Sanmei(SH:603379)2024-04-29 10:09Financial Performance - The company's operating revenue for 2022 was CNY 4,770,651,347.95, representing a decrease of 30.12% compared to the previous year[16]. - The net profit attributable to shareholders for 2022 was CNY 485,573,196.04, down 42.41% year-on-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 53.62% to CNY 451,100,135.38[16]. - The net cash flow from operating activities decreased by 23.05% to CNY 628,726,701.65, primarily due to a reduction in cash received from sales[18]. - The net assets attributable to shareholders increased by 3.20% to CNY 5,709,667,982.73 as of the end of 2022[16]. - Total assets increased by 4.65% to CNY 6,429,774,730.84 compared to the end of 2021[16]. - Basic earnings per share for 2023 were CNY 0.46, a decrease of 42.50% from CNY 0.80 in 2022[17]. - The weighted average return on net assets decreased by 4.01 percentage points to 4.83% in 2023[17]. - The company achieved operating revenue of CNY 333,378.82 million in 2023, a year-on-year decrease of 30.12%[24]. - The net profit attributable to shareholders was CNY 27,964.48 million, down 42.41% year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 20,923.13 million, a decline of 53.62% year-on-year[24]. Dividend Distribution - The company plans to distribute a cash dividend of 2.30 CNY per 10 shares (including tax), totaling approximately 140.41 million CNY based on the adjusted share count of 610,463,837 shares[2]. - The company has committed to maintaining the distribution ratio per share in case of any changes in total share capital before the dividend distribution date[2]. - The cash dividend represents 50.21% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was ¥279,644,841.86[156]. - The total cash dividend amount for the year is ¥140,406,682.51, which is fully accounted for in the profit distribution plan[156]. - The company has established a profit distribution policy that prioritizes cash dividends, with a minimum of 20% of the net profit allocated for dividends when conditions are met[151]. Risk Management - The company has outlined potential risks in its future development, which are detailed in the management discussion section of the report[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements made in the report[3]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[3]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has not faced any issues with a majority of directors being unable to ensure the authenticity and completeness of the annual report[4]. Production and Sales - The sales volume of refrigerants decreased by 16.75% to 156,530.37 tons, while the sales volume of fluorinated hydrogen fell by 3.55% to 132,113.19 tons[25]. - The average selling price of refrigerants dropped by 21.18% to CNY 20,329.93 per ton[27]. - The company is actively developing new customers and expanding sales channels despite industry challenges[24]. - The production of room air conditioners reached 24.487 million units, a year-on-year increase of 13.5%[29]. - The production of household refrigerators was 9.6323 million units, reflecting a year-on-year growth of 14.5%[29]. - The production of household freezers increased to 2.5965 million units, up 16.7% year-on-year[29]. - The automotive production in China reached 30.113 million units, marking a 9.3% year-on-year increase[29]. Environmental Compliance - The company has implemented safety and environmental management measures to mitigate risks and enhance employee safety awareness[24]. - The company has established comprehensive emergency response plans for environmental incidents, including specific plans for hazardous chemical accidents and flood prevention[170]. - The company has set up a standardized hazardous waste storage facility to manage waste generated from production processes[172]. - The company adheres to environmental monitoring regulations, including monitoring of waste gas, wastewater, and noise emissions[171]. - The company has received environmental impact assessment approvals for projects including an annual production of 90,000 tons of anhydrous hydrogen fluoride and 10,000 tons of trifluoroethane[169]. Research and Development - The company has invested in 32 R&D projects focusing on optimizing production processes and developing new products, including environmentally friendly refrigerants and fine chemicals[82]. - The company holds 120 authorized patents, including 58 invention patents and 62 utility model patents, with 17 pending patent applications, all of which are invention patents[82]. - The company is collaborating with universities on projects aimed at developing new environmentally friendly refrigerants and improving existing products[82]. - Research and development expenses increased by 38.49% to ¥53,058,156.83, reflecting increased investment in R&D projects[45]. Governance and Management - The company held 2 shareholder meetings and 6 board meetings during the reporting period, ensuring compliance with governance regulations and maintaining shareholder rights[121][122]. - The board of directors consists of 9 members, including 3 independent directors, and has established specialized committees to enhance decision-making processes and reduce operational risks[122]. - The company has a robust performance evaluation system for senior management, linking compensation to performance and ensuring alignment with company growth[122]. - The company emphasizes environmental protection and social responsibility, investing in clean production and community support initiatives[123]. - The company has a strong management team with extensive experience in various sectors, including real estate and finance[129]. Market Trends and Regulations - The EU F-gas regulation mandates that companies must apply for quotas to market HFCs, with a reduction schedule set from 2015 to 2030, aiming for a 79% reduction by 2030[72]. - The Kigali Amendment to the Montreal Protocol, effective from January 1, 2019, outlines a phased reduction of HFCs, targeting a 70% reduction by 2029 and an 85% reduction by 2047[73]. - The Chinese government has prohibited the production of certain ozone-depleting substances, including HCFC-141b, for specific products since January 1, 2019[74]. - The National Development and Reform Commission has launched a Green and Efficient Refrigeration Action Plan, promoting low GWP refrigerants and stricter regulations on HFCs[75]. Social Responsibility - The company invested a total of 220,000 CNY in poverty alleviation and rural revitalization projects, benefiting 1,201 individuals[181]. - The total investment in social responsibility initiatives amounted to 4.21 million, benefiting 6,205 individuals through various charitable projects[176]. - The company has been recognized for its contributions to social welfare, including the establishment of charitable funds for education and disaster relief[180].