Financial Performance - Revenue for the year ended December 31, 2023, was RMB 11,490.5 million, representing a 6.3% increase from RMB 10,812.0 million in 2022[3] - EBITDA for the year was RMB 1,611.7 million, an increase of 5.9% compared to RMB 1,521.6 million in 2022[3] - Net profit attributable to owners of the company was RMB 449.4 million, a significant increase of 29.0% from RMB 348.4 million in the prior year[3] - Basic earnings per share rose to RMB 27.07, up 29.0% from RMB 20.99 in 2022[3] - Total comprehensive income for the year was RMB 646.98 million, compared to RMB 577.37 million in 2022, reflecting an increase of 12.0%[6] - The company reported a net profit attributable to shareholders of RMB 449,401,000 for the year ended December 31, 2023, representing a year-on-year increase of 28.9% from RMB 348,391,000[33] - Net profit increased by RMB 79,200,000 or 14.2% to RMB 637,400,000[61] Dividends - Proposed final dividend per share is HKD 0.13, a decrease of 13.3% from HKD 0.15 in the previous year[3] - The proposed final dividend per share for the year ended December 31, 2023, is 13.0 HKD cents, totaling approximately RMB 226,207,000, compared to 15.0 HKD cents and RMB 222,752,000 for the previous year[32] - The board proposed a final dividend of HKD 0.13 per share (approximately RMB 0.118) for the year ending December 31, 2023, subject to shareholder approval[74] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to RMB 9,132.03 million, a slight decrease from RMB 9,365.98 million in 2022[7] - Current liabilities decreased to RMB 11,568.19 million from RMB 11,624.17 million in the previous year[7] - Total equity increased to RMB 8,298.89 million, up from RMB 7,923.78 million in 2022[7] - The total equity attributable to the company's owners increased to RMB 6,104,923,000, up from RMB 5,864,514,000, representing a growth of approximately 4.1% year-over-year[8] - The company's income tax expense for the year ended December 31, 2023, was RMB 132,238,000, compared to RMB 175,082,000 for the year ended December 31, 2022, reflecting a decrease of approximately 24.5%[28] Market Performance - Revenue from the Chinese market was RMB 7,806,020, up from RMB 6,939,808 in 2022, indicating strong domestic demand[24] - The company is focused on expanding its market presence in Jiangsu Province, China, where it primarily operates[9] - The company remains optimistic about the development of the radial tire steel cord industry, supported by a recovering domestic economy and increasing logistics demand[73] Operational Highlights - Sales of truck radial tire steel cord reached RMB 5,574,784, up from RMB 5,209,375, while passenger car radial tire steel cord sales increased to RMB 4,305,964 from RMB 4,056,017[19] - In 2023, the company achieved a total sales volume of 1,306,100 tons, representing a year-on-year increase of 23.8%[45] - The production capacity for radial tire steel cord increased to 1,074,000 tons, with an overall plant utilization rate rising to 96.3%[47] - The sales volume of truck radial tire steel cord increased by 25.0% to 587,700 tons, reflecting the recovery of logistics activities in China[45] - The sales volume of passenger car radial tire steel cord rose by 24.9% to 455,300 tons, driven by increased domestic demand[45] Expenses and Costs - The total employee costs for the year ended December 31, 2023, amounted to RMB 1,012,412,000, an increase of 20.1% from RMB 836,119,000 in the previous year[31] - Distribution and selling expenses decreased by RMB 264,600,000 or 24.9% to RMB 796,400,000, mainly due to a decline in shipping costs[56] - Administrative expenses increased by RMB 4,800,000 or 1.1% to RMB 457,000,000, primarily due to higher consulting and professional fees in 2023[57] - R&D expenses increased by RMB 1,500,000 or 0.9% to RMB 170,700,000, as the company invested more resources in developing new products[58] Corporate Governance - The company has maintained high standards of corporate governance, adhering to the principles and code provisions of the corporate governance code[78] - The audit committee reviewed the group's accounting principles and practices, and the consolidated financial statements for the year ended December 31, 2023, received an unqualified opinion from Deloitte[80] - The consolidated financial position and results for the year ended December 31, 2023, have been verified by the group's auditors, ensuring consistency with the audited financial statements[81] Future Outlook - The company plans to enhance product quality and R&D capabilities while expanding into markets in Europe, the United States, India, and Southeast Asia[73] - The company aims to lead industry development in 2024 by providing higher-end quality products and supporting the transformation of the rubber industry[73]
兴达国际(01899) - 2023 - 年度业绩