QSY Tech(SZ:300437)2024-04-28 08:07Financial Performance - In 2023, the company achieved operating revenue of 1.131 billion RMB, a decrease of 37.31% compared to the previous year[6]. - The net profit attributable to shareholders was -56 million RMB, down 26.83% year-on-year, indicating a loss for the year[6]. - The decline in revenue and gross profit was primarily due to a decrease in sales prices of water treatment agents, despite a slight increase in sales volume[6]. - The company's operating revenue for 2023 was ¥1,131,437,143.67, a decrease of 37.31% compared to ¥1,804,723,664.35 in 2022[22]. - The net profit attributable to shareholders for 2023 was -¥55,726,056.73, representing a 26.83% decline from -¥43,937,933.19 in 2022[22]. - The net cash flow from operating activities decreased by 61.94% to ¥67,623,479.43 in 2023 from ¥177,653,539.15 in 2022[22]. - The total assets at the end of 2023 were ¥2,812,299,222.66, down 10.16% from ¥3,130,513,886.74 at the end of 2022[22]. - The company reported a basic earnings per share of -¥0.2151 for 2023, a decrease of 26.83% from -¥0.1696 in 2022[22]. - The revenue from the main business, after deducting unrelated income, was ¥1,119,473,254.07 in 2023, down from ¥1,785,938,762.89 in 2022[22]. - The company experienced a net loss of -¥34,520,115.41 from non-recurring gains and losses in 2023[28]. Strategic Focus and Business Operations - The company is focused on the production and sales of water treatment agents and related services, with a strategic emphasis on environmental governance and industrial water treatment[34]. - The company continues to focus on its main business and core competitiveness without major changes[6]. - The company aims to reduce the water consumption per unit of industrial added value to below 40 cubic meters by 2030, aligning with national environmental goals[35]. - The company plans to increase the variety and application range of water treatment agents, focusing on developing green and environmentally friendly products[39]. - The company is committed to enhancing its R&D capabilities by building a team of experts and increasing investment in technology innovation[40]. - The company is positioned to benefit from the increasing demand for water treatment agents due to stricter environmental regulations and resource scarcity[36]. - The company has established long-term partnerships with various domestic and international clients, reflecting high customer satisfaction and loyalty[38]. - The company is exploring high-margin fine chemical products to find new profit growth points, leveraging its advantages in the chemical park[39]. - The company has developed into a group environmental listed company with a focus on water treatment agents, municipal and industrial water treatment, and comprehensive water environment governance after nearly 30 years of development[44]. Research and Development - The company has a strong R&D team, including postdoctoral and doctoral experts, and has built partnerships with renowned universities and research institutions[58]. - The company is committed to increasing R&D investment to develop new, environmentally friendly water treatment agents and improve product performance[103]. - The company completed the development of a solid water treatment agent and a green chelating agent, enhancing product competitiveness and expanding its product range[80]. - The company is in the trial production phase for modified polycarboxylic acid textile additives, aiming to enhance product quality and safety in the textile industry[79]. - Research and development expenses decreased by 43.14% year-on-year, totaling 12,648,796.08 CNY in 2023, down from 22,245,941.70 CNY in 2022[78]. Market and Industry Trends - The market for the environmental protection industry is expected to continue expanding, driven by ongoing national policies and the need for pollution control[35]. - The report emphasizes the absence of significant industry overcapacity or technological substitution issues[6]. - The average selling price of water treatment agents decreased by 11.55% in the second half of the year due to falling raw material prices and intensified market competition[71]. - The company is responding to industry trends by closely monitoring national policies and market dynamics to adapt its production and sales strategies[39]. Risk Management - The company faces risks from fluctuations in raw material and product prices, which can impact gross margins and profitability due to significant price volatility during the reporting period[107]. - The company is implementing measures to strengthen long-term partnerships with quality customers and seek new qualified suppliers to mitigate raw material price risks[107]. - The company is also exposed to risks related to new project construction delays, which may arise from approval processes and potential technological challenges[108]. - Environmental regulations may increase operational costs, affecting project profitability, as the company must comply with stricter standards[109]. - The company is actively monitoring international trade environments and currency fluctuations, particularly the impact of USD settlements on export profitability[109]. Corporate Governance - The company has established a supervisory board consisting of 5 members, including 2 employee representatives, complying with legal and regulatory requirements[118]. - The controlling shareholder, Wang Zhiqing, strictly adheres to relevant regulations and does not interfere with the company's decision-making and operations[119]. - The company has established a structured governance framework in compliance with relevant laws and regulations[174]. - The board consists of 9 directors, including 3 independent directors and 6 non-independent directors[175]. - The company has established a clear organizational structure with defined responsibilities and mutual supervision among its committees[176]. Employee Development and Engagement - The company has implemented a compensation policy that links bonuses for R&D personnel to new product sales, and for sales personnel to actual cash collection from product sales[163]. - The company emphasizes employee development through various training programs, including on-the-job training and partnerships with educational institutions[165]. - The company plans to ensure that senior management participates in at least 20 days of management training in 2024, while middle management and technical personnel will have a minimum of 30 days of training[166]. - The total number of employees at the end of the reporting period was 874, with 56 in the parent company and 818 in major subsidiaries[162]. Future Outlook - The company is expected to continue its strategic initiatives aimed at growth and innovation in the upcoming fiscal year[133]. - The company's future outlook remains positive, with expectations for continued operational stability and management continuity[133]. - The company aims to build a high-quality development model centered around water treatment, focusing on technological innovation and market demand[102].