FJC(SH:600802)2024-04-25 11:28Financial Performance - The company's operating revenue for 2023 was CNY 2,050,954,256.91, a decrease of 20.83% compared to CNY 2,590,538,797.73 in 2022[21] - The net profit attributable to shareholders of the listed company was a loss of CNY 322,593,522.39, representing a 32.97% increase in loss compared to a loss of CNY 242,611,858.34 in 2022[21] - The total profit was -439.14 million yuan, a year-on-year decrease of 17.72%[31] - The net profit attributable to shareholders of the listed company was -322.59 million yuan, a year-on-year decrease of 32.97%[31] - Operating revenue decreased by 20.83% year-on-year, primarily due to declines in both sales volume and price[49] - The company reported a net cash flow from operating activities of -121,559,989.43 CNY, an improvement of 41.30% from -207,077,390.95 CNY in the previous period[63] - The net cash flow from financing activities increased by 79.27%, reaching CNY 224,683,154.63, primarily due to a net financing increase of CNY 56,436,500[51] - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a 15% year-over-year growth[93] - The company reported a significant decrease in audit fees by over 20% compared to the previous year[145] Assets and Liabilities - Total assets at the end of 2023 were CNY 3,866,180,039.90, down 7.84% from CNY 4,195,108,625.90 at the end of 2022[21] - The net assets attributable to shareholders of the listed company decreased to CNY 1,188,189,814.53, a decline of 22.60% from CNY 1,535,086,567.30 at the end of 2022[21] - Total liabilities increased to RMB 2,632,089,073.46, compared to RMB 2,534,924,845.90 in 2022, reflecting a rise of 3.67%[194] - The company's equity attributable to shareholders decreased to RMB 1,188,189,814.53, down 22.63% from RMB 1,535,086,567.30 in 2022[195] - Current assets decreased to RMB 391,216,389.50, down 27.86% from RMB 542,513,759.62 in the previous year[192] - Short-term borrowings increased to RMB 1,152,689,158.40, up 34.49% from RMB 856,912,280.67 in 2022[194] Production and Sales - The company produced 6.5172 million tons of clinker and 8.3291 million tons of cement, representing a year-on-year decrease of 11.75% and 6.50% respectively[31] - The sales volume of cement (including commercial clinker) was 8.5491 million tons, a year-on-year decrease of 5.99%[31] - The average selling price of cement decreased by 44.66 yuan, which was 86.42 yuan lower than the budget[32] - The company’s cement production reached 8.3291 million tons, accounting for approximately 10.26% of the total cement production in Fujian Province[75] - The company's cement sales volume in Fujian Province increased by 1.8% year-on-year, leading to a slight increase in market share despite overall demand decline[81] Cost Management - The company reduced the cost of cement sales by 31.47 yuan per ton compared to the previous year[32] - The average sales cost of cement was 253.51 RMB per ton, a decrease of 31.47 RMB, or 11.04% year-on-year, positively impacting the company's efforts to reduce losses[45] - The gross margin for cement manufacturing decreased by 5.67 percentage points, with revenue declining by 20.67% and costs decreasing by 16.22%[52] - The company implemented cost-saving measures in procurement, resulting in reduced costs for non-coal bulk materials[33] Market Conditions - The cement industry in China is facing severe challenges, with continuous declines in demand due to the real estate sector's downturn[36] - In 2023, the national cement industry profit is expected to be around 32 billion yuan, a decrease of approximately 50% year-on-year, marking the lowest profit level in 16 years[37] - The company anticipates a 2-3% decline in national cement demand in 2024, with Fujian Province expected to see a 6% decrease in demand[78] Environmental and Sustainability Initiatives - The company is focusing on upgrading its production processes and implementing ultra-low emission technology to align with environmental policies[41] - The company has implemented energy-saving and emission-reduction upgrades on its production lines, achieving a significant reduction of 967,069 tons in carbon dioxide equivalent emissions during the reporting period[135] - The company actively engaged in ecological protection and pollution prevention, investing in energy-saving technologies and solid waste recycling[134] - The company plans to enhance its competitive strength and risk resilience through various measures to address the outlined risks and achieve its operational goals[86] Governance and Management - The company has appointed a new financial director, effective March 22, 2024, indicating a strategic shift in leadership[92] - The total remuneration for the board members and executives during the reporting period reached 601.5833 million yuan[92] - The company has established a performance assessment system for senior management, linking remuneration to organizational performance[99] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating a stable compliance record[101] Future Outlook - The company plans to produce 8.35 million tons of cement in 2024, with a sales target of 1.5 million tons of clinker[83] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million CNY for potential deals[93] - The company plans to implement a financing plan for 2023, which may impact future capital structure and investment opportunities[101]