DHCT(SH:600844)2024-04-29 08:51Financial Performance - The company's operating revenue for 2023 was approximately ¥861.08 million, a decrease of 7.79% compared to ¥933.82 million in 2022[22]. - The net profit attributable to shareholders of the listed company was approximately -¥392.95 million, compared to -¥292.98 million in the previous year, indicating a worsening performance[22]. - The total assets at the end of 2023 were approximately ¥1.46 billion, a decrease of 21.34% from ¥1.86 billion at the end of 2022[23]. - The net cash flow from operating activities was approximately -¥94.17 million, a decline of 106.54% compared to -¥45.59 million in 2022[23]. - The company reported a basic and diluted earnings per share of -0.3866 CNY for 2023, compared to -0.2882 CNY in 2022, indicating a decline[24]. - The weighted average return on equity decreased to -53.32% in 2023 from -27.04% in 2022, a drop of 26.28 percentage points[24]. - The company reported a significant reduction in total equity, remaining at ¥1,016,524,240.00, unchanged from the previous year[177]. - The company reported a net loss of CNY 503,420,745.74 for the year 2023, compared to a net loss of CNY 377,970,058.69 in 2022, representing an increase in loss of approximately 33.2%[185]. Operational Challenges - The company faced significant risks including policy, market, and operational risks, which could impact future performance[8]. - The company faced challenges due to low market prices for its main products, impacting daily operations[34]. - The overall economic recovery in the chemical industry remains weak, impacting the company's operational performance and profitability[37]. - The company is facing a challenging market environment, with the chemical industry expected to remain at the bottom of the economic cycle in the short term[76]. - The company’s ethylene glycol production has been operating at a loss, while oxalic acid profits have declined due to falling prices, putting overall profitability under severe pressure[82]. Production and Sales - The company achieved a production completion rate of 89.47% for ethylene glycol and 105.52% for oxalic acid during the reporting period[34]. - The sales volume of ethylene glycol was 137,200 tons, an increase of 8.93% year-on-year, while the sales volume of oxalic acid was 100,300 tons, up 3.21%[40]. - The average selling price of ethylene glycol decreased by 14.18% to ¥4,084.41 per ton, and the average price of oxalic acid fell by approximately 15%[36][40]. - Ethylene glycol production increased by 6.77% to 134,200.12 tons, while sales rose by 8.93% to 137,229.60 tons[2]. Research and Development - Research and development expenses decreased by 31.37% to ¥32.47 million, reflecting reduced investment in new growth areas[41]. - The company has invested in R&D for coal-based ethylene glycol derivatives and specialized catalysts, although funding has been insufficient due to poor operating conditions[65]. - The company intends to enhance research and development in new materials, catalysts, and chemical derivatives, with a focus on technological upgrades[80]. Financial Management - The company has no plans for future profit distribution or capital reserve increases for the year 2023[6]. - The company has established a cash dividend policy, prioritizing cash dividends, with a requirement to distribute at least 30% of the average distributable profit over the last three years[113]. - The company did not declare cash dividends during the reporting period due to negative retained earnings on the parent company's balance sheet[113]. - The company has a financial support from its controlling shareholder amounting to 101 million yuan, which alleviates liquidity pressure[142]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[5]. - The company has implemented measures to enhance corporate governance, aligning with the requirements of the China Securities Regulatory Commission[84]. - The company has established specialized committees, including an audit committee and a strategic committee, to enhance governance[102]. - The company has no reported dissenting opinions from the board members regarding company matters during the reporting period[102]. Environmental and Social Responsibility - The company invested 27.08 million yuan in environmental protection during the reporting period[119]. - The total emissions of sulfur dioxide in 2022 were 169.23 tons, nitrogen oxides were 282.87 tons, and smoke dust was 82.23 tons, all meeting the relevant emission standards[120]. - The company has not implemented any carbon reduction measures during the reporting period, resulting in zero reduction in CO2 equivalent emissions[124]. Legal Matters - The company is involved in significant litigation, including a case seeking the return of a deposit amounting to 22 million RMB[132]. - The company has maintained close communication with judicial authorities regarding its appeals[136]. - The company received a court ruling to recover 22 million yuan from three defendants, with the primary defendant responsible for the full amount[134].