Financial Performance - In 2023, the company recorded total operating revenue of RMB 1,807.5 million, representing a decrease of 12.5% compared to 2022[9]. - The net profit attributable to shareholders was approximately RMB 316.5 million, reflecting a decrease of 1.8% over the previous year[9]. - Basic earnings per share for the year were approximately RMB 0.31[9]. - For the year ended December 31, 2023, total revenue decreased to RMB 1,807,488,000, down 12.5% from RMB 2,065,863,000 in 2022[62]. - Operating profit for 2023 was RMB 615,595,000, a decline of 9.3% compared to RMB 678,302,000 in 2022[62]. - Profit for the year was RMB 317,727,000, slightly down from RMB 324,135,000 in 2022, representing a decrease of 1.3%[62]. - Revenue decreased by RMB258.4 million, or 12.5%, to RMB1,807.5 million for the year ended December 31, 2023, from RMB2,065.9 million for the year ended December 31, 2022[124]. - Revenue from wastewater treatment services accounted for 68.2% of total revenue, while reclaimed water and running water supply accounted for 7.2% and 24.6%, respectively[118]. Operational Efficiency - The company maintained stable development of its core business while achieving significant results in production and management cost control[9]. - The overall passing rate of the quality of water supplied met relevant standards, with 99.0% of the designed capacity of wastewater treatment meeting the national Class I Category A standard[13]. - The utilization rate for wastewater treatment improved to 98.6% in 2023, up from 97.4% in 2022[57]. - The utilization rate for reclaimed water supply also increased to 83.8% in 2023, compared to 65.5% in 2022[57]. - The total volume of wastewater treated during the reporting period was approximately 719.9 million m³, with an average facility utilization rate of approximately 98.6%[90]. - The company is committed to maintaining its wastewater treatment capacity while exploring new technologies for efficiency improvements[57]. Strategic Focus - The company is guided by national strategies and aims to enhance its core competitiveness in public utilities, environmental protection, and ecological construction[8]. - The company aims to support the national strategic goal of "carbon peaking and carbon neutrality" through its operations[8]. - The company is positioned as a leader in building China's ecological civilization, with a focus on radiating to South Asia and Southeast Asia[8]. - The company plans to deepen its efforts in the main business of wastewater treatment and explore diversified key technical fields to improve core competitiveness and increase revenue and profit[26]. - The company aims to promote structural adjustment, business optimization, and technological innovation to ensure long-term stability and success in high-quality development[25]. Asset Management - The company adjusted its business portfolio and strategy to revitalize existing assets[9]. - The Company completed the transfer of the Qujing Project and Thermal Power Project during the year, achieving downsizing and market expansion by disposing of some investment projects outside the administrative region of a city[20]. - The company has established a comprehensive internal control system to strengthen compliance management and risk control, enhancing risk awareness and prevention capabilities[14]. - The company aims to enhance the preservation and increment of the value of state-owned assets[41]. Cash Flow and Financing - The Company emphasized cash flow management, implementing measures such as focused tracking and assigning responsibilities for accounts receivable to enhance capital utilization efficiency[21]. - Total borrowings as of 31 December 2023 amounted to RMB 5,272.1 million, a decrease of 10.2% from RMB 5,869.1 million in 2022[106]. - The net gearing ratio as of 31 December 2023 was 50.3%, calculated as net debt divided by total capital[106]. - The company plans to continue utilizing bank loans, corporate bonds, and a diverse combination of financing facilities for project investments[110]. Market Environment - The central government allocated RMB 25.7 billion for water pollution prevention and control in 2023, supporting the environmental protection industry[67]. - The sewage treatment industry is expected to see growth due to increased demand for upgrades and technological advancements in response to rising operational pressures[72]. - The Chinese government aims to exceed 17 billion cubic meters of unconventional water source utilization by 2025, with reclaimed water utilization rates in water-scarce cities expected to reach over 25%[75]. - The external environment for economic development is becoming more complex, but China's economy is expected to rebound and improve in 2024[83]. Shareholder Relations - The company expresses sincere gratitude to shareholders, investors, customers, partners, and the community for their long-term support and trust[33].
滇池水务(03768) - 2023 - 年度财报