Xingtong Shipping(SH:603209)2023-04-24 16:00Dividend Distribution and Capital Increase - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 30 million yuan, accounting for 14.55% of the 2022 net profit attributable to shareholders[7] - The company plans to increase its share capital by 4 shares for every 10 shares through capital reserve, increasing the total share capital from 200 million to 280 million shares[7] - The company's total share capital is 200 million shares as of the report date[7] - The company's net profit attributable to shareholders in 2022 was RMB 206.2475 million, with a cash dividend payout ratio of 14.55%[140] - The company will increase its share capital by 4 shares for every 10 shares through capital reserve, raising the total share capital from 200 million to 280 million shares[136][140] Company Information and Contact Details - The company's legal representative is Chen Xingming[20] - The company's board secretary is Ouyang Guang, and the securities affairs representative is Liu Siying[21] - The company's contact address is Xingtong Shipping Building, 9th Floor, 295 Yifeng East Road, Quangang District, Quanzhou City, Fujian Province[21] - The company's telephone number is 0595-87777879, and the fax number is 0595-87088898[21] - The company's email address is securities@xtshipping.cn[21] - The company's Chinese name is Xingtong Shipping Co., Ltd., and its abbreviation is Xingtong Shipping[20] - The company's foreign name is Xingtong Shipping Co., Ltd., and its abbreviation is Xingtong Shipping[20] Financial Performance - Revenue in 2022 increased by 38.44% to RMB 784,767,368.48 compared to 2021[28] - Net profit attributable to shareholders in 2022 grew by 3.60% to RMB 206,247,510.95[28] - Total assets surged by 133.94% to RMB 2,941,220,871.39 at the end of 2022[28] - Basic earnings per share decreased by 17.29% to RMB 1.10 in 2022[29] - Weighted average return on equity dropped by 13.68 percentage points to 12.14% in 2022[29] - Operating cash flow decreased by 21.52% to RMB 249,385,624.16 in 2022[28] - Revenue in Q4 2022 was RMB 224,957,548.35, the highest among all quarters[32] - Net profit attributable to shareholders in Q4 2022 was RMB 49,400,577.00[32] - Revenue reached 785 million yuan, a year-on-year increase of 38.44%, while net profit attributable to shareholders was 206 million yuan, a year-on-year increase of 3.60%[61] - Operating income increased by 38.44% to 784.77 million yuan, mainly due to the increase in the number of owned vessels and income from chartered vessels[62] - Operating costs increased by 66.90% to 458.05 million yuan, primarily due to rising fuel prices and increased crew salaries[63] - The gross profit margin for the water transportation industry decreased by 9.95 percentage points to 41.63%[65] - Chemical transportation revenue increased by 23.61% to 564.01 million yuan, with a gross profit margin decrease of 4.56 percentage points to 47.77%[65] - Refined oil transportation revenue surged by 65.18% to 182.65 million yuan, but the gross profit margin decreased by 25.19 percentage points to 23.32%[65] - The company's investment activities resulted in a net cash outflow of 1.339 billion yuan, a 484.66% increase, mainly due to vessel purchases and subsidiary acquisitions[63] - Net cash flow from financing activities was 1.42 billion yuan, a significant change due to the initial public offering proceeds[63] - Total operating costs increased by 66.9% to RMB 458,045,606.67, driven by higher ship fuel costs (up 69.49%), crew costs (up 38.36%), and charter costs (up 174.16%)[68] - Sales expenses rose by 65.78% to RMB 6,634,198.27, while management expenses increased by 56.21% to RMB 38,771,709.75[71] - R&D investment totaled RMB 1,667,931.93, accounting for 0.21% of total revenue, with no capitalised R&D expenditure[72] - Cash flow from operating activities decreased by 21.52% to RMB 249,385,624.16, while cash flow from financing activities surged to RMB 1,419,674,231.24 from a negative RMB 31,600,166.77[74] - Monetary funds increased by 132.95% to RMB 555,305,686.84, mainly due to increased operating cash inflows from raised funds and revenue growth[75] - Accounts receivable grew by 231.19% to RMB 105,990,187.16, reflecting business expansion[75] - Inventory increased by 190.05% to RMB 31,891,050.07, primarily due to higher ship numbers and related fuel and contract fulfillment costs[75] - Fixed assets rose by 97.17% to RMB 1,449,920,498.30, mainly from new ships being transferred to fixed assets[75] - Long-term loans increased by 152.4% to RMB 584,153,641.49, primarily for ship construction[78] - Overseas assets amounted to RMB 236 million, representing 8.04% of total assets[79] - Restricted cash balance is 9,500,000 RMB due to margin requirements[81] - Fixed assets totaling 916,340,884.53 RMB are pledged as collateral[81] - Construction in progress amounting to 111,155,264.53 RMB is also pledged as collateral[81] - Total restricted assets amount to 1,036,915,649.06 RMB[81] - Company acquired 51% equity of Shanghai CSSC Wanbang Shipping Co., Ltd. for 138,810,600 RMB[83][85] - Acquired 15% equity of Shenzhen COSCO Longpeng LPG Shipping Co., Ltd. for 48,000,000 RMB[86] - Invested 111,155,264.53 RMB in XT DOLPHIN vessel purchase, with 90% project completion[88] - XT PIONEER vessel purchase investment reached 153,728,990.03 RMB, with 100% project completion[90] - Total investment in new vessel construction and purchases reached 201,983,101.17 RMB[90] - Financial assets measured at fair value totaled 131,590,212.70 RMB at year-end[91] - The company's fair value change gains from trading financial assets and derivative financial assets amounted to 9,056,584.66 RMB, with a corresponding impact on profit of 6,792,438.50 RMB[35][36] - The company's trading financial assets increased by 124,032,706.12 RMB, contributing to a profit impact of 6,792,438.50 RMB[36] - The company's total non-recurring gains and losses amounted to 9,322,825.14 RMB, with an income tax impact of 3,098,719.67 RMB[35] - The company's receivables financing decreased by 4,301,245.97 RMB, with no impact on profit[36] - The company's other non-operating income and expenses amounted to -7,000,000.00 RMB[35] - The company's total assets measured at fair value increased by 119,731,460.15 RMB, with a profit impact of 6,792,438.50 RMB[36] Shipping Capacity and Market Expansion - The company added 46,100 deadweight tons of domestic chemical shipping capacity and acquired a 51% stake in Shanghai CSSC Wanbang Shipping Co., Ltd., which owns 6 chemical tankers with a total capacity of 41,000 deadweight tons[40] - Two 3,700 cubic meter LPG (liquefied petroleum gas) ships were successfully put into operation in Q1, and the company acquired a 15% stake in Shenzhen COSCO Longpeng LPG Transportation Co., Ltd.[41] - The company established wholly-owned subsidiaries in Hainan and Hong Kong, and through these subsidiaries, set up single-ship companies, with a total of 98,000 deadweight tons of international vessels scheduled to be operational in 2023[42] - The company added 6 chemical tankers and 2 LPG tankers in 2022, bringing the total fleet to 21 vessels with a total capacity of 259,500 deadweight tons[49] - The company acquired 51% equity of Shanghai CSSC Wanbang Shipping Co., Ltd., which owns 6 chemical tankers with a total capacity of 41,000 deadweight tons[49] - The company's revenue from chartered vessels in 2022 was approximately 149.593 million yuan, a year-on-year increase of 146.91%[51] - The company's coastal inter-provincial liquid chemical transportation volume in 2022 was 5.3495 million tons, a year-on-year increase of 24.4%, accounting for approximately 13.37% of the market[54] - The company's total coastal inter-provincial liquid hazardous cargo transportation volume in 2022 was 8.1456 million tons, a year-on-year increase of 32.34%[54] - The company's cargo loss rate in the past three years has been decreasing, with rates of 0.28‰, 0.24‰, and 0.14‰ respectively[56] - The company owns a total of 21 bulk liquid hazardous cargo vessels with a total capacity of 259,500 deadweight tons, including 16 chemical vessels with a capacity of 194,500 deadweight tons[61] - Coastal inter-provincial bulk liquid hazardous cargo transportation volume reached 8.1456 million tons, a year-on-year increase of 32.34%[61] - Domestic coastal chemical ship market: 287 ships with 1.399 million deadweight tons, an increase of 8.5% in tonnage by the end of 2022[92] - Domestic coastal LPG transportation volume: 5.28 million tons in 2022, a compound annual growth rate of 13.07% from 2018[93] - LPG production in China: Increased from 25 million tons in 2013 to 48.67 million tons in 2022, with a compound annual growth rate of 7.68%[93] - Company's "1+2+1" development strategy: Focus on domestic liquid hazardous goods transportation, expand clean energy transportation, and enter the international liquid hazardous goods shipping market[94] - 2023 plan: Purchase 4 stainless steel chemical ships and 2 LPG ships to expand overall shipping capacity[95] Corporate Governance and Leadership - The company has 11 directors, including 4 independent directors, ensuring compliance with legal and regulatory requirements[105] - The company has 3 supervisors, including 1 employee supervisor, responsible for overseeing financial status and major investment projects[106] - The company maintains independence from its controlling shareholder in terms of personnel, assets, finance, organization, and business operations[107] - The company has established an investor relations management system to enhance communication with investors and securities analysts[108] - The company disclosed 74 interim announcements and timely completed quarterly, semi-annual, and third-quarter reports in 2022[109] - The company held its first extraordinary general meeting in 2022, approving changes to registered capital and amendments to the articles of association[110] - The 2021 annual general meeting approved the 2021 financial report and the 2022 director and supervisor remuneration plans[110] - The second extraordinary general meeting in 2022 approved the purchase of domestic and foreign chemical vessels and investment in chemical vessel construction[110] - The third extraordinary general meeting in 2022 approved providing guarantees for subsidiaries' comprehensive credit applications[111] - The total number of shares held by directors, supervisors, and senior management at the end of the year was 101,525,000 shares, with no changes during the year[112] - The total pre-tax remuneration received by directors, supervisors, and senior management during the reporting period was 9.4188 million yuan[112] - Chen Xingming, the chairman, held 56,525,000 shares throughout the year, with no changes in his holdings[112] - Chen Qilong, the vice chairman and general manager, held 4,200,000 shares throughout the year, with no changes in his holdings[112] - Zhang Wenjin, a director, held 12,000,000 shares throughout the year, with no changes in his holdings[112] - Wang Lianghua, a director, held 12,000,000 shares throughout the year, with no changes in his holdings[112] - Ke Wenli, a director and deputy general manager, held 8,400,000 shares throughout the year, with no changes in his holdings[112] - Chen Qide, a director and deputy general manager, held 4,200,000 shares throughout the year, with no changes in his holdings[112] - Chen Qifeng, a director and deputy general manager, held 4,200,000 shares throughout the year, with no changes in her holdings[112] - The independent directors received a total remuneration of 120,000 yuan each during the reporting period[112] - The company completed the election of the second board of directors and board of supervisors at the 2023 first extraordinary general meeting[119] - Huang Musheng, the company's financial officer, holds multiple professional qualifications including CPA, tax agent, and legal professional qualification[118] - Ouyang Guang, the company's board secretary, has extensive experience in financial management and internal control roles[118] - The company's independent directors include professors from Xiamen University and Shanghai Maritime University with expertise in law, accounting, and maritime studies[116][117] - The company's management team has significant experience in maritime operations, with several members holding intermediate ship technical titles[118] - The company's legal affairs specialist, Xu Jiamin, obtained legal professional qualification in 2017[118] - The company's procurement department is led by Liu Huiqing, who has over 10 years of experience in procurement and foreign trade[118] - The company's safety and quality department is managed by Zheng Xingping, who has over 30 years of maritime experience[118] - The company's general captain, Yan Xuxiao, has over 20 years of experience in maritime operations, including captain roles[118] - The company's board of directors includes members with diverse backgrounds in finance, law, and maritime studies[116][117] - Total compensation for directors, supervisors, and senior management in 2022 was RMB 91.729 million[123] - The company held multiple board meetings in 2022, including the 17th to 21st meetings, addressing various financial and operational matters[124] - Independent directors receive monthly allowances based on standards approved by the shareholders' meeting[123] - Senior management compensation is determined by their positions and the company's performance evaluation system, without additional allowances[123] - The company's directors and supervisors receive allowances based on standards approved by the shareholders' meeting, with additional compensation for those holding specific positions[123] - The company approved the establishment of overseas wholly-owned subsidiaries and the purchase of domestic and foreign chemical vessels, indicating plans for international expansion and fleet enhancement[125] - The company participated in the bidding for a 51% stake in Shanghai CSSC Wanbang Shipping Co., Ltd. and a RMB 154 million creditor's rights transfer project, signaling potential market expansion and strategic acquisitions[126] - The company adjusted its internal organizational structure, suggesting a focus on operational efficiency and strategic realignment[126] - The company's board of directors held 14 meetings in 2022, all of which were attended by all directors, reflecting strong governance and active participation[127] - The company's board committees, including Audit, Nomination, Compensation, Strategy, and Environmental & Safety, are composed of experienced members, ensuring comprehensive oversight and strategic guidance[128] - The company's 2021 annual financial report complies with the "Enterprise Accounting Standards" and was approved by the Audit Committee for submission to the Board of Directors[129] - The company opened a special account for raised funds and signed a tripartite supervision agreement, which complies with relevant laws and regulations[129] - The 2022 Q1 report was prepared in accordance with the "Enterprise Accounting Standards" and approved by the Audit Committee[129] - The company's 2021 financial performance report aligns with actual conditions and was approved by the Audit Committee[129] - The company applied for a comprehensive credit line from banks in 2022, which supports operational needs without harming shareholder interests[129] - The company renewed its contract with Rongcheng Accounting Firm for the 2022 financial and internal control audits[129] - The company terminated some fundraising projects and used the remaining funds to supplement working capital, improving fund utilization efficiency[129] - The 2022 semi-annual report and fundraising usage report were prepared in compliance with relevant regulations and approved by the Audit Committee[130] - The company has a total of 596 employees, with 501 in production, 14 in sales, 41 in technical roles, 9 in finance, and 31 in administration[132] - Employee education levels include 3 with a master's degree or higher, 65 with a bachelor's degree, and 528 with an associate degree or below[132] Environmental and Social Responsibility - The company invested RMB 405,400 in environmental protection during the reporting period[146] - The company adheres to international and domestic environmental regulations, implementing energy-saving and emission-reduction measures across its fleet[147] - The company has optimized ship design to reduce emissions of nitrogen oxides, sulfur dioxide, particulate matter, and volatile organic compounds by using low-emission, high-efficiency equipment and clean fuel technology[148] - The company has obtained safety, quality, health, and environmental management system certificates compliant with NSM rules and ISO standards[149] - The company has implemented green ship measures, including optimizing hull lines and retrofitting energy-saving equipment on older ships, to reduce resistance and fuel consumption[150] - The company has adopted green navigation practices, such as optimal draft and ballast, best route selection, and digital optimization of ship routes using AIS data to reduce fuel consumption[150] - The company has upgraded fleet lighting to energy-saving lamps and uses shaft generators during navigation to reduce unit fuel consumption[152] - The company has invested 7 million yuan in external donations and public welfare projects, including 5 million yuan for pandemic prevention and 2 million yuan for education funds[