Financial Performance - For the year ended December 31, 2023, the total revenue was approximately RMB 2,219,336,000, an increase of about 50.73% compared to RMB 1,472,400,000 in 2022[3] - The net loss attributable to the parent company for the year was approximately RMB 11,555,000, a significant improvement from a net loss of RMB 78,122,000 in 2022[3] - Basic and diluted loss per share for the year was approximately RMB 0.02, compared to a loss of RMB 0.15 in 2022[3] - The total profit for the year ended December 31, 2023, was -3,325,238.78, compared to -79,976,042.29 in the previous year, indicating a significant improvement[50] - The basic earnings per share for the current period was -0.02, an improvement from -0.15 in the previous year[53] - The company reported a loss attributable to the parent company's ordinary shareholders of -11,554,963.31, an improvement from -78,122,417.92 in the previous year[53] Operating Costs and Expenses - Total operating costs for the year were approximately RMB 2,218,559,384.36, compared to RMB 1,530,021,305.77 in the previous year[5] - Selling expenses totaled RMB 23.91 million, a marginal increase of 3.6% from RMB 23.08 million in the previous year[47] - Management expenses increased to RMB 51.39 million, up 14.4% from RMB 44.95 million in the previous year[47] - Financial expenses for the current period were RMB 1.68 million, a decrease of 33.0% from RMB 2.51 million in the previous year[49] - The company incurred a total of RMB 19.66 million in asset impairment losses, down from RMB 22.93 million in the previous year, indicating a reduction of 14.3%[49] Assets and Liabilities - Cash and cash equivalents at the end of the year were RMB 340,794,909.54, up from RMB 238,772,242.82 at the end of the previous year[8] - Total assets as of December 31, 2023, amounted to RMB 1,219,949,729.65, compared to RMB 1,076,495,914.88 at the end of the previous year[8] - As of December 31, 2023, total liabilities amounted to RMB 769,279,427.37, an increase of 28.5% from RMB 599,239,867.59 at the end of the previous year[10] - Current liabilities totaled RMB 719,357,546.08, reflecting a significant increase of 32.8% compared to RMB 541,673,377.61 from the previous year[10] - The company's equity attributable to shareholders decreased to RMB 416,346,629.49, down 6.2% from RMB 444,024,279.72 at the end of the previous year[10] Revenue Breakdown - Revenue from engineering services amounted to RMB 1.05 billion, up from RMB 379.86 million in the same period last year, indicating a growth of 176.5%[46] - Engineering revenue increased by 175.20% to approximately RMB 1,045,367,000, while trading revenue decreased by 20.94% to approximately RMB 615,256,000[79] - Gross profit rose from approximately RMB 23,916,000 (gross margin of 1.62%) to approximately RMB 101,637,000 (gross margin of 4.58%) due to increased sales volume and improved product margins[81] Inventory and Receivables - The company experienced a decrease in inventory, which stood at RMB 258,129,517.76 compared to RMB 347,121,169.78 in the previous year[8] - The total accounts receivable at the end of the period was 223,213,258.76, with a net value of 158,278,023.98 after deducting bad debt provisions[55] - The aging analysis of accounts receivable showed that 101,043,813.85 was within one year, indicating a healthy collection period[55] Corporate Governance and Compliance - The financial statements were approved by the board on March 28, 2024, ensuring compliance with relevant accounting standards[13] - The company operates under the continuous operation basis, with no significant doubts regarding its ability to continue operations in the next 12 months[19] - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2023[113] - The audit committee reviewed the consolidated annual performance for the year ending December 31, 2023, including discussions on financial reporting and internal controls[119] Taxation and Accounting Policies - The corporate income tax rates applicable to various subsidiaries are as follows: 15% for Gansu Tianye, Akesu Tianye, Tiancheng Water Saving, and others; 20% for Kuitun Water Saving and others; and 25% for Silk Road Tianyang and Tianfu Ecology[36] - The company obtained a high-tech enterprise certificate on November 9, 2023, allowing it to enjoy a reduced corporate income tax rate of 15% for the 2023 fiscal year[39] - The company has implemented the accounting policy changes as per the "Interpretation No. 16 of the Accounting Standards for Enterprises," effective from January 1, 2023, regarding deferred income tax liabilities and assets[30] Mergers and Acquisitions - The company completed a merger with Shihezi City Silk Road Tianyang Pre-mixed Concrete Co., Ltd., acquiring a 51% equity stake for a total merger cost of approximately RMB 16.12 million[41] - The company completed the acquisition of 51% equity in Shihezi City Silk Road Tianyang Ready-Mixed Concrete Co., Ltd. for RMB 15,647,200, with the financial performance included in the consolidated financial statements[109] Employee and Shareholder Information - The company employed a total of 407 employees as of December 31, 2023, an increase from 384 in 2022[104] - The company did not recommend any dividend for the year ended December 31, 2023, consistent with the previous year[51] - The company has no plans to declare any final dividends for the year ended December 31, 2023[112] Future Outlook - The company aims to become a billion-level agricultural technology company focused on the entire water-saving agricultural industry chain[91] - The company plans to acquire 100% equity of Beijing Tianye International Agricultural Engineering Technology Co., Ltd. for RMB 20,161,900, with shareholder approval expected on January 15, 2024[102]
天业节水(00840) - 2023 - 年度业绩