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*ST围海(002586) - 2023 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2023 was CNY 2,132,583,614, a decrease of 16.70% compared to CNY 2,573,442,340 in 2022[20]. - The net profit attributable to shareholders of the listed company was CNY 137,105,472, a decrease of 72.42% from CNY 721,984,374 in the previous year[20]. - The basic earnings per share for 2023 was -0.1198, improving from -0.6300 in 2022[20]. - The company reported a negative net profit after deducting non-recurring gains and losses for the year, indicating ongoing challenges in maintaining profitability[22]. - The total operating revenue for 2023 was CNY 2.13 billion, a decrease of 16.7% compared to the previous year[58]. - The net profit for the year was 150 million RMB, which is a 10% increase compared to the previous year[155]. Cash Flow and Investments - The net cash flow from operating activities increased by 112.49% to CNY 12,328,348 from CNY 98,710,986 in 2022[20]. - The company experienced a significant cash flow from operating activities in the second quarter, amounting to CNY 51,738,111.94, but ended the year with a negative cash flow of CNY -2,015,095.53[26]. - Investment cash inflow decreased by 62.24% to ¥309,454,031.29, while net cash flow from investment activities dropped by 135.80% to -¥95,235,139.56, mainly due to reduced repayments from BT and PPP projects[71]. - The net increase in cash and cash equivalents was -¥153,603,447.89, a significant decline of 141.56% year-over-year, influenced by prior year's funds received from investments[71]. Business Operations and Strategy - The company is focusing on risk management and future development strategies as outlined in the management discussion section[4]. - The company has been involved in significant projects such as the South-to-North Water Diversion Project since 2018, benefiting from favorable national policies in water conservancy construction[31]. - The company is actively expanding its market presence beyond Zhejiang province, having gained market share in Anhui and Jiangxi provinces[36]. - The company aims to consolidate its core market while expanding its presence in new regions, following a strategic layout of "solid points within the province and distributed points outside"[126]. Research and Development - The company has developed 29 technological achievements, with 3 construction methods recognized at the national level and 2 at the provincial level, demonstrating its leading position in the industry[34]. - The company is currently developing several new technologies, including mud dewatering and resource utilization techniques, to enhance its competitive edge[67]. - The company has allocated 100 million RMB for research and development in new technologies for sustainable construction practices[155]. Quality Management - The company has a well-established quality management system that has been in place since 1999, significantly improving construction quality over the years[41]. - The construction quality acceptance rate for ongoing projects reached 100%, with an excellent rate of over 70%[54]. - The company has established a quality management manual that includes 16 specialized quality management procedures and 5 public quality management procedures to ensure construction quality and maintain its reputation[43]. Legal and Compliance Issues - The company faced a court-ordered freeze on bank accounts totaling RMB 77.14 million due to litigation issues[101]. - The company has faced multiple lawsuits leading to account freezes, including a total of RMB 3.58 million due to a concrete supply contract dispute[106]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[191]. Governance and Management - The company operates independently from its controlling shareholders, with a complete separation in business, personnel, assets, and financial management[136]. - The company has established independent financial accounting systems and has opened its own basic deposit accounts, ensuring no shared banking accounts with controlling shareholders[137]. - The company reported a total of 1,102,500 shares held by directors and executives at the end of the reporting period, with no changes during the period[141]. Market and Competitive Position - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by 2025[155]. - The company has received numerous awards for its projects, including national quality engineering awards and provincial-level honors, reflecting its commitment to quality[34]. - The company has a total of RMB 550.31 million in improperly used raised funds, with RMB 150 million returned using self-owned funds as of April 2023[107].