东岳硅材(300821) - 2023 Q4 - 年度财报

Investment and Fundraising - The total investment amount for the reporting period was ¥7,306,613.23, representing a 12.41% increase compared to ¥6,500,000.00 in the same period last year[1]. - The company raised a total of ¥207,000.00 million through the public offering of 30 million shares at an issue price of ¥6.90 per share, with a net amount of ¥198,584.85 million after deducting issuance costs[6]. - As of the end of the reporting period, the cumulative amount of raised funds used was ¥201,480.72 million, with ¥2,058.58 million permanently supplementing working capital[6]. - The company has completed the investment in the "30,000 tons/year silicone monomer and 20,000 tons/year silicone downstream product deep processing project" and the "silicone research and development center project" as planned, with no further large-scale funding required[6]. - The "30,000 tons/year silicone monomer and 20,000 tons/year silicone downstream product deep processing project" has achieved an investment progress of 102.40% as of the end of the reporting period[18]. - The company has permanently supplemented working capital with surplus raised funds amounting to ¥2,058.58 million, adhering to regulations on the use of raised funds[13]. - The company has not reported any issues or other circumstances regarding the use and disclosure of raised funds[13]. - The company has adjusted the use of raised funds to prioritize the "30,000 tons/year silicone monomer and 20,000 tons/year silicone downstream product deep processing project" over the "energy-saving and environmental protection technical reform project"[16]. Financial Performance - The company reported a loss of ¥11,024.92 million for the "30,000 tons/year silicone monomer and 20,000 tons/year silicone downstream product deep processing project" due to market supply-demand imbalance and significant declines in product prices and gross margins[16]. - The company reported a net profit attributable to shareholders of -69,454,415.73, reflecting ongoing challenges in the market[64]. - The cash generated from operating activities was -415,654,827.54, indicating significant cash flow challenges during the reporting period[64]. - The company reported a total revenue of ¥4,801,467,896.50, representing a decrease of 28.70% compared to the same period last year[105]. - The net profit attributable to shareholders was a loss of ¥27,112.47 million, a decline of 153.05% year-on-year[105]. - The revenue from the main product, 107 glue, was ¥2,584,871,058.29, accounting for 53.84% of total revenue, with a year-on-year decrease of 21.15%[109]. - The company experienced a significant drop in sales volume for 110 raw rubber, which decreased by 56.33% year-on-year[109]. - The gross profit margin for the organic silicon chemical raw material manufacturing segment was 0.79%, down 13.41% from the previous year[105]. - The domestic revenue was ¥4,218,236,724.97, down 26.02% year-on-year, while international revenue fell by 43.51% to ¥583,231,171.53[105]. Asset Management - Total assets decreased from 7,408,021,273.22 to 6,326,472,507.80, a decline of approximately 14.6%[23]. - Accounts receivable decreased from 1,687,848,080.77 to 1,078,222,261.56, a reduction of about 36.3%[23]. - Inventory increased from 440,466,898.37 to 469,909,485.67, an increase of approximately 6.4%[23]. - Non-current assets increased from 3,917,492,513.41 to 3,967,124,590.26, a growth of about 1.3%[23]. - Current assets decreased from 3,490,528,759.81 to 2,359,347,917.54, a decline of approximately 32.4%[23]. - Other non-current financial assets increased from 29,000,000.00 to 36,306,613.23, an increase of about 25.0%[23]. - Fixed assets increased from 3,162,499,375.73 to 3,317,474,068.62, a growth of approximately 4.9%[23]. - The company reported no significant asset or equity sales during the reporting period[19]. - There were no important equity investment disclosures during the reporting period[19]. Market and Industry Trends - In 2023, the production capacity of China's organic silicon methyl monomer reached over 5.4 million tons, a year-on-year increase of approximately 10%, accounting for 69% of the global capacity[69]. - The export of primary polysiloxane decreased by 10.27% year-on-year to 406,500 tons, while imports increased by 5.17% to 102,700 tons, indicating a shift in focus from foreign markets to domestic[46]. - The average procurement price of metal silicon decreased from 15,795.63 to 13,695.72, reflecting a significant price drop due to increased supply[74]. - The average price of methanol procurement decreased slightly from 2,215.77 to 2,162.66, influenced by lower coal prices and reduced demand in the downstream market[74]. - The projected average consumption growth rate of polysiloxane in China from 2022 to 2026 is estimated at 11.3%, indicating strong future demand potential[72]. Research and Development - The company holds 74 authorized invention patents, demonstrating its commitment to innovation and technology development in the organic silicon industry[50]. - The company has been involved in drafting over ten national or industry standards, showcasing its leadership in setting industry benchmarks[50]. - The company has filed for 14 new invention patents in 2023, bringing the total to 74 authorized invention patents[100]. - The number of R&D personnel decreased by 11.33% to 266 in 2023, down from 300 in 2022[118]. - Research and development expenses decreased by 26.23% year-on-year, totaling 233,533,795.59 yuan in 2023 compared to 316,578,289.18 yuan in 2022[118]. Operational Efficiency - The production capacity utilization rate for intermediates is at 98.05%, reflecting efficient operational performance[75]. - The company has established 14 sales service institutions across major markets in China, enhancing its marketing service network[80]. - The company emphasizes comprehensive utilization of by-products, contributing to energy savings and environmental sustainability[79]. - The company maintains a stable core technical team with extensive experience in chemical production and management, ensuring reliable operations and R&D capabilities[75]. - The company's product quality directly impacts downstream performance, highlighting the importance of ongoing R&D to improve product quality[75]. - The company has established a comprehensive quality control system to ensure product quality throughout the production process[104]. - The company has implemented a performance evaluation and incentive mechanism for senior management, linking compensation directly to operational performance[199]. Future Plans and Strategies - The company plans to stabilize production capacity and expand market reach despite facing pressure from declining product prices[105]. - The company aims to extend its value chain into downstream processing to increase product added value[151]. - The company plans to enhance its market share and industry position by leveraging production capacity and scale advantages[149]. - The company aims to maintain stable production and improve operational efficiency while developing new products that meet market demands[173]. - In 2024, the company aims to enhance product quality, improve energy efficiency, and strengthen cost control to achieve better operational performance[193]. Governance and Compliance - The company has implemented a comprehensive governance structure, ensuring compliance with regulations and protecting shareholder rights during the shareholder meeting[156]. - The board consists of 9 members, including 3 independent directors, ensuring compliance with legal requirements and effective governance[198]. - The company has established an independent financial department and accounting system, ensuring compliance with tax regulations and independent banking operations[181]. - The company has established a robust investor relations management system to ensure timely and accurate information disclosure[177]. Risks and Challenges - The company faces risks related to raw material and energy price fluctuations, which could adversely impact operational performance[167]. - The total operating revenue for 2023 was significantly impacted, with a net cash flow from operating activities decreasing by 199.80% to -134,615,492.20 yuan[120]. - The net cash flow from financing activities decreased by 73.52% to -120 million, primarily due to a reduction in cash dividends paid[138]. - The net increase in cash and cash equivalents was -496.68 million, a decrease of 43.34% compared to the previous period[138].