Financial Performance - The group's operating revenue for 2023 was approximately RMB 7,227.231 million, a 24% increase from RMB 5,819.528 million in 2022[13] - Net profit attributable to parent company shareholders in 2023 was approximately RMB 201.888 million, compared to a net loss of RMB 150.423 million in 2022, representing a profit increase of RMB 352.311 million[13] - Basic and diluted earnings per share for 2023 were both RMB 0.25, compared to a loss per share of RMB 0.19 in 2022, representing an increase of RMB 0.44 per share[13] - Total revenue for 2023 reached RMB 7,227,231,098.67, a significant increase from RMB 5,819,527,628.66 in 2022[23] - Net profit for 2023 was RMB 213,826,843.82, a substantial improvement from a net loss of RMB 208,980,782.45 in 2022[24] - Operating profit for 2023 was RMB 295,796,749.74, compared to an operating loss of RMB 36,342,685.25 in 2022[23] - Basic earnings per share for 2023 was RMB 0.25, compared to a loss per share of RMB 0.19 in 2022[24] - Net profit attributable to the parent company's owners for the year was 201,887,517.27, a significant improvement from a loss of 150,423,379.26 in the previous year[146] - The company achieved a net profit of 213,826,843.82 in 2023, a significant turnaround from a net loss of -208,980,782.45 in 2022[177] - Total operating revenue increased by 24.2% from 5,819,527,628.66 in 2022 to 7,227,231,098.67 in 2023[177] Assets and Liabilities - The group's total current assets as of December 31, 2023 were RMB 2,453.909 million, compared to RMB 2,255.806 million in 2022[16] - Total assets decreased to RMB 8,603,368,305.61 in 2023 from RMB 9,215,602,097.18 in 2022[22] - Total liabilities decreased to RMB 5,986,462,949.38 in 2023 from RMB 6,733,846,620.99 in 2022[21] - Total equity increased to RMB 2,616,905,356.23 in 2023 from RMB 2,481,755,476.19 in 2022[22] - The company's current liabilities exceeded current assets by RMB 106,493,192.61 as of December 31, 2023, but it has sufficient unused credit facilities to support debt repayment over the next 12 months[32] - Total assets as of December 31, 2023, amounted to RMB 6,074,885,893.64, a decrease from RMB 6,340,430,804.44 in 2022[86] - Net current liabilities decreased significantly from -1,310,922,697.26 in 2022 to -106,493,192.61 in 2023, indicating improved liquidity[172] - Total assets minus current liabilities increased from 5,648,873,525.48 in 2022 to 6,042,965,916.68 in 2023, reflecting stronger financial position[172] - The company's total assets decreased slightly from 9,215,602,097.18 in 2022 to 8,603,368,305.61 in 2023, indicating asset optimization[177] - Total liabilities decreased from 6,733,846,620.99 in 2022 to 5,986,462,949.38 in 2023, showing improved debt management[177] Employee and Labor Costs - The group had 14,558 employees as of December 31, 2023, a decrease from 17,073 employees in 2022[7] - Employee costs (including director remuneration) for 2023 were RMB 1.689 billion, compared to RMB 1.819 billion in 2022[7] - The proportion of female employees in the group is less than 25% as of December 31, 2023[1] - The company's board has achieved gender diversity with one female director and aims to appoint more female directors in the future[139] Corporate Governance and Compliance - The company's board of supervisors held two meetings in 2023 with an average attendance rate of 100%[3] - The company plans to continue appointing Lixin Certified Public Accountants as its auditor at the 2023 annual general meeting in June 2024[8] - The company fully complied with the Corporate Governance Code as of December 31, 2023[96] - The Audit and Corporate Governance Committee reviewed the company's audited financial statements for 2023 and recommended their adoption by the board[101] - The Audit and Corporate Governance Committee members had a 100% attendance rate for all 3 meetings in 2023[101] - The Remuneration Committee members had a 100% attendance rate for all 2 meetings in 2023[105] - The Nomination Committee follows a selection process considering diversity, time commitment, potential conflicts, and independence for director candidates[108] - The company's director nomination process includes interviews, background checks, and board approval[109] Subsidiaries and Asset Disposal - The company disposed of subsidiaries, including Dapu County Lianxing Motor Vehicle Inspection Technology Co., Ltd. for RMB 4,335,700 and Zhaoqing Yueyun Automobile Transportation Co., Ltd. for RMB 69,719,500[53][55] - Four subsidiaries were deregistered in 2023 and excluded from the consolidated financial statements, including Yangjiang Yueyun Langri Taxi Co., Ltd. and Heyuan Yueyun Tongxing Tourism Automobile Co., Ltd.[57] - The company disposed of subsidiaries, resulting in a reduction of RMB 338,961,271.43 in assets[86] - The company completed the equity transfer of Zhaoqing Yueyun Automobile Transportation Co., Ltd. and Maoming Dianbai Yueyun Automobile Transportation Co., Ltd., fully exiting the passenger transportation business in Zhaoqing and Maoming regions[199] Accounts Receivable and Bad Debt - Accounts receivable decreased to RMB 343,606,007.30 in 2023 from RMB 367,089,918.68 in 2022[17] - Accounts receivable within 3 months decreased to RMB 249,538,395.73 as of December 31, 2023, compared to RMB 256,831,824.96 in the previous year[58] - The total accounts receivable balance was RMB 421,061,477.93 as of December 31, 2023, with a bad debt provision of RMB 77,455,470.63[58] - Total bad debt provision for 2023 reached RMB 77,455,470.63, with RMB 25,117,280.29 from single-item provisions and RMB 52,338,190.34 from portfolio provisions[75] - The company wrote off RMB 3,758,964.57 in actual bad debts during the year[75] - The provision ratio for receivables aged over 3 years reached 100% for certain business segments[73] - The total provision ratio for receivables aged 1-2 years in the highway service business was 10%[73] - The total provision ratio for receivables aged 2-3 years in the material logistics business was 50%[75] Fixed Assets and Investment Properties - Investment property increased by RMB 143,687,496.73 in 2023, reaching a total book value of RMB 431,420,395.99[77] - Fixed assets decreased by RMB 545,722,078.02 in 2023, totaling RMB 2,390,537,513.74[85] - The company's investment properties worth RMB 192,033,725.57 were used as collateral for bank loans, including RMB 72,564,353.13 for long-term loans and RMB 119,469,372.44 for short-term loans[77] - The company's investment property depreciation and amortization increased by RMB 50,366,353.45 in 2023[77] - Fixed assets used as collateral for bank loans totaled RMB 214,729,021.65 as of December 31, 2023[87] - The book value of fixed assets not yet registered with property certificates was RMB 79,731,369.89 as of December 31, 2023[88] - Depreciation expenses for the year amounted to RMB 494,024,011.66, primarily from regular depreciation charges[87] - The company transferred assets to investment properties, totaling RMB 72,579,453.52 in 2023[86] - The book value of fixed assets decreased from RMB 2,936,259,591.76 in 2022 to RMB 2,390,537,513.74 in 2023[87] - Impairment losses for the year were minimal, with a reduction of only RMB 127,090.94[87] - Fixed assets used as collateral for long-term payables increased to RMB 153,006,500.89 in 2023 from RMB 65,866,878.62 in 2022[87] Intangible Assets and Right-of-Use Assets - The total book value of right-of-use assets decreased from RMB 3,459,406,738.95 in 2022 to RMB 3,203,975,900.88 in 2023, reflecting a reduction of RMB 255,430,838.07[89] - The book value of intangible assets decreased from RMB 1,657,486,164.30 in 2022 to RMB 1,507,861,441.42 in 2023, a reduction of RMB 149,624,722.88[91] - The accumulated depreciation of right-of-use assets increased from RMB 1,485,362,811.16 in 2022 to RMB 1,403,956,751.49 in 2023, reflecting an increase of RMB 81,593,940.33[89] - The accumulated amortization of intangible assets increased from RMB 778,142,808.98 in 2022 to RMB 775,061,529.70 in 2023, a slight increase of RMB 3,081,279.72[91] - The net book value of right-of-use assets decreased from RMB 1,974,043,927.79 in 2022 to RMB 1,800,019,149.39 in 2023, a reduction of RMB 174,024,778.40[89] - The net book value of intangible assets decreased from RMB 876,386,375.75 in 2022 to RMB 691,758,827.36 in 2023, a reduction of RMB 184,627,548.39[93] - The company added RMB 189,002,271.26 to right-of-use assets in 2023, primarily from new leases[89] - The company added RMB 24,601,295.57 to intangible assets in 2023, including RMB 13,561,686.27 from acquisitions and RMB 8,800,852.56 from internal development[91] - The company disposed of RMB 444,433,109.33 in right-of-use assets in 2023, including RMB 371,103,496.05 due to lease expirations[89] - The company disposed of RMB 174,226,018.45 in intangible assets in 2023, including RMB 92,008,063.19 from subsidiary disposals[91] Land and Property - The company's land assets without property certificates in Heyuan, Shanwei, Shaoguan, Yangjiang, and Meizhou had a book value of RMB 6,957,525.39 as of December 31, 2023, compared to RMB 7,130,970.79 in 2022[94] - The company's land use rights obtained through allocation had a book value of RMB 83,822,210.96 as of December 31, 2023, down from RMB 90,817,804.81 in 2022[94] - The remaining amortization period for the company's land use rights ranges from 26 to 59 years[83] Borrowings and Financial Expenses - The company's short-term borrowings as of December 31, 2023, totaled RMB 445.87 million, with interest rates ranging from 2.00% to 5.10%[119] - As of December 31, 2023, the company had overdue short-term borrowings of RMB 13.95 million with an interest rate of 4.75%[122] - The company's accounts payable as of December 31, 2023, amounted to RMB 557.73 million, with the majority (RMB 326.98 million) due within one year[123][124] - The company's long-term borrowings due within one year as of December 31, 2023, were RMB 112.73 million, a significant decrease from RMB 696.13 million in the previous year[127] - Total credit borrowing increased to 824,447,656.20 from 561,009,396.46, with bank borrowing rising to 721,633,384.24 from 505,606,077.01[130] - Mortgage borrowing increased to 204,381,166.77 from 349,230,532.07, while pledged borrowing was newly recorded at 17,519,864.49[130] - Long-term borrowing classified as due after one year decreased to 489,194,107.59 from 872,009,713.05[134] - Overdue long-term borrowing as of December 31, 2023, amounted to 15,263,891.79 with interest rates ranging from 4.75% to 4.90%[144] - Lease liabilities decreased to 1,833,134,415.92 from 1,846,526,980.15, with current portion of non-current liabilities also decreasing to 160,910,669.96 from 254,994,878.92[145] - Total financial expenses decreased to 180,284,878.30 from 218,674,043.77, with a notable decrease in interest expenses on loans and bonds to 69,302,075.09 from 106,867,820.87[149] Government Subsidies and Taxes - Government subsidies related to assets decreased to 82,218,145.99 from 99,016,442.47, while subsidies related to income also decreased to 277,901,649.72 from 327,735,274.08[149] - Government subsidies related to COVID-19 were 4,502,553.00 in 2022 but zero in 2023[156] - Current income tax expense for 2023 was 101,276,100.89, up from 57,088,238.48 in 2022[158] - Total government subsidies for 2023 were 428,938,234.02, down from 472,886,387.99 in 2022[170] Business Operations and Strategy - The company is focusing on exiting the passenger transport business and transferring assets to achieve capital recovery, while leveraging digital passenger transport to optimize operations[65] - The company completed the construction of an advertising business management platform to optimize workflows and reduce redundant steps, aiming to establish a comprehensive risk control system and improve the fine management level of advertising operations[111] - In 2024, the company plans to focus on advertising facility construction in the Pearl River Delta central area and expanded road sections, with investment controlled based on customer demand to reduce overall vacancy rates[111] - The company is advancing the "Digital Rescue" project to support the digital transformation of highway rescue services, including the development of a 5G+AI-based video monitoring rescue cloud service platform[115] - The company did not recommend any dividend for the year ended December 31, 2023, as profits were used to cover previous losses and support future business development[118] - The company reduced the interest-bearing debt scale of passenger transportation enterprises by 13% compared to the beginning of the year by the end of December 2023[199] - The company achieved a 21% year-on-year growth in off-station business revenue in 2023[200] - The company launched 675 station bus routes covering 17 regions across the province, with a platform daily average of 15,000 orders and a single-day peak exceeding 30,000 orders by the end of December 2023[200] Revenue and Profit by Business Segment - Revenue from highway service area operations grew by 30.9% from 3,789,508,305.11 in 2022 to 4,959,557,186.44 in 2023[177] - The company's operating income from road passenger transport and supporting services increased by 11.0% from 1,918,636,459.49 in 2022 to 2,129,947,475.54 in 2023[177] Inventory and Cash Flow - Inventory increased to RMB 116,394,019.79 in 2023 from RMB 104,752,877.67 in 2022[17] - Cash and cash equivalents increased to RMB 1,102,710,458.51 in 2023 from RMB 958,576,522.33 in 2022[17] - The company's total lease-related cash outflows increased by 5.9% from 363,332,362.31 in 2022 to 384,622,352.98 in 2023[172] - The company's total undiscounted lease receivables amounted to 2,897,099,699.29, with 491,609,268.54 expected within one year[175] Retail and Convenience Store Operations - The company owns 209 gas stations, including 68 self-operated, 13 co-operated, and 128 contracted stations[183] - The company added 357,300 new electronic members for its energy brand, a year-on-year increase of 62.5%[185] - The company operates 480 "Leyi" convenience stores[186] - The company achieved a record single-day retail sales of 7.07 million yuan[186] - The company successfully leased out 220 out of 281 service area rental projects[189] - The company's advertising business covers 506 advertising resources across 76 highways[197] - The company manages 361 service areas,
粤运交通(03399) - 2023 - 年度业绩