Financial Performance - Revenue for the year ended December 31, 2023, was RMB 290.6 million, a decrease of 28.7% compared to RMB 407.7 million in 2022[5] - Profit attributable to equity shareholders for the year was RMB 37.5 million, down 44.4% from RMB 67.4 million in 2022[5] - Gross profit margin decreased to 43% from 48% in 2022, a decline of 5 percentage points[5] - Basic earnings per share for the year was RMB 0.14, down RMB 0.20 from RMB 0.34 in 2022[5] - Adjusted EBITDA for the reported segments was RMB 187,236,000 for 2023, down from RMB 267,927,000 in 2022, indicating a decrease of about 30%[24][27] - The company reported a pre-tax profit of RMB 67,988,000 for 2023, down from RMB 140,057,000 in 2022, representing a decline of approximately 51%[24][32] - The gross profit for 2023 was RMB 124.3 million, down 36.2% from RMB 194.8 million in 2022, with a gross margin of 43%, a decrease of 5 percentage points from 48% in 2022[65] Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, were RMB 1,210.9 million, compared to RMB 1,807.3 million in 2022[10] - Non-current assets increased to RMB 1,983.0 million in 2023 from RMB 1,959.7 million in 2022[8] - Current liabilities rose significantly to RMB 1,172.1 million in 2023 from RMB 485.3 million in 2022, indicating increased financial obligations[8] - Reported segment assets increased to RMB 2,353,573,000 in 2023 from RMB 2,262,910,000 in 2022, reflecting a growth of approximately 4%[25] - Reported segment liabilities rose to RMB 1,791,417,000 in 2023 compared to RMB 1,768,180,000 in 2022, marking an increase of about 1.3%[25] - Shareholders' equity rose to RMB 666.3 million in 2023 from RMB 542.7 million in 2022, driven by a profit of RMB 57.9 million and an increase in share capital[68] - Total assets increased to RMB 2,383.0 million in 2023 from RMB 2,292.7 million in 2022, indicating steady growth[68] Revenue Breakdown - Revenue from the sale of aggregate products and others was RMB 215.9 million, down from RMB 283.9 million in 2022[16] - Revenue from the sale of concrete products was RMB 74.7 million, a decrease from RMB 123.8 million in 2022[16] - Total reported segment revenue for the year ended December 31, 2023, was RMB 290,622,000, a decrease from RMB 407,792,000 in 2022, representing a decline of approximately 29%[23][24] - Sales of aggregate products and others amounted to RMB 215.9 million in 2023, down 24.0% from RMB 283.9 million in 2022, due to a 17.9% decrease in average selling price and a 7.2% decrease in sales volume[63] - The sales revenue of ready-mixed concrete was RMB 64.8 million in 2023, a decline of 38.4% from RMB 105.2 million in 2022, attributed to a 16.8% drop in average selling price and a 26.0% decrease in sales volume[63] Expenses - Interest expenses for the year 2023 totaled RMB 62,900,000, down from RMB 71,007,000 in 2022, reflecting a reduction of approximately 11%[27] - Employee costs decreased to RMB 24,514,000 in 2023 from RMB 26,644,000 in 2022, a decline of about 8%[28] - Depreciation and amortization expenses for 2023 were RMB 60,619,000, slightly down from RMB 61,376,000 in 2022, indicating a decrease of about 1.2%[24][29] - Administrative expenses increased by 57.9% to RMB 30.6 million in 2023, primarily due to higher third-party service fees[66] - Financial costs decreased to RMB 62.9 million in 2023 from RMB 71.0 million in 2022, mainly due to reduced interest expenses related to the high-rise mountain project[67] Cash Flow and Capital Management - The company had cash and cash equivalents totaling RMB 73.7 million as of December 31, 2023, an increase of RMB 33.0 million from RMB 40.7 million in 2022, mainly due to the recovery of accounts receivable[69] - The company did not engage in any significant asset acquisitions, sales, mergers, or equity investments during the reporting year[58] - The company’s raw material costs for the year ended December 31, 2023, were RMB 57.5 million, a decrease from RMB 87.2 million in 2022, representing 34.6% of total sales costs compared to 41.0% in 2022[71] Future Plans and Market Outlook - The company plans to pay a final dividend of RMB 0.028 per share for 2023, compared to no dividend in 2022, amounting to a total of RMB 7,392,000[41] - The company plans to increase its annual production capacity from 3.5 million tons to 4.5 million tons in 2024, with a long-term goal of reaching 8 million tons by 2031[76] - The company anticipates strong demand for construction aggregates in Huai Bei and surrounding cities due to upcoming infrastructure projects in 2024[75] - The company will conduct acquisitions in 2024 to expand its asset base and improve revenue and profitability[76] Corporate Governance and Management - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's requirements[80] - The board of directors includes Chairman Liu Yong and three executive directors: Qin Jiapeng, Zhao Song, and Lu Junzhe[90] - The company is based in Huai Bei City, Anhui Province, China[90]
淮北绿金股份(02450) - 2023 - 年度业绩