RECLAIM CONSTRUCTION(SZ:002586)2023-04-28 16:00Financial Performance - The company's operating revenue for 2022 was ¥2,573,442,346.05, a decrease of 0.28% compared to ¥2,580,729,389.20 in 2021[22]. - The net profit attributable to shareholders was -¥721,984,374.70, representing a significant decline of 2,537.38% from -¥27,375,028.32 in the previous year[22]. - The net cash flow from operating activities was -¥98,710,986.18, a decrease of 198.51% compared to a positive cash flow of ¥100,203,772.78 in 2021[22]. - The basic and diluted earnings per share were both -¥0.63, a drop of 2,535.98% from -¥0.0239 in 2021[22]. - Total assets at the end of 2022 were ¥8,544,685,003.69, down 3.79% from ¥8,881,246,764.39 at the end of 2021[22]. - The net assets attributable to shareholders increased by 6.55% to ¥3,811,740,083.59 from ¥3,577,264,805.57 in 2021[22]. - The company reported non-recurring losses totaling -¥10.93 million in 2022, compared to gains of ¥99.33 million in 2021[30]. - The company reported a total revenue of 2,002.5 million in the fiscal year 2022[131]. - The company reported a total revenue of 85,638 million, with a net asset ratio of 0.00% for the latest audited period[187]. Revenue Breakdown - In 2022, the company's total revenue for the four quarters was as follows: Q1: ¥172.13 million, Q2: ¥867.32 million, Q3: ¥508.05 million, Q4: ¥1,025.95 million[27]. - The construction segment generated CNY 2.392 billion, accounting for 92.93% of total revenue, but saw a decline of 6.17% from the previous year[59]. - The design and technical services segment experienced significant growth, with revenue increasing by 508.30% to CNY 181 million, up from CNY 29.7 million in 2021[59]. - The urban flood control engineering segment saw a remarkable increase in revenue by 779.62%, reaching CNY 309 million[59]. - The company achieved a revenue of CNY 724 million from coastal dike and supporting projects, which represented 28.15% of total revenue, down 8.56% year-on-year[59]. Market Position and Strategy - The company's main business includes water conservancy engineering, where it holds a leading position in the market, particularly in coastal dam construction[35]. - The company is positioned to benefit from favorable policies in the water conservancy sector, indicating potential market growth[34]. - The company aims to implement differentiated competition strategies to maintain its advantages in niche markets[36]. - The company is actively expanding its market presence beyond Zhejiang province, achieving market share in Anhui and Jiangxi provinces[39]. - The company intends to expand its market presence through a strategic layout of "domestic solid points, external deployments, and overseas pilots" to strengthen its core market[116]. Research and Development - The R&D team has accumulated 29 technological achievements, with 3 construction methods recognized as national-level methods and 2 as provincial-level methods[37]. - The company completed 20 research projects in 2022, with 13 projects passing final acceptance, and filed 21 patents, including 11 invention patents[56]. - The company plans to enhance its R&D investment and focus on key technologies and processes to improve its core competitiveness[117]. - Zhejiang Weihai is investing 50 million RMB in R&D for new construction technologies, focusing on sustainable building practices[139]. Financial Management and Challenges - The company has a short-term loan balance of 655.35 million yuan at the end of the reporting period[43]. - The company reported an asset impairment loss of ¥510,793,862.43, primarily due to the impairment of contract assets and inventory[71]. - The company has faced multiple legal and financial challenges, including overdue loans and court-ordered fund freezes, impacting its liquidity and operational flexibility[106][107]. - The company has reported a total of CNY 550.31 million in misused raised funds, with CNY 150 million returned using its own funds as of April 2023, leaving CNY 400.31 million still outstanding[102]. Governance and Compliance - The governance structure includes a board of 7 members, with 3 independent directors, ensuring compliance with legal requirements[121]. - The company maintains independent operations from its controlling shareholder in terms of business, personnel, and financial management[125]. - The company has established independent financial systems, including a dedicated finance department and independent accounting practices, ensuring financial autonomy from controlling shareholders[126]. - The company has complied with tax regulations, independently registering with local tax authorities and fulfilling tax obligations[126]. - The company reported a financial audit with a disclaimer of opinion from Zhongxinghua Accounting Firm for the 2022 financial report[194]. Employee and Management Changes - The company reported a total of 1,396 employees at the end of the reporting period, with 934 in technical roles, 144 in sales, and 72 in production[161]. - There were significant changes in the management team, including the resignation of the general manager on March 9, 2022[131]. - The company appointed new executives, including a new financial director and a secretary of the board on July 25, 2022[131]. - The chairman has been serving as the general manager since March 2022, indicating a consolidation of leadership roles[133]. Legal and Regulatory Issues - The company faced regulatory penalties, including a CNY 200,000 fine for the former executive vice president due to violations[146]. - The company reported a public reprimand for its chairman and several executives in November 2022[147]. - The company has been involved in various financial disputes, leading to significant deductions from its raised funds accounts, affecting its financial stability[106][107]. - The company has faced scrutiny regarding its guarantee practices, with several instances of non-compliance noted in the report[191]. Social Responsibility - The company has made charitable donations of ¥29,083 to the Ningbo Charity Federation and ¥200,000 to the Xiangtianshan Village Cooperative during the reporting period[178].