Financial Performance - For the year ended December 31, 2023, the total revenue was RMB 11,797,534, a decrease of 1.26% from RMB 11,948,852 in 2022[5] - Gross profit for the year was RMB 556,572, down 53.3% from RMB 1,190,475 in the previous year[5] - Operating profit decreased significantly to RMB 157,470, a decline of 74.0% compared to RMB 607,326 in 2022[5] - The net profit attributable to shareholders was RMB 107,959, down 69.4% from RMB 352,009 in the prior year[5] - Basic and diluted earnings per share were RMB 0.0180, compared to RMB 0.0587 in 2022, reflecting a decrease of 69.3%[5] - For the fiscal year ending December 31, 2023, the company's revenue was RMB 11,797,534,000, a decrease of 1.3% compared to RMB 11,948,852,000 in 2022[26] - Gross profit for 2023 was RMB 556,572,000, reflecting a significant decline of 53.2% from RMB 1,190,475,000 in the previous year[26] - Operating profit dropped by 74.1% to RMB 157,470,000 in 2023, down from RMB 607,326,000 in 2022[26] - The net profit attributable to shareholders for 2023 was RMB 107,959,000, a decrease of 69.3% compared to RMB 352,009,000 in 2022[26] - The total revenue for the year ended December 31, 2023, decreased by 1.3% to approximately RMB 11,797,534,000 compared to RMB 11,948,852,000 in 2022[70] - The gross profit significantly dropped by 53.2% to approximately RMB 556,572,000 from RMB 1,190,475,000 in the previous year[70] Assets and Liabilities - Total assets increased to RMB 5,352,626, up from RMB 5,105,848 in 2022, representing a growth of 4.84%[6] - Non-current assets rose to RMB 2,655,002, an increase of 8.84% from RMB 2,439,327 in the previous year[6] - Current assets totaled RMB 2,697,624, slightly up from RMB 2,666,521 in 2022, indicating a growth of 1.16%[6] - The total liabilities increased to RMB 1,416,073,000 in 2023 from RMB 1,284,065,000 in 2022, indicating a rise in financial obligations[29] - Deferred income decreased to RMB 164,751,000 in 2023 from RMB 244,722,000 in 2022, reflecting changes in revenue recognition[29] Sales and Market Performance - The company reported a substantial increase in sales volume of modified starch during the review period, despite challenges from urban wastewater treatment policies[24] - The average market prices of agricultural products, including soybeans, wheat, and corn, were lower in 2023 compared to 2022, indicating a global economic downturn[22] - The company's sales to external customers in China amounted to RMB 10,856,939,000, while sales to other countries were RMB 940,595,000 in 2023[33] - Total revenue from upstream products slightly decreased, with corn starch average selling price down 2% to RMB 2,816 per ton, while sales volume increased to approximately 2,007,204 tons from 1,953,563 tons in 2022[50] - Revenue from lysine products decreased to RMB 2,261,792,000 from RMB 2,424,684,000, despite an increase in sales volume to approximately 340,746 tons from 314,179 tons, indicating an average selling price drop to RMB 6,638 per ton from RMB 7,718 per ton[51] - The upstream product segment accounted for about 72.9% of the annual revenue, indicating its critical role in the company's performance[67] - Revenue from lysine and corn protein powder, key raw materials for animal feed, was significantly impacted due to oversupply in the pork market[68] - The average selling price of starch sugar increased by 15.5% to RMB 2,629 per ton, while sales volume decreased by 24.4% to 179,598 tons[74] - Other fermentation products saw a substantial revenue increase of 42.4% to approximately RMB 115,098,000, attributed to the full-year impact after trial operations in 2022[75] Expenses and Cost Management - Distribution expenses reduced to RMB 157,175,000 from RMB 171,044,000, primarily due to decreased delivery costs[54] - Research expenses significantly decreased to RMB 160,490,000 from RMB 324,108,000, attributed to a reduction in the number of research projects[55] - The total sales cost rose to RMB 11,240,962,000 from RMB 10,758,377,000 in the previous year, with stable corn grain costs at RMB 2,543 per ton[75] Shareholder Information - The company plans to distribute a final dividend of HKD 0.69 per share, totaling RMB 41,183,000, pending shareholder approval[14] - The proposed final dividend for the fiscal year ending December 31, 2023, is 0.69 HKD per share, subject to shareholder approval at the 2024 annual general meeting[92] - The company maintained a reserve of approximately RMB 125,739,000 available for distribution to shareholders as of December 31, 2023[83] - The total shareholder return rate for 2023 was -36.5%, compared to 9.4% in 2022[90] - The company repurchased a total of 25,565,000 shares at an approximate cost of 3,375,000 HKD during the fiscal year ending December 31, 2023[95] Financial Ratios and Credit Management - The company's current ratio decreased to 2.3 in 2023 from 2.8 in 2022, while the quick ratio also declined from 1.9 to 1.6[90] - The leverage ratio increased to 10.5% in 2023 from 5.6% in 2022[90] - Accounts receivable turnover days increased to 12 days in 2023 from 11 days in 2022, while accounts payable turnover days decreased to 5 days from 7 days[90] - The company did not mortgage any leased land or buildings for bank credit as of December 31, 2023[91] - The company provided RMB 500,000,000 in deposits and RMB 18,585,000 in bank acceptance notes as collateral for bank credit and payables[91] - As of December 31, 2023, total bank borrowings amounted to approximately RMB 518,585,000, primarily short-term loans[82] Future Outlook and Developments - The company is collaborating closely with local governments to establish a lactic acid ester production facility, with further announcements to be made in accordance with the listing rules[21] - The company anticipates market consolidation in the corn deep processing industry, aiming for a new supply-demand balance in the coming year[42] - The company has completed the construction of pilot production lines for polylactic acid and other products, which will be used for new product development and market research[44] - The company plans to publish its annual report containing all required information on or around April 16, 2024[98] - The board of directors has reviewed the audited consolidated results for the fiscal year ending December 31, 2023[97]
中国淀粉(03838) - 2023 - 年度业绩