MILKYWAY(SH:603713)2024-04-11 16:00Financial Performance - The company achieved operating revenue of 9.75 billion RMB in 2023, a decrease of 15.75% compared to 2022[25]. - Net profit attributable to shareholders was 431.31 million RMB, down 28.72% year-on-year[27]. - Basic earnings per share were 2.62 RMB, a decline of 1.06 RMB from the previous year[27]. - The weighted average return on equity was 10.99%, a decrease of 6.46 percentage points compared to 2022[26]. - The total assets at the end of 2023 reached 11.12 billion RMB, an increase of 16.95% from the end of 2022[25]. - The net cash flow from operating activities was 704.08 million RMB, up 14.93% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was 408.35 million RMB, a decrease of 29.70% compared to 2022[25]. - The company reported a diluted earnings per share of 2.54 RMB, down 28.69% from the previous year[26]. - In 2023, the company achieved a total profit of 608 million RMB, a decrease of 16.69% year-on-year[55]. - The company's total revenue for the year was 9.75 billion RMB, reflecting a 15.75% decline year-on-year due to industry fluctuations and price declines[55]. Dividend Distribution - The company plans to distribute a cash dividend of 5.3 CNY per 10 shares, totaling approximately 85.81 million CNY, which represents 19.89% of the net profit attributable to ordinary shareholders for 2023[6]. - The total cash dividend for 2023, including share buybacks, amounts to approximately 185.61 million CNY, accounting for 43.03% of the net profit attributable to ordinary shareholders[6]. - The company has a cash dividend policy that allows for profit distribution only when the annual distributable profit is positive and the financial report receives an unqualified audit opinion[181]. - The company will distribute at least 10% of its distributable profits as cash dividends each year, provided it is profitable and has sufficient cash flow[182]. - The company has consistently distributed cash dividends of over 14% of the net profit attributable to shareholders since its listing in 2018[186]. Share Repurchase and Stock Options - The company approved a share repurchase plan during the 18th meeting of the board of directors on January 17, 2023[161]. - The company completed the repurchase and cancellation of 1,250 shares of restricted stock from a departed incentive recipient under the 2019 incentive plan on June 5, 2023[191]. - The company proposed to cancel a total of 12,500 shares of restricted stock from a departed incentive recipient under the 2019 incentive plan on August 14, 2023[192]. - The total number of stock options held by the executives at the end of the reporting period is 605,000 shares[199]. - The total number of stock options granted during the reporting period is 0, indicating no new grants[199]. Acquisitions and Investments - The company completed a total equity investment of RMB 968,853,210 in 2023, including acquisitions of 99.45% of Kai Rui Logistics for RMB 71,633,660, 60% of Bao Hui Resin for RMB 107,856,000, and 51% of De Xin Hai Chang and Jin De Long Trading for RMB 183,600,000 each[92][95]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $30 million earmarked for potential targets[152]. - The company has achieved a 100.23% investment progress in the Ningbo Shenze Chemical Supply Chain Management project, with a total investment of RMB 300,000,000, and has invested RMB 230,524,678.55 to date[97]. Operational Efficiency and Management - The company has invested in optimizing its internal management system to enhance operational efficiency and maintain growth stability[36]. - The company emphasizes a high standard of safety and quality management, establishing a robust internal control system[48]. - The company has established a comprehensive training system, including onboarding, cultural training, and skills training to enhance employee capabilities[179]. - The company is focused on enhancing asset utilization and operational efficiency to improve profitability in its logistics services[46]. Market Expansion and Strategy - The company is actively expanding new online logistics businesses, including "Huayi Da," "Ling Yunsu," and "Yun Xiaohu" platforms[36]. - The company aims to enhance its global chemical supply chain delivery capabilities through a comprehensive logistics network and a focus on clean energy services[126]. - The company is entering the bulk hazardous chemical shipping market, planning to expand capacity through new builds and acquisitions[127]. - The company is focusing on expanding its service offerings in data processing and technology consulting, aiming to capture more market share[107]. Compliance and Governance - The company has implemented a transparent governance structure, ensuring compliance with laws and regulations, and maintaining equal treatment of all shareholders[139]. - The company has established information disclosure and investor relations management systems to ensure timely and accurate communication with shareholders[140]. - The company has committed to maintaining independence in assets, personnel, finance, organization, and business, adhering to the principles of independence as per regulations from the China Securities Regulatory Commission[142]. Research and Development - Research and development expenses increased by 52.70% to 48 million RMB[58]. - The number of R&D personnel is 142, representing 3.21% of the total workforce[78]. - The company is investing in new technologies, allocating $10 million towards R&D to enhance operational efficiency and product offerings[152]. Safety and Risk Management - The company has established a comprehensive safety management system to mitigate risks associated with the storage and transportation of hazardous chemicals, complying with relevant laws and regulations[136]. - The company has enhanced its risk management framework to ensure financial stability and control over receivables and operational risks[134]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 25%[152]. - The overall outlook for the company remains positive, with expectations of continued revenue growth and profitability in the upcoming fiscal year[116].