West Construction(SZ:002302)2023-04-07 16:00Financial Performance - The company's operating revenue for 2022 was ¥24,856,131,495.29, representing a decrease of 7.69% compared to ¥26,926,362,355.54 in 2021[24]. - The net profit attributable to shareholders of the listed company was ¥550,573,381.95, down 34.82% from ¥844,760,214.16 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥479,303,863.71, a decrease of 36.20% from ¥751,297,357.62 in 2021[24]. - The basic earnings per share for 2022 was ¥0.4157, down 37.88% from ¥0.6692 in 2021[24]. - The total assets at the end of 2022 were ¥33,303,843,549.08, an increase of 10.94% from ¥30,019,720,017.68 at the end of 2021[24]. - The net assets attributable to shareholders at the end of 2022 were ¥9,561,206,300.31, up 4.44% from ¥9,154,302,135.41 in 2021[24]. - The cash flow from operating activities was ¥309,157,895.64, a decrease of 23.44% compared to ¥403,807,217.77 in the previous year[24]. - The weighted average return on net assets was 6.01%, down from 10.32% in 2021, a decrease of 4.31%[24]. Revenue Breakdown - In 2022, the company's total revenue for the four quarters was approximately CNY 25.86 billion, with Q1 at CNY 4.66 billion, Q2 at CNY 7.17 billion, Q3 at CNY 6.37 billion, and Q4 at CNY 6.65 billion[28]. - The main product, ready-mixed concrete, generated revenue of ¥24,270,846,239.45, down 7.45% from ¥26,224,695,652.74 in the previous year[63]. - Revenue from external sales of coatings increased by 79.27%, reaching ¥12,798,925.94 compared to ¥7,139,543.13 in 2021[61]. - The company experienced a significant decline in external sales of sand and gravel, which dropped by 84.42% to ¥20,109,910.11 from ¥129,068,449.67[61]. - The Jiangsu region saw a revenue increase of 30.75%, totaling ¥2,194,646,711.99, compared to ¥1,678,446,955.05 in 2021[62]. Market and Industry Trends - The concrete market demand weakened in 2022, with a reported 11.8% decrease in the cumulative production of ready-mixed concrete in China[33]. - The company aligned its operations with industry trends, implementing multiple measures to ensure stable growth amidst a challenging market environment[33]. - The government has introduced policies to promote smart construction and new industrialization, which the company aims to leverage for future growth[33]. - The ready-mixed concrete market is characterized by strong regionality, with transportation radius typically between 25 to 50 kilometers[41]. Strategic Initiatives - The company is focusing on digital transformation and enhancing its digital infrastructure as part of its strategic initiatives[36]. - The company is committed to expanding its market presence and enhancing operational efficiency through strategic investments and technology advancements[37]. - The company aims to achieve a new development pattern that aligns with national economic construction and high-quality material demand by 2025, with a focus on carbon peak and green development[39]. - The company is actively involved in establishing an industry credit evaluation system to enhance communication and quality standards within the industry[41]. Research and Development - Research and development expenses for the year were approximately ¥603.25 million, a decrease of 1.68% compared to the previous year[71]. - The company is developing ultra-high-performance concrete technology aimed at enhancing durability and safety in harsh environments, with ongoing projects to validate its applications[72]. - The company has initiated projects on low-carbon concrete technology, focusing on optimizing raw material performance and reducing carbon emissions throughout the concrete lifecycle[72]. - The company has developed low-shrinkage, high-flow self-compacting concrete, enhancing the safety and durability of buildings[74]. - The company is focusing on intelligent manufacturing technologies for concrete, optimizing production processes and quality control[74]. Environmental Commitment - The company has complied with various environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention Law[175]. - The company obtained a new pollutant discharge permit in July 2022, valid until December 31, 2025, after re-evaluating discharge limits[176]. - The company is committed to maintaining emissions below the national standards, with particulate matter emissions at 19.03 mg/m³ and VOCs at 2.373 kg/a[181]. - The company has invested CNY 15.405 million in environmental protection expenses and paid CNY 0.9344 million in environmental taxes during the reporting period[188]. - The company has launched a "14th Five-Year" action plan for energy conservation and emission reduction, setting medium- and long-term targets[199]. Governance and Compliance - The company strictly adheres to corporate governance regulations, ensuring compliance with laws and guidelines, resulting in a governance status that meets the requirements of the Corporate Governance Code and relevant laws[112]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations, ensuring a complete and independent business system[120]. - The company has established an independent financial department with dedicated personnel, ensuring independent financial decision-making and compliance with tax obligations[123]. - The company emphasizes transparency in information disclosure, ensuring that all investors have equal access to information[119]. - The company has implemented a robust internal control system to prevent any interference from the controlling shareholder in its operations and decision-making[114].