Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 1,405.8 million, a decrease of 16.4% compared to 2022[2]. - The annual loss for 2023 was approximately RMB 32.7 million, compared to a profit of RMB 29.9 million in 2022[3]. - Loss attributable to the owners of the company was approximately RMB 34.1 million, down from a profit of RMB 27.2 million in 2022[3]. - Basic loss per share for 2023 was approximately RMB 0.08, compared to a basic earnings per share of RMB 0.06 in 2022[3]. - The company reported a gross profit of RMB 123.0 million for 2023, down from RMB 182.9 million in 2022[3]. - The gross profit margin for 2023 was 8.7%, down from 10.9% in 2022, primarily due to a larger decline in revenue (16.4%) compared to the decrease in cost of sales (14.4%)[65]. - The company reported a pre-tax loss of RMB 42.9 million for 2023, compared to a pre-tax profit of RMB 36.4 million in 2022[63]. - The company incurred a pre-tax loss of RMB 42.9 million in 2023, compared to a pre-tax profit of RMB 36.4 million in 2022, as revenue decline outpaced the reduction in operating expenses[83]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 4,455.8 million, down from RMB 4,830.8 million in 2022[7]. - Total liabilities as of December 31, 2023, were RMB 3,135.6 million, compared to RMB 3,461.2 million in 2022[8]. - The company's total liabilities increased, with bank borrowings rising to RMB 62,250 thousand as of December 31, 2023, compared to RMB 23,845 thousand in 2022, indicating increased leverage[43]. - The total assets of the company as of December 31, 2023, were RMB 4,456 million, a decrease of 7.8% from the previous year, while total liabilities decreased by 9.4% to RMB 3,136 million[88][89]. Revenue Breakdown - The group's revenue from ready-mixed concrete and related products for the year ended December 31, 2023, was RMB 1,314,634,000, a decrease of 14.7% from RMB 1,541,986,000 in 2022[23]. - Revenue from ready-mixed concrete and related products accounted for 93.6% of total revenue, amounting to RMB 1,316 million, with sales volume and price decreasing by 7.1% and 8.1% respectively[65]. - Revenue from independent third-party customers was RMB 407.5 million, a decline of 25.0% from RMB 543.3 million in 2022, representing 29.0% of total revenue[67]. - Major customer Group A contributed RMB 996,552,000 in revenue for 2023, down from RMB 1,136,798,000 in 2022, reflecting a decrease of 12.3%[23]. Operational Metrics - For the year ended December 31, 2023, the company produced and sold 4.32 million cubic meters of ready-mixed concrete, 21,000 tons of polycarboxylate superplasticizers, and 310,000 tons of cement and additives[63]. - The company has a fleet of 161 concrete transport vehicles, including 43 electric mixing trucks, and has established 3 battery swap stations and 2 photovoltaic power stations[62]. - The company operated 40 concrete mixing stations and 76 production lines with an annual capacity of 17.98 million cubic meters as of December 31, 2023[62]. Cost Management - The company implemented cost reduction measures, resulting in a 16.2% decrease in material costs and a 10.7% decrease in direct manufacturing costs compared to the previous year[65]. - The company's total cost of sales, distribution expenses, and administrative expenses amounted to RMB 1,429,047 thousand in 2023, down from RMB 1,634,691 thousand in 2022[32]. - Operating expenses for 2023 amounted to RMB 1,429 million, a decrease of 12.6% year-on-year, but the operating expense ratio increased to 101.7%[80]. Research and Development - Research and development expenses increased to RMB 17.1 million in 2023 from RMB 11.6 million in 2022[3]. - The company applied for 2 invention patents and received 13 utility model patents in 2023, contributing to a total of 106 patents and 28 standards developed or participated in[71]. Governance and Management - The company has adhered to corporate governance codes and established a modern governance structure with effective checks and balances[114]. - The audit committee has reviewed the financial controls and risk management systems for the year ending December 31, 2023[118]. - The company plans to hold elections for the third board of directors and supervisory board at the 2023 annual general meeting[120]. - The resignation of executive directors Mr. Lu Jianfeng and Ms. Hu Zhuyong took effect on March 28, 2024, reducing the board size from 9 to 7 members[123]. - The board's composition remains compliant with the Hong Kong Listing Rules and the company's regulations following the resignations[123]. Future Outlook - The outlook indicates that the long-term fundamentals of the economy remain positive, with increased market demand for the concrete industry driven by national infrastructure initiatives[107]. - In 2024, the company aims to leverage RMB 600 million in provincial special funds to support major manufacturing projects and comprehensive utilization of phosphogypsum[108]. - The company plans to secure over RMB 120 billion in various funding to support major project construction throughout the province in 2024[108]. - The company intends to enhance the promotion of new products including phosphogypsum building materials, RPC slabs, and UHPC products to improve operational efficiency[110]. Accounting Standards - The company plans to adopt Chinese Accounting Standards for preparing financial statements[2]. - The proposal to unify accounting standards requires approval from shareholders at the 2023 Annual General Meeting[172]. - The company will now allow financial statements to be prepared according to both Chinese accounting standards and international standards, with a preference for the lower post-tax profit figure when distributing profits[178].
云南建投混凝土(01847) - 2023 - 年度业绩