OXGF(SZ:300082)2024-04-22 13:17Financial Performance - The net profit attributable to shareholders for 2023 was negative, indicating a need for measures to improve profitability[6]. - The company plans not to distribute cash dividends or issue bonus shares for the year[7]. - The company's operating revenue for 2023 was approximately ¥3.81 billion, a decrease of 32.39% compared to ¥5.64 billion in 2022[21]. - The net profit attributable to shareholders for 2023 was a loss of approximately ¥308.93 million, a significant decline from a profit of ¥5.60 million in 2022, representing a decrease of 5,621.07%[21]. - The cash flow from operating activities for 2023 was approximately ¥86.75 million, down 71.65% from ¥306.00 million in 2022[21]. - The total assets at the end of 2023 were approximately ¥5.52 billion, a decrease of 14.03% from ¥6.42 billion at the end of 2022[21]. - The company reported a basic earnings per share of -¥0.45 for 2023, compared to ¥0.01 in 2022, marking a decline of 4,600%[21]. - The company's net profit after deducting non-recurring gains and losses was a loss of approximately ¥331.74 million in 2023, compared to a loss of ¥27.57 million in 2022, reflecting a decrease of 1,103.35%[21]. - The total operating revenue for 2023 was approximately ¥3.81 billion, a decrease of 32.39% compared to ¥5.64 billion in 2022[65]. - The concrete admixture segment generated ¥2.71 billion, accounting for 71.15% of total revenue, down 39.52% from ¥4.49 billion in the previous year[65]. - The company's sales volume decreased by 20.55% to 664,194.72 tons in 2023, compared to 835,998.37 tons in 2022[71]. - The company reported a significant drop in other business revenue, which fell by 88.13% to ¥4.31 million from ¥36.35 million[65]. - The company’s export sales reached 57,300 tons, representing a year-on-year increase of 120.38%[58]. - The company’s overseas revenue reached CNY 452.33 million, a year-on-year increase of approximately 75.26%[62]. Risk Management - The report highlights potential risks including safety and environmental risks, procurement risks, industry capacity risks, accounts receivable risks, and exchange rate risks[6]. - Future development plans and risk management strategies are discussed in detail in the management analysis section[6]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its forward-looking statements[6]. - The company faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the past three years[21]. - The company is enhancing accounts receivable management to mitigate bad debt risks as sales scale increases, ensuring effective recovery of overdue debts[116]. - The company is facing investment risks due to an uneven investment structure and is working to improve post-investment management and risk response strategies[117]. - The company has established a foreign exchange risk management system to mitigate risks associated with currency fluctuations in its import and export activities[118]. Strategic Development - The company is focusing on high-end technology industrialization in green low-carbon fine chemical new materials, with a strategic emphasis on epoxy derivatives and new energy materials[31]. - The company plans to implement five key development tasks for 2024, focusing on talent acquisition, technological innovation, and enhancing core competitiveness in the epoxy industry[49]. - The company is committed to the "14th Five-Year" development plan and aims to achieve its 2035 vision through innovation and risk management[57]. - The company is actively expanding its export market while deepening the ethylene oxide deep processing industry and promoting the new pattern of carbon dioxide resource utilization[57]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[52]. - The company is committed to increasing its market share in domestic and international markets, particularly in Southeast Asia, the Middle East, and Europe, through differentiated services and product offerings[108]. Environmental Compliance - The company has established a pollution discharge permit valid until December 21, 2025, ensuring compliance with environmental regulations[56]. - The company has received environmental impact report approvals for various projects, including the ethylene glycol hydrogenation project and the ethoxylation facility[56]. - The company achieved a clean production assessment for its pharmaceutical excipients subsidiary, reflecting its focus on environmental compliance and sustainability[190]. - The wastewater discharge from the company was reported at 48.13 mg/l COD, adhering to local environmental standards without exceeding limits[190]. - The company is focused on enhancing its wastewater treatment processes to meet environmental standards and reduce pollutant discharge[194]. - The company has implemented RTO (Regenerative Thermal Oxidation) technology to reduce emissions, achieving a limit of 20 mg/Nm³ for volatile organic compounds[196]. - The company is committed to reducing its environmental impact through continuous improvement in its production processes and emission controls[195]. Governance and Management - The company has established a strong reputation and credibility in the industry, accumulating a wealth of customer resources due to its high-quality products and services[44]. - The company has a complete and independent asset structure, with clear property relations and independent ownership of land, buildings, machinery, trademarks, patents, and proprietary technologies[128]. - The company maintains an independent financial accounting department with its own accounting system and tax obligations, ensuring financial independence[128]. - The company has a robust governance structure with independent operation of the board of directors, supervisory board, and internal organizations, free from interference by the controlling shareholder[129]. - The company has implemented a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[125]. - The company has established a remuneration structure that includes fixed salary, process incentives, year-end bonuses, and allowances[162]. - The board of directors held a total of 8 meetings during the reporting period, with the latest meeting on October 24, 2023[165]. - The company has designated specific media for information disclosure, ensuring timely and equal access to information for all shareholders[126]. Research and Development - The company obtained 46 authorized patents in 2023, including 9 invention patents and 37 utility model patents, bringing the total number of effective authorized patents to 313 by the end of 2023[62]. - The company is developing a new type of PAE water-reducing agent with a molecular weight distribution that is expected to double the water reduction rate compared to conventional products[78]. - The project for high-purity lithium battery electrolyte additives is set to commence production in January 2024, achieving a purity of 99.9%[78]. - The company is investing in research and development, establishing national and provincial technology centers to foster innovation and collaboration with universities[108]. - The company is actively pursuing research and development of new products to enhance its competitive edge in the chemical industry[195]. Market Trends - In 2023, China's new energy vehicle production and sales reached 9.587 million and 9.495 million units, respectively, representing year-on-year growth of 35.8% and 37.9%, with a market share of 31.6%[36]. - The lithium battery market in China is expected to grow at a compound annual growth rate (CAGR) of 23.84% from 2022 to 2030, with global lithium battery shipments projected to approach 2,400 GWh by 2025[36]. - The domestic market for pharmaceutical excipients is expected to grow in line with the rapid increase in the total output value of the pharmaceutical manufacturing industry, which has seen a CAGR of over 20% in the past decade[38]. - The construction chemical industry, which the company operates in, saw a slowdown in fixed asset investment growth, dropping from 5.5% at the beginning of 2023 to 3.0% by year-end[32]. - The company is expanding its investment in the carbonate sector due to the growing demand from the new energy vehicle market, despite increasing competition[115].