Befar(SH:601678)2024-04-26 09:13Financial Performance - The company's operating revenue for 2023 was approximately ¥7.31 billion, a decrease of 17.84% compared to ¥8.89 billion in 2022[23]. - Net profit attributable to shareholders was approximately ¥383 million, down 67.49% from ¥1.18 billion in 2022[23]. - Basic earnings per share decreased by 67.80% to ¥0.19 from ¥0.59 in 2022[24]. - The weighted average return on equity fell to 3.38%, a decrease of 7.46 percentage points from 10.84% in 2022[24]. - Cash flow from operating activities was approximately ¥931 million, down 32.36% from ¥1.38 billion in 2022[23]. - The company reported non-recurring gains of approximately ¥47 million in 2023, compared to losses of ¥324 million in 2022[26]. - The company's operating revenue for 2023 was ¥7,305,904,161.55, a decrease of 17.84% compared to ¥8,892,065,359.43 in 2022[46]. - The company's operating costs decreased by 6.28% to ¥6,022,274,045.71 in 2023 from ¥6,425,991,322.99 in 2022[46]. Dividend Distribution - The proposed cash dividend for 2023 is CNY 0.50 per 10 shares, totaling CNY 100,029,697.50, which accounts for 26.11% of the net profit attributable to shareholders[6]. - The total amount of cash dividends, including share repurchases, is CNY 105,627,237.00, representing 27.57% of the net profit attributable to shareholders, leading to a combined distribution ratio of 53.68%[6]. - Total cash dividend amount (including tax) is 205,656,934.50 CNY, which accounts for 53.68% of the net profit attributable to ordinary shareholders in the consolidated financial statements[153]. - The cash dividend per 10 shares is 0.50 CNY, with no stock bonus or increase in shares[152]. Production and Operations - The company achieved record production levels for key products, including over 80,000 tons of trichloroethylene for the first time[30]. - The company achieved a total production of 75.96 million tons of caustic soda and 27.27 million tons of propylene oxide in 2023[31]. - The company’s production capacity for caustic soda is 610,000 tons, making it a leading producer in Shandong Province[37]. - The company has become the largest producer of food-grade caustic soda in China, achieving double growth in differentiated production and sales in 2023[72]. - The company has introduced advanced sixth-generation zero-distance ion membrane electrolyzers, significantly reducing energy consumption by over 30%[73]. Research and Development - Research and development expenses increased by 37.05% to ¥68,419,662.46 in 2023 from ¥49,923,229.58 in 2022[47]. - The company’s research project on ultra-pure electronic-grade hydrogen fluoride was selected for the 2023 Shandong Provincial Key R&D Program, securing funding support of 11.2 million RMB[34]. - The company has established a comprehensive chemical design research institute with multiple engineering design qualifications and holds 78 valid patents, including 24 invention patents[81]. - The company is focusing on innovation by collaborating with universities and research institutions to develop key technologies[109]. Environmental Compliance - The company maintained a 100% operational rate for environmental protection facilities, achieving compliance in wastewater and waste gas emissions[32]. - The company achieved compliance with environmental discharge standards for wastewater and waste gas emissions[160]. - The company constructed various pollution control and environmental risk prevention projects, including a tail gas recovery project and an environmental risk control project for an old plant site[166]. - The company implemented carbon reduction measures, resulting in a total reduction of 116,045 tons of CO2 equivalent emissions[172]. Governance and Compliance - The company has established a governance structure to ensure compliance with legal regulations and protect shareholder rights[114]. - The company has established a comprehensive information disclosure management system to ensure fair and transparent communication with shareholders[115]. - The company has maintained a consistent governance structure, adhering to regulations set by the China Securities Regulatory Commission[115]. - The company has not encountered any non-compliance issues or penalties related to its directors, supervisors, or major shareholders during the reporting period[187]. Market Expansion and Strategy - The company is focusing on international market expansion through exports and overseas investments[104]. - The company is actively diversifying its product offerings and expanding into the food-grade caustic soda market[72]. - The company plans to establish new material bases and renewable energy bases to strengthen its market position[106]. - The company is exploring acquisition opportunities to enhance its product portfolio, targeting a deal valued at approximately $200 million[125]. Employee and Management - The company has over 3,700 employees, including more than 100 with doctoral degrees or senior titles, and collaborates with over 20 universities and research institutions[80]. - The company has implemented a cash dividend policy, distributing 1.30 RMB per 10 shares, totaling approximately 262.67 million RMB in cash dividends for the 2022 fiscal year[148]. - The company continues to optimize its compensation system, focusing on performance-based pay and implementing an employee stock ownership plan[145]. - The company has established a training program aimed at enhancing leadership skills across different levels, including executive training and skill competitions[146]. Financial Management - The company has established a management control system for subsidiaries, including performance evaluation and financial management procedures[154]. - The company has implemented a second employee stock ownership plan, with details disclosed on November 23, 2023, and a revised draft on March 26, 2024[153]. - The company reported a total of 317,627,325.87 CNY in related party purchases, with actual expenditures of 213,266,715.90 CNY, showing a focus on cost management[188]. - The company has committed to measures to mitigate the dilution of immediate returns from the issuance of convertible bonds, as per the commitments made in 2019[182].