Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 21,488,959, a decrease of 12.5% compared to RMB 24,659,544 in 2021[3] - The operating profit for 2022 was RMB 1,464,033, down 65.1% from RMB 4,198,280 in 2021[3] - The net profit for the year was RMB 757,131, a decline of 73.8% from RMB 2,894,847 in the previous year[4] - Basic and diluted earnings per share for 2022 were both RMB 0.17, compared to RMB 0.64 in 2021, reflecting a decrease of 73.4%[3] - The company reported a total comprehensive income of RMB 706,036 for 2022, down from RMB 2,905,926 in 2021[6] - The profit attributable to equity holders for 2022 was approximately RMB 2,777,298,000, a decrease of 73.0% compared to 2021[30] - The consolidated revenue for 2022 was RMB 21,488,959 thousand, down from RMB 24,659,544 thousand in 2021, indicating a decrease of about 12.3%[83] - The reported segment profit for 2022 was RMB 1,823,668 thousand, significantly lower than RMB 4,795,255 thousand in 2021, reflecting a decline of approximately 62.0%[83] - The consolidated pre-tax profit for 2022 was RMB 1,297,955 thousand, compared to RMB 4,004,183 thousand in 2021, marking a decrease of around 67.6%[83] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 21,019,193, an increase from RMB 19,620,545 in 2021[13] - The company's current liabilities included bank loans due within one year amounting to RMB 2,780,603, an increase from RMB 2,392,750 in 2021[7] - Non-current assets, including property, plant, and equipment, increased to RMB 16,963,357 from RMB 15,963,349 in 2021[14] - The company's net assets as of December 31, 2022, were RMB 19,434,877, up from RMB 18,753,882 in the previous year[16] - The total assets as of 2022 amounted to RMB 30,379,160 thousand, an increase from RMB 28,071,296 thousand in 2021, representing a growth of about 8.2%[86] - The total liabilities for 2022 were RMB 7,632,262 thousand, up from RMB 6,707,062 thousand in 2021, indicating an increase of approximately 13.8%[87] Sales and Production - The sales volume of cement was 17,161,832 tons in 2022, compared to 20,137,864 tons in 2021[25] - The sales volume of clinker was 2,337,728 tons in 2022, slightly down from 2,381,060 tons in 2021[25] - The sales volume of concrete was 1,403,513 tons in 2022, compared to 1,509,257 tons in 2021[25] - Cement production for 2022 was 55,205,000 tons, a decrease of 14.0% compared to the previous year[147] - The average cement market price for 2022 was RMB 466 per ton, down 4.2% year-on-year[143] - The cement industry profit for 2022 is estimated to be around RMB 68 billion, a decrease of over RMB 100 billion or approximately 60% year-on-year[145] Expenses and Costs - The group's cost of sales was RMB 17,259,109,000, a slight decrease from RMB 17,399,995,000 in 2021, mainly attributed to reduced sales volume of cement clinker[150] - Financial expenses for the year were RMB 163,444, a decrease from RMB 231,734 in 2021, indicating improved cost management[3] - The company reported a net interest expense of RMB 118,759,000 for 2022, down from RMB 187,792,000 in 2021, showing a decrease of about 37%[118] - The company's depreciation and amortization expense of RMB 1,476,911 thousand in 2022, compared to RMB 1,425,507 thousand in 2021, reflecting an increase of approximately 3.6%[83] - The company's employee benefits, including salaries and bonuses, totaled RMB 2,196,506,000 in 2022, slightly up from RMB 2,188,256,000 in 2021[122] Market Conditions and Challenges - The company faced significant challenges due to strict pandemic control measures, impacting construction projects and overall market demand[144] - The cement market in 2022 was characterized by weak demand throughout the year, with seasonal patterns becoming less distinct, leading to a situation where peak seasons were not strong and off-peak seasons were even weaker[167] - The industry is facing severe overcapacity issues, with significant supply pressure and high inventory levels[198] - The implementation of staggered production policies has shown limited effectiveness in alleviating market supply pressure due to rapid demand decline[198] Future Outlook and Strategies - The company plans to implement new strategies to address the ongoing challenges in the cement market, focusing on cost control and operational efficiency improvements[167] - The outlook for 2023 indicates a stable demand for cement, with expectations of a gradual recovery in the real estate market, although overall downward pressure remains[193] - The probability of a significant decline in demand in 2023 is low, suggesting improved industry profitability compared to 2022[195] - The company plans to enhance internal management to improve operational quality and sustainable profitability in 2023[174] Government Support and Grants - Government grants received were RMB 202,196 thousand in 2022, down from RMB 283,140 thousand in 2021, a decrease of around 28.6%[61] - The company has received government loans for the construction of an environmentally friendly production line, which have been fully repaid in the current year[109]
山水水泥(00691) - 2022 - 年度业绩