2024-03-27 16:00Financial Performance - The net profit of the parent company for 2023 is approximately CNY 3.74 billion, while the consolidated net profit attributable to shareholders is about CNY 6.72 billion[4]. - The company plans to allocate 10% of the parent company's net profit, amounting to CNY 374 million, to statutory reserves and distribute a cash dividend of CNY 1.6 per 10 shares, totaling approximately CNY 1.373 billion, which represents 20.44% of the consolidated net profit[4]. - The company's operating revenue for 2023 was CNY 225,070,880, a decrease of 22.65% compared to CNY 290,987,942 in 2022[18]. - Net profit attributable to shareholders for 2023 reached CNY 6,716,945, representing a 60.23% increase from CNY 4,192,068 in 2022[18]. - The net profit after deducting non-recurring gains and losses was CNY 6,614,183, up 111.27% from CNY 3,130,693 in 2022[18]. - The company's total assets at the end of 2023 were CNY 211,755,809, a slight decrease of 0.28% from CNY 212,347,896 at the end of 2022[18]. - The net assets attributable to shareholders increased by 11.13% to CNY 60,457,735 from CNY 54,401,529 in 2022[18]. - Basic earnings per share for 2023 were CNY 0.391, a 63.60% increase compared to CNY 0.239 in 2022[19]. - The weighted average return on net assets for 2023 was 12.02%, an increase of 5.12 percentage points from 6.90% in 2022[19]. Operational Highlights - The company's alumina production was 1,667,000 tons in 2023, down 5.50% from 1,764,000 tons in 2022, while fine alumina production increased by 16.32% to 499,000 tons[25]. - The total imported bauxite reached 14,165,000 tons in 2023, marking a 12.7% year-on-year increase, with Guinea accounting for 70.1% of imports, up 40.9%[28]. - The company's coal production reached 1,305,000 tons in 2023, reflecting a 21.51% increase from 1,074,000 tons in 2022[25]. - The company's electricity generation was 162 billion kWh in 2023, a decrease of 2.99% from 167 billion kWh in 2022[25]. - In 2023, the company produced 30.42 million tons of bauxite, 16.67 million tons of metallurgical-grade alumina, and 6.79 million tons of primary aluminum (including alloys), with a total coal output of 13.05 million tons, marking a year-on-year increase of 21.51%[34]. Market and Industry Trends - The global alumina production was approximately 13,909,000 tons in 2023, with China's production at about 8,227,000 tons, representing a 3.1% increase year-on-year[30]. - The average price of LME three-month aluminum in 2023 was USD 2,288 per ton, a decrease of 15.7% compared to 2022, while the average price of SHFE three-month aluminum was CNY 18,473 per ton, down 6.9% year-on-year[31]. - The overall aluminum market is expected to maintain a basic balance, with traditional construction aluminum demand declining while demand from transportation, electronics, and renewable energy sectors is increasing[117]. - The demand for alumina is expected to remain tight in 2024, primarily driven by the operating rates of electrolytic aluminum capacity, which is nearing its ceiling[116]. Corporate Governance and Compliance - The audit report issued by PwC Zhong Tian is a standard unqualified opinion, ensuring the accuracy and completeness of the financial statements[3]. - The board of directors has confirmed that more than half of the directors can guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company is focused on enhancing its compliance management system, which includes the development of a comprehensive compliance guidance document and the appointment of a chief compliance officer[42]. - The company has implemented a comprehensive internal control system and governance structure in compliance with relevant laws and regulations[135]. - The company is committed to a clear governance structure, ensuring the protection of shareholders' legal rights and interests[135]. Environmental and Social Responsibility - The company’s carbon emissions were reduced by 1.25 million tons in 2023, reflecting its commitment to green development[38]. - The company completed the reclamation of 7,990 acres of mined land in 2023, achieving a 100% reclamation rate[38]. - The company is committed to ecological protection and high-quality development, focusing on addressing environmental issues in the Yangtze and Yellow River basins[195]. - The company has established a social responsibility committee to advance specific ESG initiatives and tasks[154]. Research and Development - Research and development expenses for 2023 amounted to CNY 3.729 billion, a decrease of CNY 1.076 billion or 22.39% from CNY 4.805 billion last year[64]. - The company established four major technology innovation platforms and formed 21 innovation teams, resulting in 485 patent authorizations in 2023, a 36% increase year-on-year[39]. - The company is committed to strengthening its innovation system, enhancing R&D investment intensity, and improving the overall efficiency of its innovation framework[123]. Strategic Initiatives - The company plans to continue expanding its market presence and invest in new product development to drive future growth[18]. - The company aims to enhance its competitiveness by focusing on resource acquisition, green aluminum smelting, and the development of high-purity aluminum-based new materials[118]. - The company is actively pursuing opportunities for mergers and acquisitions to bolster its market position and expand its operational capabilities[168]. - The company plans to enhance its digital transformation strategy, allocating 200 million for technology upgrades[170]. Employee and Workforce Management - The company’s average employee income increased by 5% year-on-year, with labor productivity rising by 6.3%[41]. - The total number of employees in the company is 64,504, with 162 in the headquarters and 64,342 in major subsidiaries[197]. - A total of 255 employees participated in various training programs in 2023, with over 3,000 training instances completed across 31 projects[199]. - The company emphasizes a performance-based salary system linked to economic benefits, implementing quarterly assessments and differentiated incentives[198].