Palm(SZ:002431)2024-04-26 15:28Financial Performance - The company's operating revenue for 2023 was CNY 4,051,153,704.40, a decrease of 4.56% compared to CNY 4,244,865,320.81 in 2022[20]. - The net profit attributable to shareholders for 2023 was a loss of CNY 939,894,875.96, representing a 36.01% increase in losses from CNY 691,035,133.39 in 2022[20]. - The cash flow from operating activities decreased by 61.39% to CNY 68,467,583.92, down from CNY 177,332,885.12 in the previous year[20]. - The total assets at the end of 2023 were CNY 18,889,028,106.06, an increase of 1.47% from CNY 18,614,788,626.53 at the end of 2022[20]. - The net assets attributable to shareholders decreased by 21.68% to CNY 3,287,394,015.10, down from CNY 4,197,594,413.34 in 2022[20]. - The basic earnings per share for 2023 was -CNY 0.52, a decline of 18.18% from -CNY 0.44 in 2022[20]. - The weighted average return on net assets was -25.18% in 2023, compared to -18.51% in 2022, indicating a worsening performance[20]. - The company reported a significant increase in the Central China region's revenue, which rose by 177.63% to approximately ¥62.69 million[74]. - The company achieved a total revenue of 4.051 billion yuan, maintaining a stable performance despite challenges in the market[64]. Operational Highlights - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company has completed over 4,500 real estate and municipal landscape engineering projects and over 8,000 planning and design projects across more than 30 provincial-level administrative regions in China[42]. - The company has ongoing projects with a total contract amount of approximately ¥32.18 billion, of which ¥13.60 billion has been recognized as revenue[79]. - The company has a total of 1,023 ongoing projects under non-financing models, with an uncompleted portion valued at approximately ¥18.58 billion[79]. - The company has established a comprehensive construction platform for ecological environment business, integrating planning, design, and construction over 30 years[45]. Market and Industry Trends - The construction industry in China saw a total output value of ¥31.59 trillion in 2023, reflecting a year-on-year growth of 5.8%[31]. - The Chinese government has implemented policies to boost the construction industry, including increased investment in infrastructure and support for affordable housing projects[32]. - The company is positioned to benefit from the "new quality productivity" strategy, which aims to drive innovation and green development in the construction sector[33]. - The company is actively involved in rural revitalization efforts, supported by national policies aimed at improving rural infrastructure and living conditions[35]. Research and Development - The company holds a total of 113 patents and 92 plant variety rights, demonstrating its commitment to technological innovation[63]. - R&D investment increased by 28.03% to ¥177,170,959.51 in 2023, representing 4.37% of total revenue, up from 3.26% in 2022[99]. - The number of R&D personnel rose to 191, a 1.06% increase from 189 in 2022, with the proportion of R&D staff in the company increasing to 18.74%[98]. - The company has established the "Henan Provincial Ecological Landscape Engineering Technology Research Center" to enhance its R&D capabilities and promote industry development[92]. - The company is focusing on the development of new Magnolia varieties, aiming for high ornamental value and broad adaptability, with 12 native germplasm resources collected and 25 hybrid combinations created[95]. Governance and Compliance - The company has established a comprehensive governance structure, completing the election of a new board of directors and supervisory board[67]. - The company has been recognized as a national high-tech enterprise and a key leading enterprise in agricultural industrialization, with two national-level high-tech enterprises and two provincial R&D centers[70]. - The company held eight shareholder meetings in 2023, ensuring compliance with legal requirements and protecting the rights of minority shareholders[150]. - The company maintains independence from its controlling shareholder, ensuring that major decisions are made by the shareholders' meeting without undue interference[151]. - The company has implemented strict compliance with relevant laws and regulations regarding the management of raised funds[120]. Strategic Outlook - The company aims to deepen traditional industry advantages and accelerate technological innovation as part of its 2024 strategic goals[132]. - The company plans to enhance its construction business through governance structure optimization and performance assessment improvements[133]. - The company is actively managing its PPP projects in response to national policies, aiming to ensure smooth project execution despite potential macroeconomic and financing risks[140]. - The company faces risks from macroeconomic changes and plans to enhance internal management and risk awareness to mitigate financial risks[139]. - The overall outlook for 2024 remains positive, with expectations of continued growth and market expansion[169].