Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company reported a revenue of 11.391 billion yuan in 2023, a year-on-year increase of 0.7%, and a net profit of 362 million yuan, up 11.9% year-on-year. The profit forecasts for 2024-2026 have been adjusted downwards due to investments in brand renewal, with expected net profits of 344 million yuan, 415 million yuan, and 516 million yuan respectively [2][3] - The company is transitioning to a high-quality growth strategy in 2024, focusing on enhancing brand image, expanding 2B distribution channels, and optimizing the supply chain [4] Summary by Relevant Sections Business Performance - In 2023, the company opened 443 new stores, ending the year with a total of 6093 stores. The OMO model continues to develop, with a total membership of 83.91 million (up 13% year-on-year) and 1.17 million paid members (up 21% year-on-year). Online channels accounted for approximately 27.6% of total orders [3] - The company's gross margin for 2023 was 11.5%, with expense ratios for sales, management, R&D, and finance at 4.2%, 2.8%, 1.3%, and 0.1% respectively [3] Strategic Initiatives - The company has restructured its operations into three business groups: Retail, 2B, and Category, to better align with long-term growth goals and improve efficiency [3] - The 2B business group achieved a transaction volume of 3.068 billion yuan in 2023, with expectations for enhanced synergy and market share expansion [3] Financial Projections - Revenue projections for 2024-2026 are 12.323 billion yuan, 13.464 billion yuan, and 14.613 billion yuan, representing year-on-year growth rates of 8.2%, 9.3%, and 8.5% respectively [5] - The expected EPS for 2024-2026 is 0.22 yuan, 0.26 yuan, and 0.32 yuan, with corresponding P/E ratios of 13.8, 11.4, and 9.2 [5][6]

Investment Rating - The investment rating for the company is "Buy" based on its strong market position and growth potential in the fruit retail sector [1]. Core Viewpoints - The company reported a revenue of 11.39 billion yuan for 2023, reflecting a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 362 million yuan, up 11.9% year-on-year [1]. - The company aims to become a high-quality fruit expert and leader, focusing on brand advantages and quality selection [1]. - The company has expanded its store count to 6,093 by the end of 2023, an increase of 443 stores from the previous year, with a significant portion being franchise stores [1]. - Membership numbers reached 83.91 million, with 1.17 million paying members, indicating strong customer engagement [1]. - The company has increased its proprietary brand count from 31 to 37, with proprietary brand fruit sales accounting for 14% of total sales [1]. Business Performance Summary - The fruit and other food sales contributed over 97% of total revenue, benefiting from growth in both domestic and international B2B markets [1]. - In the second half of 2023, revenue from fruit and other food sales was 4.96 billion yuan, down 5.6% year-on-year [1]. - Franchise store revenue was 8.5 billion yuan, down 4%, primarily due to weakened consumer spending [1]. - Direct sales revenue grew by 42.5% to 1.032 billion yuan, with overseas direct sales contributing 250 million yuan [1]. - The online channel accounted for approximately 27.6% of total orders, with significant growth in sales through Douyin [1]. Strategic Direction - The company has updated its strategic direction to focus on becoming a high-quality fruit expert and leader, with plans for store renovations and enhancing sales of signature fruits [1]. - The company aims to increase its market share in the fruit sector through its strong planting and supply chain capabilities [1]. - The expected net profits for 2024 and 2025 are projected to be 368 million yuan and 450 million yuan, respectively, with corresponding price-to-earnings ratios of 13.04 and 10.67 [1].

Revenue and Profit Performance - Revenue for 2023 was RMB 11,390.6 million, a slight increase of 0.7% compared to RMB 11,312.0 million in 2022[2] - Net profit attributable to owners of the company increased by 11.9% to RMB 361.7 million in 2023 from RMB 323.3 million in 2022[2] - Total revenue increased by 0.7% from RMB 11,312.0 million in 2022 to RMB 11,390.6 million in 2023, with fruit and other food sales accounting for 97.2% of total revenue[25] - Net profit increased by 11.1% from RMB 306.1 million in 2022 to RMB 340.0 million in 2023, with the net profit margin rising from 2.71% to 2.98%[43] - Adjusted net profit (non-HKFRS measure) for 2023 was RMB 342.2 million, with an adjusted net profit margin of 3.00%[45] - Revenue for 2023 was RMB 11,390.6 million, an increase from RMB 11,312.0 million in 2022[65] - Net profit attributable to the company's owners for 2023 was RMB 361.7 million, up from RMB 323.3 million in 2022[65] - Total revenue for 2023 reached RMB 11,390,555 thousand, a slight increase from RMB 11,311,995 thousand in 2022[77] - Net profit attributable to the company's owners for 2023 was RMB 361,717 thousand, up from RMB 323,297 thousand in 2022[86] Retail and Franchise Operations - Total retail sales for 2023 were RMB 14,171.3 million, a decrease from RMB 14,580.7 million in 2022[5] - The company's total number of stores increased to 6,093 in 2023, with a net addition of 443 stores compared to 2022[4][10] - Fruit and food sales accounted for 97.2% of total revenue in 2023, with franchise stores contributing 74.62% of total revenue[2][3] - Total retail stores increased by 7.8% to 6,093 as of December 31, 2023, compared to 5,650 in 2022, driven by the company's strategy to expand and develop its retail store network[11] - Revenue from franchise stores accounted for 99.4% of total product sales revenue in 2023, amounting to RMB 8,499.789 million, slightly down from 99.3% in 2022[12] - Revenue from franchised stores decreased by 4.0% from RMB 8,851.5 million in 2022 to RMB 8,499.8 million in 2023, despite a 5.3% increase in the number of franchised stores to 4,818[30] Overseas and Direct Sales - Overseas direct sales grew significantly to RMB 250.0 million in 2023, up from RMB 154.4 million in 2022[5] - Revenue from direct sales of fruits and other food products increased by 42.5% to RMB 1,031.5 million in 2023, with overseas market sales growing by 62.0% year-on-year[16] - Direct sales revenue grew by 42.5% from RMB 723.8 million in 2022 to RMB 1,031.5 million in 2023, driven by growth in both overseas and domestic markets[28][29] - Revenue from overseas 2B customers increased by 62.0% from RMB 154.4 million in 2022 to RMB 250.0 million in 2023, while domestic 2B revenue grew by 37.2% from RMB 569.4 million to RMB 781.5 million[29] - Revenue from Indonesia saw significant growth, increasing to RMB 92,380 thousand in 2023 from RMB 52,272 thousand in 2022[77] - Revenue from Singapore more than doubled to RMB 62,498 thousand in 2023 from RMB 29,736 thousand in 2022[77] Membership and Online Sales - Membership increased to 83,905 thousand in 2023, compared to 74,029 thousand in 2022[5] - The company's membership base exceeded 83 million, with paid members reaching 1,170 thousand, and WeChat mini-program users grew by 26% to 68 million by the end of 2023[14] - Online orders accounted for 27.6% of total orders in 2023, with the number of WeChat store groups increasing to 27,455 and WeChat fan group followers surpassing 16.2 million, a 25.6% year-on-year growth[14] - The company's content on platforms like Douyin and Weibo during the 2023 Delicious Fruit Festival garnered over 120 million views, and Douyin channel sales increased by 190% compared to 2022[15] Product and Brand Performance - Signature and Grade A fruits accounted for 66.5% of the total retail sales in Baiguoyuan stores as of December 31, 2023[17] - The company launched 6 new signature fruit brands in 2023, bringing the total to 37, with all self-owned brand fruits contributing 14.0% to the total retail sales in Baiguoyuan stores[17] - Sales of fruit corn increased by 3,076% and Golden Venus apples by 515% in 2023 compared to 2022[17] Supply Chain and Logistics - The company operates 29 warehouses across China with a total area exceeding 207,000 square meters, of which 16 are self-operated and 13 are managed by regional agents[18] - Transportation costs decreased by 4.7% in 2023 due to the upgraded Transportation Management System (TMS)[18] - The proportion of fruit procurement from suppliers receiving agricultural technology and related services increased from 35.0% in 2022 to 41.0% in 2023[18] - The company completed the construction of 16 origin warehouses in collaboration with 16 suppliers, covering 10 types of fruits across 11 provinces[18] - Inventory turnover days increased slightly from 10.7 days in 2022 to 12 days in 2023, mainly due to increased overseas direct sales of fruits with longer storage periods such as apples[61] - Trade receivables turnover days decreased from 36.7 days in 2022 to 35 days in 2023, primarily due to proactive collection efforts by the company[61] Financial Position and Cash Flow - Cash and bank balances increased from RMB 1,776.2 million in 2022 to RMB 2,537.1 million in 2023, including unrestricted cash and cash equivalents of RMB 2,224.8 million[48] - Net assets increased from RMB 3,019.5 million in 2022 to RMB 3,337.1 million in 2023, with current assets of RMB 5,265.8 million and current liabilities of RMB 3,517.6 million[47] - Net proceeds from the global offering amounted to HKD 474.0 million, with HKD 229.5 million (48.4%) allocated for improving and upgrading operational and supply chain systems[51] - The company's debt-to-asset ratio increased from 44.2% at the end of 2022 to 56.8% at the end of 2023, primarily due to increased bank borrowings[54] - As of December 31, 2023, the company had non-current bank borrowings of RMB 126.3 million and short-term bank borrowings of RMB 1,768.9 million[54] - Net cash used in operating activities for the year ended December 31, 2023, was RMB 48.5 million, compared to net cash generated from operating activities of RMB 589.2 million in the previous year[55] - Net cash generated from financing activities for the year ended December 31, 2023, was RMB 414.9 million, driven by net proceeds from bank borrowings of RMB 560.3 million and IPO proceeds of RMB 426.8 million[56] - The company held RMB 180.4 million in structured deposits (classified as financial assets at fair value through profit or loss) as of December 31, 2023[57] - Capital expenditures for the year ended December 31, 2023, amounted to RMB 112.6 million, primarily for the construction of a new office building in Shenzhen[58] - Total assets increased to RMB 7,590,985 thousand in 2023, up from RMB 6,809,741 thousand in 2022, reflecting a growth of 11.5%[67] - Property, plant, and equipment rose to RMB 521,842 thousand in 2023, a 15.9% increase compared to RMB 450,153 thousand in 2022[67] - Cash and cash equivalents surged to RMB 2,114,823 thousand in 2023, a significant 44.3% increase from RMB 1,465,908 thousand in 2022[67] - Total liabilities grew to RMB 4,253,889 thousand in 2023, up 12.2% from RMB 3,790,250 thousand in 2022[68] - Bank borrowings under current liabilities increased to RMB 1,768,876 thousand in 2023, a 43.7% rise compared to RMB 1,231,191 thousand in 2022[68] - Net assets expanded to RMB 3,337,096 thousand in 2023, up 10.5% from RMB 3,019,491 thousand in 2022[68] - Equity attributable to owners of the company increased to RMB 3,224,972 thousand in 2023, a 9.1% growth from RMB 2,954,686 thousand in 2022[68] - Non-current assets grew to RMB 2,325,137 thousand in 2023, up 11.8% from RMB 2,080,119 thousand in 2022[67] - Trade receivables decreased to RMB 1,063,440 thousand in 2023, down 4.9% from RMB 1,118,438 thousand in 2022[67] - Long-term bank deposits increased significantly to RMB 110,000 thousand in 2023, up 450% from RMB 20,000 thousand in 2022[67] - Trade receivables decreased to RMB 1,063,440 thousand in 2023 from RMB 1,118,438 thousand in 2022, with a provision for impairment of RMB 53,824 thousand[88] - Trade receivables aged 0-90 days accounted for RMB 765,132 thousand in 2023, down from RMB 803,891 thousand in 2022[88] - Trade payables decreased to RMB 364,158 thousand in 2023 from RMB 509,916 thousand in 2022, with the majority aged 0-30 days[90] Strategic Initiatives and Business Restructuring - The company strategically restructured into three business groups: Retail, 2B, and Category, to enhance operational efficiency and explore new revenue sources[9] - The company completed its global offering and H-share listing on the Hong Kong Stock Exchange in January 2023, marking a significant milestone[9] - The company plans to enhance retail store profitability and expand the OMO distribution network in 2024[20] - The company aims to strengthen its 2B business by deepening cooperation with existing clients and expanding the 2B customer base[21] - The company will continue to invest in information technology to accelerate digital transformation across the entire supply chain[23] - The company completed a global offering and listing in Q1 2023, raising net proceeds of approximately HKD 474.0 million[46] Expenses and Costs - Gross profit slightly increased by 0.04% from RMB 1,314.3 million in 2022 to RMB 1,314.8 million in 2023, with gross margin decreasing from 11.6% to 11.5%[32] - Other income decreased by 9.8% from RMB 40.8 million in 2022 to RMB 36.8 million in 2023, mainly due to reduced government subsidies and franchisee penalty income[33] - Net other gains increased by 16.7% from RMB 25.4 million in 2022 to RMB 29.6 million in 2023, primarily due to foreign exchange gains from overseas direct sales[34] - Selling expenses decreased by 3.4% from RMB 498.8 million in 2022 to RMB 482.0 million in 2023, driven by reduced transportation costs and a decrease in sales and marketing staff[35] - Management expenses decreased by 2.5% from RMB 321.6 million in 2022 to RMB 313.5 million in 2023, primarily due to a reduction in the number of management personnel from 538 to 525[36] - Financial asset impairment loss provisions increased from RMB 2.2 million in 2022 to RMB 23.5 million in 2023, mainly due to increased trade receivables aged over one year and defaults by some 2B enterprise clients[37] - R&D expenses decreased by 15.8% from RMB 173.0 million in 2022 to RMB 145.6 million in 2023, driven by a reduction in R&D personnel from 491 to 361[38] - Financial income increased by 28.7% from RMB 31.8 million in 2022 to RMB 40.9 million in 2023, mainly due to higher interest income from bank deposits[39] - Profit before tax increased by 10.0% from RMB 346.4 million in 2022 to RMB 381.0 million in 2023[41] - Depreciation and amortization expenses decreased to RMB 127,324 thousand in 2023 from RMB 128,358 thousand in 2022[75][76] - Financial costs net of income decreased to RMB 34,902 thousand in 2023 from RMB 51,968 thousand in 2022[83] - Income tax expense for 2023 was RMB 41,041 thousand, slightly higher than RMB 40,225 thousand in 2022[84] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.043 per share for 2023, totaling approximately RMB 68.3 million[6] - The company proposed a final dividend of RMB 0.043 per share for 2023, totaling approximately RMB 68,307 thousand, subject to shareholder approval[91] - The final dividend will be paid in RMB for non-listed shareholders and in HKD for H-shareholders, with a 10% withholding tax for non-resident enterprise shareholders[92] Legal and Compliance - The company had no contingent liabilities, guarantees, or litigation as of December 31, 2023[59] - The company's subsidiary, Guangdong Baiguoyuan Agricultural Products Primary Processing Co., Ltd., won a lawsuit against a domestic bank for a financial contract dispute involving RMB 20.0 million[97] - The company maintained sufficient public float as required by the listing rules, with at least 25% of the total registered share capital held by the public[96] - The audit committee reviewed the company's accounting principles and financial statements for 2023, confirming compliance with applicable accounting standards[98] - The company's auditor, PricewaterhouseCoopers, confirmed the consistency of the financial data in the announcement with the draft consolidated financial statements for 2023[99] ESG and Corporate Governance - The 2023 Environmental, Social, and Governance (ESG) report will be published on the company and Hong Kong Stock Exchange websites in accordance with listing rules[102] - The board of directors expresses gratitude to shareholders, management team, employees, business partners, and customers for their support and contributions[103] Employee and Supplier Information - The company had a total of 2,637 employees as of December 31, 2023, with 18.7% in marketing, 15.7% in operations and store management, 20.4% in production and logistics, and 13.7% in IT[62] - Total employee benefit expenses for 2023 were RMB 653.2 million, accounting for approximately 5.7% of the company's total revenue for the year[62] - The company's largest supplier accounted for approximately 5.3% of total procurement costs in 2023, while the top five suppliers accounted for 19.0% of total procurement costs[63] - The company's largest customer contributed approximately 1.7% of total revenue in 2023, while the top five customers accounted for 7.4% of total revenue[63] - The company's distributable reserves as of December 31, 2023, were approximately RMB 300.0 million[64] Financial Instruments and Investments - The company subscribed to structured time deposit wealth management products issued by Bank of Communications with a total principal of RMB 350 million, with expected annualized returns of 1.75%, 3.00%, or 3.02% depending on the benchmark price[60] Earnings Per Share - Basic earnings per share increased to RMB 22.97 cents in 2023 from RMB 21.55 cents in 2022[86] - Diluted earnings per share for the year ended December 31, 2023, were the same as basic earnings per share due to no issuance of potentially dilutive ordinary shares[87] Public Information and Reporting - The company's 2023 annual performance announcement and annual report are available on the company's website (www.pagoda.com.cn) and the Hong Kong Stock Exchange website (www.hkexnews.hk)[101]

Company Overview - Shenzhen Pagoda Industrial (Group) Corporation Limited is the largest fruit retail operator in China, focusing on the entire industry chain from cultivation to retail[19]. - The company aims to become the world's largest fruit company in terms of sales volume, service population size, and number of fruit product brands[24]. Business Units and Strategy - The company has established three new business units: retail business unit, business-to-business (2B) business unit, and category business unit to capitalize on major opportunities in the fruit sales industry[20]. - The retail business unit aims to create an integrated online-merge-offline retail network to become the preferred brand for Chinese consumers[114]. - The 2B business unit leverages the Group's supply chain resources to enhance omni-channel capabilities and increase market share[114]. - The category business unit focuses on developing product brands through agricultural technology, brand marketing, and sales management[114]. - The Group's strategy of expanding its retail store network and penetrating lower-tier cities contributed to the recovery of the consumer sector in China[123]. Retail Network and Customer Engagement - The retail network includes franchised stores, self-operated stores, and online channels, providing a comprehensive distribution strategy[21]. - The company has built a nationwide community-based fruit specialty retail network with online and offline integration, enhancing customer convenience[22]. - The company utilizes diverse online channels, including WeChat groups and Douyin, to reach customers and provide flexible shopping options[22]. - As of June 30, 2023, the Group had over 79 million members across all distribution channels, with over 1,141 thousand paying members and 62 million users of the WeChat mini-program[117]. - The number of customers purchasing through Douyin increased by approximately 913%, with total retail sales through Douyin rising by approximately 796% compared to the same period in 2022[118]. Financial Performance - The Group's total revenue increased by approximately 6.4% from RMB5,914.7 million for the six months ended June 30, 2022, to RMB6,294.3 million for the six months ended June 30, 2023[163]. - Revenue from direct sales of fruits and other food products increased by approximately 34.7% from RMB 407.0 million for the six months ended June 30, 2022, to RMB 548.3 million for the six months ended June 30, 2023[122]. - Revenue from sales of fruits and other food products accounted for approximately 97.2% of total revenue for the six months ended June 30, 2023, compared to 96.9% for the same period in 2022[162]. - Profit for the period attributable to owners of the Company increased to RMB260.8 million for the six months ended June 30, 2023, from RMB194.5 million for the same period in 2022, an increase of approximately 34.0%[159]. - The Group's net profit increased by approximately 35.0% from RMB185.6 million for the six months ended June 30, 2022, to RMB250.5 million for the six months ended June 30, 2023[196]. Market Trends and Consumer Behavior - The recovery of the consumer sector in China indicates optimistic consumption demand growth, driven by improved living standards and health expenditures[109]. - Consumers are increasingly making smarter purchasing decisions, prioritizing "delicious," "safe," and "green and healthy" products[110]. - The fresh food industry is highly competitive, requiring enterprises to improve purchase convenience and product cost-effectiveness[110]. - The Group's focus on brand loyalty is essential as consumer recognition of brands continues to increase[110]. Operational Efficiency and Cost Management - The Group intends to upgrade its warehousing and logistics systems to improve efficiency and reduce costs, supporting the growth of its 2B fruit business[154]. - Transportation costs decreased by approximately 8% in the first half of 2023 compared to the same period in 2022[142]. - Selling expenses decreased by approximately 1.7% from RMB246.2 million to RMB242.0 million, attributed to a reduction in sales and marketing staff[180]. - Administrative expenses decreased by approximately 6.6% from RMB157.2 million to RMB146.9 million, mainly due to a decrease in administrative staff and listing expenses[181]. Future Plans and Developments - The Group aims to expand its distribution channels and strengthen its 2B business to increase market share and solidify its market position in the second half of 2023[147]. - The Group plans to penetrate low-tier cities and expand existing stores to achieve deeper consumer reach and cover diverse consumption scenarios[149]. - The Group will enhance its agricultural technology services and incubate more self-branded products to strengthen its competitive advantages in high-quality fruits[153]. - The Group selected 118 suppliers to participate in a new agricultural technology transfer program in the first half of 2023[140]. Challenges and Economic Environment - The macroeconomic environment in China is expected to face challenges such as high inflation and rising operational costs, impacting retail operations[146]. - The Group's taxable income increased due to an increase in the Group's profit before income tax, with some subsidiaries enjoying preferential tax treatments[195].

Group 1 - The company expressed gratitude to investors for attending the presentation and communication session [1] Q&A Session Summary Question: What are the company's future growth prospects? - The company did not provide specific details regarding future growth prospects during the session [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2411） 截至二零二三年六月三十日止六個月 中期業績公告 財務摘要 | --- | --- | --- | --- | |----------------------------------------------|------------------------|------------|----------| | | | | | | | | | | | 下表載列本集團於所示期間的若干關鍵財務資料。 | | | | | | | | | | | 截至六月三十日止六個月 | | | | | 二零二三年 | 二零二二年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | % ...

Company Performance - In 2022, the company achieved steady growth in all performance indicators despite challenges from the pandemic and complex macroeconomic conditions[28]. - For the year ended December 31, 2022, the Group achieved revenue of RMB11,312.0 million, representing an increase of approximately 9.9% over the same period in 2021[30]. - Gross profit for the same period was RMB1,314.3 million, reflecting a 13.6% increase compared to 2021[30]. - Profit attributable to owners of the Company was RMB323.3 million, marking a significant increase of approximately 40.4% year-on-year[30]. - The Group's net cash flow from operating activities increased from RMB283.9 million in 2021 to RMB589.2 million in 2022[30]. - The Group's total revenue increased by approximately 9.9% from RMB 10,289.4 million in 2021 to RMB 11,311.995 million in 2022[94]. - The Group's net profit increased by approximately 38.3% from RMB221.4 million for the year ended December 31, 2021, to RMB306.1 million for the year ended December 31, 2022[124]. - The net profit margin increased from 2.2% for the year ended December 31, 2021, to 2.7% for the year ended December 31, 2022[124]. Business Strategy - The company focuses on a "delicious" business strategy, emphasizing two carriages (channel brands and product brands) and three pillars (IT, capital empowerment, and agricultural technology) for development[28]. - The company aims to become the world's largest fruit company in terms of sales volume, service population size, and number of fruit product brands[10]. - The Group plans to strengthen its "delicious" strategy and expand its distribution network and channel brands in 2023 to enhance market competitiveness[40]. - The Group's mission is to allow more people to enjoy delicious and affordable fruits while promoting fruit knowledge and culture[48]. - The Group plans to continue its business model of offering specialty offline and variety online, focusing on fruit and fruit products offline while expanding fresh grocery products online[70]. Retail Network and Distribution - The company has built a nationwide community-based fruit specialty retail network with OMO and store-as-warehouse features, enhancing flexibility in purchase and delivery options[6]. - The offline store network expanded by 401 stores to a total of 5,650 stores across over 140 cities in 22 provinces and municipalities in China by the end of 2022[32]. - The Group's offline retail stores are strategically located within a 15-minute walk from target consumers, enhancing convenience and personalized service[59]. - The Group's offline stores operate with an efficient store-as-warehouse feature, enabling in-store pickup and home delivery services[60]. - The cumulative number of members across all distribution channels exceeded 74 million, with over 967 thousand paying members[32]. Financial Performance - The Group's revenue from direct sales of fruits and other food products increased by approximately 38.5% from RMB522.8 million in 2021 to RMB723.8 million in 2022[64]. - Revenue from sales of fruits and other food products accounted for 97.1% of total revenue in both 2021 and 2022, amounting to RMB10,981.764 million in 2022[94]. - The number of retail stores increased by 7.6% from 5,249 stores in 2021 to 5,650 stores in 2022, contributing to an 8.9% increase in revenue from franchised stores[97]. - Cost of sales increased by approximately 9.5% from RMB9,132.9 million in 2021 to RMB9,997.7 million in 2022[100]. - Other income rose by approximately 18.1% from RMB34.6 million in 2021 to RMB40.8 million in 2022, primarily due to an increase in government grants[104]. Operational Efficiency - The Group's average monthly repeat purchase rate of self-branded fruits was approximately 50% higher than that of Grade B fruits in 2022[35]. - The Group's purchases from technology-empowered suppliers accounted for 35% of total fruit purchases in 2022, a 5% increase from 2021[36]. - The Group continues to enhance its supplier trading platform for real-time inventory and sales data synchronization, aiming for better quality control and loss rate monitoring[89]. - The average trade receivables turnover days improved from 43.4 days in 2021 to 36.7 days in 2022 due to proactive payment collection[158]. - The average inventory turnover days slightly increased from 10.1 days in 2021 to 10.7 days in 2022[158]. Technology and Innovation - The Group aims to accelerate the digitalization of its operations and industry chain through IT investments and empowerment[41]. - The Group is upgrading its digitalized intelligent warehousing and logistics system to minimize common warehousing and logistics mistakes[73]. - Research and development expenses rose to RMB 172.980 million in 2022 from RMB 139.742 million in 2021, highlighting the Group's commitment to innovation[91]. - The Group plans to enhance agricultural technology services and incubate more self-branded products, including establishing specialized processing factories near core product origins[82]. Governance and Management - The independent non-executive directors play a crucial role in providing independent advice on the operation and management of the company[185]. - The educational and professional backgrounds of the directors suggest a strong foundation in economics, law, and business management, enhancing the company's governance[188]. - Mr. Zhu Qidong, aged 48, is the executive Director and deputy general manager, responsible for procurement, wholesale, and sales[174]. - Mr. Pan Pan, aged 43, is a non-executive Director providing strategic advice on the operation and management of the Group[178]. - Dr. Wu has been a professor at Jinan University since July 2006, contributing to academic and professional development in accounting[196].

[0 -> 25] 各位現場和線上參加的投資者朋友大家早上好那歡迎各位出席深圳白果園實業集團股份有限公司2022年年度業績發布會我是綜合財經的索菲 歡迎各位那今天的會議呢是透過我們現場和線上同步直播進行的首先為各位介紹一下今天的出席的管理層創始人及董事長余慧永先生歡迎余董 [28 -> 44] 常務副總經理及執行董事焦躍先生財務總監及副總經理賴顯揚先生以及董事長助理及高級投融資總監善逸康先生 [47 -> 76] 那我們今天的這個業績發布會呢分為兩個環節第一個環節呢我們會有請管理層簡要的介紹一下公司在2022年取得的一個成績然後是我們的問答部分那現在我們就請董事長余慧永先生致歡迎詞有請余總好各位上人好首先呢感謝各位親身到場出席以及各通過網絡餐會的投資者對白骨園的關注 [77 -> 104] 2022年對所有的經營者都是一個巨大的挑戰絕大多數零售公司呢業績是下滑甚至是巨虧的但是白果園實現了門店數銷售額毛利率淨利率淨利潤的逆勢增長為什麼 [108 -> 134] 首先我们从事了一个非常好的行业果业是一个健康产业水果是不需要教育的健康食品在饮食结构中的比例在自然增长前面10年的数据已经说明了其次水果是一类天然食品不 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 11,311,995 thousand, representing a 9.9% increase from RMB 10,289,375 thousand in 2021[2] - Gross profit for the same period was RMB 1,314,286 thousand, up 13.6% from RMB 1,156,436 thousand in the previous year[2] - Profit attributable to owners of the company increased by 40.4% to RMB 323,297 thousand, compared to RMB 230,345 thousand in 2021[2] - Retail sales for the year amounted to RMB 14,580,673 thousand, compared to RMB 13,664,959 thousand in 2021[5] - The company's total revenue increased by approximately 9.9% from RMB 10,289.4 million in 2021 to RMB 11,311.995 million in 2022[26] - The total profit for the year ended December 31, 2022, was RMB 306,137 thousand, compared to RMB 221,363 thousand in the previous year, marking a significant increase of around 38.3%[73] - Net profit rose by approximately 38.3% from RMB 221.4 million in 2021 to RMB 306.1 million in 2022, with a net profit margin increasing from 2.2% to 2.7%[42] - Adjusted net profit for 2022 was RMB 338.4 million, compared to RMB 250.9 million in 2021, with an adjusted net profit margin of 3.0%[44] Retail Expansion - The total number of retail stores reached 5,650 as of December 31, 2022, an increase from 5,249 in 2021[4] - The company plans to continue expanding its retail network across more than 140 cities in over 22 provinces and municipalities in China[9] - As of December 31, 2022, the total number of stores reached 5,650, with 4,577 franchise stores and 1,054 other stores, showing a growth from 5,249 total stores in 2021[10] - The number of retail stores increased by 7.6% from 5,249 in 2021 to 5,650 in 2022, contributing to an 8.9% increase in sales revenue from franchise stores[29] Membership and Customer Engagement - Membership numbers grew to 74,029 thousand, up from 64,449 thousand in the previous year, with paying members increasing to 967 thousand from 724 thousand[5] - The total membership across all distribution channels exceeded 74 million, with over 967,000 paid members and 54 million users of the WeChat mini-program[14] - Approximately 27.2% of orders in 2022 were placed through various online channels, with a total of about 10.6 million WeChat followers and 1.8 million Douyin followers[13] Product and Brand Development - The company operates a multi-brand strategy with 5,650 retail stores, of which 5,533 are under the "Baiguoyuan" brand and 110 under the "Guoduomei" brand[15] - As of December 31, 2022, the company launched 31 exclusive signature and A-level self-owned product brands in China, with signature and A-level fruit sales accounting for approximately 70% of total retail sales in its stores[16] - Retail sales of self-owned brand fruits increased by approximately 36% in 2022, representing about 11% of total retail sales in the company's stores, up from 8% in 2021[16] - The retail sales of the company's star product, Liangzhi apples, reached approximately RMB 58 million in 2022, a growth of about 56% compared to 2021, with retail prices being twice that of B-level apples[16] Operational Efficiency and Logistics - The company has established a national warehousing network with 29 warehouses and over 194,700 square meters of total construction area, serving as initial processing and distribution centers[17] - The company has implemented a digital smart warehousing logistics system upgrade to reduce common warehousing and logistics errors, enhancing operational efficiency[17] - The company continues to optimize its OMO (Online-Merge-Offline) operational model, enhancing consumer experience through integrated online and offline services[12] Financial Position and Investments - As of December 31, 2022, the company's net asset value was RMB 3,019.5 million, up from RMB 2,713.0 million in 2021[46] - The group had total non-current bank borrowings of RMB 103.8 million and short-term bank borrowings of RMB 1,231.2 million as of December 31, 2022[50] - The group plans to use the proceeds from the global offering for capital expenditures as disclosed in the prospectus[49] - The company completed a global offering and listing in Q1 2023, raising approximately HKD 474.0 million, which will primarily fund its expansion and operations[45] Research and Development - R&D expenses grew by approximately 23.8% from RMB 139.7 million in 2021 to RMB 173.0 million in 2022, mainly due to increased average salaries for R&D personnel[36] - The company aims to strengthen its core competitive advantage in quality products by increasing its presence in the upstream fruit planting sector and developing more self-owned quality product brands in 2023[20] Dividend and Shareholder Information - The board proposed a final dividend of RMB 0.076 per share, totaling approximately RMB 120.7 million for the year[6] - The company proposed a final dividend of RMB 0.076 per share, totaling approximately RMB 120,729,000, subject to shareholder approval[85] Market and Economic Conditions - The company reported a significant increase in revenue from the mainland China market, reaching RMB 11,157,622 thousand for the year ended December 31, 2022, compared to RMB 10,138,716 thousand in the previous year, representing a growth of about 10%[73] - The company has identified new strategies for market expansion and product development, focusing on enhancing its franchise and retail networks[71]