YouFa(SH:601686)2024-04-18 10:19Financial Performance - The company's total revenue for 2023 was CNY 60.92 billion, a decrease of 9.56% compared to CNY 67.36 billion in 2022[31]. - Net profit attributable to shareholders increased by 91.85% to CNY 569.87 million from CNY 297.03 million in the previous year[31]. - The net cash flow from operating activities decreased by 45.92% to CNY 419.97 million compared to CNY 776.63 million in 2022[31]. - The company's total assets grew by 5.18% to CNY 17.65 billion from CNY 16.78 billion at the end of 2022[31]. - The gross profit margin for the metal products industry was 2.62%, with a decrease in revenue of 10.50% compared to the previous year[38]. - The revenue from galvanized round pipes was CNY 20.60 billion, a decrease of 9.32% year-on-year[38]. - The company's total operating revenue for 2023 was 60.918 billion RMB, a year-on-year decrease of 9.56%[52]. - The net profit attributable to shareholders of the listed company was 570 million RMB, a year-on-year increase of 91.85%[52]. - The earnings per share (EPS) was 0.40 RMB, reflecting a year-on-year growth of 90.48%[52]. - The operating cost for the year was 59.181 billion RMB, down 10.42% year-on-year[98]. Shareholder Information - The total number of shares for the cash dividend distribution is 1,405,808,162 shares, with a cash dividend of 0.3 RMB per share, totaling 421,742,448.60 RMB (including tax) distributed[16]. - The company plans to distribute a cash dividend of RMB 3.00 per 10 shares (including tax), totaling RMB 421,742,448.60 for the first three quarters of 2023[165]. - The total share capital as of December 20, 2023, is 1,429,700,650 shares, with 23,892,488 shares in the repurchase account not participating in the profit distribution[165]. - The net profit attributable to ordinary shareholders in the consolidated financial statements for the dividend year is RMB 569,870,421.14[166]. - The total dividend amount (including tax) represents 98.10% of the net profit attributable to ordinary shareholders in the consolidated financial statements[173]. - The company has not made any adjustments to its profit distribution policy during the reporting period, ensuring stability and continuity[165]. - The company has established a supervisory mechanism involving independent directors and the supervisory board for profit distribution, ensuring compliance with relevant regulations[165]. Risk Management - The company reported no significant risks that could materially affect its operations during the reporting period[5]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in the report[18]. - The company faces risks related to macroeconomic fluctuations, which could impact order volumes and sales performance[168]. - The company is exposed to raw material price volatility, with over 90% of its main business costs attributed to steel and zinc[168]. - The company has implemented safety management measures to mitigate risks associated with its labor-intensive operations, but safety incidents remain a potential risk[171]. - The company has established risk control measures for its futures and derivative trading activities[127]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[15]. - The board of directors and management have ensured the accuracy and completeness of the annual report, taking legal responsibility for any misrepresentation[11]. - The company has confirmed that all board members attended the board meeting, ensuring collective responsibility for the report[12]. - The company has independent directors who do not receive remuneration from the company, specifically Chen Leiming[115]. - The company’s remuneration scheme for directors and supervisors is based on their specific job responsibilities and industry salary levels[115]. - The company’s board of directors has established a remuneration and assessment committee to review and propose remuneration plans[115]. - The company has not faced any penalties from securities regulatory agencies in the past three years[115]. - The company has established a performance evaluation and incentive mechanism for directors and senior management, enhancing governance[187]. - The internal control system has been strengthened, improving risk prevention capabilities and governance levels[187]. - The company has continuously improved its internal control system and information disclosure effectiveness to protect the rights of shareholders[178]. Market Strategy - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[18]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming year[39]. - The company aims to strengthen group control and adjust operational strategies in response to market conditions[52]. - The company is focusing on expanding its market presence in new infrastructure and energy sectors, which are projected to drive demand for steel pipes[135]. - The company aims to achieve a strategic goal of transitioning from a production capacity of ten million tons to a revenue target of one hundred billion yuan by 2025[153]. - The company plans to enhance its product matrix by developing specialized and high-value products through in-depth market research and collaboration with end-users[161]. - The company will optimize its marketing network and brand building to enhance customer service and increase user loyalty[164]. Research and Development - The company launched 2,347 innovation projects during the year, with 156 patents, including 17 invention patents[67]. - Research and development expenses increased by 309.08% year-on-year to approximately ¥91.76 million, representing 0.15% of total revenue[75][76]. - The company has a total of 464 R&D personnel, accounting for 4.19% of the total workforce, with a focus on continuous innovation and quality improvement[81]. - The company is focusing on developing high-value-added products and enhancing product quality through rigorous quality standards[67]. - The company will invest in technology innovation and strict quality control to improve product quality and promote digital and intelligent transformation[161]. Production and Sales - In 2023, the company sold 13.596 million tons of various steel pipes, a year-on-year decrease of 0.26%[52]. - The company produced 20,282,864.739 tons of welded steel pipes, with a production increase of 0.86% compared to the previous year[49]. - The annual sales volume was 13.60 million tons, a decrease of 35,100 tons or 0.26% year-on-year[67]. - The company maintained its position as the largest producer of welded steel pipes in China for 18 consecutive years, with a significant market share increase in 2023[74]. - The company has established six production bases strategically located near steel industry clusters to minimize logistics costs[92]. - The company has over 1,000 distributors nationwide, enhancing its market reach and sales efficiency[91]. Financial Position - The company's cash and cash equivalents at the end of the period amounted to ¥2,460,238,918.84[193]. - Accounts receivable totaled ¥146,314,688.75, with some receivables subject to factoring[193]. - Inventory was valued at ¥631,567,786.59, with certain amounts pledged as collateral[193]. - Long-term equity investments reached ¥377,720,000.00, secured by loans[193]. - Fixed assets were reported at ¥616,522,127.08, with some assets under mortgage[193]. - The total book value of assets was ¥6,390,667,505.95[193].