Financial Performance - The company's profit decreased slightly from approximately RMB 202.1 million for the year ended December 31, 2022, to approximately RMB 194.1 million, a reduction of about RMB 8.0 million or 4.0% due to increased administrative expenses [23]. - Revenue fell from approximately RMB 3,130.8 million for the year ended December 31, 2022, to approximately RMB 2,920.7 million, a decrease of about RMB 210.1 million or 6.7%, primarily due to a drop in the average selling price of urea [23]. - The company's net profit for the year ended December 31, 2023, was RMB 190,080,000, a decrease of 2.3% from RMB 194,380,000 in 2022 [99]. - Total revenue for the year ended December 31, 2023, was RMB 2,920,711,000, a decrease of 6.7% from RMB 3,130,781,000 in 2022 [91]. - Profit before tax for the year was RMB 268,643,000, down from RMB 276,226,000 in 2022, reflecting a decrease of 2.1% [82]. - Net profit for the year was RMB 194,107,000, compared to RMB 202,139,000 in 2022, representing a decline of 4.0% [82]. - Earnings per share for the year was RMB 30.6, down from RMB 31.3 in the previous year, indicating a decrease of 2.2% [82]. Revenue and Sales - Urea sales revenue decreased by approximately RMB 116.5 million or 4.4% to about RMB 2,511.0 million, with a slight increase in sales volume of about 4.0% [47]. - Methanol revenue decreased by approximately RMB 20.8 million or 13.7% to about RMB 130.7 million, primarily due to a reduction in sales volume [48]. - Revenue from the sale of automotive urea solution decreased by approximately RMB 34.6 million or 17.4% to about RMB 164.1 million, compared to approximately RMB 198.7 million for the year ended December 31, 2022 [161]. - Revenue from other products decreased by approximately RMB 38.2 million or 24.9% to about RMB 114.9 million, primarily due to reduced market demand for liquid ammonia and decreased average selling prices for liquefied natural gas [162]. - The total cost of sales decreased by approximately RMB 213.4 million or 7.6% to about RMB 2,587.8 million, mainly due to a reduction in raw material costs [142]. Expenses and Costs - Administrative expenses increased by approximately RMB 20.8 million or 39.1% to about RMB 74.0 million, mainly due to higher employee salaries and maintenance costs [29]. - Distribution expenses increased by approximately RMB 0.5 million or 13.9% to about RMB 4.1 million for the reporting period, primarily due to higher employee salaries and benefits [52]. - Total employee costs for the reporting period were approximately RMB 134.9 million, compared to RMB 129.2 million for the year ended December 31, 2022 [171]. Assets and Liabilities - The company's total trade payables as of December 31, 2023, were RMB 48,137 thousand for 0 to 90 days, compared to RMB 29,605 thousand for the same period in 2022 [18]. - The total current liabilities increased to RMB 294.1 million from RMB 212.1 million in the previous year, reflecting a rise in trade payables and contract liabilities [66]. - The net assets of the group increased to RMB 1,767.2 million as of December 31, 2023, compared to RMB 1,620.4 million in the previous year [66]. - Non-current assets decreased to RMB 985.4 million from RMB 1,057.0 million in the previous year, primarily due to a decline in property, plant, and equipment [65]. - Trade receivables decreased to RMB 4.1 million from RMB 9.8 million in the previous year, indicating a reduction in credit sales [65]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.08 per share for the year ended December 31, 2023, totaling approximately HKD 49.7 million, unchanged from the previous year [61]. - The company declared a final dividend of HKD 0.08 per share, totaling HKD 49,675,520, which was paid on June 9, 2023 [127]. Other Financial Information - The company reported a foreign exchange loss of RMB 5,117,000 for the year, compared to a loss of RMB 2,298,000 in 2022, reflecting increased volatility [77]. - Other income for the year was RMB 17,785,000, significantly higher than RMB 9,882,000 in 2022, showing a positive trend [91]. - Other net losses decreased by approximately RMB 2.4 million or 53.3% to about RMB 2.1 million, mainly due to increased net revenue from waste sales [51]. - The company recognized an impairment loss of RMB 5,368,000 due to the unlikelihood of recovering a deposit from a supplier following a court ruling [131]. Strategic Focus and Future Plans - The company aims to maintain flexibility and adaptability in response to commodity price fluctuations and global economic uncertainties, emphasizing strategic planning and continuous innovation [149]. - The group aims to expand shareholder value by increasing production capacity, enhancing product quality, and exploring acquisition opportunities for sustainable development [168]. - The group plans to establish strategic relationships and identify acquisition opportunities to address future challenges and provide more efficient and environmentally friendly products [168]. Employment and Workforce - The group employed 1,292 employees as of December 31, 2023, a slight decrease from 1,312 employees as of December 31, 2022 [171].
东光化工(01702) - 2023 - 年度业绩