West Construction(SZ:002302)2023-08-02 16:00Financial Performance - The company's operating revenue for 2022 was CNY 24,270,846,239.45, a decrease of 7.45% compared to the previous year[3]. - The total operating cost was CNY 21,756,114,726.13, reflecting a decrease of 7.45% year-on-year[3]. - The net profit attributable to shareholders was 4.5 billion CNY, representing an increase of 10% compared to the previous year[73]. - The company reported a total revenue of 37 billion CNY for the year 2022, reflecting a year-on-year growth of 15%[73]. - The company aims to achieve a new contract value of 58 billion CNY, operating revenue of 26 billion CNY, and a total profit of 900 million CNY for the year 2023[27]. - The company has set a revenue target of 45 billion CNY for 2023, aiming for a growth rate of 22%[73]. Production and Operations - The total production volume of concrete was 56,019,261.41 cubic meters, down 8.24% from 61,052,570.10 cubic meters in 2021[4]. - The gross profit margin for concrete products was 10.36%, unchanged from the previous year[3]. - The company added 17 subsidiaries during the reporting period, including 2 second-level and 14 third-level subsidiaries[15]. - The company has established several subsidiaries, with significant contributions to net profit, including 中建西部建设西南有限公司, which reported a net profit of ¥282.20 million, accounting for over 10% of the company's net profit[20]. - The company plans to maintain its position as the second-largest player in the pre-mixed concrete industry in China, aiming to increase market share in key regions such as Sichuan, Hubei, and Xinjiang[23]. Investment and Financing - The company's cash inflow from investment activities increased by 112.79% year-on-year, primarily due to cash recovered from the disposal of fixed and intangible assets[5]. - The net cash flow from financing activities decreased by 2,847.55% year-on-year, mainly due to share buybacks and dividend payments to minority shareholders[5]. - The total investment amount for the reporting period was CNY 378,730,000.00, a decrease of 7.13% from CNY 407,820,000.00 in the previous year[12]. - The company plans to issue medium-term notes and short-term financing bonds as part of its financing strategy[102]. Strategic Focus and Future Outlook - The company anticipates a GDP growth target of around 5% for 2023, driven by increased consumer spending and manufacturing investment as the economy recovers[23]. - The company will focus on expanding its pre-mixed concrete business in major strategic areas, enhancing market competitiveness and operational efficiency[24]. - The company aims to enhance its digital transformation and innovation capabilities, integrating new technologies and processes into its operations[24]. - The company expects significant improvements in the real estate sector in the second half of 2023, which will positively influence industry demand[23]. - The company plans to enhance its overseas business by establishing local operations and improving management efficiency, with a focus on high-quality overseas development strategies[27]. Governance and Compliance - The company maintained strict compliance with corporate governance regulations, ensuring that its governance structure aligns with the requirements of the Company Law and the Shenzhen Stock Exchange rules[41]. - The company has established a robust internal control system to ensure compliance with relevant laws and regulations[41]. - The company has implemented a new compliance strategy to enhance corporate governance, aiming for full implementation by the end of 2023[73]. - The company has a well-defined governance structure and internal control procedures that cover decision-making, execution, supervision, and feedback[122]. Environmental Responsibility - The company adheres to various environmental protection laws and regulations, confirming its status as a key pollutant discharge unit[131]. - The company has invested CNY 15.405 million in environmental protection and paid CNY 934,400 in environmental taxes during the reporting period[151]. - The company has established a carbon peak and carbon neutrality working group and issued a "14th Five-Year" energy-saving and emission-reduction action plan[152]. - The company has achieved a treatment efficiency of 95% for organized waste gas emissions using water spraying and activated carbon adsorption[149]. - The company has actively explored distributed photovoltaic projects in its production areas to utilize clean energy[152]. Employee and Talent Management - The company reported a total of 5,565 employees at the end of the reporting period, with 154 in the parent company and 5,411 in major subsidiaries[107]. - The company has a total of 1,030 technical personnel, 656 sales personnel, and 2,258 production personnel among its workforce[110]. - The company conducted various training programs for over 10,000 participants as part of its youth talent development initiative[162]. - The company has established a comprehensive system to protect employee rights and promote democratic management[162]. Shareholder Engagement and Dividends - The company distributed a cash dividend of approximately 119.92 million yuan, which represents 100% of the total profit distribution amount[113]. - The company has a cash dividend distribution policy that mandates a minimum of 10% of the distributable profit to be distributed in cash each year[111]. - The company has implemented a stable profit distribution policy, ensuring continuous returns for shareholders[161]. - The company held 6 shareholder meetings and 12 board meetings in 2022, emphasizing governance and compliance with regulations[158].