EXPL(002096)2024-03-28 16:00Financial Performance - Revenue for 2023 reached 8,427,743,594.49 yuan, a year-on-year increase of 52.90%[25] - Net profit attributable to shareholders of the listed company was 633,884,742.10 yuan, a slight decrease of 0.24% compared to the previous year[25] - Net cash flow from operating activities was 721,932,483.24 yuan, a decrease of 4.79% year-on-year[25] - Total assets at the end of 2023 were 10,473,461,654.87 yuan, an increase of 125.43% compared to the end of 2022[25] - The company's weighted average return on net assets was 10.72%, a decrease of 17.44 percentage points compared to the previous year[25] - Company achieved revenue of 8,427.74 million yuan, a year-on-year increase of 52.90%[104] - Net profit attributable to shareholders was 628.05 million yuan, up 26.77% year-on-year[104] - Revenue in 2023 reached 8,427,743,594.49 yuan, a year-on-year increase of 52.90%[127] - Net profit attributable to shareholders was 628,051,400 yuan, up 26.77% year-on-year[126] - Gross profit margin increased by 2.53 percentage points to 25.69%[126] - Operating costs increased by 47.87% to 6,262.83 million yuan, mainly due to merger factors[109] - Sales expenses increased by 181.38% to 120.44 million yuan due to the merger with Gezhouba Expl Co[142] - Management expenses rose by 131.20% to 824.91 million yuan, primarily due to the merger[142] - R&D expenses increased by 78.77% to 346.70 million yuan, driven by the merger[142] - The company's government subsidies included in current profits and losses were 23,073,408.73 yuan[48] - The company's non-operating income and expenditure were -15,203,181.13 yuan[48] Business Operations and Market Expansion - The company's main business regions are concentrated in the Northwest, Central, and Southwest regions, with overall gross profit margins showing an upward trend[40] - The company achieved a historic breakthrough in annual key project signings, with the scale and quality of signed conversions steadily improving[40] - The company implemented precise measures for loss-making enterprises, effectively controlling the scope and amount of losses[40] - The company strengthened customer risk control and increased the management mechanism for accounts receivable, stopping cooperation with clients with poor credit ratings and long repayment cycles[40] - The company's market share in regions such as Hunan, Guangxi, Chongqing, and Hubei increased[40] - The company's industrial explosive production capacity is 521,500 tons/year after the reorganization and listing, optimizing product structure and production capacity layout[55] - The company's electronic detonator sales business achieved good operating results by upgrading and converting electronic detonator production capacity and expanding the market[54] - The company's mixed explosive production capacity meets the Ministry of Industry and Information Technology's requirement of no less than 35% of mixed explosive production capacity, eliminating the risk of packaging explosive production capacity reduction[45] - The company's cumulative production value in 2023 was 43.658 billion yuan, a year-on-year increase of 10.93%[52] - The company's cumulative sales value in 2023 was 43.448 billion yuan, a year-on-year increase of 11.73%[52] - The company's cumulative main business income in 2023 was 49.951 billion yuan, a year-on-year increase of 14.19%[52] - The company's cumulative profit in 2023 was 8.527 billion yuan, a year-on-year increase of 44.99%[52] - The company's cumulative blasting service income in 2023 was 33.804 billion yuan, a year-on-year increase of 6.80%[52] - The company's total annual production capacity of electronic detonators has reached 64.5 million units after the replacement process[57] - The company's blasting integrated service business model involves obtaining contracts through bidding, setting up project management institutions, and organizing daily production and construction based on customer plans[58] - The company's civil explosive product sales business model is strictly regulated by licensing systems, with all processes supervised by authorities[59] - The company's civil explosive business covers over 20 provinces in China, with stable business layouts in major mining provinces such as Xinjiang, Inner Mongolia, and Tibet[61] - The company has a strong order backlog, with numerous long-term contracts in resource-rich provinces like Xinjiang, Tibet, Inner Mongolia, and Anhui[62] - The company's total assets have significantly increased after the completion of a major asset restructuring in January 2023, with comprehensive strength greatly enhanced[70] - The company ranks second in production value, first in industrial explosive annual output, and second in blasting service revenue among civil explosive production enterprise groups in 2023[75] - The company's operating income in 2023 reached 8.428 billion yuan, a year-on-year increase of 52.90%[79] - The company has an annual industrial explosive production capacity of 521,500 tons, with the highest proportion of on-site mixed explosive capacity in the industry[81] - The company's business covers over 20 provinces (autonomous regions and municipalities) in China, with stable operations in major mining provinces such as Xinjiang, Inner Mongolia, and Tibet[83] - The company has expanded its international business to countries such as Liberia, Pakistan, Namibia, and Malaysia, leveraging its brand and market development capabilities[98] - The company has established a comprehensive industrial chain in the civil explosives sector, integrating R&D, production, sales, transportation, and blasting services[80] - The company has been recognized as a "National Safety Culture Construction Demonstration Enterprise" by four of its subsidiaries and as a "Provincial Safety Culture Construction Demonstration Enterprise" by five subsidiaries[87] - The company has established a comprehensive industrial chain system for integrated civil explosive services[99] - The company has 19 high-tech enterprises among its subsidiaries[100] - The company has formed long-term stable partnerships with several large mining enterprises[99] - The company has developed a professional innovation team covering fields such as blasting technology and rock mechanics[100] - The company has implemented a market-oriented talent selection mechanism and optimized its governance structure[106] - Industrial explosives revenue surged 151.80% to 1,808,229,036.90 yuan[126] - Central China region revenue grew 324.05% to 1,957,730,560.26 yuan[128] - Direct sales accounted for 82.57% of total revenue, reaching 6,958,744,807.71 yuan[112] - Overseas business revenue increased by 17.57% to 438,946,669.65 yuan[112] - Distribution sales revenue soared 165.87% to 1,468,998,786.78 yuan[112] - Blasting service revenue rose 19.16% to 5,371,037,973.10 yuan[112] - Northwest region revenue increased by 22.08% to 3,685,075,914.31 yuan[128] - Industrial explosive production capacity increased to 521,500 tons/year, with a utilization rate of 89.97%[131] - Electronic detonator production capacity reached 64.5 million units/year, with a utilization rate of 79.36%[131] - Total sales amount to the top five customers was 3.29 billion yuan, accounting for 39.01% of total annual sales[139] - The company merged with 20 subsidiaries from Gezhouba Expl Co, increasing the total number of subsidiaries to 70[138] - The top five suppliers accounted for 16.52% of total annual procurement, with 2.47% from related parties[141] - The company invested 27 million yuan in the Xinjiang Zhundong production site, which has passed trial production acceptance[131] - The company invested 28 million yuan in the Xiangqi Company electronic detonator production line, which has passed trial production acceptance[131] - The company completed the optimization of the formula for the new water-gel explosive technology and successfully applied it in a project department, reducing production costs and improving market competitiveness[144] - The EDF-2 coal mine electronic detonator passed the company's mid-term acceptance and obtained the coal safety certification in January 2023, with the project progressing normally[144] - The company developed an intelligent on-site mixed ammonium nitrate fuel oil vehicle with high precision and intelligence, which passed the Ministry of Industry and Information Technology's scientific achievement appraisal[144] - The company completed the development and application of a static emulsification mixed oil phase formula, reducing labor intensity and production costs while improving ground station production efficiency[144] - The company successfully applied the integrated drilling and charging technology in tunnel blasting, improving cycle footage and contour overbreak/underbreak[144] - The company completed the development and application of a remote delivery system for on-site mixed emulsion explosives, establishing a new integrated operation model[144] - The company achieved full-process automated production of carbon dioxide phase change expansion products, reaching a domestically leading level[146] - The company developed a digital blasting design and construction system, enhancing its digital service and technical support capabilities[146] - The company increased its R&D investment intensity from 3%-3.5% of revenue to over 4% to support high-quality development[150] - The company developed an IoT-based digital management system for on-site mixed equipment, improving the precision and efficiency of charging operations[146] - The company developed a management platform for on-site mixing vehicles based on IoT technology, aiming to improve data collection and decision-making[166] - The company completed the development of 2 dust suppressant product formulations, aiming to improve road surface smoothness and enhance competitive differentiation[166] - The company's initial investment cost in Xuefeng Technology (stock code: 603227) was 65 million yuan, with a year-end book value of 138 million yuan, resulting in a profit of 3 million yuan for the reporting period[178] - Total securities investment at the end of the period was 165.8 million yuan, with a cumulative fair value change of 73 million yuan included in equity[180] - The subsidiary Hunan Shenfu Group Xiangnan Blasting Equipment Co., Ltd. reported revenue of RMB 392,434,015.37[199] - The subsidiary Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. reported revenue of RMB 183,210,900.92[199] - The subsidiary Chenzhou 7320 Chemical Co., Ltd. reported revenue of RMB 228,269,720.89[199] - The subsidiary Hunan Nanling Civil Explosives Engineering Co., Ltd. reported revenue of RMB 271,803,102.42[199] - The subsidiary Hunan Shenfu Group 169 Chemical Co., Ltd. reported revenue of RMB 287,006,554.53[199] - The subsidiary Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. reported revenue of RMB 166,887,153.95[199] Cash Flow and Financing - Operating cash inflow increased by 61.53% to 6.64 billion yuan, while operating cash outflow increased by 76.53% to 5.92 billion yuan, resulting in a net operating cash flow decrease of 4.79% to 721.93 million yuan[186] - Investment cash inflow increased by 40.35% to 536.68 million yuan, while investment cash outflow increased by 29.92% to 185.35 million yuan, resulting in a net investment cash flow increase of 46.57% to 351.33 million yuan[186] - Financing cash inflow increased by 14,192.96% to 1.78 billion yuan, while financing cash outflow increased by 72.99% to 1.21 billion yuan, resulting in a net financing cash flow increase of -182.80% to 569.30 million yuan[186] - The net increase in cash and cash equivalents was 1.64 billion yuan, an increase of 418.37% compared to the previous year[186] - The company issued shares to raise 1.339 billion yuan, with a net fundraising amount of 1.303 billion yuan after deducting underwriting fees[186] - The company's monetary funds at the end of the year were 2.67 billion yuan, accounting for 25.52% of total assets, an increase of 3.33% compared to the beginning of the year[187] - The company's fixed assets at the end of the year were 2.02 billion yuan, accounting for 19.31% of total assets, an increase of 2.97% compared to the beginning of the year[187] - The company's investment amount for the reporting period was 174.90 million yuan, a decrease of 11.30% compared to the same period last year[192] - The company issued 117,147,856 A shares at a price of RMB 11.43 per share, raising a total of RMB 1,338,999,994.08[195] - After deducting underwriting fees of RMB 36,084,999.91, the actual funds received were RMB 1,302,914,994.17[195] - As of December 31, 2023, the company has used RMB 667,767,048.53 of the raised funds, including RMB 635,485,000 for repaying bank loans and RMB 32,000,000 for supplementing working capital[195] - The remaining funds in the account amount to RMB 636,337,719.59, which will be used for debt repayment and working capital[195] R&D and Innovation - The company holds a total of 648 valid patents, including 119 invention patents, 456 utility model patents, 1 international PCT patent, and 3 design patents[87] - In 2023, the company was granted 49 new patents, including 8 invention patents, 37 utility model patents, 1 design patent, and 3 software copyrights[87] - R&D investment increased by 78.77% to 346.7 million yuan, accounting for 4.11% of operating revenue[166] - The number of R&D personnel increased by 10.34% to 1,014, with R&D personnel accounting for 13.25% of total employees[166] Revenue Breakdown - The company's revenue from explosive products in 2023 was RMB 2,666,895,522.18, accounting for 31.64% of total revenue, with a year-on-year growth of 197.64%[93] - The company's revenue from blasting services in 2023 was RMB 5,371,037,973.10, accounting for 63.73% of total revenue, with a year-on-year growth of 19.16%[93] - The company's revenue from other businesses in 2023 was RMB 389,810,099.21, accounting for 4.63% of total revenue, with a year-on-year growth of 259.64%[93] - Blasting service business revenue reached 5,371.04 million yuan, accounting for 63.73% of total revenue[108] - Industrial detonator revenue surged 382.69% to 858.67 million yuan[108] Costs and Expenses - Labor costs in the blasting service business increased by 25.88% to 311.58 million yuan, accounting for 4.97% of operating costs[158] - Material costs in the blasting service business increased by 14.43% to 1.25 billion yuan, accounting for 19.94% of operating costs[158] - The top 5 customers accounted for 39.01% of total annual sales, with the largest customer contributing 16.42% (1.38 billion yuan)[160] - The top 5 suppliers accounted for 16.52% of total annual procurement, with the largest supplier contributing 5.94% (304.57 million yuan)[162] Subsidiaries and Investments - The subsidiary Hunan Shenfu Group Xiangnan Blasting Equipment Co., Ltd. reported revenue of RMB 392,434,015.37[199] - The subsidiary Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. reported revenue of RMB 183,210,900.92[199] - The subsidiary Chenzhou 7320 Chemical Co., Ltd. reported revenue of RMB 228,269,720.89[199] - The subsidiary Hunan Nanling Civil Explosives Engineering Co., Ltd. reported revenue of RMB 271,803,102.42[199] - The subsidiary Hunan Shenfu Group 169 Chemical Co., Ltd. reported revenue of RMB 287,006,554.53[199] - The subsidiary Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. reported revenue of RMB 166,887,153.95[199]