Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 2,650,852,000, representing an increase of 12.2% compared to RMB 2,362,015,000 in 2022[2] - Gross profit for the same period was RMB 554,210,000, up from RMB 470,623,000, indicating a growth of 17.7%[2] - The net profit attributable to the owners of the company for 2023 was RMB 183,778,000, compared to RMB 163,034,000 in 2022, reflecting an increase of 12.8%[4] - Basic and diluted earnings per share increased to RMB 0.18 from RMB 0.16, marking a growth of 12.5%[4] - The total comprehensive income attributable to the owners of the company for 2023 was RMB 145,136,000, compared to RMB 105,423,000 in 2022, an increase of 37.7%[6] - The adjusted profit before tax for the year ended December 31, 2023, was RMB 39,079,000, compared to RMB 162,465,000 in 2022, reflecting a decline of 76.0%[35] - The company recorded a profit of approximately RMB 183,800,000 in 2023, compared to RMB 163,000,000 in 2022[96] Revenue Breakdown - The steel pipe segment generated revenue of RMB 2,390,855,000, up 32.0% from RMB 1,810,097,000 in the previous year[37] - The property development and investment segment reported revenue of RMB 259,997,000, a decrease of 53.2% from RMB 551,918,000 in 2022[35] - Steel pipe sales accounted for 90.2% of total revenue in 2023, up from 76.6% in 2022, while property development and investment revenue decreased to 9.8% from 23.4%[77] - The revenue from manufacturing and selling seamless welded steel pipes was RMB 2,390,855,000 in 2023, up from RMB 1,810,097,000 in 2022[41] - The revenue from straight seam submerged arc pipes accounted for approximately 69.2% of the total steel pipe revenue, with sales revenue reaching approximately RMB 1.496 billion[65] - The revenue from spiral submerged arc pipes was approximately RMB 612 million, representing about 26.6% of total steel pipe revenue, driven by increased sales to a Middle Eastern customer[67] Assets and Liabilities - The total non-current assets as of December 31, 2023, amounted to RMB 2,892,807,000, slightly up from RMB 2,850,413,000 in 2022[8] - Current liabilities increased to RMB 4,374,358,000 in 2023 from RMB 3,627,690,000 in 2022, indicating a rise of 20.5%[8] - The net current liabilities as of December 31, 2023, were RMB 845,744,000, compared to a net current asset of RMB 76,834,000 in 2022[14] - Total assets as of December 31, 2023, amounted to RMB 6,421,421,000, a slight increase from RMB 6,554,937,000 as of December 31, 2022[35] - As of December 31, 2023, the total borrowings amounted to approximately RMB 1,832,400,000, with about 8% being long-term borrowings[106] - The debt-to-asset ratio was approximately 28.5% in 2023, showing no significant change from 27.1% in 2022[105] Cash Flow and Financing - The company reported a cash and cash equivalents balance of RMB 32,191,000, up from RMB 16,128,000 in the previous year, representing a growth of 99.8%[14] - Net cash flow from operating activities increased to RMB 431,100,000 in 2023 from RMB 154,100,000 in 2022[98] - The net cash flow from investing activities changed from an inflow of approximately RMB 38,200,000 in 2022 to an outflow of about RMB 8,700,000 in 2023[99] - The net cash flow used in financing activities increased to RMB 366,000,000 in 2023 from RMB 149,100,000 in 2022, primarily due to new borrowings[100] - In 2023, the financing cost increased to RMB 94,500,000, up 111.8% from RMB 44,600,000 in 2022, with an actual interest rate of 5.2% compared to 2.5% in 2022[91] Operational Highlights - The company has engaged in the manufacturing and sale of welded steel pipes and related services, as well as property development and investment activities[15] - The company delivered a total of 553,000 tons of steel pipes and received orders for 601,000 tons, including significant projects like the East African Crude Oil Pipeline and the Nigeria AKK project[53] - The East African Crude Oil Pipeline project represents the largest single order in the company's history, with a total procurement of 260,000 tons and a sales amount of $370 million (approximately RMB 2.6 billion)[53] - The company successfully delivered all required straight seam submerged arc pipes for the Ras Laffan Petrochemicals project, which is set to become one of the largest ethylene projects globally, with an annual production capacity of up to 2.1 million tons[54] - The company has developed the world's first large-diameter, thick-walled spiral steel pipe with a diameter of 3,000mm and a wall thickness of 30mm, marking a significant technological breakthrough[56] - The company is positioned to benefit from the ongoing demand for pipeline construction, particularly in light of China's plans to expand its oil and gas pipeline network to approximately 210,000 kilometers by 2025[59] Research and Development - Research and development costs rose to RMB 107,636,000 in 2023 from RMB 64,283,000 in 2022, indicating a focus on innovation[45] - The company will continue to focus on technological capabilities to meet the demand for green low-carbon products in the energy sector[119] Regulatory and Compliance - The company has adopted new and revised International Financial Reporting Standards (IFRS) for the current financial year, including IFRS 17 on insurance contracts, which does not significantly impact the financial statements[19] - The company has reassessed its accounting policy disclosures to ensure consistency with the revised IFRS, with no significant impact on the financial statements[20] - Changes in accounting estimates and definitions have been aligned with the revised IAS 8, maintaining consistency without significant impact on the financial statements[21] - The introduction of new tax regulations under the OECD's Pillar Two framework is not expected to have a significant impact on the financial statements[25] - The company is preparing for the upcoming changes in long service payment regulations effective from May 1, 2025, which will eliminate the offset mechanism for mandatory contributions[26] Employee and Management - Employee costs for the year ended December 31, 2023, amounted to RMB 151.4 million, an increase of 22.4% from RMB 123.7 million in 2022[111] - The total number of full-time employees increased to 875 in 2023, up from 824 in 2022, reflecting a growth of 6.2%[113] - The company has not appointed a separate CEO, with the chairman also serving in operational roles, ensuring strong leadership and decision-making[123] - The audit committee, composed of three independent non-executive directors, oversees financial reporting and risk management processes[126] Future Outlook - The company anticipates that 2024 will remain a challenging year for the oil and gas industry due to geopolitical tensions and economic uncertainties[114] - The company plans to leverage opportunities in the deep-sea pipeline manufacturing sector as China expands its offshore oil and gas exploration[119] - The company aims to diversify its steel pipe applications by participating in global oil and gas engineering projects, targeting infrastructure and high-end construction sectors[120] - The company recognizes the national energy security and dual carbon goals as opportunities to enhance sales and market share[120]
珠江钢管(01938) - 2023 - 年度业绩