NCFC(600889)2024-03-28 16:00Financial Performance - The company's operating revenue for 2023 was CNY 474.04 million, a decrease of 8.82% compared to CNY 519.89 million in 2022[22]. - The net profit attributable to shareholders of the listed company was a loss of CNY 184.94 million, compared to a loss of CNY 176.99 million in the previous year[22]. - The basic earnings per share for 2023 was -0.50 CNY, slightly worse than -0.48 CNY in 2022[23]. - The total assets at the end of 2023 were CNY 1.59 billion, down 17.36% from CNY 1.92 billion at the end of 2022[22]. - The company's net assets attributable to shareholders decreased by 17.12% to CNY 872.46 million from CNY 1.05 billion in 2022[22]. - The cash flow from operating activities showed a net outflow of CNY 170.48 million, worsening from a net outflow of CNY 78.02 million in 2022[22]. - The company reported a significant decline in revenue from core business activities, with a decrease of 18.64% to CNY 397.44 million[22]. - The company reported a significant increase in net cash flow from investing activities, rising by 269.20% to 30.48 million RMB[45]. - The operating costs decreased by 1.93% to 525.20 million RMB, while sales expenses increased by 24.93% to 6.61 million RMB[45]. - The gross margin for viscose staple fiber was -22.22%, a decrease of 2.82 percentage points compared to the previous year[47]. Revenue and Sales - In Q1 2023, the company reported a revenue of approximately ¥104.23 million, which increased to ¥159.91 million in Q2, but dropped to ¥87.24 million in Q3, and then rose again to ¥122.66 million in Q4[24]. - The company’s PET structural core materials sales reached 9,212 cubic meters in the reporting period, generating revenue of 27.36 million yuan[41]. - The sales revenue for viscose short fibers (domestic) was CNY 33,129.27 million, a decrease of 5.03% year-on-year[85]. - The sales revenue for PET structural core materials (domestic) was CNY 2,718.38 million, a significant decrease of 70.05% year-on-year[85]. - The sales revenue for PET structural core materials (export) was CNY 59.72 million, down 15.43% year-on-year[85]. Research and Development - The company is focusing on the Lyocell project, which successfully completed the production process on January 3, 2024, and aims to accelerate full production capacity[29]. - The company is enhancing its product differentiation by developing functional and differentiated viscose fiber products, achieving over 90% first-class product rate in viscose short fiber production[32]. - The company has initiated R&D projects for Lyocell fiber variants, including flame-retardant and antibacterial types, leveraging its new materials research institute[31]. - R&D expenses totaled ¥10,470,387.59, representing 2.21% of operating revenue[53]. - The company employed 80 R&D personnel, accounting for 7.02% of total staff[54]. - The company has established a new materials research institute and has three provincial-level R&D institutions, enhancing its research and development capabilities[42]. Strategic Initiatives - The company aims to strengthen its supply chain by focusing on green and high-quality development, targeting emerging markets through technological innovation and new product development[30]. - The company is focusing on technological innovation and has established a new materials research institute to support the development of Lyocell fibers and PET structural core materials[70]. - The company has established partnerships with universities for talent cultivation and technological innovation[71]. - The company is actively promoting the Lyocell product line and has accumulated numerous potential customers[67]. - The company is enhancing its competitive edge through technology innovation, resource integration, and market expansion[67]. Environmental and Social Responsibility - The company invested 14.14 million yuan in environmental protection during the reporting period[145]. - The company has committed to reducing and regulating related party transactions, ensuring compliance with fair market practices[162]. - The company reported a COD emission concentration of 14.32 mg/L, with a total discharge of 19.4 tons in 2023, and no exceedance of discharge standards[151]. - The company completed the automatic monitoring facility registration by the end of August 2023, ensuring normal operation of pollution prevention facilities[154]. - The company has developed emergency response plans for environmental incidents, which have been reviewed and filed with environmental authorities[156]. Governance and Compliance - The company adheres to the Shanghai Stock Exchange listing rules and ensures timely and accurate information disclosure to all shareholders[110]. - The company has established a dedicated team for investor relations to manage inquiries and maintain transparency[110]. - The company is focused on maintaining compliance with governance regulations set by the China Securities Regulatory Commission[110]. - The company has established a comprehensive internal control system to ensure compliance with laws and regulations[142]. - The company has no significant deficiencies in internal control during the reporting period[143]. Future Outlook - The company aims to achieve operating revenue of 800 million yuan and operating costs of 650 million yuan in 2024[95]. - The domestic lyocell fiber capacity is expected to reach approximately 500,000 tons by the end of 2023, with significant growth anticipated in the market size by 2024[92]. - The company plans to fully promote the annual production of 40,000 tons of lyocell engineering projects and further consolidate its market share in the PET structural core material sector[97]. - Future outlook remains positive with ongoing investments in new product development and market expansion strategies[117]. - The company is exploring potential acquisitions to enhance its product portfolio, targeting firms with complementary technologies[119].