Financial Performance - The company reported a revenue of RMB 150.82 million for the year ended December 31, 2022, representing a 4.4% increase from RMB 144.40 million in 2021[10]. - The net profit attributable to equity holders was RMB 1.42 million, a decrease of 80.9% from RMB 7.44 million in the previous year[10]. - The overall gross profit margin decreased to 36.7%, down 4.9 percentage points from 41.6% in the prior year[15]. - Basic earnings per share were RMB 0.04, a decline of 78.9% compared to RMB 0.19 in the previous year[10]. - The total revenue for 2022 was approximately RMB 150,817,000, compared to RMB 144,398,000 in 2021[26]. - Gross profit decreased from approximately RMB 60,042,000 in 2021 to approximately RMB 55,290,000 in 2022, a decline of about RMB 4,752,000 or 7.9%[35]. Revenue Breakdown - In 2022, the company's revenue from paper chemicals increased by approximately RMB 19,314,000 or 91.5%, from RMB 21,118,000 in 2021 to RMB 40,432,000[27]. - Revenue from organic bentonite decreased by approximately RMB 8,488,000 or 9.0%, from RMB 94,664,000 in 2021 to RMB 86,176,000 in 2022, due to a decline in both sales volume and price[27]. - The inorganic gel revenue decreased by approximately RMB 4,685,000 or 20.1%, from RMB 23,255,000 in 2021 to RMB 18,570,000 in 2022, attributed to reduced sales volume and price[29]. Cost and Expenses - The total cost of sales increased from approximately RMB 84,356,000 in 2021 to approximately RMB 95,527,000 in 2022, representing a growth of about RMB 11,171,000 or 13.2%[30]. - The cost of raw materials and consumables rose from approximately RMB 60,063,000 in 2021 to approximately RMB 69,257,000 in 2022, an increase of about RMB 9,194,000 or 15.3%[31]. - Distribution costs increased from approximately RMB 16,722,000 in 2021 to approximately RMB 20,305,000 in 2022, an increase of about RMB 3,583,000 or 21.4%[36]. - Administrative expenses decreased from approximately RMB 21,280,000 in 2021 to approximately RMB 16,813,000 in 2022, a reduction of about RMB 4,467,000 or 21.0%[37]. - R&D expenses slightly decreased from approximately RMB 10,698,000 in 2021 to approximately RMB 10,613,000 in 2022, a decrease of about RMB 85,000 or 0.8%[39]. Financial Ratios - The current ratio improved by 11.1% to 1.20 from 1.08 in 2021[10]. - The quick ratio increased by 17.5% to 0.74 from 0.63 in the previous year[10]. - The debt-to-equity ratio rose to 87.4%, an increase of 12.4 percentage points from 75.0% in 2021[10]. - The average inventory turnover days increased from 221 days in 2021 to 229 days in 2022, primarily due to an increase in average inventory[51]. - The average trade receivables turnover days improved from 161 days in 2021 to 157 days in 2022, attributed to increased sales[57]. Research and Development - The company invested RMB 10,613,000 in research and development in 2022, focusing on new product development and applying for six patents[21]. - The company aims to develop high-suspension nano inorganic gels for high-end water-based coatings, aligning with national policies for green development[17]. - The company has applied for patents for high-dispersion bentonite used in high solid content and solvent-free coatings[75]. Corporate Governance - The company has adopted a corporate governance code to enhance internal control systems and ensure high standards of governance, aiming to create value for shareholders[101]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition for effective independent judgment[104]. - The company has complied with all applicable provisions of the corporate governance code during the review period, with some deviations noted regarding the separation of roles between the chairman and CEO[101]. - The board has established three committees: audit, remuneration, and nomination, to monitor specific areas of the company's operations[118]. Shareholder Information - The company reported a retained profit of approximately RMB 68,057,000 as of December 31, 2022, compared to RMB 69,100,000 as of December 31, 2021[178]. - The company did not declare any final dividends for the fiscal year ending December 31, 2022, consistent with the previous year[157]. - The company has adopted a dividend policy that considers financial performance, cash flow, and overall business conditions before declaring dividends[160]. Environmental and Social Responsibility - The company has implemented various green office measures to promote environmental sustainability, adhering to the principles of Reduce, Recycle, and Reuse[164]. - The group aims to transition from traditional coatings to green coatings, focusing on reducing volatile organic compound (VOC) emissions[75]. - The company has not made any charitable donations during the review year, consistent with the previous year[180]. Risk Management - The internal control system is designed to ensure assets are not misappropriated and to manage operational risks[135]. - The risk management framework includes identifying significant risks and assessing their impact on the business[136]. - The company strictly adheres to anti-corruption laws and has a zero-tolerance policy for unethical business conduct[140].
长安仁恒(08139) - 2022 - 年度财报