Financial Performance - The company recorded revenue of approximately RMB 290.62 million for the year ended December 31, 2023, a decrease of about 28.72% compared to RMB 407.71 million for the year ended December 31, 2022[7]. - Profit attributable to equity shareholders for the year was approximately RMB 37.49 million, down 44.39% from RMB 67.41 million in the previous year[7]. - The company’s basic earnings per share decreased by 58.82% to RMB 0.14 in 2023 from RMB 0.34 in 2022[12]. - The pre-tax profit for 2023 was RMB 67.99 million, down 51.5% from RMB 140.06 million in 2022[14]. - The total production of aggregate products for 2023 was 3.9 million tons, a decrease of approximately 7.1% from 4.2 million tons in 2022[17]. - The sales revenue from aggregate products and others was RMB 215.92 million, down 23.95% from RMB 283.93 million in 2022, primarily due to a decrease in sales volume and price[18]. - The sales revenue from ready-mixed concrete was RMB 64.78 million, a decrease of 38.4% from RMB 105.2 million in 2022[20]. - The average selling price of ready-mixed concrete decreased by 16.8% from RMB 451.9 per cubic meter in 2022 to RMB 375.9 in 2023[20]. - The gross profit for 2023 was RMB 124.3 million, a decrease of 36.2% from RMB 194.8 million in 2022, with a gross margin of 43%, down 5 percentage points from 48% in 2022[50]. Assets and Liabilities - The company’s total assets increased by 3.94% to RMB 2,383.01 million as of December 31, 2023, compared to RMB 2,292.65 million in 2022[12]. - Total liabilities decreased by 1.90% to RMB 1,716.67 million in 2023 from RMB 1,749.91 million in 2022[12]. - The total assets as of December 31, 2023, were RMB 2,383.01 million, an increase from RMB 2,292.65 million in 2022[14]. - The total liabilities as of December 31, 2023, were RMB 1,716.67 million, a slight decrease from RMB 1,749.91 million in 2022[14]. - Total equity increased from RMB 542.7 million in 2022 to RMB 666.3 million in 2023, driven by profit and total comprehensive income of RMB 57.9 million and an increase in share capital of RMB 67.93 million from the IPO[59]. Production Capacity and Expansion Plans - The company plans to increase annual production capacity from 3.5 million tons to 4.5 million tons in 2024, with a long-term goal of reaching 8 million tons by 2031[8]. - The company has obtained a mining license for the second phase of the Gaolushan project, increasing the mining area to 0.8777 square kilometers and the maximum annual production capacity to 8 million tons[7]. - The company is focusing on the completion and commissioning of the Gaolushan Phase II project, with production trials expected to begin in early 2024[7]. - The company has completed the installation of equipment for the Gaolushan Phase II project, which is expected to enhance production capacity[43]. - The Gaolushan Phase II mining area has a controlled mineral resource of 174.189 million tons, with an estimated mining life of 17 years[37]. Market and Sales Strategy - The company signed a sales agreement in April 2023 to supply 1 million tons of aggregate products annually to a customer[30]. - The company expanded its aggregate product business to Bengbu City, Anhui Province, in May 2023, and won a public tender for 2 million tons of aggregate procurement for 2023-2024 in August 2023[30]. - The company expects an additional supply of 150,000 tons of ready-mixed concrete, cement-stabilized, and asphalt products in 2024[30]. - The group anticipates an increase in construction aggregate sales due to infrastructure projects in HuaiBei and surrounding areas in 2024[80]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring compliance throughout the fiscal year ending December 31, 2023[118]. - The board is committed to maintaining a high level of corporate governance to protect shareholder interests and enhance shareholder value[118]. - The company has established clear guidelines for the allocation of responsibilities between the board and management, ensuring effective governance[128]. - The board is responsible for major decisions, including policy approvals, overall strategy, budget, and risk management[128]. - The company has implemented a directors' and officers' liability insurance policy to protect against legal claims[124]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development and aims to control resource consumption and emissions as part of its low-carbon development vision[196]. - The company’s greenhouse gas emission intensity was 2,145.16 tons of CO2 equivalent per million tons of production, a decrease of 9.66% compared to 2022, primarily due to a 23.01% reduction in electricity consumption[198]. - The company aims to reduce greenhouse gas emission intensity to 1,170 tons of CO2 equivalent per million tons of production by 2030[199]. - The company has established an ESG committee under the board to guide and oversee the development and implementation of ESG initiatives[191]. - A total of 17 material ESG issues were identified and included in the company's annual ESG report, reflecting significant economic, environmental, and social impacts[194]. Employee and Workplace Policies - As of December 31, 2023, the group had 151 employees, with total employee costs amounting to RMB 25 million, down from RMB 27 million in 2022[73]. - The company emphasizes fair employment practices, providing equal opportunities regardless of gender, race, age, nationality, or ethnicity[151]. - The company has implemented a board diversity policy to ensure a balanced mix of skills, experience, and perspectives among board members[199]. - The company has a formal service agreement with each director, with a term of three years, allowing for re-election[130]. - The company emphasizes a diverse and inclusive workplace, promoting gender diversity in senior recruitment and providing various career development opportunities[119].
淮北绿金股份(02450) - 2023 - 年度财报