Financial Performance - In 2023, the company's revenue was RMB 1,879,443,000, a decrease of 6.9% compared to RMB 2,018,348,000 in 2022[11]. - Gross profit for 2023 was RMB 141,406,000, slightly up from RMB 139,568,000 in 2022, resulting in a gross margin of 7.5%[11][15]. - Profit before tax for the year was RMB 43,793,000, down from RMB 46,958,000 in 2022, indicating a decline of 4.6%[11]. - The profit attributable to owners of the company for 2023 was RMB 30,745,000, compared to RMB 33,173,000 in 2022, reflecting a decrease of 7.5%[11]. - The Group's revenue decreased by 6.9% or RMB138.9 million from RMB2,018.3 million last year to RMB1,879.4 million for the Year[62]. - Revenue from the landscape construction segment decreased by 54.0% or RMB219.6 million, from RMB406.7 million last year to RMB187.1 million for the Year[67]. - Revenue from the municipal works construction segment decreased by 13.3% or RMB106.0 million, from RMB797.3 million last year to RMB691.3 million for the Year[68]. - Revenue from the building works segment increased by 21.6% or RMB167.3 million, from RMB775.1 million last year to RMB942.4 million for the Year[69]. - Revenue from the others segment increased by 49.7% or RMB19.5 million, from RMB39.2 million last year to RMB58.7 million for the Year[70]. - The cost of services rendered decreased by 7.5% or RMB139.6 million from RMB1,871.0 million last year to RMB1,731.4 million for the Year[71]. - The Group's gross profit increased by 1.3% or RMB1.8 million from RMB139.6 million last year to RMB141.4 million for the Year, with a gross profit margin increase from 6.9% to 7.5%[78]. - Other income, gains, and losses decreased by 30.1% or RMB8.1 million from RMB26.9 million last year to RMB18.8 million for the Year[79]. - Administrative expenses increased by 3.3% or RMB2.0 million from RMB59.8 million last year to RMB61.8 million for the Year[80]. - Finance costs increased by 17.2% or RMB4.1 million from RMB23.8 million last year to RMB27.9 million for the Year[81]. - The group's income tax expense slightly decreased by 2.2% or RMB 0.3 million from RMB 13.9 million last year to RMB 13.6 million this year[87]. Assets and Liabilities - Total assets increased to RMB 2,325,983,000 in 2023, up from RMB 2,288,592,000 in 2022, marking a growth of 1.6%[13]. - Total liabilities slightly increased to RMB 1,348,926,000 in 2023 from RMB 1,341,718,000 in 2022, showing a marginal rise of 0.5%[13]. - The company's total equity reached RMB 977,057,000 in 2023, an increase from RMB 946,874,000 in 2022, representing a growth of 3.2%[13]. - The net current assets increased by 1.7% or RMB 16.2 million from RMB 945.3 million as of December 31, 2022, to RMB 961.5 million as of December 31, 2023, primarily due to increased bank and cash balances[92]. - Trade and other receivables decreased by 16.7% or RMB 123.2 million from RMB 739.6 million as of December 31, 2022, to RMB 616.4 million as of December 31, 2023, due to enhanced collection efforts[97]. - Contract assets increased from RMB 1,107.2 million in 2022 to RMB 1,175.4 million in 2023, indicating more high contract value projects in progress[110]. - Trade payables increased by 13.0% or RMB46.7 million from RMB359.9 million as of December 31, 2022, to RMB406.6 million as of December 31, 2023, due to the Group slowing down payments to maintain better liquidity[115]. - Average turnover days of trade payables increased from 67.2 days in 2022 to 80.8 days in 2023, primarily due to the aforementioned slow-down of payments[117]. - Total bank borrowings as of December 31, 2023, were RMB675.7 million, with an average interest rate of 4.38% per annum[126]. - Current ratio remained unchanged at 1.8 as of December 31, 2023, compared to December 31, 2022[140]. - Gearing ratio remained stable at 0.7 as of December 31, 2023, compared to the previous year[141]. - Net debt to equity ratio decreased from 0.5 as of December 31, 2022, to 0.4 as of December 31, 2023, due to an increase in year-end cash and cash equivalents[142]. Market and Industry Trends - In 2023, the total output value of the construction industry in China reached RMB 31.6 trillion, a year-on-year increase of 5.8%[26]. - The incremental value of the construction industry for the full year was RMB 8.6 trillion, representing a year-on-year increase of 7.1%[26]. - The profits of construction enterprises with qualification grades were RMB 832.6 billion, a slight increase of 0.2% year-on-year[29]. - The newly signed contracts of the top eight state-owned construction enterprises totaled RMB 16.7 trillion in 2023, marking a year-on-year increase of 8.0%[29]. - The business activity index of the construction industry for December 2023 was 56.9%, indicating steady growth and expansion[30]. - National investment in water conservancy construction in 2023 amounted to nearly RMB 1.2 trillion, reaching a new high in investment amount and scale[35]. - The construction industry is undergoing digital transformation, optimizing processes and improving efficiency through intelligent construction technologies[34]. Strategic Goals and Future Plans - The company aims to enhance business scale and profitability in 2024, focusing on high-quality and sustainable development[20]. - The chairman highlighted the importance of adapting to the economic recovery trends and government policies to drive future growth[18][19]. - The Group plans to closely follow national strategic planning and industrial policies to continue its development and construction projects in the future[57]. - The Central Government plans to invest RMB 700.0 billion in new investment growth points focused on new infrastructure in 2024, with an emphasis on flood control and disaster relief projects[56]. - The Ningbo region aims to invest RMB 150.0 billion in public infrastructure construction, which will remain a key investment direction for China in the future[56]. Innovation and Development - Chanhigh Construction registered three new invention patents and six utility model patents in the construction category[40]. - The Group introduced three new construction-related invention patents and six utility model patents, focusing on quality engineering and standardized construction sites[42]. - The Group's operational management team has been optimizing structures and enhancing efficiency to achieve relatively good operational results despite challenging market conditions[55]. Human Resources - The Group had a total of 545 employees as of December 31, 2023, with employee benefits expenses amounting to RMB 45.0 million for the year[46]. - Mr. Peng Daosheng, the founder and executive director, has over 20 years of experience in the construction industry[176]. - Mr. Peng Tianbin serves as the executive director and chairman of the company[177]. - Ms. Wang Sufen, a non-executive director, has over 20 years of experience in trade and established Ningbo Yinzhou Tianbin Trading Co., Ltd. in October 1994[178]. - Mr. Fan Rong, an independent non-executive director, has been a member of the Chinese Institute of Certified Public Accountants since 1995[179]. - Mr. Tong Tai Alex, the chief financial officer, has approximately 15 years of experience in an international CPA firm before joining the group in December 2015[189]. - Mr. Jiang Libo, the general manager of Chanhigh Construction, has been with the company since September 2007 and holds multiple leadership roles in various associations[190]. - Mr. Yang Jiannan, head of the quality control department, oversees production quality and construction safety since joining the group in August 2010[195]. - Mr. Wang Yuexi is the vice chairman in charge of the administrative department, joined the Group in February 2019[199]. - Mr. Tong Tai Alex has been the company secretary since June 25, 2016[200].
沧海控股(02017) - 2023 - 年度财报