Financial Performance - Revenue for the year ended December 31, 2023, was RMB 8,315,073 thousand, a decrease of 2.8% compared to RMB 8,551,596 thousand in 2022[3] - Gross profit for the same period was RMB 344,133 thousand, down 5.4% from RMB 363,631 thousand, resulting in a gross margin of 4.14%[3] - Net profit for the year plummeted by 78.4% to RMB 12,030 thousand from RMB 55,795 thousand in 2022, leading to a net profit margin of 0.14%[3] - Basic and diluted earnings per share decreased to RMB 0.02 from RMB 0.10 in the previous year[8] - The proposed final dividend for 2023 is RMB 9,674,000, translating to RMB 0.0181 per share, down from RMB 18,685,000 or RMB 0.0350 per share in 2022[59] - Other income and gains fell to approximately RMB 17.8 million, down from RMB 30.1 million due to reduced government subsidies[104] - Financial and contract asset impairment losses increased by approximately 41% to RMB 129.7 million, attributed to deteriorating financial conditions of some clients[106] - The pre-tax profit for 2023 was RMB 10,520,000, down from RMB 55,075,000 in 2022, indicating a significant decrease of about 81.0%[57] Assets and Liabilities - Total current assets increased to RMB 6,321,370 thousand in 2023 from RMB 5,991,039 thousand in 2022, while total current liabilities rose to RMB 5,047,602 thousand from RMB 4,692,739 thousand[10] - The company's total assets less current liabilities stood at RMB 1,777,774 thousand, slightly down from RMB 1,803,457 thousand in 2022[10] - Non-current assets totaled RMB 504,006 thousand in 2023, marginally down from RMB 505,157 thousand in 2022[10] - The company's equity attributable to owners of the parent decreased to RMB 1,609,334 thousand from RMB 1,617,787 thousand in the previous year[11] - The total accounts payable as of December 31, 2023, was RMB 3,775,673,000, an increase from RMB 3,438,205,000 in 2022, reflecting a growth of 9.8%[81] - The debt-to-equity ratio increased from approximately 13.2% as of December 31, 2022, to about 15.9% as of December 31, 2023[121] Revenue Segmentation - Revenue from the construction contracting segment was RMB 8,218,191,000, while other services generated RMB 96,882,000[41] - Revenue from external customers in mainland China was RMB 8,192,955,000, a decrease from RMB 8,551,596,000 in 2022[36] - Major customer revenue was approximately RMB 691,869,000, down from RMB 866,556,000 in the previous year[38] - The recognized revenue for 2023 was RMB 99,554,000, an increase from RMB 65,309,000 in 2022, representing a growth of approximately 52.3%[46] - The total remaining performance obligations amounted to RMB 18,890,572,000 as of December 31, 2023, slightly up from RMB 18,736,795,000 in 2022[50] - The expected revenue to be recognized from contracts in progress by December 31, 2023, is RMB 14,762,720,000, to be recognized over the next six months to three years[50] Impairment and Provisions - The company reported a significant increase in impairment losses on financial and contract assets, rising to RMB 129,736 thousand from RMB 91,975 thousand in 2022[6] - The provision for impairment of accounts receivable rose to RMB 223,179,000 in 2023 from RMB 174,658,000 in 2022, marking an increase of about 27.7%[66] - The expected credit loss for accounts receivable was RMB 106,454,000 as of December 31, 2023, compared to RMB 128,640,000 in 2022, indicating a decrease of about 17.3%[69] - The expected credit loss provision for contract assets increased to RMB 158,362,000 in 2023 from RMB 85,117,000 in 2022, marking an increase of 86.1%[77] - The total expected credit loss for the year was RMB 73,245,000, up from RMB 42,102,000 in 2022, representing a rise of 73.9%[77] Research and Development - The company incurred research and development expenses of RMB 248,576,000 in 2023, up from RMB 240,634,000 in 2022, marking a growth of about 3.3%[55] - The company completed 150 smart construction projects and developed the V1.0 version of the smart operation and maintenance platform[98] - The company launched 58 new R&D projects during the year, with 19 projects completed and accepted[97] Corporate Governance and Compliance - The company confirmed compliance with the non-competition agreement established with its controlling shareholders[132] - The board consists of six executive directors and three independent non-executive directors, adhering to corporate governance codes[135] - The company has adopted the standard code of conduct for securities trading, ensuring compliance by all directors and supervisors[136] - The company's audit committee has reviewed the financial statements for the year ending December 31, 2023, including accounting principles and external auditor reports[150] Future Outlook - The company anticipates that infrastructure investment will remain a key driver for growth in 2024, with a focus on digitalization and innovation in the construction industry[128]
巨匠建设(01459) - 2023 - 年度业绩