Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 11,055,439 thousand, a decrease of 13.1% compared to RMB 12,716,775 thousand in 2021[2] - Gross profit for the same period was RMB 2,713,844 thousand, down 16.1% from RMB 3,233,825 thousand in the previous year[2] - Net profit attributable to the owners of the company was RMB 448,690 thousand, reflecting a significant decline of 62.6% from RMB 1,200,590 thousand in 2021[2] - Basic earnings per share decreased to RMB 0.15, down 62.6% from RMB 0.41 in the prior year[2] - The profit before tax for the year was RMB 687,886,000, compared to RMB 1,453,103,000 in 2021, indicating a decrease of approximately 53%[14] - The total profit and comprehensive income for the year ended December 31, 2022, was RMB 448,690,000, a decrease from RMB 1,200,590,000 in 2021, representing a decline of approximately 62.7%[25] - The company's gross profit for 2022 was approximately RMB 2,713.8 million, a decrease of RMB 520.0 million or 16.1%, with the gross margin declining from about 25.4% in 2021 to approximately 24.5% in 2022[40] - The company's profit before tax was approximately RMB 687.9 million, a decrease of RMB 765.2 million or about 52.7% compared to the previous year[47] - The profit attributable to the company's owners for the year ended December 31, 2022, was approximately RMB 448.7 million, a decrease of RMB 751.9 million or about 62.6% compared to approximately RMB 1,200.6 million for the year ended December 31, 2021[49] Revenue Breakdown - Cement sales contributed RMB 8,552,711,000, down from RMB 11,405,703,000 in the previous year, reflecting a significant decline[12] - Revenue from cement sales was approximately RMB 8,552.7 million, down RMB 2,853.0 million or 25.0%, with cement sales volume decreasing from approximately 35.7 million tons in 2021 to about 27.7 million tons in 2022, a reduction of 22.3%[38] - Revenue from clinker sales increased by RMB 424.5 million or 99.8% to approximately RMB 849.8 million, driven by higher sales volume and prices[38] - Revenue from aggregate sales was approximately RMB 1,653.0 million, an increase of RMB 767.2 million or 86.6%, with sales volume rising from about 20.0 million tons in 2021 to approximately 41.9 million tons in 2022, an increase of 109.1%[38] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 32,343,592 thousand, a slight decrease of 1.0% from RMB 32,658,235 thousand in 2021[2] - Total liabilities decreased by 5.0% to RMB 15,753,498 thousand from RMB 16,589,957 thousand in the previous year[2] - Total equity increased by 3.2% to RMB 16,590,094 thousand compared to RMB 16,068,278 thousand in 2021[2] - Current assets were RMB 16,874,102 thousand, showing a minor decrease of 0.3% from RMB 16,925,766 thousand in the prior year[2] - Trade receivables decreased to RMB 159,599,000 in 2022 from RMB 234,797,000 in 2021, reflecting a decline of approximately 32%[27] - The total amount of trade and other receivables was RMB 10,160,857,000 in 2022, compared to RMB 9,168,650,000 in 2021, showing an increase of approximately 10.8%[27] - Inventory rose from approximately RMB 850.7 million as of December 31, 2021, to approximately RMB 1,043.0 million as of December 31, 2022, mainly due to an increase in inventory quantity[52] - Cash and cash equivalents decreased by RMB 1,322.8 million or 57.2% to approximately RMB 987.8 million as of December 31, 2022, from approximately RMB 2,310.6 million as of December 31, 2021[53] - Total borrowings and bonds amounted to approximately RMB 9,622.7 million as of December 31, 2022, a decrease of approximately RMB 1,042.0 million or 9.8% from approximately RMB 10,664.7 million in 2021[54] - The debt-to-asset ratio was approximately 48.7% as of December 31, 2022, a decrease of 2.1 percentage points from approximately 50.8% as of December 31, 2021[56] Expenses and Costs - The financial expenses for the year ended December 31, 2022, totaled RMB 1,033,388 thousand, an increase of 3.2% from RMB 1,001,454 thousand in 2021[22] - The company reported a decrease in value-added tax refunds from RMB 269,384 thousand in 2021 to RMB 173,390 thousand in 2022, a decline of 35.6%[19] - The company's administrative expenses not allocated to segments amounted to RMB 164,663,000, compared to RMB 203,379,000 in the previous year, indicating a reduction in overhead costs[14] - Selling and distribution expenses decreased by RMB 175.7 million or 42.2% to approximately RMB 240.6 million, primarily due to reduced transportation and packaging costs from lower cement sales[42] - The company's finance costs increased by RMB 31.9 million or 3.2% to approximately RMB 1,033.4 million, mainly due to increased interest on other financial liabilities[45] - The total depreciation and amortization for the year was RMB 1,197,181,000, slightly up from RMB 1,188,599,000 in the previous year[25] - The group’s research and development costs recognized as expenses amounted to RMB 444,345,000 in 2022, down from RMB 462,611,000 in 2021[25] - The group’s capitalized employee benefits expenses decreased to RMB 376,418,000 in 2022 from RMB 363,497,000 in 2021, reflecting a slight increase of about 3.3%[25] Market and Industry Trends - The national cement production in 2022 was 2.13 billion tons, a decline of 10.5% year-on-year, marking the lowest production level since 2012[35] - The average market price of cement in 2022 was RMB 466 per ton, down 4.2% year-on-year, while the manufacturing costs increased significantly due to rising coal prices[36] - The cement industry is expected to see a profit of around RMB 68 billion in 2022, a decrease of over RMB 100 billion or approximately 60% compared to 2021[36] - The company anticipates that the overall cement industry will benefit from policies promoting "carbon neutrality" and environmental control, leading to an optimized supply-demand relationship[67] Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year[7] - The company is focused on expanding its industry chain into areas such as mining integration, new materials, and photovoltaic energy[67] - The company has integrated new technologies and smart manufacturing solutions, receiving awards such as the Outstanding Application Award for Smart Manufacturing Solutions in the process industry[68] - The company is actively developing photovoltaic power generation projects in response to national "carbon neutrality" and new energy policies[68] - The company has been recognized with 13 national or provincial-level green mines and 9 green factories, enhancing its commitment to ecological restoration and green production[68] Corporate Governance - The company has maintained a high level of corporate governance, adhering to the corporate governance code and ensuring accountability to shareholders[69] - The company did not propose a final dividend for the year ending December 31, 2022[74] - The company has not engaged in the purchase, sale, or redemption of its listed securities during the year ending December 31, 2022[73]
中国天瑞水泥(01252) - 2022 - 年度业绩