Yibin Tianyuan (SZ:002386)2024-04-28 07:44Financial Performance - The company's operating revenue for 2023 was ¥18,366,700,105.94, a decrease of 9.70% compared to ¥20,339,443,922.83 in 2022 [24]. - The net profit attributable to shareholders for 2023 was ¥39,964,675.52, representing a significant decline of 92.74% from ¥550,548,972.52 in 2022 [24]. - The net cash flow from operating activities decreased by 61.98% to ¥363,136,022.49 in 2023, down from ¥955,052,599.09 in 2022 [24]. - The total assets increased by 18.49% to ¥18,289,015,747.57 in 2023, compared to ¥15,434,402,047.00 in 2022 [21]. - The net assets attributable to shareholders rose by 32.25% to ¥8,036,135,197.00 in 2023, up from ¥6,076,688,750.00 in 2022 [21]. - The basic earnings per share for 2023 was ¥0.0325, a decrease of 94.01% from ¥0.5424 in 2022 [24]. - The company reported a significant adjustment in non-recurring gains and losses, with the adjusted amount for 2022 being ¥1,729,088.98, down from ¥15,599,741.85 [22]. - The company experienced a negative net profit after deducting non-recurring gains and losses for the last three accounting years, indicating ongoing financial challenges [23]. Dividend Distribution - The company plans to distribute a cash dividend of 0.80 RMB per 10 shares to all shareholders, based on a total share capital of 1,301,647,073 shares [3]. - The cash dividend per 10 shares is ¥0.80 (including tax), totaling ¥104,131,765.84 (including tax) for all shareholders [200]. - The company distributed a cash dividend of 0.75 yuan (including tax) for every 10 shares in 2022 [146]. Business Strategy and Operations - The company maintains a development strategy of "one body and two wings," focusing on chlor-alkali chemical production and new materials for chemicals and new energy batteries [12]. - The company has not reported any changes in its main business since its listing, indicating stability in its operations [19]. - The company has not experienced any changes in its controlling shareholders, ensuring continuity in its governance structure [19]. - The company is focusing on maintaining competitive advantages in the chlor-alkali industry, which is characterized by high entry barriers and increasing industry concentration [38]. - The company aims to deepen the development of high-value-added caustic soda and chlorine products, integrating with new energy sectors such as photovoltaics and wind power [40]. - The company is focusing on the research and development of new PVC varieties and specialized materials, including medical-grade materials and high polymer resins [41]. - The company is advancing its lithium battery materials and chemical new materials sectors, with a focus on a 100,000-ton lithium iron phosphate project, where the first phase of 25,000 tons is in trial production and nearing customer certification [54]. Market Conditions - The chlor-alkali industry is currently in a strong downward cycle, with prices continuing to decline, impacting overall market conditions [38]. - The demand for caustic soda in the lithium battery industry is projected to be around 1.45 to 1.5 million tons in 2023, contributing to a 1% increase in the chemical sector's consumption [39]. - The domestic average price of industrial-grade lithium carbonate dropped by 81.35% by the end of 2023 compared to the beginning of the year, indicating significant market fluctuations in the new energy battery materials sector [43]. - Global electric vehicle sales reached 14.061 million units in 2023, a year-on-year increase of 33.4%, with China's market share rising from 25.6% in 2022 to 31.6% [44]. Research and Development - The company has introduced a significant number of technical talents to strengthen its R&D capabilities, supporting ongoing innovation and product development [55]. - The company’s R&D investment amounted to approximately ¥266.46 million in 2023, representing a 7.58% increase from ¥247.69 million in 2022 [88]. - R&D expenditure accounted for 1.45% of total revenue in 2023, up from 1.22% in the previous year, indicating a 0.23% increase [88]. - The company is working on a chlorination process for titanium white powder, aiming to improve product quality and expand market reach [88]. Corporate Governance - The company completed the re-election of the ninth board of directors and the ninth supervisory board during the reporting period [141]. - The company has 11 directors, including 4 independent directors with expertise in accounting, law, industry, and finance [141]. - The company ensures independence from its controlling shareholder in terms of personnel, assets, finance, and operations [140]. - The company has established a complete internal control system that effectively guides and controls its operational decisions [145]. - The company has independent labor, personnel, and salary management systems, with independent social security registration [154]. Environmental and Social Responsibility - The company is committed to a green low-carbon manufacturing system, aiming to develop a circular economy and achieve high-end industrial development [65]. - The company is actively involved in local economic development, contributing to the promotion of "Yibin-made" products and enhancing its social responsibility [69]. - The management team has emphasized a focus on sustainability initiatives, aiming for a 20% reduction in carbon footprint by 2025 [160]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming fiscal year [72]. - The company aims to become the second-largest state-owned pillar enterprise in Yibin and the second-largest lithium battery materials company in Sichuan [125]. - The company plans to enhance its risk management by limiting futures positions to no more than 10,000 million CNY in margin [107]. - The company plans to increase investment in 2024 to ensure timely completion of projects [114].