Financial Performance - Zhejiang Tengy Environmental Technology Co., Ltd reported revenue of approximately RMB 620.1 million for the year ended December 31, 2023, representing an increase of about 31.3% compared to the previous year[3]. - The profit attributable to the owners of the company for the same period was approximately RMB 42.7 million, a decrease of about 20.3% year-on-year[3]. - Gross profit for the year was RMB 140.8 million, compared to RMB 67.4 million in the previous year, indicating a significant improvement in profitability[4]. - Operating profit decreased to RMB 81.8 million from RMB 105.3 million year-on-year[4]. - The company reported a net profit attributable to ordinary equity holders of RMB 42,707,000 for 2023, down 20.4% from RMB 53,605,000 in 2022[36]. - The company's pre-tax profit decreased to approximately RMB 61.1 million, a decline of about 19.4% year-on-year, while profit attributable to owners decreased by about 20.3% to approximately RMB 42.7 million[72]. - Other income and gains significantly decreased by approximately 82.6% to about RMB 21.0 million, down from approximately RMB 120.8 million in the previous year, primarily due to the absence of property sales[84]. Revenue Sources - Revenue from environmental equipment sales was RMB 607,348,000, up 37.2% from RMB 442,739,000 in the previous year[24]. - Revenue from mainland China accounted for RMB 607,159,000, representing a significant increase of 28.8% compared to RMB 471,341,000 in 2022[19]. - Revenue from the sale of environmental protection equipment accounted for approximately 98% of total revenue, with significant contributions from electrostatic precipitators and desulfurization and denitrification devices[76]. - The company's revenue primarily comes from the sale of environmental equipment, materials, and services, with a focus on customized air pollution control solutions[60]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,513.3 million, compared to RMB 1,339.4 million in the previous year[5]. - Current liabilities increased to RMB 926.7 million from RMB 701.5 million year-on-year, reflecting a rise in operational costs[7]. - The company’s total equity rose to RMB 870.2 million from RMB 834.2 million, showing a solid financial position[7]. - Cash and cash equivalents increased significantly to RMB 453.1 million from RMB 241.0 million, indicating improved liquidity[5]. - Trade receivables (net of provisions) decreased from RMB 604,108,000 in 2022 to RMB 504,872,000 in 2023, a decline of about 16.4%[41]. - Trade payables increased slightly from RMB 183,498,000 in 2022 to RMB 185,131,000 in 2023, an increase of approximately 0.9%[49]. - The net value of current assets decreased by about 8.0% to approximately RMB 586.6 million from approximately RMB 637.9 million in the previous year[95]. Research and Development - The company has established a comprehensive R&D system, employing over 10 professional engineers in its Hangzhou R&D center, focusing on environmental engineering, civil engineering, and electromechanical engineering[60]. - The company aims to invest more resources in R&D and production of energy-efficient environmental protection equipment to meet market demand for green technology[107]. - The company is recognized as a Shaoxing municipal-level R&D and technology center, enhancing its competitive edge in the industry[60]. Market Position and Strategy - The company plans to continue focusing on the design, development, and manufacturing of environmental protection equipment and electronic products, aiming for market expansion[12]. - The company aims to actively seek suitable acquisition projects in various environmental reduction industries, new materials, and new energy sectors[107]. - The company believes its established customer base in China and years of overseas market experience will support future expansion in domestic and international markets[109]. - The environmental industry in China is experiencing rapid growth, supported by government policies aimed at carbon reduction and ecological civilization construction[66]. - The company is positioned to benefit from the "14th Five-Year Plan" which emphasizes energy conservation and emission reduction projects, aligning with its expertise[67]. Operational Efficiency - The company is focused on improving production processes and management systems to enhance operational efficiency and reduce energy consumption[72]. - Sales and distribution expenses increased from approximately RMB 15.8 million in the previous year to approximately RMB 22.1 million, an increase of about RMB 6.3 million[85]. - Administrative expenses decreased by approximately 15.7% from about RMB 63.3 million in the previous year to approximately RMB 53.3 million, mainly due to a reduction in trade receivables impairment losses and depreciation expenses[87]. - Financing costs rose by approximately 29.0% from about RMB 7.7 million in the previous year to approximately RMB 9.9 million[88]. Corporate Governance - The audited financial statements for the year were approved by the board on March 28, 2024[110]. - There were no changes in accounting policies or methods during the year[111]. - No significant accounting errors were corrected during the year[112]. - The scope of consolidation for the financial statements remained unchanged[113]. - The audit committee reviewed the accounting principles and confirmed the audited consolidated financial statements for the year[124]. - No significant events affecting the company occurred after the end of the financial year[125].
天洁环境(01527) - 2023 - 年度业绩