CCEGC(SH:600939)2023-04-26 16:00Profit Distribution - The proposed profit distribution plan for 2022 includes a cash dividend of CNY 0.24 per share (before tax), based on a total share capital of 1,901,788,174 shares, resulting in an expected total distribution of CNY 45,642,916.18 (before tax) [5] - The company has not proposed any stock bonus or capital reserve transfer to increase share capital in the profit distribution plan [5] - The company is committed to maintaining the total distribution amount unchanged, even if there are changes in total share capital due to convertible bonds [5] - The cash dividend represents 30.15% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which amounts to 151,408,433.98 RMB [164] - The profit distribution plan has been approved by the company's board of directors on April 25, 2023, and is pending approval from the shareholders' meeting [161] Financial Performance - Total revenue for 2022 was CNY 49.33 billion, a decrease of 14.69% compared to CNY 57.82 billion in 2021 [19] - Net profit attributable to shareholders was CNY 151.41 million, down 44.61% from CNY 273.37 million in 2021 [19] - Basic earnings per share decreased to -CNY 0.01 from CNY 0.05 in 2021, representing a decline of 120% [20] - Operating cash flow for 2022 was CNY 1.24 billion, a significant recovery from a negative CNY 849.16 million in 2021 [19] - The company's net assets attributable to shareholders decreased to CNY 8.93 billion, down 14.72% from CNY 10.47 billion in 2021 [19] - The weighted average return on equity decreased to 1.53% from 2.71% in 2021, a decline of 1.18 percentage points [20] - Total profit amounted to 233 million RMB, a decline of approximately 32.66% year-on-year [59] - Net profit attributable to the parent company was 151 million RMB, down about 44.69% year-on-year [59] Audit and Compliance - The company received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm, ensuring the financial report's authenticity and completeness [4] - The company has not violated decision-making procedures in providing guarantees to external parties [7] - The company has not faced a situation where more than half of the directors cannot guarantee the authenticity and completeness of the annual report [7] - The internal control audit report issued by the accounting firm includes a non-qualified opinion with an emphasis on certain matters, indicating areas for improvement [171] - The company has established a comprehensive internal control system, enhancing compliance management and risk assessment mechanisms [166] Market and Economic Environment - The company faced challenges due to a complex external environment and domestic economic downturn, impacting revenue and profit [21] - The real estate market showed signs of recovery, with a projected increase in housing sales and infrastructure projects in 2023 [39] - Infrastructure investment continued to grow, becoming a significant force for economic stability [40] - The projected GDP growth target for 2023 is set at 5%, indicating a stable economic environment for the construction industry [99] Investment and Projects - In 2022, the company achieved a historical high in new contract amounts, totaling 73.782 billion CNY, with a year-on-year growth of approximately 16.65% [31] - The company signed infrastructure contracts worth 28.302 billion CNY, representing a year-on-year increase of 42.40% [32] - The company expanded its market presence outside its primary region, securing projects worth 27.292 billion CNY, a year-on-year growth of 30.28% [32] - The company has a total of 900 ongoing projects, with a total amount of RMB 15,461,205.73 million, of which 893 projects are domestic and 7 are international [80] - The company signed a total of 1,029 new projects during the reporting period, amounting to RMB 7,378,167.99 million [86] Research and Development - The company initiated 6 "challenge" projects and established 16 new technology projects, enhancing its R&D capabilities [36] - The company received 156 patent authorizations and won 7 municipal-level innovation awards during the reporting period [36] - Research and development expenses increased by 37.36% to ¥107,224,068.13, reflecting the company's commitment to enhancing R&D efforts [61] - Total R&D investment amounted to 133,763,183.65 yuan, which is 0.27% of the operating revenue [70] Governance and Management - The company held its first extraordinary general meeting of 2023 on March 29, where a new board of directors and supervisory committee were elected, improving governance structure [120] - The company published 4 periodic reports and 93 temporary announcements during the reporting period, achieving an A-level rating for information disclosure from the Shanghai Stock Exchange [122] - The company is focused on expanding its market presence and enhancing its governance structure through the recent board elections [134] - The company is committed to maintaining transparency and accountability in its management practices following the board restructuring [134] Social Responsibility and Environmental Management - The company has implemented measures to reduce carbon emissions, including the development of new low-carbon products and technologies [178] - The company has established an energy management and carbon emission management system to enhance sustainability efforts [178] - The company donated a total of 6,859,100 CNY for public welfare projects, benefiting over 59,000 people [179] - The company contributed 3,623,500 CNY to poverty alleviation and rural revitalization projects, impacting over 3,400 individuals [181] Risks and Challenges - The company acknowledges the presence of non-operating fund occupation by controlling shareholders and other related parties [7] - The company faces risks in project settlements and collections due to the current downturn in the real estate market, which may affect cash flow [81] - The financing contract model, particularly PPP projects, poses risks due to long investment recovery periods and uncertainties related to site handovers and government approvals [82] - The company recognizes macroeconomic policy risks and will focus on adjusting its business structure to adapt to changing market conditions [114]