华昌化工(002274) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was approximately ¥8.21 billion, a decrease of 9.18% compared to ¥9.04 billion in 2022[19]. - The net profit attributable to shareholders for 2023 was approximately ¥729.68 million, down 16.33% from ¥872.11 million in 2022[19]. - The net cash flow from operating activities decreased by 33.02% to approximately ¥829.64 million in 2023, compared to ¥1.24 billion in 2022[19]. - The basic earnings per share for 2023 was ¥0.7662, reflecting a decline of 16.33% from ¥0.9157 in 2022[19]. - The total assets at the end of 2023 were approximately ¥8.33 billion, a slight increase of 0.26% from ¥8.31 billion at the end of 2022[19]. - The net assets attributable to shareholders increased by 9.74% to approximately ¥5.48 billion at the end of 2023, compared to ¥4.99 billion at the end of 2022[19]. - The weighted average return on equity for 2023 was 13.57%, down from 18.84% in 2022, indicating a decrease of 5.27%[19]. - The net profit after deducting non-recurring gains and losses for 2023 was approximately ¥694.57 million, a decrease of 23.23% from ¥904.76 million in 2022[19]. - The company achieved operating revenue of 8,214.57 million yuan, a decrease of 830.41 million yuan or 9.18% compared to the previous year[76]. - The net profit attributable to shareholders was 729.68 million yuan, down 142.43 million yuan or 16.33% year-on-year[76]. - Gross profit decreased to 1,432.22 million yuan, a reduction of 189.74 million yuan, primarily due to product price fluctuations and changes in sales volume[77]. Cash Flow and Investments - The net cash flow from operating activities decreased by 33.02% to CNY 829,641,782.25 in 2023, down from CNY 1,238,563,926.65 in 2022[100]. - The total cash inflow from investment activities increased by 23.22% to CNY 447,290,943.78 in 2023, compared to CNY 363,006,963.19 in 2022[100]. - The net cash flow from investment activities for the reporting period was 20,688.10 million RMB, an increase of 20,715.10 million RMB compared to the same period last year[103]. - The net cash flow from financing activities was -56,013.43 million RMB, an increase of 20,368.43 million RMB year-on-year[103]. - The company's total investment amount for the reporting period was 490,193,518.65 RMB, representing a 30.28% increase from the previous year's investment of 376,265,265.32 RMB[111]. Production and Capacity - The soda ash production in 2023 reached 32.62 million tons, marking a 10.1% increase year-over-year, with apparent consumption rising by 16.7%[31]. - The fertilizer production for 2023 was 57.13 million tons, reflecting a 5.0% increase compared to the previous year[32]. - The production capacity for butanol increased to 3.25 million tons in 2023, with a notable rise in the number of enterprises involved[33]. - The production capacity utilization rate for soda ash was 98%, with a designed capacity of 700,000 tons[66]. - The fertilizer production capacity includes 400,000 tons of urea and 770,000 tons of ammonium chloride, with utilization rates of 99% and 100% respectively[66]. - The methanol production capacity was fully utilized at 100% with a capacity of 100,000 tons[66]. - The company is currently constructing an additional 200,000 tons of urea production capacity[66]. Research and Development - The company's R&D expenses increased by 72.54% to CNY 101,660,905.52 in 2023, up from CNY 58,920,530.64 in 2022, primarily due to increased pilot and research investments[98]. - The company is engaged in the research and development of hydrogen fuel cells, with several innovative technologies and systems under development[64]. - The company is focusing on the development of biodegradable materials and other innovative materials to enhance its competitive edge in the chemical industry[126]. Environmental Compliance - Jiangsu Huachang Chemical Co., Ltd. holds a valid pollutant discharge permit until December 26, 2028[185]. - The company reported a total ammonia nitrogen discharge of 0.163761 tons, which is within the permitted limit of 25 mg/l[186]. - The total COD discharge was 10.667464 tons, compliant with the standard limit of 500 mg/l[186]. - The company achieved a SO2 emission level of 22.1 mg/m3, below the standard limit of 35 mg/m3[186]. - Jiangsu Huachang Chemical's nitrogen oxide (NOX) emissions were recorded at 21.3 mg/m3, under the permissible level of 200 mg/m3[186]. - The company has implemented measures to ensure compliance with local environmental regulations, including those specific to Jiangsu Province[185]. Governance and Management - The company has a total of 15 board members, including 5 independent directors[149]. - The current chairman, Hu Bo, has been with the company since May 13, 2022[149]. - The company has maintained a stable leadership team with no significant changes in the last five years[149]. - The financial oversight is managed by Zhao Huifen, who serves as the financial director and has extensive experience in finance[153]. - The total remuneration for directors, supervisors, and senior management amounted to CNY 1,324.43 million for the reporting period[162]. Market and Sales - The revenue from the chemical fertilizer industry was ¥2,682,314,974.52, down 11.58% from ¥3,033,702,894.44 in the previous year, accounting for 32.65% of total revenue[87]. - The fine chemical industry generated ¥2,956,795,275.41 in revenue, a slight decrease of 0.17% year-on-year, representing 35.99% of total revenue[87]. - Domestic sales contributed ¥7,632,742,851.11, which is 92.92% of total revenue, reflecting an 8.81% decline from the previous year[89]. Safety and Risk Management - The company will strengthen safety production management to control risks associated with flammable and explosive raw materials in the chemical industry[131]. - The company recognizes cooperation risks in expanding industrial clusters and will enhance communication with partners to mitigate these risks[132]. - The company is aware of overall economic risks as the industry shifts from high-speed growth to high-quality development and will monitor changes closely[132]. Future Outlook - The company plans to advance hydrogen fuel cell products from demonstration application to commercial promotion in 2024[126]. - The company anticipates that the integration of green hydrogen and coal chemical industries will be a new path for green development[123]. - The company is committed to digital and intelligent development, aiming to build leading smart chemical plants to achieve energy savings and cost reductions[123].