Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 3,850.0 million, a decrease of 8.9% compared to RMB 4,227.8 million in 2022[2] - Gross profit was RMB 528.2 million, with a gross margin of 13.7%, down from 14.5% in the previous year[2] - Operating profit decreased to RMB 241.4 million, a decline of 15.5% from RMB 285.8 million in 2022[2] - Profit before tax was RMB 152.4 million, down 13.8% from RMB 176.9 million in the prior year[2] - Net profit attributable to equity shareholders was RMB 134.5 million, a decrease of 11.3% compared to RMB 151.6 million in 2022[2] - Basic and diluted earnings per share were RMB 0.09, down from RMB 0.10 in the previous year, representing a decrease of 10.0%[2] Revenue Breakdown - Revenue from oil and gas pipes was RMB 2,459,943 thousand, down 6.6% from RMB 2,635,098 thousand in 2022[15] - Revenue from new energy pipes and special seamless steel pipes was RMB 1,331,897 thousand, a decrease of 15.0% from RMB 1,567,886 thousand in 2022[15] - Revenue from mainland China was RMB 2,862,847 thousand, a decrease of 7.0% from RMB 3,077,736 thousand in 2022[23] - Revenue from the Middle East was RMB 560,066 thousand, down 15.6% from RMB 663,745 thousand in 2022[23] - Revenue from Africa increased to RMB 322,605 thousand, up 15.9% from RMB 278,034 thousand in 2022[23] Assets and Liabilities - Total assets decreased to RMB 2,348.7 million from RMB 2,354.9 million in 2022[5] - Total liabilities increased to RMB 2,046.5 million from RMB 1,988.1 million in the previous year[5] - Net assets increased to RMB 1,461.1 million, compared to RMB 1,404.3 million in 2022[5] Accounting Policies and Standards - The consolidated financial statements for the year ended December 31, 2023, are prepared based on historical cost, except for derivative financial instruments and equity securities which are measured at fair value[8] - The group has adopted new and revised International Financial Reporting Standards (IFRS), including IFRS 17 on insurance contracts, which does not significantly impact the group's financial statements as there are no relevant contracts[9] - The revised IAS 8 provides further guidance on distinguishing between changes in accounting policies and changes in accounting estimates, but it does not have a significant impact on the group's financial statements[9] - The revised IAS 1 requires entities to disclose significant accounting policy information, and the group has reviewed its disclosures to ensure compliance with this requirement[10] - The revised IAS 12 reduces the scope of initial recognition exemptions, which does not affect the group as it did not apply initial recognition exemptions for lease transactions[11] Operational Highlights - The company continues to focus on the development and manufacturing of oil and gas pipes, new energy pipes, and special seamless steel pipes[6] - The company has established itself as a qualified supplier for several well-known domestic enterprises, enhancing its competitive edge in the market[45] - The company achieved a historic breakthrough in the China National Offshore Oil Corporation market, winning a bid for nearly 180,000 tons in the 2023-2024 tender[47] - The company completed certifications with five overseas oil companies, achieving full coverage across six continents in the overseas market[47] - The company developed innovative high-strength and high-toughness oil casing, which is widely used in major domestic oil and gas fields[48] Research and Development - Research and development costs increased slightly to RMB 40,397,000 in 2023 from RMB 39,792,000 in 2022, an increase of about 2%[29] - The company is committed to research and development initiatives to enhance product offerings[88] - The company has obtained 12 patents for low-carbon technologies and products, significantly reducing carbon emissions and surpassing Hebei Province's ultra-low emission standards[49] Financial Management - Total financing costs decreased to RMB 88,994,000 in 2023 from RMB 108,828,000 in 2022, a reduction of approximately 18%[25] - The effective tax expense decreased to RMB 17,845,000 in 2023 from RMB 25,362,000 in 2022, a reduction of approximately 30%[31] - The group's income tax for the year was RMB 17.8 million, down from RMB 25.4 million for the year ended December 31, 2022, a decrease of RMB 7.6 million due to lower pre-tax profits[64] Employee and Corporate Governance - The group had a total of 1,658 employees as of December 31, 2023, down from 1,777 employees a year earlier, with total employee costs amounting to RMB 227.6 million[69] - The company has adhered to the corporate governance code and all applicable regulations during the fiscal year[79] - The company operates under the Cayman Islands Companies Law, ensuring compliance with corporate governance standards[87] Future Plans - The company plans to establish a regional headquarters, R&D center, smart factory, and data control center in the Middle East to enhance its long-term strategy in the region[52] - The company aims to drive green low-carbon transformation through intelligent manufacturing and equipment upgrades, focusing on automation and digitalization[51] - The company plans to strengthen relationships with key customers and expand its customer base in overseas markets[75]
达力普控股(01921) - 2023 - 年度业绩