Crown Advanced Material (SH:688560)2024-04-08 16:00Financial Performance - The net profit attributable to the parent company's shareholders for 2023 was -23,875,433.21 CNY, indicating a negative performance for the year[5]. - The company's operating revenue for 2023 was ¥1,396,281,787.16, a decrease of 19.82% compared to ¥1,741,534,018.57 in 2022[24]. - The net profit attributable to shareholders of the listed company was -¥35,864,302.08, representing a decline of 137.42% from ¥95,844,118.86 in the previous year[24]. - Basic and diluted earnings per share were both -¥0.12, a decrease of 119.05% from ¥0.63 in 2022[25]. - The company's total assets at the end of 2023 were ¥3,406,609,846.37, down 9.14% from ¥3,749,275,141.50 in 2022[24]. - The company's gross margin in the photovoltaic sector decreased by 10.84 percentage points to 8.10%[102]. - The company reported a net cash flow from financing activities of -CNY 265,604,548.94, a decrease of 116.14% due to stock repurchases[125]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[160]. Cash Flow and Dividends - As of December 31, 2023, the parent company's distributable profits amounted to 595,494,398.98 CNY[5]. - The company plans not to distribute cash dividends or transfer capital reserves to increase share capital for the 2023 fiscal year due to the negative net profit[5]. - The company’s cash flow from operating activities was CNY 212.40 million, an increase of 155.95% year-on-year[99]. - The company has a cash dividend policy that mandates a minimum of 80% cash dividends when in a mature stage without major capital expenditures[193]. - For 2023, the company reported a net loss of 23,875,433.21 RMB, leading to no cash dividends or capital reserve transfers proposed[195]. Share Repurchase and Investments - The total amount spent on share repurchases in 2023 was 214,097,519.04 CNY, which represents 896.73% of the net profit attributable to shareholders[5]. - The company’s long-term investments increased by 100% to CNY 21,000,000.00, reflecting new investments in power generation projects[127]. - The company has initiated several expansion projects, including the construction of a 200 million square meters aluminum-plastic film production facility, with an investment of 136,871.42 million RMB[135]. Research and Development - Research and development expenses accounted for 3.94% of operating revenue, slightly up from 3.92% in the previous year[26]. - The company invested 55.05 million yuan in R&D, accounting for 3.94% of its revenue in 2023[55]. - The company has established two R&D centers and has a dedicated team of 73 researchers, representing 10.24% of its total workforce[55]. - The company has filed 23 new patent applications and received 10 new patent authorizations, bringing the total authorized patents to 129, including 39 invention patents[60]. - The company is focusing on the development of a chromium-free passivation solution to replace existing carcinogenic chromium solutions, enhancing environmental protection[72]. Market Performance and Sales - The company achieved a sales volume of 95.76 million square meters for various backsheet products, maintaining a leading position in the industry[53]. - The sales volume of encapsulation films reached 63.93 million square meters, with a year-on-year increase of 174%[53]. - The company reported a revenue of 30 million for the long-term electrolyte aluminum plastic film project, with a trial production sample sent to customers[70]. - The company is expanding its market presence in the lithium battery sector, with significant demand driven by the growth of new energy vehicles[69]. Risk Management - The company has detailed various risks and countermeasures in the report, which can be found in the "Management Discussion and Analysis" section[4]. - The company faces risks related to the long collection period of receivables, which may impact cash flow and operational stability if customer credit conditions deteriorate[94]. - The company faces risks from potential adverse changes in photovoltaic industry policies and international trade conditions[96]. Corporate Governance - The board of directors' resolution regarding the profit distribution plan is subject to approval at the shareholders' meeting[6]. - The company has conducted 10 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[152]. - The company held 6 shareholder meetings, including 1 annual and 5 extraordinary meetings, with all resolutions passed without any rejections[155]. - The company has maintained a stable leadership team with no significant changes in shareholding or remuneration among its directors and supervisors[158]. Compliance and Regulatory Issues - The company received regulatory warnings from the Shanghai Stock Exchange and the China Securities Regulatory Commission for failing to timely disclose important investment agreements and related risks, leading to administrative measures against the chairman and secretary[170]. - The company has completed rectifications regarding information disclosure and compliance issues, including strengthening internal control systems and enhancing compliance awareness among all employees[171].