Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 23,475,338 thousand, an increase from RMB 23,071,897 thousand in 2022, representing a growth of approximately 1.76%[2] - The gross profit for 2023 was RMB 4,187,020 thousand, down from RMB 4,348,882 thousand in 2022, indicating a decrease of about 3.71%[2] - The net profit for the year was RMB 1,637,294 thousand, compared to RMB 1,808,175 thousand in the previous year, reflecting a decline of approximately 9.45%[2] - Basic and diluted earnings per share for 2023 were RMB 96.95, down from RMB 109.67 in 2022, a decrease of about 11.6%[2] - The company reported a net profit of RMB 1,637,294,000 for the year, reflecting strong operational performance[10] - The group reported a pre-tax profit of RMB 2,180,657 thousand for the year, down from RMB 2,180,657 thousand in the previous year[14] - The profit attributable to equity holders of the parent company for 2023 was RMB 1,186,882,000, down from RMB 1,326,211,000 in 2022, indicating a decline of approximately 10.5%[20] - Net profit decreased by RMB 171 million or about 9% from RMB 1,808 million in FY2022 to RMB 1,637 million in FY2023[42] Revenue and Sales - Total revenue for the year reached RMB 23,475,338,000, with a significant contribution from the automotive urea segment at RMB 8,519,314,000[10] - Sales of products amounted to RMB 23,275,396 thousand in 2023, compared to RMB 23,023,831 thousand in 2022, reflecting a growth of 1.1%[13] - Urea sales revenue increased by approximately RMB 44,000,000 or about 1% to RMB 6,874,000,000 in 2023, driven by a 9% increase in sales volume, despite a 7% decrease in average selling price[29] - Sales revenue of automotive urea solution decreased by approximately RMB 109 million or about 20% to approximately RMB 434 million in FY2023, primarily due to a 9% drop in average selling price and a 12% decline in sales volume[30] - Compound fertilizer sales revenue increased by approximately RMB 14 million or about 0.2% to approximately RMB 6,130 million in FY2023, driven by a 16% increase in sales volume despite a 13% decrease in average selling price[31] - Methanol sales revenue rose by approximately RMB 56 million or about 2% to approximately RMB 2,339 million in FY2023, attributed to a 9% increase in sales volume while average selling price fell by 6%[32] - Melamine sales revenue decreased by approximately RMB 183 million or about 19% to approximately RMB 784 million in FY2023, mainly due to a 22% decline in average selling price, partially offset by a 4% increase in sales volume[33] - Pharmaceutical intermediates sales revenue increased by approximately RMB 176 million or about 40% to approximately RMB 616 million in FY2023, driven by a 14% increase in average selling price and a 23% rise in sales volume[34] - Liquid ammonia sales revenue increased by approximately RMB 54 million or about 3% to approximately RMB 2,091 million in FY2023, supported by a 17% increase in sales volume despite a 13% decline in average selling price[35] - DMF achieved sales revenue of approximately RMB 1,047 million in FY2023, with sales volume surpassing 231,000 tons, benefiting from stable production and market expansion efforts[36] Expenses and Costs - The cost of goods sold increased to RMB 19,288,318 thousand in 2023 from RMB 18,723,015 thousand in 2022, indicating a rise of 3.03%[14] - Selling and distribution expenses rose by approximately RMB 89 million or about 17% to approximately RMB 618 million in FY2023, driven by increased marketing activities and sales channel expansion[38] - General and administrative expenses increased by approximately RMB 227 million to approximately RMB 1,299 million in FY2023, mainly due to higher personnel costs and increased operational expenses related to business expansion[39] - Financial costs decreased by approximately RMB 82 million or about 12% from RMB 662 million in FY2022 to RMB 580 million in FY2023 due to reduced borrowing scale and lower loan interest rates[40] - Income tax expenses decreased by approximately RMB 70 million or about 19% from RMB 372 million in FY2022 to RMB 302 million in FY2023[41] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 29,133,496 thousand, an increase from RMB 27,867,176 thousand in 2022, representing a growth of approximately 4.54%[3] - The total liabilities increased to RMB 18,622,498 thousand in 2023 from RMB 18,299,348 thousand in 2022, marking an increase of about 1.76%[4] - Trade receivables rose to RMB 495,910,000 in 2023 from RMB 470,624,000 in 2022, reflecting an increase of approximately 5.1%[21] - Trade payables increased significantly to RMB 1,388,617,000 in 2023 from RMB 645,698,000 in 2022, indicating a growth of approximately 115%[23] - The company’s bank loans due within one year decreased to RMB 4,088,482,000 in 2023 from RMB 4,966,043,000 in 2022, a reduction of about 17.7%[25] - Approximately RMB 4,469 million or about 38.41% of the company's debt is due within one year as of December 31, 2023[49] - The debt-to-equity ratio improved from 72.02% in FY2022 to 70.59% in FY2023, indicating better capital management[43] - The group's total liabilities to total assets ratio decreased from 65.7% in the previous year to 63.9%[43] Investments and Future Outlook - Capital expenditures amounted to RMB 2,484,743,000, indicating ongoing investments in property, plant, and equipment[10] - The company plans to enhance international market development to boost fertilizer export volumes amid recovering global fertilizer demand[44] - The annual production capacity of 60,000 tons of urea-formaldehyde project in Xinjiang and the first phase of the compound fertilizer project in Guangxi are expected to be completed in Q4 2023[44] - The company aims to strengthen product R&D and marketing transformation to enhance brand competitiveness and expand market share[44] Shareholder Information - The company proposed a dividend for the year, details of which are disclosed in the financial statements[2] - The board proposed a final dividend of RMB 0.24 per share for the year ending December 31, 2023, compared to RMB 0.25 per share for 2022, pending shareholder approval[17][18] - The basic and diluted earnings per share for 2023 were calculated based on a weighted average of 1,224,222,000 shares, an increase from 1,209,288,000 shares in 2022[19][20] - The company repurchased a total of 9,358,000 shares at a total cost of HKD 39,154,000, representing approximately 0.77% of the issued shares as of December 31, 2023[55] - The highest price paid for repurchased shares was HKD 4.5, while the lowest was HKD 3.41, with the majority of repurchases occurring in May (8,543,000 shares) and June (815,000 shares)[56] Workforce and Market Conditions - The employee count increased to 10,390 as of December 31, 2023, up from 9,313 in the previous year, indicating growth in workforce[57] - The consumer price index in China increased by about 0.2% for the year ending December 31, 2023, compared to a 2% increase in 2022, indicating low inflation impact on the company's performance[48]
中国心连心化肥(01866) - 2023 - 年度业绩