BAOTI(SH:600456)2024-03-29 16:00Corporate Governance - The total remuneration for all directors, supervisors, and senior management in the current year amounted to 6.9534 million yuan (pre-tax) [1] - The company held a total of 7 board meetings during the year, with 1 in-person meeting and 6 conducted via communication methods [5] - The audit committee is chaired by Pan Ying, with members Wang Jian, Yang Rui, and Shen Hao [6] - The remuneration and assessment committee is chaired by Shen Hao, with members Wang Jian, Yang Rui, and Pan Ying [6] - The company’s independent directors' remuneration is determined based on the decisions made at the shareholders' meeting [1] - The company’s board of directors has not faced any penalties from securities regulatory authorities in the past three years [1] - The company has not reported any objections from directors regarding company matters [6] - The audit committee held five meetings during the reporting period, reviewing the 2022 financial statements and confirming compliance with accounting standards [8] - The audit committee unanimously approved all proposals during its meetings, ensuring transparency and accountability [8] - The company has committed to not transferring benefits unfairly or engaging in activities that harm its interests, ensuring accountability among its directors and senior management [123] Financial Performance - The company’s operating revenue for 2023 was CNY 6,927,226,308.10, representing a 4.41% increase compared to CNY 6,634,631,944.44 in 2022 [109] - The net profit attributable to shareholders for 2023 was CNY 544,223,785.73, a decrease of 2.29% from CNY 556,977,184.35 in 2022 [111] - The net profit after deducting non-recurring gains and losses was CNY 474,541,181.87, down 7.74% from CNY 514,345,134.07 in the previous year [111] - The net cash flow from operating activities improved significantly to CNY 150,649,134.93, compared to a negative cash flow of CNY -435,438,198.82 in 2022, marking a 134.60% increase [111] - The total assets at the end of 2023 were CNY 12,493,227,937.76, a slight increase of 0.27% from CNY 12,459,578,287.47 in 2022 [111] - The net assets attributable to shareholders increased by 5.53% to CNY 6,534,806,903.87 from CNY 6,192,612,970.26 in the previous year [111] - The basic earnings per share decreased by 2.29% to 1.1391 RMB per share in 2023 compared to 2022 [134] - The weighted average return on net assets decreased by 0.5554 percentage points to 8.5497% in 2023 [134] Dividend Policy - The company plans to distribute cash dividends of RMB 0.10 per 10 shares based on a total share capital of 477,777,539 shares [19] - The company plans to distribute a cash dividend of 0.35 CNY per share (including tax) for the fiscal year 2023, totaling approximately 167,222,138.65 CNY (including tax) based on a total share capital of 477,777,539 shares [26] - The cash dividend for 2022 was 4.5 CNY per share, amounting to 214,999,892.55 CNY (including tax), which represented 38.59% of the net profit attributable to ordinary shareholders in the consolidated financial statements [27] - The net profit attributable to ordinary shareholders for 2023 is reported at 544,223,785.73 CNY, with the proposed cash dividend representing 30.73% of this amount [27] - The company has established a profit distribution policy that prioritizes cash dividends over stock dividends, ensuring that the cumulative cash dividends over the last three years are no less than 30% of the average distributable profit [26] - The company has implemented a complete decision-making process for cash dividends, allowing minority shareholders to express their opinions and ensuring their rights are protected [26] - The company has not proposed any stock dividends or capital reserve transfers for the fiscal year 2023, maintaining the total distribution amount unchanged even if the total share capital changes [26] Environmental Protection - The company has invested 2.86 million CNY in environmental protection during the reporting period, adhering to national environmental laws and regulations [43] - The company reported that all monitored emission points are compliant with national pollution discharge standards, with specific concentrations such as 5.3 mg/m³ for hydrochloric acid at the reduction distillation outlet, well below the limit of 80 mg/m³ [44] - The average concentration of particulate matter at the titanium tetrachloride tail gas outlet was recorded at 7.4 mg/m³, which is also within the permissible limit of 10 mg/m³ [44] - The company has established various pollution control facilities, including a washing tower and an exhaust gas absorption tower, all of which are operating normally [48] - The nitrogen oxides emissions from the gas boiler stack were measured at 37 mg/m³, significantly below the limit of 150 mg/m³ [44] - The company has implemented a four-stage washing process for the sponge titanium exhaust, ensuring effective treatment of pollutants [48] - The concentration of sulfur dioxide emissions from the backup boiler was recorded at 5 mg/m³, well under the limit of 50 mg/m³ [44] - The company has a total of seven emission points monitored, all of which are compliant with the relevant environmental standards [48] - The average concentration of chlorine gas at the magnesium electrolysis outlet was measured at 4.5 mg/m³, below the limit of 60 mg/m³ [44] - The company has reported no exceedances in the emissions of nitrogen oxides from the laboratory exhaust, with undetectable levels recorded [47] - The company continues to invest in environmental protection facilities to ensure compliance with pollution control standards [48] - The company has received the national "Green Factory" title for its effective environmental protection efforts [75] - The company has not faced any administrative penalties from environmental protection departments during the reporting period [55] - The company has established an emergency response plan for environmental incidents, which has been filed with the local ecological environment bureau [53] - The company has implemented a self-monitoring plan for environmental emissions, ensuring compliance with discharge standards [71] - The company has successfully treated wastewater to meet various national and local discharge standards [68] Social Responsibility - The company has invested a total of 51.56 million yuan in poverty alleviation and rural revitalization projects during the reporting period [80] - The company has made donations totaling 1.7 million yuan to support designated poverty alleviation villages during the reporting period [78] - The company provided 1.2 million RMB in aid to 56 households during the Spring Festival and 50,000 RMB in aid during the Chongyang Festival [85] - The company has invested a total of 515,600 RMB in targeted poverty alleviation efforts in 2023, including 37,000 RMB for educational assistance, 80,000 RMB for industrial support, and 398,600 RMB for consumption support [85] - The company assisted 2,793 individuals through industrial support and 14 individuals through educational assistance [85] - The company plans to continue its support for rural revitalization and poverty alleviation efforts in the coming year [114] Market and Industry Outlook - The titanium industry is strategically significant for national defense, economy, and technology development, with strong government support in China [151] - In 2023, the supply of sponge titanium exceeded demand, leading to a downward price trend and weak operational performance in the titanium industry [152] - The company continues to focus on expanding its market presence in aerospace, petrochemical, and medical sectors [171] - The titanium processing industry serves various sectors, including aerospace, oil and gas, and construction, indicating diverse market opportunities [171] - The company aims to enhance its market share in high-end titanium applications in aerospace, marine, and medical fields, driven by national policies and market demand [177] - The company is focusing on expanding into new markets such as petrochemicals, hydrogen energy, and 3C electronics to drive sales growth [185] Research and Development - The company developed high-strength titanium alloy pipes and components, successfully completing an 8000-meter ultra-deep well drilling test [148] - The company established 112 technical reform projects in 2023, achieving a comprehensive equipment integrity rate of 99.96% [150] - The company received 10 various scientific and technological achievement awards in 2023 [148] - The company is committed to strengthening its research and innovation capabilities to align with national strategic needs and market demands [189] - The company is actively participating in major project development and technological breakthroughs to enhance its competitive edge [189] Future Plans - The company’s 2024 revenue target is set at 7.5 billion yuan, with a cost plan of 6.8 billion yuan and a titanium product output goal of 40,000 tons [184] - The company plans to invest 231 million yuan in fixed assets in 2024 to support its growth strategy [184] - The company is implementing a differentiated marketing strategy to capture market share and promote sales growth [185] - The company is dedicated to improving its governance and compliance management to ensure sustainable development and risk control [190] Compliance and Legal Matters - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period [127] - There were no significant accounting errors or changes in accounting policies that affected the financial results for the year [128] - The company has not faced any major litigation or arbitration matters during the reporting period [130] - The company has not engaged in any major asset restructuring or integration during the reporting period [197] - The company has not made any securities or private fund investments during the reporting period [197] Investment and Fundraising - The company has a total fundraising amount of CNY 200,499.96 million, with a net amount of CNY 196,624.08 million after deducting issuance costs [166] - As of the end of the reporting period, the cumulative investment of raised funds reached CNY 159,848.11 million, representing an investment progress of 81.30% [166] - The company plans to disclose the specific use of raised funds in a report on March 30, 2024 [195] - The overall investment situation indicates no major changes in operational capacity or efficiency metrics [195] - There are no significant non-equity investments reported during the period [195]