The Shanghai Stock Exchange Company "handed in the papers".
As of April 30, 2024, the Shanghai Stock Exchange Company has completed the disclosure of its 2023 annual report. According to the data, with the support of the overall recovery of economic operation, the operating performance of Shanghai companies remained stable, the quality of earnings continued to improve, and the total operating income was 51.85 trillion yuan and the net profit was 4.30 trillion yuan.
While stabilizing the "fundamentals" of the economy, Shanghai companies are also actively exploring cutting-edge technologies and laying out future industries, such as Kingsoft Office, Wanhua Chemical, Haiguang Information and other companies to comprehensively help the large-scale application of AI in smart cities, biomedicine, industrial manufacturing, scientific computing and other fields, and develop new quality productivity according to local conditions as the key point to achieve high-quality development.
In the first quarter of this year, the Shanghai Stock Exchange Company started steadily, with a total operating income of 12.19 trillion yuan and a net profit of 1.18 trillion yuan, and the annual performance continued to improve.
Total revenue increased steadily
In terms of sub-sectors, in 2023, the main board companies of the Shanghai Stock Exchange will achieve a total operating income of 50.45 trillion yuan, a year-on-year increase of 0.7%, a net profit of 4.22 trillion yuan, a slight decrease of 1.2% year-on-year, and a net profit of 4.03 trillion yuan after deducting non-profits, a year-on-year increase of 0.8%, and the operating performance will be basically the same as that of the previous year.
Specifically, 1,422 companies on the main board of the Shanghai Stock Exchange achieved profitability, accounting for more than eighty percent, of which 740 companies achieved performance growth, and 166 companies achieved net profit growth of more than 50%. The overall loss area has narrowed significantly, the amount of loss has decreased by nearly half year-on-year, and a total of 222 companies have reduced or turned around losses.
From 2018 to 2023, the endogenous stability of the production and operation of the main board companies in Shanghai will continue to increase, with the five-year compound growth rate of operating income and net profit of 7% and 6% respectively, the median revenue will move up from 2.335 billion yuan to 3.536 billion yuan, and the median net profit will move up from 167 million yuan to 189 million yuan.
In 2023, the total operating income of the companies on the Science and Technology Innovation Board will be 1.40 trillion yuan, a year-on-year increase of 4.7%, of which more than 60% of the companies will achieve positive growth in operating income, 47 companies will achieve an increase of more than 50% in operating income, and a net profit of 75.96 billion yuan for the whole year.
Based on 2019, the compound growth rate of operating income and net profit of companies on the STAR Market in the past four years reached 23.3% and 24.4%, respectively. Among them, 92 companies have a compound growth rate of more than 30% in operating income and net profit, 187 companies have achieved growth in operating income for four consecutive years, and 75 companies have achieved positive growth in net profit for four consecutive years.
In terms of R&D investment, the total R&D expenditure of Shanghai main board companies in 2023 will be nearly 900 billion yuan, a year-on-year increase of 5%, maintaining a growth trend for three consecutive years. Among them, 138 companies have R&D expenditure of more than 1 billion yuan, 19 companies have invested more than 10 billion yuan in R&D, and 108 companies have R&D intensity of more than 10%, and the R&D expenditure growth rate of aviation equipment, electric power, communication services and other industries has exceeded 30%, and the R&D intensity of software development, chemical and pharmaceutical industries has exceeded 10%.
The total amount of R&D investment of companies on the Science and Technology Innovation Board in 2023 will reach 156.12 billion yuan, a year-on-year increase of 14.3%, the median proportion of R&D investment in operating income will be 12.2%, and the R&D intensity of 83 companies will exceed 20% for three consecutive years. As of the end of 2023, the STAR Market has gathered more than 230,000 scientific research talents, and R&D personnel account for more than 30% of the total number of employees.
Accelerate the cultivation of new quality productivity
High R&D investment has driven Shanghai companies to go hand in hand in the transformation of emerging industries and traditional industries, and accelerate the cultivation of new quality productivity.
In the past decade, the number of emerging manufacturing and modern service companies on the main board of the Shanghai Stock Exchange has shown a step-by-step growth. The number of companies in the machinery and equipment industry increased from 45 to 125, the number of companies in the pharmaceutical and biological industry increased from 62 to 109, the number of companies in the automobile industry increased from 42 to 114, the number of companies in the electronics industry increased from 26 to 71, and the number of companies in the communications industry increased from 14 to 29. The convergence of key industrial chains has been accelerated, from scratch to point, from point to area, providing a new engine for economic development. In the past three years, the compound growth rate of R&D investment in transportation, steel, public utilities and other industries was 20%, 13% and 21% respectively, and the average R&D investment in building decoration, petroleum and petrochemical, non-ferrous metals and other industries exceeded 500 million yuan.
The Science and Technology Innovation Board will give full play to its role as a strategic platform for serving high-level scientific and technological self-reliance and self-reliance, and continue to build a "main front" for cultivating new quality productivity. Among them, the new generation of information technology, biomedicine, and high-end equipment manufacturing industry companies accounted for more than 80%. Taking the integrated circuit industry cluster as an example, the number of integrated circuit companies on the Science and Technology Innovation Board has exceeded 110, which has reached a market value of one trillion yuan, bringing together the top three domestic wafer foundry leaders SMIC, Huahong Corporation, and Crystal Integration, as well as many backbone enterprises such as Shanghai Silicon Industry, a leader in large silicon wafers, AMEC in etching equipment, VeriSilicon, a leader in semiconductor IP, and Montage Technology, a leader in memory interface chips, forming a development pattern led by the head and supported by clusters.
At the same time, the Shanghai company also vigorously lays out future industries and opens up new fields and new tracks for high-quality development.
The main board companies of the Shanghai Stock Exchange are actively cultivating the "second growth curve", and China Mobile has launched the "BASIC6" science and technology innovation plan based on big data, artificial intelligence, computing power network and other technologies, and achieved digital transformation revenue of 253.8 billion yuan in 2023, a year-on-year increase of 22%; Wanhua Chemical explores the use of AI-assisted catalyst molecular design to shorten the R&D cycle and continuously enhance the competitiveness of the enterprise; Weir Co., Ltd. will release TheiaCel technology in 2023 to enable automotive image sensors to better cope with light and dark change scenarios, actively deploy autonomous driving, and expand market share; Haitian Jinggong is a manufacturer of high-end CNC metal cutting machine tools, and will deliver dozens of gantry and horizontal plus intelligent flexible production lines in 2023, which can increase the efficiency by 20% compared with traditional production lines Above, help customers achieve mass production with the help of industrial automation.
A number of companies on the Science and Technology Innovation Board are actively facing future industries such as artificial intelligence, gene technology, and quantum information, and accelerating their layout. In the field of artificial intelligence, more than 10 companies, including Kingsoft Office and Haiguang Information, have comprehensively assisted the large-scale application of AI in smart cities, biomedicine, industrial manufacturing, scientific computing and other fields. In the field of gene technology, Novo Zhiyuan has established a gene sequencing platform with leading throughput scale, and has a comprehensive grasp of genomics, proteomics, metabolomics and multi-omics integrated research technology system. In the field of quantum information, Guodun Quantum actively develops the business layout of quantum computing, and the operation index of the dilution refrigerator, the core component of the superconducting quantum computer, has reached the international mainstream level of similar products.
Foreign trade exports are stable and the quality is improved
In recent years, relying on the advantages of supporting the integration of production and supply chains and the ability of continuous innovation, the mainland's foreign trade exports have shown strong growth resilience. From 2019 to 2023, the throughput of the three main board port companies of Shanghai Port Group, Ningbo Port and Qingdao Port is used as a micro window from perspective, with the cargo throughput increasing from 1.864 billion tons to 2.326 billion tons, an increase of 25%, and the container throughput increasing from 93.93 million TEUs in 2019 to 122 million TEUs in 2023, a growth rate of 30%.
In 2023, the main board companies of the Shanghai Stock Exchange will achieve a total of 5.81 trillion yuan in overseas business income and 0.66 trillion yuan in overseas profits, an increase of 15% and 81% respectively compared with 2019. At present, nearly 60% of the companies have disclosed overseas revenue, of which nearly 20% of the company's overseas revenue accounts for more than 50% of the total revenue. According to the data in 2023, the exports of aviation equipment, navigation equipment, computer equipment, new metal materials, construction machinery and other sub-industries maintained high growth, and the year-on-year growth rates of overseas revenue were 54%, 38%, 33%, 22%, and 21% respectively.
In 2023, the companies on the STAR Market will achieve a total overseas revenue of 402.62 billion yuan, a year-on-year increase of 9.7%, accounting for 28.8% of the overall revenue of the board, showing strong resilience. Among them, photovoltaic module leaders JinkoSolar, Trina Solar, and Canadian Solar ranked first, second, and fifth in global photovoltaic module shipments in 2023, respectively, and Ronbay Technology, a ternary cathode material leader, ranked first in the world in terms of shipments for three consecutive years, helping the export of "new three" products to increase rapidly.
The "new three" represented by new energy vehicles, lithium batteries and photovoltaic products have become stable export growth poles. Among the main board companies in Shanghai, the global sales of new energy vehicles of Great Wall Motor and Yutong Bus maintained rapid growth, with overseas business revenue reaching 53.1 billion yuan and 10.4 billion yuan, up 102% and 86% year-on-year, and profits of 13.8 billion yuan and 3.3 billion yuan, up 93% and 96% year-on-year. In line with this, the overseas market development of auto parts companies continued to deepen, and the overseas revenue of leading enterprises in the field of parts and components represented by Fuyao Glass, Joyson Electronics, and iKedi increased by 15%, 12%, and 29% respectively.
Cash dividends hit a new high
Under the guidance of the regulatory authorities, in 2023, the scale of cash dividends of Shanghai companies will reach a new high. Among them, a total of 1,290 companies on the main board of the Shanghai Stock Exchange announced dividend plans, with a total annual cumulative dividend of 1.70 trillion yuan, an average dividend ratio of 40.22%, and a dividend yield of 3.74%.
Among them, 1,028 companies on the main board of the Shanghai Stock Exchange have implemented dividends for three consecutive years, nearly 1,100 companies have a dividend ratio of more than 30%, 25 companies have a dividend amount of more than 10 billion yuan, Industrial and Commercial Bank of China and China Construction Bank have a dividend amount of more than 100 billion yuan, and 121 companies have a dividend yield of more than 5%.
It is worth mentioning that nearly 100 companies on the main board of the Shanghai Stock Exchange have disclosed their 2023 interim dividend plans, and many companies, including the "five major banks", have announced that they will implement interim dividends in 2024, and the trend of dividends multiple times a year is getting stronger.
In terms of the Science and Technology Innovation Board, about seventy percent of the companies launched the 2023 cash dividend plan, with a total annual cumulative dividend of 42.47 billion yuan, more than 300 companies with a cash dividend ratio of more than 30%, and 10 companies with an annual cumulative dividend amount of more than 500 million yuan. Among them, the cash dividends of Transsion Holdings, JinkoSolar and China General Number reached 4.84 billion yuan, 2.24 billion yuan and 1.80 billion yuan respectively, and 23 companies such as Chengda Biotechnology and Aviation Materials Co., Ltd. implemented cash dividends many times during the year.
The delisting ecosystem continues to consolidate
In 2023, SSE companies will continue to consolidate the normalized delisting mechanism, strictly implement the delisting rules, insist on delisting as much as possible, and severely crack down on illegal evasion of delisting or delisting risk warnings.
Since the beginning of 2024, a total of 8 companies on the main board of the Shanghai Stock Exchange have been locked and terminated from listing, of which 3 companies have been delisted for trading, 1 company has been involved in major illegal delisting, and 4 companies have been delisted for financial purposes after the disclosure of their annual reports. In addition, 21 companies on the main board of the Shanghai Stock Exchange reached the financial delisting indicators after the disclosure of their annual reports, and were subject to delisting risk warning.
After the promulgation of the new "National Nine Articles", the responsibilities of accounting firms have been further consolidated, and the ability to detect problems such as financial distortion and internal control failure of listed companies has been enhanced. In the 2023 annual report, 41 companies on the main board of the Shanghai Stock Exchange were issued with no opinion or qualified opinion on their financial reports, an increase of 12 from the previous year, and 23 companies were issued with a negative or unable opinion on their internal control, an increase of 9 from the previous year.
Among them, 3 companies on the main board of the Shanghai Stock Exchange were issued unable to express an opinion due to financial reports, and their listings were terminated after the disclosure of their annual reports, and 12 companies were issued with other risk warnings due to negative internal control opinions or audit opinions with significant uncertainties in their ability to continue operations.
The reform of the independent director system has been implemented, clarifying the responsibilities and status of independent directors, strengthening the guarantee of performing duties, and ensuring that they play the role of "participating in decision-making, supervising checks and balances, and professional consultation" in corporate governance. In the 2023 annual report, 15 independent directors of 9 listed companies on the main board of the Shanghai Stock Exchange abstained or voted against the board of directors, objecting to the authenticity, accuracy and completeness of the disclosure content in the annual report, revealing the company's risks and further promoting the improvement of the corporate governance system.
The 2024 full-year results are promising
In the first quarter of 2024, the operating performance of Shanghai companies started steadily. The main board companies of the Shanghai Stock Exchange achieved a total revenue of 11.91 trillion yuan, a net profit of 1.16 trillion yuan, and a net profit of 1.13 trillion yuan after deducting non-profits, down 1.9%, 3.8%, and 2.5% respectively year-on-year. In terms of industry, the air transport industry achieved a year-on-year turnaround in the first quarter, the net profit of the automobile manufacturing industry increased by 55% year-on-year, and the growth rate was further expanded; the catering hotel, furniture manufacturing and other related industries continued to grow; the overall performance of machinery and equipment turned around, with an increase of 9% in the first quarter, and many sub-sectors such as construction machinery, rail transit equipment, and automation equipment maintained growth.
In terms of the Science and Technology Innovation Board, in addition to the four red-chip companies listed in multiple places, SMIC, Huahong, BeiGene and InnoCare, the 567 companies on the Science and Technology Innovation Board achieved a total operating income of 277.55 billion yuan in the first quarter of this year, a year-on-year increase of 3.6%, and a total net profit of 17.21 billion yuan, the same as the same period last year. In the first quarter, more than sixty percent of the company's operating income increased year-on-year, 85 companies' operating income increased by more than 50%, more than fifty percent of the company's net profit increased year-on-year in the first quarter, and 151 companies' net profit increased by more than 50%. In particular, the performance of integrated circuits, intelligent testing and other sub-sectors was outstanding, with a year-on-year growth rate of 27.8% and 62.3% in operating income, and the net profit of three companies, including Baili Tianheng, Transsion Holdings and JinkoSolar, exceeded 1 billion yuan in the first quarter.
In the face of the complex and severe external situation, the Shanghai Stock Exchange Company continued to increase research and development, and strived to consolidate the foundation for high-quality development in the future. Taking the STAR Market as an example, in the first quarter of 2024, the total R&D investment of companies on the STAR Market was 32.27 billion yuan, a year-on-year increase of 18.2%, and more than 70 companies disclosed that they had made breakthroughs in product R&D or commercialization, helping to form new revenue growth points, and more than 30 companies disclosed that R&D and production projects were accelerating the implementation to accumulate momentum for long-term development.
The Shanghai Stock Exchange said that overall, positive factors continue to accumulate, and the performance of Shanghai companies throughout the year can be expected to continue to improve.
Editor-in-charge: Li Dan
Proofreader: Li Lingfeng
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