Nantong Acetic Acid Chemical (SH:603968)2024-04-24 09:31Financial Performance - The company's operating revenue for 2023 was CNY 3,008,336,562.47, a decrease of 16.21% compared to CNY 3,590,476,407.86 in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 32,703,718.67, representing a significant decline of 91.85% from CNY 401,491,394.88 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 13,354,846.37, down 96.64% from CNY 397,799,376.56 in 2022[22]. - The net cash flow from operating activities for 2023 was CNY 198,113,689.89, a decrease of 39.27% compared to CNY 326,233,604.27 in 2022[22]. - Basic earnings per share decreased by 92.13% to CNY 0.1545 in 2023 compared to CNY 1.9635 in 2022[23]. - Diluted earnings per share also fell by 92.15% to CNY 0.1541 in 2023 from CNY 1.9635 in 2022[23]. - The weighted average return on equity dropped by 19.08 percentage points to 1.60% in 2023 from 20.68% in 2022[23]. - The company achieved a total revenue of 3.008 billion RMB in 2023, a decrease of 16.21% compared to the previous year[40]. - The operating costs decreased by 7.02% to 2.649 billion RMB, indicating some cost control measures were effective[42]. Assets and Liabilities - The total assets at the end of 2023 were CNY 3,546,027,043.35, an increase of 11.79% from CNY 3,171,964,421.83 at the end of 2022[22]. - The net assets attributable to shareholders at the end of 2023 were CNY 1,993,946,639.94, a decrease of 4.70% from CNY 2,092,272,799.15 at the end of 2022[22]. - Accounts receivable increased to ¥170,384,362.06, representing a 53.54% increase from the previous year[1]. - Inventory rose to ¥256,698,070.90, reflecting a 48.26% increase year-over-year[1]. - Long-term equity investments decreased by 47.20% to ¥25,189,699.50[1]. - Other equity instrument investments surged by 105.78% to ¥45,862,543.69[1]. - Intangible assets increased by 81.49% to ¥172,268,067.56[1]. - Deferred tax assets rose by 148.63% to ¥31,109,812.29[1]. - Short-term borrowings amounted to ¥122,100,000.00, with no previous year data available[1]. - Long-term borrowings increased by 63.67% to ¥327,333,370.31[1]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of CNY 2.80 per 10 shares to all shareholders, subject to approval at the annual general meeting[5]. - The company reported a net profit attributable to ordinary shareholders of RMB 32,703,718.67, with a cash dividend distribution of RMB 58,066,680.00, representing 177.55% of the net profit[170]. - The company did not propose a cash profit distribution plan despite having positive profits available for distribution to shareholders[169]. - Chairman Qing Jiu reduced his shareholding by 1,101,400 shares, ending the year with 12,397,900 shares, a decrease of approximately 8.16%[138]. - Vice Chairman Yu Xin Nan increased his shareholding by 1,000,000 shares, ending the year with 1,440,000 shares, a growth of 227.27%[138]. - Director Gu Qing Quan reduced his shareholding by 1,639,900 shares, ending the year with 18,459,700 shares, a decrease of approximately 8.15%[138]. - Vice General Manager Shuai Jian Xin reduced his shareholding by 568,900 shares, ending the year with 6,403,400 shares, a decrease of approximately 8.16%[140]. Research and Development - The total R&D investment amounted to 98.12 million RMB, representing 3.26% of total revenue[55]. - The company employed 229 R&D personnel, making up 18.22% of the total workforce[56]. - Major completed R&D projects include new technologies aimed at improving product quality and reducing production costs[57][58]. - The company has established a comprehensive R&D management system, recognized as a "Jiangsu Provincial Enterprise Technology Center" and a "Jiangsu Provincial Acetic Acid and Pyridine Derivatives Engineering Technology Research Center" since 2010[84]. - The company is actively developing new technologies for clean production of acetic acid and pyridine derivatives, as well as new techniques for high-end dye intermediates[85]. - The company has made significant investments in R&D funding, ensuring the rapid conversion of research results into practical applications[87]. - The company has implemented a talent development strategy that combines internal training and external recruitment to enhance its R&D capabilities[87]. Market Position and Strategy - The company has been recognized as a top enterprise in fine chemicals and is committed to maintaining its competitive position in the industry[31]. - The company is focusing on the construction of four major bases: food science, life science, material science, and high-end specialty chemicals to achieve high-quality development[30]. - The company is positioned in the fine chemical industry, producing food and feed additives, pharmaceutical and pesticide intermediates, and dye intermediates, which are vital to various sectors of the national economy[73]. - The company is focusing on the development of fine chemicals, which have high added value and broad applications, aligning with national strategies to enhance the chemical industry[73]. - The company aims to enhance its market competitiveness and expand its market share through diversified financing channels and optimized financial structures[80]. - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[141]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the industry[145]. Environmental and Safety Compliance - The company is committed to strict compliance with the new environmental protection laws and regulations, including the "List of Key Controlled New Pollutants" and "Standards for Pollution Control of Hazardous Waste Storage" effective from July 1, 2023[72]. - The company has implemented a comprehensive safety management system to mitigate risks associated with hazardous chemicals in its production process[128]. - The company has established a digital application for the dual prevention mechanism of major hazardous sources, enhancing safety management[68]. - The company has established a robust internal control management system, continuously improving and revising internal control systems to meet regulatory requirements[176]. - The company has effectively managed its subsidiaries, ensuring compliance with internal control management systems and operational standards[178]. - The company reported a total wastewater discharge of 1,037,619.34 m³ in 2023, with actual COD emissions at 93.842 tons, significantly below the permitted level of 486.797 tons[187]. - The actual ammonia nitrogen emissions were 10.846 tons, well within the permitted limit of 17.22 tons[187]. - The company has successfully maintained compliance with all major pollutant discharge standards as outlined in the relevant environmental regulations[191]. Corporate Governance - The company has a robust corporate governance structure, ensuring compliance with relevant laws and regulations, and has made necessary amendments to its articles of association[132]. - The company’s board of directors has established a compensation and assessment committee to evaluate the performance of directors and senior management[175]. - The remuneration and assessment system for directors and senior management is determined by the remuneration and assessment committee of the board[148]. - The company has a structured approach to evaluating and determining the remuneration of its executives based on performance and company conditions[148]. - The company has no record of penalties from securities regulatory agencies in the past three years[150]. Employee and Management Information - The total number of employees in the parent company and major subsidiaries is 1,257, with 703 in the parent company and 625 in subsidiaries[160]. - The company has implemented a salary structure that increases the performance-based pay for key talents while maintaining the basic salary levels[161][162]. - The company’s training plan focuses on enhancing employees' skills and management capabilities to support strategic development[163]. - The company has established various technical centers and research stations to enhance its industry technology level[125].