智通财经APP获悉，花旗发布研究报告称，予申洲国际(02313)“买入”评级，将2024年至2025年的每股盈利预测上调3%至4%，并将目标价由102港元上调至108港元。 报告中称，公司2023年业绩的营业收入低于市场普遍预测，不过同一时间公司归属利润符合预期，受毛利率超出预期所带动。该行认为，公司于今年内可实现双位数的销售增长，主要受惠于去年的低基数效应；加上除了Nike以外，所有主要全球及国内品牌订单均录得双位数增长的表现。 此外，花旗预期申洲今年的营业收入成长率为12%，并指公司自去年第四季开始已恢复正增长，预计相关表现在今年第一季仍可维持。该行预期公司今年的毛利率将进一步上调3.5%至27.8%，而且相信未来派息率将维持于60%以上。 ...

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company's 2023 profits met expectations, and the outlook for 2024 is optimistic with a strong recovery in orders anticipated [5]. - The company is expected to see continued growth driven by overseas capacity expansion and the acquisition of new customers and product categories [5]. Financial Summary - In 2023, the company's revenue was 24.97 billion RMB, a year-on-year decrease of 10.1%, while the net profit attributable to shareholders was 4.56 billion RMB, a slight decrease of 0.1% [5][6]. - The gross profit margin improved to 24.3%, up 2.2 percentage points year-on-year, and the net profit margin increased to 18.3%, up 1.8 percentage points year-on-year [5]. - The company expects net profits for 2024, 2025, and 2026 to be 5.65 billion, 6.55 billion, and 7.31 billion RMB respectively, with corresponding PE ratios of 16, 14, and 12 times [5][6]. Market Performance - The company's stock price has fluctuated between 61.95 and 86.15 HKD over the past 52 weeks [4]. - The current market capitalization is 98.91 billion HKD with 1.503 billion shares outstanding [4]. Order Recovery and Customer Performance - The company anticipates a recovery in orders for 2024, with expected sales growth in the double digits, particularly from key clients like Uniqlo and Nike [5]. - The first major client, Nike, showed a significant improvement in orders, with revenue increasing by 22% in H1 2023 and 1% in H2 2023 [5]. Future Outlook - The company is expected to benefit from improved capacity utilization and a strong recovery in orders, with a positive outlook for profit recovery [5].

证券研究报告·海外公司点评·纺织及服饰(HS) 申洲国际（02313.HK） 2023 年业绩点评：下半年收入降幅收窄，24 年展 2024 年 03月 28日 望积极 买入（维持） 证券分析师 李婕 执业证书：S0600521120003 [盈Ta利bl预e_测EP与S]估 值 2022A 2023A 2024E 2025E 2026E lijie@dwzq.com.cn 营业总收入（百万元） 27,781 24,970 28,560 32,650 36,634 证券分析师 赵艺原 同比 16.51% -10.12% 14.38% 14.32% 12.20% 执业证书：S0600522090003 归母净利润（百万元） 4,563 4,557 5,574 6,403 7,274 同比 35.33% -0.12% 22.31% 14.87% 13.60% zhaoyy@dwzq.com.cn EPS-最新摊薄（元/股） 3.04 3.03 3.71 4.26 4.84 P/E（现价&最新摊薄） 22.22 22.24 18.19 15.83 13.94 股价走势 [ [TT aab bl le e_ _T S ...

Investment Rating - The report maintains a "Buy" rating for Shenzhou International (2313 HK) with a target price raised to HKD 116.00, indicating a potential upside of 76.3% from the current price of HKD 65.80 [1][2][7]. Core Insights - The report highlights strong order growth and full capacity utilization across all factories, suggesting a robust outlook for 2024. Despite a 10.1% year-on-year decline in sales for 2023, net profit remained stable at RMB 4.557 billion, aligning with market expectations. The second half of 2023 saw a narrowing of sales decline from -15% in the first half to -5.5% [1][5]. - The management anticipates a sales increase of no less than 15% year-on-year for 2024, with an average selling price growth of 1-2% in USD. Key clients such as Uniqlo, Adidas, and Puma are expected to see order growth exceeding 10%, while new clients like Lululemon may experience a 40-50% increase in orders [1][5]. - The report projects a gross margin improvement, estimating it to reach 28-29% in Q1 2024, driven by increased capacity utilization and a recovery in orders [1][5]. Financial Summary - For the fiscal year ending December 31, 2023, Shenzhou International reported revenues of RMB 24,970 million, a decrease of 10.1% year-on-year, with a projected recovery to RMB 30,008 million in 2024, reflecting a growth of 20.2% [4][8]. - The net profit for 2023 was RMB 4,557 million, with earnings per share (EPS) remaining stable at RMB 3.03. The forecast for 2024 anticipates an EPS increase to RMB 4.57, representing a growth of 50.8% [4][8]. - The dividend payout ratio increased to 60.3%, with a dividend yield of 3.1% for 2023, and is expected to maintain a high payout ratio in the coming years [1][5].

Investment Rating - Buy (Maintained) with a current price of HKD 72.7 [2] Core Views - Despite a 10.1% YoY decline in revenue in 2023, the company's net profit remained stable, with a slight decrease of 0.1% YoY to RMB 4.557 billion [5] - The company's gross margin improved by 2.2 percentage points to 24.3% in 2023, driven by increased efficiency in overseas factories and reduced fixed costs per unit [6] - The company's net cash assets after deducting borrowings reached RMB 11.438 billion at the end of 2023, indicating strong financial health and risk resistance [8] - The company expects order improvements and profitability recovery in 2024, with capacity utilization returning to full production levels in Q1 2024 [9] Revenue and Profit Analysis - Revenue in 2023 was RMB 24.97 billion, down 10.1% YoY, primarily due to reduced demand in European and American markets and customer inventory adjustments [5] - Net profit attributable to shareholders was RMB 4.557 billion, down 0.1% YoY, with a net profit margin of 18.3%, up 1.8 percentage points YoY [5] - EPS for 2023 was RMB 3.03, with a full-year dividend payout ratio of 60.3% [5] - Revenue from sportswear and casual wear declined by 13.6% and 1.4% YoY, respectively, while revenue from underwear increased by 30.2% YoY [5] Geographic and Customer Breakdown - Domestic sales accounted for 28.5% of total revenue, growing 0.7% YoY, while sales in Europe and the US declined by 19.1% and 20.4% YoY, respectively [6] - The top four customers (adidas, Nike, Uniqlo, and Puma) accounted for 79.6% of total revenue, down 2.4 percentage points YoY, with their combined revenue declining by 12.8% YoY [6] Operational Efficiency and Financial Health - The company's overseas factories contributed 53% of total garment output in 2023, up 7 percentage points YoY, with Cambodia accounting for 26% of total output [8] - Inventory turnover days increased by 11 days to 120 days, while accounts receivable turnover days increased by 17 days to 73 days [7] - Operating cash flow increased by 12.9% YoY to RMB 5.227 billion in 2023 [7] Future Outlook - The company plans to expand its workforce in 2024, adding approximately 2,000 workers in Ningbo and Vietnam, and exploring new regional layouts beyond Vietnam and Cambodia [9] - Revenue and net profit are expected to grow in 2024, with projected EPS of RMB 3.71, 4.29, and 4.90 for 2024, 2025, and 2026, respectively [9] - The company's PE ratio is forecasted at 18x for 2024 and 15x for 2025, maintaining a "Buy" rating [9]

Investment Rating - The report maintains a "Buy" recommendation for Shenzhou International, indicating a positive outlook for the stock price in the next six months [3][7]. Core Views - The revenue decline in the second half of 2023 has narrowed, with a sequential improvement in profits. The company reported a total revenue of 24.97 billion HKD for 2023, down 10.1% year-on-year, but the second half revenue was 13.41 billion HKD, down only 5.5% year-on-year and up 16% quarter-on-quarter [5][6]. - Profitability improved in the second half of 2023 due to increased production capacity in overseas factories and a rise in core customer order volumes. The gross profit for the second half was 3.46 billion HKD, up 13.2% year-on-year, with a gross margin of 25.8% [6][7]. - The company has a strong competitive position as the largest vertically integrated knitwear manufacturer in China, with key clients including Nike and Adidas. The report suggests that the current valuation offers good value for investors [7]. Financial Summary - For the fiscal year 2023, the company reported a net profit attributable to shareholders of 4.56 billion HKD, a slight decrease of 0.1% year-on-year, with a net profit margin of 18.3% [5][6]. - The report projects net profits for 2024 and 2025 to be 5.35 billion HKD and 6.17 billion HKD, respectively, with an expected net profit of 7.10 billion HKD in 2026 [7][8]. - The company's earnings per share (EPS) for 2023 was 3.03 HKD, with projections of 3.56 HKD for 2024 and 4.11 HKD for 2025 [8].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][6] Core Views - The company experienced a revenue decline of 10.1% year-on-year in 2023, with total revenue reaching 24.97 billion yuan. However, the net profit remained relatively stable, decreasing only by 0.1% to 4.557 billion yuan [3][4] - The company’s sales gross margin improved in the second half of 2023, driven by increased efficiency in overseas factories and a rise in production capacity utilization [6][5] - The company is expected to benefit from its vertical integration in fabric and garment production, which is anticipated to enhance profitability in the long term [6] Market Performance - In 2023, the company achieved revenues of 24.97 billion yuan, with a breakdown of 11.562 billion yuan in H1 and 13.408 billion yuan in H2, reflecting a year-on-year decline of 14.9% and 5.5% respectively [1] - The company’s core product lines include sportswear, casual wear, and underwear, with sportswear revenue declining by 13.6% and underwear revenue increasing by 30.2% [1][4] Financial Highlights - The company’s gross margin improved by 2.2 percentage points to 24.3% in 2023, with H2 gross margin reaching 25.8% [5][6] - The company’s earnings per share (EPS) for 2023 was 3.03 yuan, with a proposed total dividend of 2.03 yuan per share, resulting in a payout ratio of 60.3% [3][4] - Forecasted EPS for 2024-2026 is expected to be 3.59, 4.13, and 4.68 yuan respectively, with corresponding P/E ratios of 16.6, 14.5, and 12.8 [6][9]

证券研究报告 | 2024年03月27日 申洲国际（02313.HK） 买入 2023 年净利润持平，下半年毛利率修复至 25.8% 核心观点 公司研究·财报点评 纺织服饰·纺织制造 2023年净利润持平，下半年收入及毛利率环比提升明显。2023年公司收入 下降10%至249.7亿元，人民币单价提升5%左右，美金单价上升1%左右， 证券分析师：丁诗洁 证券分析师：关竣尹 0755-81981391 0755-81982834 体现品牌去库存影响。归母净利润同比持平45.6亿元，剔除政府补贴、 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 汇兑、利息净收入影响的主营净利润同比提升11%，主要由于毛利率提升2.2 S0980520040004 S0980523110002 百分点至24.3%，及税率更低的海外子公司盈利占比提升带动所得税率下降。 基础数据 全年经营性现金流净额52亿元，增长13%，净现比1.15；公司净现金 投资评级 买入(维持) 114亿元，同比增加32亿元。全年派息率小幅提升至60%。 合理估值 91.00 - 99.00港元 收盘价 65. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 performance met expectations, with a revenue decline of 10.1% year-on-year to 24.97 billion yuan, while net profit remained stable at 4.557 billion yuan, reflecting a slight decrease of 0.1% year-on-year [1] - The order trend for 2024 is expected to improve, with core customers anticipated to see steady growth in orders [1] - The company is positioned as the largest vertically integrated garment manufacturer globally, with a clear trend of order improvement and long-term capacity expansion [1][2] Financial Performance Summary - **2023 Financials**: Revenue decreased by 10.1% to 24.97 billion yuan, while net profit was nearly flat at 4.557 billion yuan. The gross margin improved by 2.2 percentage points to 24.3% [1] - **2024 Projections**: Expected revenue growth of 15.8% to 28.92 billion yuan and net profit growth of 23% to 5.605 billion yuan [1][5] - **Earnings Per Share (EPS)**: Projected to increase from 3.03 yuan in 2023 to 3.73 yuan in 2024 [5] Customer and Product Breakdown - **Customer Sales**: Sales to the top four customers were 7.7 billion, 6.0 billion, 3.69 billion, and 2.49 billion yuan, with year-on-year changes of -11%, +3%, -24%, and -28% respectively [1] - **Product Categories**: Sales in sports, leisure, underwear, and other categories were 18.03 billion, 5.67 billion, 1.07 billion, and 0.2 billion yuan, with year-on-year changes of -14%, -1%, +30%, and -42% respectively [1] Capacity and Operational Efficiency - The company's production capacity utilization is currently strong, with expectations for gradual improvement in gross margins throughout 2024 [1] - The company continues to enhance its integrated and international supply chain, with over 90,000 employees and significant production capabilities [1] Future Outlook - The company is expected to achieve steady growth in orders and shipments starting from Q1 2024, with a projected revenue growth of mid-double digits for the full year [1] - Long-term improvements in gross margins and rapid growth in core business profits are anticipated [1]

Sales Performance - Total sales for the year ended December 31, 2023, were approximately RMB 24,969,792,000, a decrease of 10.1% compared to 2022[2] - Sales of sportswear products accounted for 72.2% of total sales, decreasing by 13.6% year-over-year due to reduced demand in Europe and the US[2] - Sales of casual wear products accounted for 22.7% of total sales, with a slight decrease of 1.4% year-over-year, primarily due to reduced demand in Japan and other markets[2] - Sales of underwear products increased by 30.2% year-over-year, accounting for 4.3% of total sales, driven by increased demand in Japan and other markets[3] - Revenue from Mainland China increased slightly to RMB 7,124,052 thousand in 2023 from RMB 7,074,146 thousand in 2022, a growth of 0.7%[14] - Revenue from the EU decreased to RMB 5,027,285 thousand in 2023 from RMB 6,215,018 thousand in 2022, a decline of 19.1%[14] - Revenue from the US decreased to RMB 3,879,987 thousand in 2023 from RMB 4,873,358 thousand in 2022, a decline of 20.4%[14] - Revenue from Japan decreased to RMB 3,675,539 thousand in 2023 from RMB 3,926,014 thousand in 2022, a decline of 6.4%[14] - Total revenue decreased to RMB 24,969,792 thousand in 2023 from RMB 27,781,412 thousand in 2022, a decline of 10.1%[14] - Revenue from major customer A decreased to RMB 7,696,598 thousand in 2023 from RMB 8,630,511 thousand in 2022, a decline of 10.8%[16] - Sales of sportswear products decreased by 13.6% to RMB 18,031,526,000 in 2023, primarily due to reduced demand in European and American markets[41] - Sales of lingerie products increased by 30.2% to RMB 1,066,643,000 in 2023, driven by higher demand in Japan and other markets[42] - European market sales declined by 19.1% to RMB 5,027,285,000 in 2023, while U.S. market sales dropped by 20.4% to RMB 3,879,987,000[43] - Domestic sales in China increased slightly by 0.7% to RMB 7,124,052,000 in 2023, accounting for 28.5% of total sales[43] - European market sales decreased by 19.1% to RMB 5,027,285,000 in 2023 compared to RMB 6,215,018,000 in 2022, primarily due to reduced demand for sportswear[44] - US market sales declined by 20.4% to RMB 3,879,987,000 in 2023 from RMB 4,873,358,000 in 2022, driven by lower demand for sportswear[44] - Japanese market sales dropped by 6.4% to RMB 3,675,539,000 in 2023 from RMB 3,926,014,000 in 2022, mainly due to reduced demand for casual wear and discontinuation of mask sales[44] - Other overseas markets sales decreased by 7.6% to RMB 5,262,929,000 in 2023 from RMB 5,692,876,000 in 2022, primarily due to reduced exports to Australia, India, and Mexico[44] - Domestic China market sales increased by 0.7% in 2023, with apparel sales rising by 0.9% to RMB 6,964,278,000, driven by higher demand for casual wear[44] Profitability and Financial Performance - Gross profit margin for 2023 was 24.3%, an increase of 2.2 percentage points compared to 2022, with gross profit amounting to RMB 6,059,876,000, a slight decrease of 1.1% year-over-year[3] - Net profit after tax for 2023 was approximately RMB 4,557,263,000, a slight decrease of 0.1% compared to 2022[3] - The company proposed a final dividend of HKD 1.08 per share, with a total annual dividend of HKD 2.03 per share, representing a 6.3% increase compared to 2022 and a payout ratio of 60.3%[3] - Gross profit margin improved by 2.2 percentage points to 24.3% in 2023, attributed to increased capacity utilization, improved efficiency at overseas factories, and reduced COVID-19 related expenses[45] - Basic and diluted earnings per share (EPS) for 2023 were RMB 3.03, slightly down from RMB 3.04 in 2022[29] - The company achieved sales revenue of approximately RMB 24,969,792,000 in 2023, a decrease of 10.1% compared to the previous year, with net profit attributable to shareholders slightly declining by 0.1% to RMB 4,557,263,000[38] - The gross profit margin increased by 2.2 percentage points to 24.3% in 2023, driven by improved efficiency in overseas factories and reduced fixed costs per unit[38] Assets and Liabilities - Total non-current assets increased to RMB 20,131,649,000 as of December 31, 2023, compared to RMB 17,328,331,000 in 2022[7] - Total current assets stood at RMB 28,479,488,000 as of December 31, 2023, compared to RMB 26,164,534,000 in 2022[7] - Total current liabilities increased to RMB 13,384,483,000 as of December 31, 2023, compared to RMB 10,259,437,000 in 2022[7] - Net current assets decreased to RMB 15,095,005 thousand in 2023 from RMB 15,905,097 thousand in 2022, a decline of 5.1%[8] - Total assets minus current liabilities increased to RMB 35,226,654 thousand in 2023 from RMB 33,233,428 thousand in 2022, a growth of 6.0%[8] - Total non-current liabilities decreased to RMB 2,359,338 thousand in 2023 from RMB 2,467,644 thousand in 2022, a decline of 4.4%[8] - Total equity increased to RMB 32,867,316 thousand in 2023 from RMB 30,765,784 thousand in 2022, a growth of 6.8%[8] - Accounts receivable and notes increased to RMB 5,023,635 thousand in 2023 from RMB 5,005,167 thousand in 2022, with 97.3% of receivables aged within 6 months[31] - Cash and bank balances increased significantly to RMB 10,539,092 thousand in 2023 from RMB 7,097,073 thousand in 2022, while time deposits rose to RMB 12,199,178 thousand from RMB 7,099,231 thousand[36] - Total cash and cash equivalents reached RMB 11,596,453 thousand in 2023, up from RMB 7,369,498 thousand in 2022[36] - Financial assets at fair value through profit or loss decreased to RMB 803,889 thousand in 2023 from RMB 3,195,232 thousand in 2022, primarily due to a reduction in financial products issued by financial institutions[35] - Accounts payable increased to RMB 1,198,212 thousand in 2023 from RMB 931,593 thousand in 2022, with 98.8% of payables aged within 6 months[34] - The company held RMB 10,962,855 thousand in cash and bank balances denominated in RMB as of December 31, 2023, up from RMB 6,004,624 thousand in 2022[36] Costs and Expenses - Cost of goods sold decreased to RMB 18,904,165 thousand in 2023 from RMB 21,649,619 thousand in 2022[21] - Employee benefit expenses decreased to RMB 6,982,131 thousand in 2023 from RMB 7,694,740 thousand in 2022[21] - Tax expenses decreased to RMB 438,238 thousand in 2023 from RMB 698,908 thousand in 2022[23] - Current tax in Vietnam increased to RMB 92,840 thousand in 2023 from RMB 77,529 thousand in 2022[23] - Current tax in Macau slightly decreased to RMB 187,190 thousand in 2023 from RMB 188,846 thousand in 2022[23] - Deferred tax decreased to a loss of RMB 51,540 thousand in 2023 from a gain of RMB 118,345 thousand in 2022[23] - Financing costs increased to RMB 345,805 thousand in 2023 from RMB 228,359 thousand in 2022[20] - Financing costs increased by RMB 117,446,000 to RMB 345,805,000 in 2023 due to higher interest rates on USD and HKD loans[49] - Income tax expenses decreased by RMB 260,670,000 to RMB 438,238,000 in 2023, as a result of higher contributions from overseas subsidiaries with lower tax rates[49] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 1.08 per share, with a total annual dividend of HKD 2.03 per share, representing a 6.3% increase compared to 2022 and a payout ratio of 60.3%[3] - Interim dividend per ordinary share decreased to HKD 0.95 in 2023 from HKD 1.06 in 2022, with a total payout of RMB 1,316,672 thousand compared to RMB 1,362,689 thousand in 2022[26] - Final proposed dividend per ordinary share increased to HKD 1.08 in 2023 from HKD 0.85 in 2022, with a total payout of RMB 1,471,198 thousand compared to RMB 1,141,404 thousand in 2022[26] - The company proposed a final dividend of HKD 1.08 per ordinary share (approximately RMB 0.98) for the year ended December 31, 2023, subject to approval at the Annual General Meeting on May 28, 2024[59] - The company will suspend share registration from May 23, 2024, to May 28, 2024, and from June 7, 2024, to June 12, 2024, to determine shareholders eligible for the annual general meeting and final dividend distribution[60] Operational and Strategic Highlights - Overseas factories accounted for 53% of the company's total apparel output in 2023, up from 46% in 2022, with Cambodia's output share rising to 26% from 22%[39] - The company's green energy consumption reached 50% of total electricity usage, with cumulative photovoltaic installed capacity reaching 75MW, a 65% increase year-over-year[39] - Net cash generated from operating activities increased to RMB 5,226,525,000 in 2023 from RMB 4,628,120,000 in 2022, reflecting stronger cash flow[47] - Net debt decreased by RMB 1,320,671,000 to RMB 507,515,000 in 2023, driven by higher operating cash inflows[47] - Total number of employees as of December 31, 2023, was approximately 92,030, with employee costs accounting for 28.0% of the company's sales, an increase of 0.3 percentage points from the previous year[52] - Total investment in property, plant, and equipment, and prepaid land lease payments for the year amounted to approximately RMB 1,059,526,000, with 42% allocated to purchasing production equipment and 53% to constructing and purchasing new factory buildings and prepaid land lease payments[53] - Capital commitments for land use rights, property, plant, and equipment as of December 31, 2023, were approximately RMB 956,201,000, to be funded mainly by internal resources and bank loans[53] - The company's capital-to-debt ratio as of December 31, 2023, was 36.8%, calculated as the percentage of total outstanding borrowings to equity attributable to owners of the parent[54] - The company expects global inflation pressures to ease, with potential interest rate cuts in major developed economies, which could boost consumer demand, particularly in overseas apparel markets[56] - The company plans to expand its overseas production capacity beyond existing bases in Vietnam and Cambodia to better meet customer procurement needs across different markets[56] - The company will focus on advancing smart manufacturing, digital management, green and low-carbon development systems, and diversifying and upgrading its product offerings[56] - The company aims to enhance its green development model by optimizing resource and energy usage, improving recycling processes, and increasing the use of clean energy and green materials[57] - The company plans to expand its product categories, invest in R&D for innovative and functional products, and strengthen collaboration with upstream and downstream partners in the industry chain[58] - The company aims to enhance corporate governance, focusing on net profit growth and stable cash flow, ensuring long-term development and shareholder returns[61] Corporate Governance and Committees - The board of directors complies with the requirement of having at least three independent non-executive directors, with one possessing appropriate professional qualifications or financial expertise[64] - The company has adopted a shareholder communication policy to address shareholder concerns and ensure effective communication, effective since March 26, 2012[67] - No purchases, redemptions, or sales of the company's listed securities were made during the year ended December 31, 2023[70] - The public holds at least 25% of the company's total issued share capital as of December 31, 2023[72] - The audit committee, chaired by Mr. Jiang Xianpin, consists of four independent non-executive directors and oversees financial practices, risk management, and internal controls[72] - The audit committee held two meetings with external auditors during the year to discuss audit procedures and accounting matters[73] - The company established a Remuneration Committee on October 9, 2005, responsible for recommending overall remuneration policies and structures for directors and senior management[74] - The Remuneration Committee consists of executive director Ma Renhe and three independent non-executive directors: Zhang Bingsheng, Jiang Xianpin, and Liu Chunhong, with Zhang Bingsheng as the chairman[74] - The company established a Nomination Committee on October 9, 2005, responsible for identifying and recommending suitable candidates for directorship and reviewing the board's structure and diversity[75] - The Nomination Committee includes executive director Ma Jianrong and three independent non-executive directors: Liu Xinggao, Jiang Xianpin, and Zhang Bingsheng, with Ma Jianrong as the chairman[75] - The company's auditor, Ernst & Young, confirmed that the preliminary results for the year ended December 31, 2023, matched the consolidated financial statements[76] - The annual report for the year ended December 31, 2023, will be published on the Hong Kong Stock Exchange and the company's website by April 30, 2024[77] - The Annual General Meeting will be held on May 28, 2024, at the company's office building in Ningbo, Zhejiang Province, China[78] - The company has four executive directors: Ma Jianrong, Huang Guanlin, Ma Renhe, and Wang Cunbo, and four independent non-executive directors: Jiang Xianpin, Zhang Bingsheng, Liu Xinggao, and Liu Chunhong[78] Miscellaneous - Government subsidies increased to RMB 250,305 thousand in 2023 from RMB 172,632 thousand in 2022[19] - Interest income rose significantly to RMB 778,904 thousand in 2023 compared to RMB 278,126 thousand in 2022[19] - Net exchange differences improved to RMB 150,577 thousand in 2023 from a loss of RMB 1,105,563 thousand in 2022[19]