73 yuan, with an undistributed profit of 276,676,948.04 yuan[5]. - The company plans not to distribute cash dividends or increase capital reserves for the 2022 fiscal year, in line with its operational conditions[5]. - The company's operating revenue for 2022 was approximately ¥7.54 billion, representing a year-over-year increase of 23.60% compared to ¥6.10 billion in 2021[22]. - The net profit attributable to shareholders was a loss of approximately ¥181 million in 2022, compared to a loss of ¥29.72 million in 2021, indicating a significant decline[22]. - The cash flow from operating activities showed a substantial increase of 258.81%, reaching approximately ¥926 million in 2022, up from ¥258 million in 2021[22]. - Total assets increased by 50.08% to approximately ¥9.40 billion at the end of 2022, compared to ¥6.26 billion at the end of 2021[22]. - The basic earnings per share for 2022 was -¥0.18, a decrease from -¥0.03 in 2021, indicating a worsening financial performance[23]. - The weighted average return on equity decreased to -5.53% in 2022 from -0.88% in 2021, reflecting a decline in profitability[23]. - The company reported a net loss of approximately ¥85.75 million in Q4 2022, contributing to the overall annual loss[25]. Operational Highlights - In 2022, the company produced 2.0533 million tons of coke and 115,200 tons of coal chemical products, achieving a revenue of 7.541 billion yuan[34]. - The company completed the permanent shutdown of the 1 million tons/year 6-meter coke oven and related facilities at the Anning branch, which had produced a total of 24.5 million tons over 20 and 28 years[32]. - The company is actively pursuing the construction of a 2 million tons coke project, with the second coke oven starting coal charging on October 25, 2022, and producing its first batch of red coke on October 27, 2022[32]. - The company has implemented strict management practices, achieving zero incidents of serious injuries and environmental pollution throughout 2022[34]. - The company produced 2.0533 million tons of coke in 2022, achieving its annual target[44]. Market and Industry Challenges - The company faced challenges in the domestic coking industry due to overcapacity and high raw material costs, impacting market prices[30]. - The coke industry faced low profitability in 2022, with many companies operating at a loss due to high raw material costs and fluctuating coke prices[35]. - The coal chemical market experienced significant fluctuations in 2022, with domestic coal tar prices reaching historical highs due to supply constraints[36]. - The coking industry is facing stricter environmental regulations, with policies aimed at improving industry standards and promoting high-quality development during the 14th Five-Year Plan[80]. - The company’s main product, coke, is heavily reliant on the steel industry, and any downturn in this sector could directly impact its profitability[119]. Research and Development - The company obtained 27 patent authorizations in 2022, bringing the total number of effective patents to 305[34]. - The company holds 156 effective patents in the coking sector, including 21 invention patents[41]. - The company is developing ultra-high-speed plasma rotating electrode atomization technology to improve powder production efficiency and reduce costs[71]. - The company is also researching controllable preparation technology for nano-powder materials, focusing on the relationship between plasma structure and material growth mechanisms[72]. - The company has 336 R&D personnel, accounting for 17.74% of the total workforce[70]. Environmental and Sustainability Initiatives - The company invested CNY 35.22 million in environmental protection during the reporting period[188]. - The total emissions of major pollutants from the Anning branch in 2022 were: particulate matter 27.21 tons (15.45% of the permit limit), sulfur dioxide 60.278 tons (32.49%), nitrogen oxides 416.301 tons (57.03%)[188]. - The company achieved a 100% operational rate and over 95% availability rate for its environmental protection equipment[192]. - The company implemented carbon reduction measures that resulted in a decrease of 4,895 tons of CO2 equivalent emissions[198]. - The company aims to achieve carbon peak by 2025 and a 30% reduction in carbon emissions by 2035, in line with the national carbon neutrality goals[83]. Governance and Management - The company held multiple shareholder meetings throughout 2022, including the first extraordinary meeting on January 27, 2022, and the seventh extraordinary meeting on December 19, 2022[130]. - The company has implemented a comprehensive internal control system, identifying and addressing six general deficiencies in non-financial reporting controls[126]. - The company has made significant updates to its governance policies, including the addition of 18 new regulations and the revision of 17 existing ones by the end of 2022[127]. - The company’s board of supervisors elected Yang Qingbiao as the chairman of the ninth supervisory board, with a term of three years starting from October 2022[153]. - The company has undergone several personnel changes, including the resignation of independent director Li Xiaojun due to work adjustments[160]. Future Outlook and Strategic Plans - In 2023, the company plans to produce 2.65 million tons of coke, 176,900 tons of chemical products, 1.139 billion cubic meters of gas, and 19,000 tons of wear-resistant products[117]. - The company is focusing on expanding its market presence through new product development and technological advancements in coking processes[99]. - The company is committed to expanding its product market by maximizing the benefits of the industrial chain and actively exploring external markets[116]. - The company is exploring market expansion opportunities, particularly in Southeast Asia, aiming for a 20% increase in market share by 2024[165]. - The company plans to issue A-shares in 2022, with specific proposals regarding the issuance method, pricing, and fundraising purposes outlined in the shareholder meetings[132].