四川双马(000935) - 2023 Q4 - 年度财报

Financial Performance - The company achieved a net profit of 985 million yuan attributable to shareholders during the reporting period[11]. - The company's operating revenue for 2023 was ¥1,219,344,574.84, a slight decrease of 0.02% compared to ¥1,219,588,689.76 in 2022[89]. - Net profit attributable to shareholders for 2023 reached ¥985,473,578.62, representing a significant increase of 19.43% from ¥825,124,320.37 in 2022[89]. - The net profit after deducting non-recurring gains and losses was ¥938,711,142.26, up 53.65% from ¥610,944,252.79 in the previous year[89]. - Basic earnings per share for 2023 were ¥1.29, an increase of 19.44% compared to ¥1.08 in 2022[89]. - The net profit for the year increased due to higher fair value gains and investment income, which did not affect operating cash flow[174]. - The company reported a net profit of CNY 133.11 million from its subsidiary Sichuan Shuangma Yibin Cement Manufacturing Co., which generated revenue of CNY 753.65 million[185]. Investment and Fund Management - The company generated investment income of 1.631 billion yuan from two private equity funds, with an additional expected performance fee of 1.13 billion yuan upon full exit at fair value by December 31, 2023[2]. - The Harmony Green Industry Fund successfully raised 9.5 billion yuan, exceeding the initial target of 7.5 billion yuan[9]. - The company manages a private equity fund with a scale exceeding ¥26 billion, focusing on sectors such as advanced manufacturing and new energy[95]. - The private equity investment management business revenue increased by 70.52% year-over-year to approximately $465.70 million, representing 38.19% of total revenue[104]. - The company has three private equity funds under management, providing services such as investment analysis and risk control[26]. - The company is committed to value investment, long-term investment, and responsible investment, aiming to strengthen its private equity fund management capabilities[195]. Market and Economic Environment - In 2023, China's GDP reached 126.06 trillion yuan, growing by 5.2% year-on-year, with fixed asset investment increasing by 3.0% to 50.30 trillion yuan[3]. - The company reported a 9.6% year-on-year decline in real estate development investment, indicating a challenging market environment[3]. - The construction materials industry is expected to remain in a bottom cycle in 2024, with ongoing pressures on market demand and price fluctuations[172]. - The company anticipates that ongoing government policies will stabilize the real estate market, potentially boosting cement demand in the coming year[97]. - The company expects to sell 2.3 million tons of cement and 5.6 million tons of aggregates in 2024, with actual sales in 2023 being 2.081 million tons of cement and 5.383 million tons of aggregates, indicating a shortfall due to environmental controls and public activity restrictions[192]. Operational Strategies - The company is focusing on expanding its market presence by optimizing channel layouts and targeting municipal engineering and livelihood projects[6]. - The company aims to maximize marginal benefits while stabilizing existing customer shares and expanding into new markets[6]. - The company has implemented strategies to enhance direct sales and maintain reasonable pricing amidst market pressures, achieving satisfactory performance in its building materials segment[27]. - The company is enhancing its business resilience by increasing the proportion of railway transport customers, extending the sales radius beyond 200 kilometers[37]. - The company plans to focus on technological innovation and green low-carbon technologies to drive transformation in the construction materials sector[172]. Environmental and Safety Management - The company has implemented a comprehensive safety and environmental management system, achieving recognition as a "provincial-level safety culture construction demonstration enterprise" and a "first-level environmental integrity enterprise"[6]. - The company has actively responded to government policies on peak production, ensuring compliance with national and local environmental standards[6]. - The company has implemented advanced production technologies to reduce SO₂ and nitrogen oxide emissions, contributing to environmental sustainability[15]. - The company is committed to achieving dual carbon goals and promoting green development as part of its strategic objectives[95]. - The new air pollutant emission standards for the cement industry were implemented in 2023, requiring existing companies to meet stricter limits[98]. Research and Development - The company has established a dedicated technology research and service center and has received 8 utility model patents and 1 invention patent during the reporting period[32]. - The company’s R&D investment accounted for 1.75% of total revenue, down from 3.79% in the previous year[155]. - The number of R&D personnel decreased by 63.89% to 13, with a significant reduction in those holding advanced degrees[153]. Future Outlook - The company anticipates continued economic recovery in 2024, supported by strong growth momentum and favorable macroeconomic policies[188]. - The company plans to enhance its digital transformation efforts in line with the national strategy for building a digital China, focusing on financial resource support for digital development[188]. - The company is committed to optimizing its financing structure and enhancing the role of capital markets in supporting private enterprises[188]. - The company plans to adopt new technologies and processes to reduce carbon emissions and energy consumption, promoting the transformation and upgrading of the building materials industry[194].