Zhejiang Longsheng(600352)2024-04-19 09:05Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares for the fiscal year 2023, based on a total undistributed profit of 1,408,123,077.70 CNY as of December 31, 2023[3]. - The company has not proposed any capital reserve fund transfers to increase share capital for the fiscal year 2023[3]. - The company distributed a cash dividend of 0.25 CNY per share (pre-tax) for the 2022 fiscal year, completed on July 7, 2023[133]. - The company reported a net profit attributable to ordinary shareholders of RMB 1,533,951,261.46, with a cash dividend of RMB 788,932,962.75, representing 51.43% of the net profit[135]. Financial Performance - The company's operating revenue for 2023 was approximately ¥15.30 billion, a decrease of 27.90% compared to ¥21.23 billion in 2022[17]. - Net profit attributable to shareholders was approximately ¥1.53 billion, down 48.92% from ¥3.00 billion in the previous year[17]. - The total profit amounted to RMB 1.95 billion, down 51.24% year-on-year[31]. - The company's total revenue for the reporting period was 1,535,000,000 CNY, with a decrease of 11.32% in sales expenses compared to the previous year[45]. - Total revenue for 2023 is projected to be 20.195 billion CNY, a decrease of 4.86% compared to the previous year[127]. - Total profit for 2023 is expected to be 4.063 billion CNY, an increase of 1.63% year-over-year[127]. - Net profit attributable to shareholders is forecasted at 3.033 billion CNY, reflecting a growth of 1.00% from the previous year[127]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 187.79% to approximately ¥2.75 billion, compared to ¥955.94 million in 2022[17]. - Total cash inflow from operating activities reached CNY 17,193,890,742.53, a 2.76% increase compared to CNY 16,732,876,486.24 in the previous year, primarily due to increased property pre-sales[49]. - Cash and cash equivalents at the end of the period amounted to CNY 10,893,348,181.73, accounting for 16.07% of total assets, a 58.46% increase from CNY 6,874,503,308.48 in the previous year[51]. - The company’s cash flow from operating activities improved significantly, indicating a strong operational performance and effective cash management strategies[49]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm for the fiscal year 2023[2]. - The board of directors and supervisory board members have all attended the board meeting, ensuring the integrity of the annual report[2]. - The company has confirmed that all directors can guarantee the authenticity, accuracy, and completeness of the annual report[4]. - The audit committee confirmed that the financial data accurately reflects the company's financial status and operational results for the year[123]. - The company has maintained a robust internal control framework in compliance with regulatory requirements, enhancing decision-making efficiency[139]. Risk Management - The company reported no significant risks that could materially affect its production and operations during the reporting period[5]. - The company has detailed various risks and countermeasures in its report, which can be referenced in the relevant sections[5]. - The company is facing potential risks related to safety, environmental regulations, management, currency exchange, and policy changes[102][103]. Research and Development - The company holds nearly 1,900 patents, enhancing its R&D capabilities for high-end market product development[30]. - The company is focused on expanding its product line through continuous internal R&D and external acquisitions[30]. - Research and development expenses amounted to 580,514,020.55 CNY, representing 3.79% of total operating income[46]. - The number of R&D personnel is 612, accounting for 10.57% of the total workforce[48]. Environmental Responsibility - The company has implemented carbon reduction measures that resulted in a decrease of 11,405 tons of CO2 equivalent emissions through energy-saving upgrades and process optimizations[153]. - The company has established mechanisms for environmental protection and is committed to sustainable practices[143]. - The company reported a total wastewater discharge of 2,561,487 tons during the reporting period, with COD concentration ranging from 0.00 to 195.60 mg/L and a cumulative COD discharge of 187.982 tons[145]. - The company has committed to environmental responsibility by publishing its 2023 ESG report, which will be disclosed on April 20, 2024[154]. Corporate Governance - The company held 1 annual general meeting during the reporting period, ensuring compliance with relevant regulations[105]. - The board of directors consists of 9 members, including 3 independent directors, and held 5 meetings during the reporting period[105]. - The supervisory board is composed of 3 members, with 4 meetings held, ensuring compliance with legal requirements[105]. - The company has established independent human resources and financial management systems, ensuring that all personnel and financial decisions are made independently[107]. Market Position and Strategy - The company is a global leader in specialty chemicals, with an annual production capacity of 300,000 tons of dyes and 100,000 tons of additives, ranking first in the global market[59]. - The company aims to become a global leader in specialty chemicals, focusing on green and intelligent manufacturing[100]. - The company plans to focus on expanding its market presence in both domestic and international regions, including key areas in Germany, the USA, and Brazil[36]. - The company is exploring potential mergers and acquisitions to strengthen its market position[96]. Legal Matters - The company has been involved in multiple legal disputes, including a case with Kiri Company regarding the acquisition of shares, which has seen various court rulings since 2018[164]. - The company faced a significant lawsuit from Huntsman Advanced Materials (Switzerland) Ltd, which resulted in a final judgment requiring compensation for economic losses and legal fees totaling approximately RMB 19 million[163]. - The company has not reported any significant changes in its operational integrity or compliance status during the reporting period[165]. Shareholder Information - The total number of common shareholders reached 156,417, an increase from 150,286 at the end of the previous month[181]. - The top ten shareholders include Ruan Shuilong with 389,653,992 shares (11.98%) and Ruan Weixiang with 346,321,538 shares (10.65%) [182]. - The company has maintained a stable shareholding structure, with no changes in the number of shares held by key executives[113]. Financing Activities - The company issued a total of 10.00 billion RMB for the 2021 Company Bond (Third Phase), with all funds utilized[196]. - The company issued a total of 8 billion RMB in short-term financing bonds in the first quarter of 2023, with an interest rate of 2.84%[179]. - The company plans to issue additional short-term financing bonds, including 6.5 billion RMB at an interest rate of 2.86% in October 2023[180].