BSP(SZ:200761)2024-04-28 07:38Financial Performance - The company's operating revenue for 2023 was approximately ¥57.81 billion, a decrease of 7.67% compared to ¥62.62 billion in 2022[18]. - The net loss attributable to shareholders for 2023 was approximately ¥1.74 billion, representing a decline of 41.33% from a loss of ¥1.23 billion in 2022[18]. - The basic earnings per share for 2023 was -¥0.424, a decline of 41.33% compared to -¥0.300 in 2022[18]. - The company reported a net loss of ¥1,670,070,844.73 for the year, with significant adjustments made to reconcile net profit to cash flow from operating activities[58]. - The company reported a significant increase in revenue, achieving a total of 10 billion CNY for the year, representing a 15% year-over-year growth[113]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[113]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to approximately ¥4.33 billion, up 239.19% from ¥1.28 billion in 2022[18]. - The company has reported a significant increase in cash flow from operations, indicating improved liquidity despite the net loss[18]. - Operating cash inflow totaled ¥55,274,413,040.41, representing a year-on-year increase of 6.95%, while operating cash outflow was ¥50,945,061,782.11, up by 1.07%[56]. - Cash and cash equivalents saw a net decrease of 97.76%, amounting to -¥111,887,711.68, attributed to lower cash from fixed asset purchases and reduced loan repayments[57]. Production and Operations - The company achieved a record-breaking pig iron production of 10.412 million tons in 2023, an increase of 409,200 tons year-on-year[40]. - The crude steel production reached 11.281 million tons, up by 729,000 tons year-on-year, setting a new historical record[40]. - The hot-rolled plate production was 10.42 million tons, increasing by 657,400 tons year-on-year, also a historical high[40]. - The sales volume of steel products was 13,969,225.21 tons, a slight decrease of 0.38% from 14,022,304.90 tons in 2022[49]. - The automotive steel sales volume reached 2.6839 million tons, with a 13% year-on-year increase in contract delivery rate to main engine manufacturers[41]. Research and Development - The company aims to achieve carbon neutrality through research on reducing carbon emissions in blast furnace operations, which is crucial for low-carbon ironmaking[54]. - The company has filed 353 patent applications, with 184 patents granted, including 82 invention patents[38]. - R&D investment amounted to ¥1,787,193,677.09 in 2023, a decrease of 7.11% compared to ¥1,923,920,000.00 in 2022, while the R&D investment as a percentage of revenue increased slightly to 3.09% from 3.07%[56]. - The company successfully developed 41 new product grades, with 36 grades achieving market sales[37]. Environmental Initiatives - The company invested CNY 1.72 billion in ultra-low emission transformation projects, implementing 32 projects to enhance environmental protection capabilities[164]. - The comprehensive energy consumption per ton of steel in 2023 was 564.9 kgce, a reduction of 11.1 kgce year-on-year[166]. - The company achieved a blast furnace gas emission rate of 0.31%, which is a decrease of 0.25% year-on-year[167]. - The company has implemented various environmental protection laws and standards, ensuring compliance with pollution discharge limits[161]. Governance and Management - The company has a clear governance structure, with specialized committees for audit, risk management, strategy, nomination, and compensation[118]. - The board of directors held 23 meetings during the reporting period, with the first meeting on February 28, 2023[138]. - The company has a structured governance framework, with clear roles and responsibilities among its board members and management team to support strategic objectives[130]. - The company reported a significant leadership change, with multiple executives resigning, including the former chairman and vice general manager, due to work-related transitions[126]. Challenges and Strategic Focus - The company is facing challenges in profitability, as indicated by the substantial net loss and decrease in net assets[18]. - The steel industry faced a challenging environment in 2023, with a general decline in operational performance and profitability due to slow demand recovery and high production costs[30]. - The company aims to focus on technological innovation and cost reduction while expanding into domestic and international markets to seek new growth points[31]. - The company is addressing risks related to macroeconomic policies, raw material prices, and environmental protection through strategic measures[110][111]. Employee and Community Engagement - A total of 40.21 million yuan was distributed as relief funds to 47 employees in need throughout the year, demonstrating the company's commitment to employee welfare[172]. - The company completed 15 training projects in 2023, training a total of 24,172 participants with a training pass rate of 95% and an execution rate of 94% for the annual training plan[149]. - The company has established a long-term mechanism to assist employees in need, ensuring that no employee is left behind in the support process[172]. Financial Management and Compliance - The company has a comprehensive financial management system, including independent accounting and tax practices[121]. - The company has not faced any penalties from securities regulatory authorities for directors, supervisors, and senior management in the past three years[134]. - The company reported no significant litigation or arbitration matters that would impact its financial position, with a total involved amount of CNY 91.32 million[190]. - The company has engaged Lixin Accounting Firm for internal control audit services, incurring an audit fee of CNY 600,000[188].