Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand, a decrease of 51.05% compared to the previous year's loss of RMB 2,871,969 thousand[3]. - Total operating revenue for 2023 was RMB 93,013,595 thousand, representing a 12.72% increase from RMB 82,518,315 thousand in 2022[9]. - The basic loss per share for 2023 was RMB (0.130), a 50.94% improvement from RMB (0.265) in 2022[10]. - The weighted average return on equity for 2023 was (5.504)%, an increase of 4.66 percentage points from (10.162)% in 2022[10]. - The company reported a net loss attributable to shareholders of RMB 1,346.15 million for 2023, compared to a loss of RMB 2,846.05 million in 2022, indicating an improvement of about 52.7%[14]. - The total operating loss for 2023 was RMB 1,752.95 million, compared to a profit of RMB 1,432.20 million in 2021[34]. - The operating loss for 2023 was RMB 1.75 billion, an improvement of RMB 2.09 billion compared to an operating loss of RMB 3.84 billion in the previous year[43]. - The pre-tax loss for 2023 was RMB 1.66 billion, reduced by RMB 1.92 billion from a pre-tax loss of RMB 3.57 billion in 2022[48]. - The net loss after tax for 2023 was RMB 1.35 billion, a decrease of RMB 1.49 billion from a net loss of RMB 2.84 billion in the previous year[49]. - The total comprehensive loss for the year was RMB 1,363,294 thousand, an improvement from RMB 2,690,362 thousand in 2022, reflecting a reduction of 49.3%[126]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB (1,365,513) thousand, a 50.75% decrease compared to RMB (2,790,670) thousand in 2022[9]. - The company experienced a net cash flow from operating activities of RMB 1,695,312 thousand in Q4 2023, a significant recovery compared to the negative cash flows in the previous three quarters[15]. - The company's cash flow from operating activities showed a significant improvement, with a net cash inflow of RMB 1,200,000 thousand in 2023 compared to a net outflow of RMB 500,000 thousand in 2022[125]. - The company's total assets decreased by 3.84% to RMB 39,658,244 thousand at the end of 2023, down from RMB 41,242,782 thousand in 2022[9]. - The company's total assets as of December 31, 2023, were RMB 39,658,244 thousand, down from RMB 41,242,782 thousand as of December 31, 2022[124]. - The company's cash and cash equivalents increased to RMB 5.61 billion in 2023 from RMB 3.99 billion in 2022, representing a growth of approximately 40.4%[122]. - The company's inventory rose to RMB 7.75 billion in 2023, compared to RMB 7.29 billion in 2022, indicating an increase of about 6.3%[122]. - The company's total current assets were reported at RMB 15.45 billion, slightly down from RMB 15.77 billion in the previous year[122]. - The company's accounts receivable as of December 31, 2023, totaled RMB 2,649,838 thousand, a decrease from RMB 2,815,841 thousand as of December 31, 2022, indicating a reduction of about 5.9%[153]. Revenue and Sales - The company's net sales for 2023 reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 5.8%[14]. - The company's revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[21]. - The net revenue for 2023 was RMB 80.08 billion, an increase of 10.22% from RMB 72.66 billion in 2022[36]. - The net revenue from refining products reached RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[37]. - The total sales volume for 2023 reached 12,528.08 thousand tons, with a net sales amount of RMB 80,077.76 million, representing a 10.00% increase from RMB 72,654.56 million in 2022[33]. - Revenue from a single customer amounted to RMB 66,435,767 thousand in 2023, up from RMB 52,190,120 thousand in 2022, marking a significant increase of around 27.3%[163]. Costs and Expenses - The total sales costs and expenses for 2023 were RMB 81.83 billion, a rise of 6.97% from RMB 76.50 billion in 2022[39]. - The company's sales cost for 2023 was RMB 81.61 billion, which accounted for 102.19% of the total net revenue[40]. - The company reported a significant increase in sales costs, with refined products' sales costs at RMB 52,111.60 million, which is 65.08% of net sales[34]. - The total cost of crude oil processing increased by RMB 9.69 billion, up 20.56%, accounting for 69.63% of total sales costs[23]. - The company's sales and management expenses increased by 7.48% to RMB 316 million in 2023, up from RMB 294 million in 2022[41]. Research and Development - Research and development expenses for 2023 amounted to RMB 187 million, an increase from RMB 131 million in 2022 and RMB 94 million in 2021, primarily due to rising material costs for equipment and product technology development[52]. - The company had 159 R&D personnel, accounting for 2.11% of the total workforce, with 10 holding doctoral degrees and 48 holding master's degrees[68]. - Research and development expenses increased to RMB 186,978 thousand in 2023, up from RMB 130,516 thousand in 2022, marking a growth of 43.3%[125]. Environmental and Regulatory Compliance - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2023[101]. - The company incurred an environmental tax payment of RMB 9.8747 million to the Jinshan District Tax Bureau in 2023[102]. - The company received administrative penalties totaling RMB 519,600 due to environmental issues in September 2023[103]. - The company has implemented carbon reduction measures resulting in a total reduction of 40,249 tons of CO2 equivalent emissions[109]. - The company purchased 46.02 million kWh of green electricity in 2023, reducing carbon emissions by 19,317 tons[109]. Governance and Management - The company has complied with all applicable provisions of the Corporate Governance Code throughout the reporting period[117]. - The company's independent non-executive directors confirmed that related party transactions were conducted at fair market prices and did not significantly impact the company's independence[114]. - The controlling shareholder, Sinopec Corp., holds approximately 50.55% of the company's shares, which may influence the company's operations and financial decisions[94]. Future Outlook - The company plans to process a total of 14.3 million tons of crude oil in 2024, with a target production of 8.8 million tons of refined oil[82]. - The company aims to produce 671,000 tons of ethylene and 692,000 tons of paraxylene in 2024[82]. - The company plans to invest approximately RMB 2.889 billion in capital expenditures for 2024, funded through financing activities and some self-owned funds[90].
上海石油化工股份(00338) - 2023 - 年度业绩