Financial Performance - For the year ended December 31, 2023, the group's revenue was RMB 1,694.42 million, an increase of 2.40% compared to the same period in 2022[1]. - The group's profit before tax for the year ended December 31, 2023, was RMB 168.47 million, reflecting a growth of 1.71% year-on-year[1]. - The net profit attributable to equity holders for the year ended December 31, 2023, was RMB 120.96 million, representing a 5.49% increase compared to 2022[1]. - Earnings per share for the year ended December 31, 2023, was RMB 0.26, an increase of RMB 0.01 from the previous year[1]. - The total comprehensive income for 2023 is CNY 119,955,527.33, compared to CNY 114,510,477.46 in 2022, indicating an increase of about 4.0%[44]. - The total revenue for the year 2023 is CNY 168,471,784.48, compared to CNY 165,644,983.42 in 2022, showing an increase of approximately 1.1%[37]. - The group's gross profit for 2023 was RMB 265.89 million, up 15.28% from RMB 230.65 million in 2022[132]. - The group's net profit for 2023 was RMB 120.96 million, reflecting a growth of 5.49% compared to RMB 114.67 million in 2022, mainly due to an increase in heating area leading to higher revenue from heating services[137]. Assets and Liabilities - As of December 31, 2023, total assets amounted to RMB 3,006.59 million, a slight decrease from RMB 3,038.97 million in 2022[14]. - Total liabilities as of December 31, 2023, were RMB 2,016.75 million, down from RMB 2,127.07 million in the previous year[16]. - The company's total assets increased, with equity reaching RMB 989.85 million, up RMB 77.95 million from the previous year[112]. - As of December 31, 2023, the group held cash and cash equivalents of RMB 1,111.04 million, a 7.84% increase from RMB 1,030.24 million at the end of 2022, driven by an increase in cash generated from operating activities[139]. Heating Business - The heating business remains the core operation, with stable growth in overall profitability compared to the previous year[62]. - The company's heating business revenue for the year was RMB 1,570.73 million, with external customer sales contributing RMB 1,570.73 million[51]. - The group's heating business revenue for the year was RMB 1,570.73 million, an increase of RMB 32.31 million or 2.10% from RMB 1,538.42 million in 2022[86]. - The estimated heat purchase quota was 23,380,000 GJ, with actual consumption at 20,694,183 GJ, resulting in a utilization rate of 88.51%[68]. - The number of heating customers increased to 551,558, up by 18,190 customers or 3.41% from 2022[86]. - The group procured a total of 22.96 million gigajoules of heating energy, with 20.69 million gigajoules used for heating production[89]. Costs and Expenses - The company's operating cost for 2023 was RMB 1,428.53 million, a slight increase of 0.31% from RMB 1,424.06 million in 2022[102]. - The gross profit margin for 2023 was 15.69%, up from 13.94% in 2022, reflecting a 12.55% increase due to higher revenue from heating services[108]. - Labor costs for 2023 were RMB 146.36 million, a decrease of 3.76% from RMB 152.08 million in 2022[105]. - The group's maintenance and repair costs amounted to RMB 121.97 million, an increase of 47.88% compared to RMB 82.48 million in 2022, primarily due to an increase in external repair projects[128]. - The company's total other income for 2023 was RMB 30.52 million, a decrease of 12.23% from RMB 34.76 million in 2022, mainly due to reduced interest income[101]. Research and Development - Research and development expenses for the year were RMB 2.32 million, up from RMB 1.97 million in the previous year, indicating increased investment in innovation[8]. - The group obtained 7 utility model patents and 9 software copyrights during the reporting period[75]. - The group is developing an "Equipment Ledger Management System," with 90% of the PC and mobile functionalities completed, expected to launch in 2024[96]. Corporate Governance and Compliance - The group has complied with the corporate governance code and has established an audit committee as per the listing rules[180][185]. - The group will continue to deepen the integration of modern corporate systems and governance structures to improve internal control systems and enhance risk resistance capabilities[179]. - The group is obligated to withhold 10% corporate income tax for non-resident H-share shareholders when distributing dividends for the year ending December 31, 2023[187]. Future Plans and Strategies - The group plans to enhance service quality and expand its market share in the heating business while continuing to invest in smart heating technologies[149]. - The group aims to strengthen safety training and improve overall safety awareness among employees to ensure safe operations[150]. - The group plans to increase investment in environmental technology research and application to comply with national environmental standards[166]. - The company is actively pursuing technological innovation and collaboration to improve energy efficiency and reduce emissions[62]. Shareholder Information - The annual general meeting will be held on May 17, 2024[191]. - H shareholders must submit transfer documents by May 10, 2024, to be eligible to vote[194]. - The company is unaware of any shareholders waiving dividend arrangements for the year ending December 31, 2023[190]. - Shareholders are advised to consult tax advisors regarding tax implications of holding and disposing of H shares[189].
春城热力(01853) - 2023 - 年度业绩