BSM(SZ:300796)2024-04-19 14:05Financial Performance - The company's operating revenue for 2023 was ¥699,190,595.82, a decrease of 8.97% compared to ¥768,072,342.96 in 2022[26]. - The net profit attributable to shareholders for 2023 was ¥88,410,809.90, down 42.17% from ¥152,884,832.89 in 2022[26]. - The net profit after deducting non-recurring gains and losses was ¥84,635,209.07, a decline of 45.90% from ¥156,414,033.56 in 2022[26]. - The net cash flow from operating activities was ¥113,446,609.28, representing a decrease of 39.18% compared to ¥186,518,934.28 in 2022[26]. - Basic earnings per share for 2023 were ¥0.24, down 44.19% from ¥0.43 in 2022[27]. - The company achieved a sales revenue of 699 million yuan and a net profit attributable to shareholders of 88.41 million yuan in 2023, maintaining stable growth[70]. - The revenue from the main product, dimethyl pentyl herbicide, was ¥557,598,212.77, accounting for 79.75% of total revenue, with a year-on-year decline of 9.28%[83]. - The company reported a significant increase in sales through distribution channels, with a growth of 172.71% to ¥53,518,651.11[80]. - The company reported a total revenue of ¥699,190,595.82 in 2023, representing a decrease of 8.97% compared to ¥768,072,342.96 in 2022[80]. Dividend Distribution - The company plans to distribute a cash dividend of 0.4 CNY per 10 shares to all shareholders, based on a total of 361,142,872 shares[4]. Risk Factors - The company faces major risks including market growth below expectations, new product development risks, and high customer concentration risks[3]. - The company emphasizes the importance of risk awareness among investors regarding forward-looking statements and future plans[3]. - The top five customers accounted for 59.77% of the company's total revenue, indicating a high customer concentration risk[161]. - The company is facing potential risks from market growth not meeting expectations due to a slowdown in global economic growth affecting agricultural investment[159]. Market and Industry Trends - The global pesticide market is experiencing short-term weak demand, but long-term demand remains resilient, driven by increasing food needs and climate-related agricultural challenges[39]. - The pesticide industry is highly concentrated, with major players like Syngenta, Bayer, BASF, and Corteva dominating the market, which enhances growth opportunities for leading raw material companies[40]. - The production capacity of pesticide raw materials is shifting from developed regions like Europe and North America to Asia-Pacific, fostering the development of local pesticide companies[42]. - China has become a significant global pesticide producer, with a complete industrial system that includes research, production, and formulation, and is focusing on high-efficiency, low-toxicity, and environmentally friendly products[43]. - Domestic policies are increasingly strict, promoting the development of new, efficient, low-toxicity pesticides while phasing out older, high-risk products[44]. - The company anticipates further market share growth as the industry consolidates and demand for high-quality pesticide products increases[40]. - The company is strategically positioned to benefit from the ongoing transition in the global pesticide production landscape, particularly in emerging markets[42]. Research and Development - The company is committed to advancing research and development in environmentally friendly pesticide formulations, aligning with industry trends towards sustainability[44]. - The company emphasizes R&D investment to enhance product innovation and meet high standards comparable to developed countries[46]. - R&D expenses for the reporting period totaled 40.03 million yuan, representing a year-on-year increase of 6.53%[74]. - The number of R&D personnel increased by 16.67% to 112 in 2023, with a notable rise in the number of master's degree holders by 125%[103]. - The company has a total of 58 authorized patents, including 25 invention patents and 33 utility model patents, reflecting its strong R&D capabilities[74]. - The company is focusing on the development of new products, including an annual production of 8,500 tons of ketone series green materials, which is currently in trial production[160]. Environmental and Safety Compliance - The company emphasizes green and safe production, continuously upgrading production processes to reduce waste emissions and improve environmental standards[73]. - The company is committed to ensuring the safety and environmental compliance of its operations as part of its long-term strategy[53]. - The company maintains a focus on environmental protection, with ongoing investments in waste treatment systems to comply with stricter regulations[164]. - The company emphasizes continuous improvement in safety and environmental management, implementing a comprehensive safety management platform and promoting clean production[156]. Corporate Governance - The company maintains a strong focus on improving corporate governance and transparency, enhancing communication with investors[77]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring independent operation and management[174]. - The board of directors consists of 9 members, including 3 independent directors, fulfilling legal and regulatory requirements[176]. - The company has a total of 6 supervisors, including 2 employee representatives, ensuring compliance and oversight of major transactions[177]. - The company operates independently from its controlling shareholder in terms of assets, personnel, finance, and business operations[183]. - The company has established an independent financial accounting department and maintains a separate accounting system, ensuring independent financial decision-making[189]. Strategic Acquisitions and Investments - The company completed the acquisition of 80% of Ningbo Jielike Chemical Co., Ltd., enhancing its strategic expansion in the pesticide export business[76]. - The company plans to terminate the "marketing network construction project" and redirect the remaining unused funds to acquire 80% equity of Ningbo Jielike, aiming to quickly establish a global marketing network[131]. - The company has established a new wholly-owned subsidiary, Shanghai Beiyongmei Trading Co., Ltd., with no significant adverse impact on its financial status[138]. - The company has actively sought new business growth points through strategic acquisitions and investments in new technologies[96]. Financial Management and Fundraising - The total investment during the reporting period was ¥713,672,672.30, reflecting a substantial increase of 101.61% compared to the previous year[112]. - The total amount of funds raised in the initial public offering (IPO) was RMB 43,177.50 million, with a net amount of RMB 39,297.76 million after deducting issuance costs[124]. - The company has established a management system for forward foreign exchange trading to mitigate exchange rate risks[122]. - The company has a self-financed investment strategy for its projects, ensuring financial stability and risk management[117]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10-15% based on current market trends and product demand[198]. - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on eco-friendly chemical products[198]. - The company aims to enhance its sustainability initiatives, targeting a 50% reduction in carbon emissions by 2025[198].