Financial Performance - For the year ended December 31, 2023, the sales revenue was approximately RMB 2,905,000,000, a decrease of about 9.4% compared to 2022[2]. - The loss attributable to shareholders was approximately RMB 152,000,000, a decrease of RMB 354,000,000 compared to a profit of RMB 202,000,000 in 2022[2]. - The company reported a net loss of approximately RMB 154,615,000 for the year ended December 31, 2023[14]. - The basic loss per share for the year was approximately RMB 0.0253[2]. - Total revenue for the year ended December 31, 2023, was RMB 2,904,857 thousand, a decrease from RMB 3,205,226 thousand in 2022[117]. - The group recorded a net loss of RMB (107,652,000) in 2023 compared to a profit of RMB 355,824,000 in 2022[133]. - Basic loss per share for 2023 was RMB (152,341,000), compared to a profit of RMB 201,563,000 in 2022, representing a substantial decline in profitability[142]. Revenue Breakdown - The sales revenue and quantity for major products showed the following changes: Urea sales revenue decreased by 12.0% and sales quantity increased by 1.2%[3]. - Ammonia sales revenue decreased by 13.8% and sales quantity increased by 6.7%[3]. - Methanol sales revenue decreased by 14.5% and sales quantity decreased by 6.0%[3]. - The revenue from urea sales was RMB 888,393 thousand in 2023, down from RMB 1,009,200 thousand in 2022[117]. - The group's revenue from major customer A decreased to 13.81% in 2023 from 15.11% in 2022[124]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 6,266,330,000, an increase from RMB 5,845,522,000 in 2022[7]. - The total liabilities increased to RMB 5,354,515,000 in 2023, compared to RMB 4,785,396,000 in 2022, reflecting a growth of 11.9%[14]. - As of December 31, 2023, the company's net current liabilities amounted to approximately RMB 2,859,724,000[14]. - The total assets minus current liabilities decreased to RMB 1,985,741,000 in 2023 from RMB 2,492,369,000 in 2022, indicating a decline of 20.3%[14]. - The company's total debt amounted to RMB 3,685,589,000, an increase from RMB 3,127,908,000 in 2022, reflecting a rise in the debt-to-equity ratio to 75% from 70%[184]. Cash Flow and Operating Activities - The net cash inflow from operating activities before changes in working capital and payment of income tax and interest was approximately RMB 306,000,000, a decrease of about 62.8% from RMB 823,000,000 in 2022[2]. - The company generated a net operating cash inflow of approximately RMB 224,469,000 during the year[14]. - Cash and cash equivalents decreased from RMB 220,143,000 in 2022 to RMB 16,951,000 in 2023, a decline of approximately 92.3%[179]. - The company maintained sufficient cash and cash equivalents to ensure operational liquidity through various financing sources[111]. Equity and Dividends - The total equity attributable to the company's owners was RMB 908,102,000, a decrease from RMB 1,059,039,000 in 2022[7]. - The company does not recommend the payment of any final dividend for the year ended December 31, 2023[3]. - The total equity as of December 31, 2023, was RMB 387,533,000, a decrease from RMB 538,470,000 in 2022[190]. Costs and Expenses - The cost of goods sold increased to RMB 2,588,660,000 in 2023 from RMB 2,411,956,000 in 2022[133]. - Employee costs, including salaries and bonuses, rose to RMB 104,206,000 in 2023 from RMB 90,663,000 in 2022[133]. - Financial expenses decreased slightly to RMB 238,925,000 in 2023 from RMB 244,903,000 in 2022[127]. - The income tax expense for 2023 was RMB 46,963,000, significantly lower than RMB 154,780,000 in 2022[130]. Financial Instruments and Risks - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential negative impacts on financial performance[98]. - The group has minimal foreign exchange risk as most transactions are denominated in RMB, with no current hedging policies in place[99]. - The group manages credit risk by depositing cash in reputable banks and assessing the credit quality of trade receivables[103]. - The company's financial assets have significantly increased credit risk during the reporting period, particularly when debtors are overdue by more than 30 days[104]. Accounting Policies and Estimates - The group adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, with no significant impact on the financial statements for the current and prior years[17]. - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and applicable disclosure requirements[18]. - The group applies significant judgments in the application of accounting policies that have a substantial impact on the amounts recognized in the consolidated financial statements[91]. - The group assesses the carrying amounts of tangible and intangible assets at each reporting period to determine if there are indications of impairment losses[86]. Subsidiaries and Ownership - The company has 100% ownership in several subsidiaries, including Dazhou Jiuyuan Chemical Co., Ltd. with a registered capital of RMB 420 million and Sichuan Chengyuan Chemical Co., Ltd. with RMB 8 million[162]. - The company has pledged 100% equity of several subsidiaries, including Dazhou Jiuyuan Chemical and Sichuan Chengyuan, as collateral for loans[168]. - The company operates in various sectors, including chemical production and sales, with subsidiaries located in mainland China and Hong Kong[162]. Inventory and Receivables - The total inventory value as of December 31, 2023, is RMB 216.1 million, a decrease from RMB 241.3 million in 2022[166]. - Accounts receivable decreased from RMB 1,047,417,000 in 2022 to RMB 1,027,975,000 in 2023, a reduction of approximately 1.5%[169]. - The company reported no change in the allowance for trade receivables losses, maintaining a loss provision of 0% for both years[174]. Capital Management and Financing - The company maintained a capital management strategy focused on ensuring sustainable operations and optimizing capital structure to reduce costs[183]. - The total amount of convertible bonds was RMB 892,111,000 in 2023, compared to RMB 810,623,000 in 2022[184]. - The company issued convertible bonds with a principal amount of HKD 832,000,000 (approximately RMB 665,600,000) at an annual interest rate of 7%[200].
玖源集团(00827) - 2023 - 年度业绩