Financial Performance - Net profit increased by 164.0% from RMB 65.5 million in 2022 to RMB 172.8 million in 2023, with a net profit margin rising from 4.5% to 10.7%[46] - Pre-tax profit surged by 151.3% from RMB 86.5 million in 2022 to RMB 217.3 million in 2023[45] - Operating cash inflow increased significantly to RMB 326.9 million in 2023, compared to RMB 71.7 million in 2022[47] - Revenue for 2023 increased to 1,615,585 thousand RMB, up from 1,446,638 thousand RMB in 2022, representing an 11.7% year-over-year growth[81] - Net profit for 2023 rose to 172,817 thousand RMB, a significant increase from 65,456 thousand RMB in 2022, marking a 164% growth[81] - Gross profit for 2023 was 718,258 thousand RMB, up from 601,374 thousand RMB in 2022, reflecting a 19.4% increase[81] - Other income for 2023 surged to 123,471 thousand RMB, compared to 76,001 thousand RMB in 2022, a 62.5% increase[81] - Earnings per share (EPS) for 2023 stood at 13.13 RMB cents, up from 4.96 RMB cents in 2022, a 164.7% increase[81] - Profit for the year rose to RMB 175,016 thousand in 2023, compared to RMB 66,101 thousand in 2022[129] - Total comprehensive income for the year was RMB 193,653 thousand in 2023, compared to RMB 171,872 thousand in 2022[129] - Home care segment revenue grew to RMB 1,471,917 thousand in 2023, accounting for 91.1% of total revenue, up from 89.6% in 2022[135] - Total revenue increased to RMB 1,615,585 thousand in 2023, up from RMB 1,446,638 thousand in 2022[135] Cash Flow and Liquidity - Cash and cash equivalents, along with fixed deposits, totaled RMB 2,901.3 million as of December 31, 2023[48] - Cash and cash equivalents at the end of 2023 were 1,543,424 thousand RMB, up from 1,340,980 thousand RMB at the end of 2022, a 15.1% increase[83] - Investment activities used a net cash of 43,930 thousand RMB in 2023, significantly lower than the 1,289,423 thousand RMB used in 2022[83] - The company paid dividends of 84,000 thousand RMB in 2023, down from 96,133 thousand RMB in 2022[83] - Fixed deposits under current assets surged to RMB 1,737,883 thousand in 2023 from RMB 1,455,986 thousand in 2022[124] - Dividends recognized as distributions amounted to RMB 84,000 thousand in 2023, down from RMB 96,133 thousand in 2022[129] - Operating cash flow before working capital changes increased to RMB 190,776 thousand in 2023, up from RMB 48,693 thousand in 2022[132] - Net cash from operating activities rose to RMB 326,915 thousand in 2023, compared to RMB 71,681 thousand in 2022[132] Assets and Liabilities - As of December 31, 2023, the company had no pledged assets[25] - The company's capital gearing ratio increased from 0.6% in 2022 to 1.0% in 2023 due to the rise in lease liabilities and right-of-use assets[49] - The company's total assets minus current liabilities stood at 2,843,250 thousand RMB in 2023, up from 2,838,452 thousand RMB in 2022[66] - The company's non-current assets were 417,855 thousand RMB in 2023, slightly up from 417,853 thousand RMB in 2022[66] - Total assets increased to RMB 2,968,402 thousand in 2023, up from RMB 2,843,250 thousand in 2022[124] - Net current assets decreased to RMB 2,274,316 thousand in 2023 from RMB 2,425,395 thousand in 2022[124] - Total equity increased to RMB 2,937,472 thousand in 2023, up from RMB 2,824,568 thousand in 2022[126] - Trade and other receivables decreased to RMB 87,632 thousand in 2023 from RMB 97,231 thousand in 2022[124] - Inventory levels dropped to RMB 268,033 thousand in 2023 from RMB 319,177 thousand in 2022[124] - Non-current liabilities increased to RMB 30,930 thousand in 2023 from RMB 18,682 thousand in 2022[126] - Contract liabilities increased by RMB 89,866 thousand in 2023, up from RMB 74,653 thousand in 2022[132] Taxation and Financial Costs - Income tax expenses increased by 111.5% from RMB 21.0 million in 2022 to RMB 44.4 million in 2023, driven by higher pre-tax profits[45] - The company's effective tax rate was 20.5% in 2023, lower than the statutory rate of 25%, due to preferential tax rates for high-tech enterprises[45] - Financial costs remained relatively stable at RMB 1.0 million in 2023, compared to RMB 0.9 million in 2022[44] Corporate Governance and Board Structure - The company's board of directors includes three independent non-executive directors with diverse industry backgrounds, accounting for one-third of the board members[14] - The company's gender ratio (including senior management) was approximately 52% male and 48% female as of December 31, 2023[14] - The company encourages directors to participate in continuous professional development to update their knowledge and skills[15] - The company's directors and senior management received at least 15 hours of relevant professional training during the fiscal year ended December 31, 2023[96] - The company's internal control measures include establishing an audit committee, implementing policies to ensure compliance with listing rules, and conducting regular training for employees and management[95] - The company's directors' remuneration is determined based on the time commitment, responsibilities, and performance of the group, with details provided in the annual report[87] - The company's shareholder communication policy was reviewed for implementation and effectiveness during the fiscal year ended December 31, 2023[98] Acquisitions and Investments - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd., which focuses on scientific analysis, research, and testing of cosmetics, maternal and infant care products, personal care products, and pet products[21] - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd. for RMB 5.036 million in cash, which was fully paid on April 6, 2023[106] Inventory and Asset Management - The carrying value of finished goods as of December 31, 2023, was approximately RMB 216.786 million, with a provision of approximately RMB 1.982 million[103] - Inventory decreased by RMB 50,689 thousand in 2023, compared to a decrease of RMB 20,649 thousand in 2022[132] - Impairment losses on intangible assets amounted to RMB 9,323 thousand in 2023, with no such losses recorded in 2022[132] - Depreciation of property, plant, and equipment increased to RMB 25,655 thousand in 2023, up from RMB 24,490 thousand in 2022[132] Foreign Exchange and Risk Management - The company faces foreign exchange risks primarily due to deposits denominated in USD and HKD, and closely monitors exchange rate fluctuations while reviewing foreign exchange risk management strategies[24] - Other losses amounted to RMB 10.4 million in 2023, compared to other gains of RMB 9.8 million in 2022, primarily due to valuation changes in investments and exchange rate impacts[43] Revenue Recognition and Financial Reporting - The company's consolidated financial statements for the year ended December 31, 2023, include the impact of a business combination under common control, with revenue increasing by RMB 1.446 million and net profit increasing by RMB 1.371 million[112] - The company's financial statements for the year ended December 31, 2023, were audited by an independent auditor, with key audit matters including the provision for finished goods[101][103] - The company's financial statements reflect the application of revised International Accounting Standard 12, which narrows the scope of exemptions for recognizing deferred tax liabilities and assets[90] - The company recognizes revenue from customer contracts when control of goods is transferred according to agreed delivery terms, and at the point when customers obtain control of specific goods[179] - Goodwill from business acquisitions is recorded at cost established on the acquisition date, less any accumulated impairment losses[177] - The company measures lease liabilities at the present value of unpaid lease payments at the lease commencement date, using the incremental borrowing rate if the implicit lease rate is difficult to determine[181] - Intangible assets with finite useful lives acquired in business combinations are presented at cost less accumulated amortization and any accumulated impairment losses[186] - Deferred tax assets and liabilities are measured at the tax rates expected to apply when the liability is settled or the asset is realized, based on tax rates enacted or substantively enacted at the reporting date[191] - Variable consideration is included in the transaction price only if it is not likely to result in a significant revenue reversal when the uncertainty related to the variable consideration is subsequently resolved[189] - The company uses the effective interest method to calculate the amortized cost of financial assets or liabilities and allocate interest income or expense over the relevant period[173] - Non-controlling interests are initially measured at the proportionate share of the acquiree's identifiable net assets or at fair value, with the measurement basis selected on a transaction-by-transaction basis[171] - The company allocates goodwill to cash-generating units expected to benefit from the synergies of the business combination for impairment testing purposes[168] - The company consolidates subsidiaries from the date it obtains control and ceases consolidation when control is lost, with income and expenses of subsidiaries acquired during the year included from the date control is obtained[175] - The company expects to refund part or all of the consideration received from customers, and records a refund liability (included in trade and other payables)[198] - Revenue from transferred products is recognized based on the amount of consideration the company expects to be entitled to, and no revenue is recognized for products expected to be returned[199] - The consolidated financial statements notes are for the year ended December 31, 2023[200] Interest and Other Financial Metrics - Interest income rose to RMB 91,362 thousand in 2023, compared to RMB 48,065 thousand in 2022[132] - Trade and other receivables decreased by RMB 12,393 thousand in 2023, compared to an increase of RMB 22,921 thousand in 2022[132]

选期货投资者适当性管理办法本次电话会议仅服务于华安证券研究所百名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险华安证券不对任何人因使用会议内容而引致的任何损失承担任何责任 为经华安证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利各位投资者大家好欢迎参加华安证券的中期策略会那么我是这个华安证券进攻中小范首席取材 今天参加我们交流的上市公司是赵云集团,然后这个出席的领导是公司的IR赵总,然后赵云集团也是我们长期看好的一个基本面非常扎实的一家公司,那么从23年的年报的数据来看, 发现公司实现了12%的收入端的同比增长,以及170%的利润端同比增长,同时公司的派息的比例达到了80%,所以也是展示了公司长期发展的一个强劲的动员和势头,并且从投资汇报的角度来讲也是一家性价比非常优质的一个公司。 所以首先我们还是把这个时间交给赵总为我们就这个年报的一些事项做一个简要的一个梳理包括对公司的一个发展战略做一些将来的一个远期发展的一个展望赵总好的谢谢徐老师各位线 ...

香港股市 | 消费 更新报告 净利润提升 170%；宠物线下实体门店服务业态开 启扩张模式 2023 净利润扭转颓势 FY23 家居护理品类收入恢复增长，期内收入同比增长 13.5%至 14.7 亿元；当中杀虫驱蚊 和家居清洁产品收入增速为 13.5%和 14%。朝云在杀清类产品市场龙头地位稳固，杀虫驱 蚊产品市占率约 16%，连续八年名列第一；家居清洁市占率第二。FY23 家居护理品类毛 利率同比提升 3.1 百分点至 45.0%， 2019 年以来最高。 朝云集团（6601 HK） | 2024 年 4 月 2 日 朝云集团 (6601 HK) 评级：买入 目标价：2.90 港元 朝云集团 FY23 收入 16.2 亿元（人民币，下同），同比增长 12.0%，其中家居护理/宠物品 类占比 91.1%/4.8%。在产品结构改善的作用下，公司整体毛利率 44.5%，下半年毛利率 创新高提升至 51.9%。FY23 公司降本增效效果明显，销售/行政费用占收入比例从 FY22 的 41.5%下降至 37.9%。全年经营利润率从 6.0%大幅提升至 13.5%。在主打产品销售恢复、 费用控制得益的双重作用下，FY2 ...

本报告仅供海通证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下， 本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致 的任何损失负任何责任。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能 会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 本报告仅向特定客户传送，未经海通证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或 复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公 司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络海通证券研究所并获得许可，并需注明出处为海通证券研究所，且 不得对本文进行有悖原意的引用和删改。 根据中国证监会核发的经营证券业务许可，海通证券股份有限公司的经营范围包括证券投资咨询业务。 请务必阅读正文之后的信息披露和法律声明 本人具有中国证券业协会授予的证券投资咨询执 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months [1][11]. Core Views - The company achieved an annual revenue of 1.616 billion yuan in 2023, representing a year-on-year growth of 11.68%, with a net profit of 173 million yuan, up 164.02% year-on-year [9]. - The company continues to maintain a high dividend payout ratio of 80% during the operational period, reflecting strong cash flow management [1]. - The home care segment shows steady growth, with online sales channels maintaining a stable proportion of total revenue [1]. Financial Performance - Revenue breakdown for 2023 includes home care at 1.472 billion yuan (up 13.49%), personal care at 61 million yuan (down 4.55%), and pet products at 77 million yuan (up 0.47%) [1]. - The company's gross margin and net margin for 2023 were 44.46% and 10.70%, respectively, both showing improvements of 2.89 and 6.17 percentage points year-on-year [1]. - The company’s cash and cash equivalents stood at 2.901 billion yuan as of December 31, 2023 [9]. Business Strategy - The home care segment remains the core business, with the company maintaining its leading market position in insecticides and home cleaning products while launching differentiated high-margin products [1]. - In the pet segment, the company is actively building its supply chain and distribution capabilities, expanding its presence through strategic partnerships and investments [1]. - The company is pursuing a multi-channel strategy, integrating online and offline sales to drive growth across various dimensions [1]. Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 1.788 billion yuan, 1.937 billion yuan, and 2.083 billion yuan, respectively, with corresponding net profits of 183 million yuan, 195 million yuan, and 210 million yuan [3][9]. - The expected earnings per share (EPS) for the same years are 0.14 yuan, 0.15 yuan, and 0.16 yuan, with price-to-earnings (P/E) ratios of 11.46, 10.80, and 10.02 [3][9].

2024 年 04 月 01 日 公司研究 评级：增持(首次覆盖) 3 月 25 日，朝云集团发布 2023 年年度报告：公司 2023 年实现营业收入 16.16 亿元/同比增长+11.7%，实现归母净利润 1.73 亿元/同比增长 +164%；盈利水平优化提升，毛利率 44.5%同增 2.9pct，净利润率 10.4% 同增 6.2pct；年度派息率约 80%并有望继续保持，股息率约 8%。 最近一年走势 投资要点： 表现 1M 3M 12M 总股本（万股） 133,333.35 多品牌多品类全渠道战略落地，线上线下均实现快速增长。线下渠 道方面，公司加强毛利产品分销，提高分销点质量，推行多品类的 分销覆盖，通过打造品牌终端形象标准店，强化驱蚊专业第一的品 牌形象、威王家居清洁的专业品牌形象，公司线下渠道迎来疫后恢 复并实现快速增长，2023 年线下实现营收 10.66 亿元/同比增长 +12.2%。线上销售渠道方面，公司深耕京东、拼多多及淘宝渠道， 快速发展社群业务和抖音等销售渠道，2023 年线上实现营业收入 5.50 亿元/同比增长+10.7%。 证券研究报告 派息分红比例持续提升并有望维持较高水平 ...

证 券 研 究 报 告 [Table_MainInfo] [Table_Title] 朝云集团（6601） 股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 盈利能力显著提升，宠物业务增长可期 公司 2023 年盈利提升显著，强品牌力支撑产品结构持续改善，宠物业务加速线下开 | --- | --- | |----------------------------|------------| | | 耐用消费品 | | [Table_Invest 评级： ] | 增持 | | 当前价格（港元）： | 1.67 | | | 2024.03.27 | | --- | --- | |----------------------------|-----------| | | | | [Table_ 交易数据 Market] | | | 52 周内股价区间（港元） | 1.30-1.85 | | 当前股本（百万股） | 1,333 | | 当前市值（百万港元） | 2,227 | 52周内股价走势图 -24% -18% -12% -6% 0% 6% 2023/32023/42023/52023/62023/72023 ...

Financial Performance - Revenue increased by 11.7% to RMB 1,615.6 million for the year ended December 31, 2023, compared to RMB 1,446.6 million for the year ended December 31, 2022[10]. - Gross profit rose by 19.4% to RMB 718.3 million, with a gross margin increase of 2.9 percentage points due to ongoing product mix optimization and supply chain reforms[11]. - Net profit surged by 164.0% to RMB 172.8 million, up from RMB 65.5 million in the previous year[10]. - Basic and diluted earnings per share increased by 164.7% to RMB 13.13, compared to RMB 4.96 for the previous year[10]. - Total revenue for the year ended December 31, 2023, was RMB 1,615,585 thousand, an increase of 11.7% from RMB 1,446,638 thousand in 2022[54]. - The company reported a profit attributable to owners of RMB 175,016 thousand for the year ended December 31, 2023, compared to RMB 66,101 thousand for the year ended December 31, 2022[93]. - The company's profit increased by 164.0% from RMB 65.5 million for the year ended December 31, 2022, to RMB 172.8 million for the year ended December 31, 2023[193]. - The net profit margin improved from 4.5% for the year ended December 31, 2022, to 10.7% for the year ended December 31, 2023[193]. Revenue Breakdown - Offline sales channels generated revenue of RMB 1,065.9 million, reflecting a 12.2% increase year-on-year[14]. - Online sales channels also saw growth, with revenue increasing by 10.7% year-on-year, driven by platforms like Douyin and various direct sales channels[11]. - Revenue for the pet and pet product category for the year ended December 31, 2023, was RMB 773 million, an increase of 0.5% compared to the year ended December 31, 2022[29]. - Revenue from online channels for the year ended December 31, 2023, was RMB 5,496 million, representing a growth of 10.7% compared to the previous year[29]. - Revenue from home care products reached RMB 1,471,917 thousand, up from RMB 1,296,901 thousand, reflecting a growth of 13.5%[54]. - Revenue from home care products was RMB 1,471,917,000, accounting for 91.1% of total revenue, up from RMB 1,296,901,000 (89.6%) in the previous year[126]. Dividends and Shareholder Returns - The board declared a final dividend of RMB 0.0640 per share, with a total dividend payout for the year amounting to RMB 0.1050 per share, representing a payout ratio of approximately 80.0%[11]. - The total interim dividend declared for the six months ended June 30, 2023, was approximately RMB 54,667,000, compared to RMB 22,400,000 for the same period in 2022[92]. - The board has resolved to declare a final dividend of RMB 0.0640 per share to shareholders listed on June 26, 2024[181]. Cash and Liquidity - As of December 31, 2023, the company held cash and cash equivalents totaling RMB 2,901.3 million, indicating strong liquidity[11]. - Cash and cash equivalents, including time deposits, amounted to RMB 3,142,059 thousand, compared to RMB 2,364,700 thousand in the previous year[37]. - Operating cash inflow for the year ended December 31, 2023, was RMB 326.9 million, compared to RMB 71.7 million for the year ended December 31, 2022[141]. Strategic Plans and Investments - The company plans to enhance its home care product lineup and expand distribution in the high-end market, focusing on pest control product upgrades and marketing across both online and offline channels[19]. - The company aims to strengthen cost management through supply chain optimization and strategic partnerships to enhance cost competitiveness[19]. - The company plans to continue strengthening its multi-brand and multi-category channel development strategy in 2024[33]. - The company aims to expand its pet business through strategic investments and optimizing mergers and acquisitions[33]. - The company plans to establish and optimize its overseas online and offline sales networks, with an investment of 5.0% of the net proceeds, totaling RMB 120.9 million[178]. - The company is expected to fully utilize the funds for various strategic initiatives by the end of 2026[178]. Acquisitions - The company acquired 100% equity of Guangdong Zhongke Research Cosmetics Technology Co., Ltd. for RMB 5,036,000 thousand, completed on April 6, 2023[43]. - The company also acquired 75.0% of Shenzhen Mile Cloud Information Technology Co., Ltd. on September 21, 2023, focusing on pet products and services[173]. Cost Management and Efficiency - The company aims to deepen its digital strategy with an investment of RMB 241.9 million, anticipated to be fully utilized by the end of 2026[1]. - Continuous supply chain reforms are being implemented to enhance operational performance and profitability[31]. - The company is focused on product innovation and upgrading to improve the proportion of high-margin products[30]. Employee and Operational Metrics - The total employee count rose to 1,040 as of December 31, 2023, from 919 as of December 31, 2022, with total employee costs increasing to RMB 173.5 million from RMB 158.8 million year-over-year[176]. - The company reported a total employee cost of RMB 173,485,000 for the year ended December 31, 2023, compared to RMB 158,762,000 in 2022, reflecting an increase of approximately 9.3%[114]. Financial Position and Assets - Non-current assets totaled RMB 694,086 thousand, an increase of 66.1% from RMB 417,855 thousand in the previous year[37]. - Current assets net value was RMB 2,274,316 thousand, down from RMB 2,425,395 thousand, a decrease of 6.2%[37]. - The company’s total liabilities were RMB 3,160,304 thousand, reflecting a significant increase compared to the previous year[37]. - The company's goodwill increased to RMB 6,280 thousand from RMB 3,925 thousand, a growth of 60.0%[37]. - The company's reserves increased to RMB 2,927,363 thousand from RMB 2,817,269 thousand, an increase of 3.9%[39]. - The group's net asset value as of December 31, 2023, is RMB 2,937,472,000, an increase from RMB 2,824,568,000 in 2022, representing a growth of approximately 4%[63].

[ReportFinancialIndex] 主要财务指标 净利润预增 120%，下半年经营稳健 目标价：2.5 港元 当前价：1.4 港元 研究员：吴晓婵 证 券 研 究 报 告 朝云集团（06601.HK）2023 年度正面盈利预告点评 推荐（维持） 事项： 公司发布 2023 年度正面盈利预告，预计 2023 财年实现净利润不低于 1.44 亿 元，较 2022 年同期增长超 120%；预计 2023 财年收入不低于 15.91 亿元，较 2022 年同期增长超 10%。公司净利润翻倍增长，并于下半年实现盈利（过往 下半年均处于亏损状态）。预计公司 2023 财年派息率不低于 80%，中期、末期 各派一次（中期已经派息 40%）。 评论： 收购宠物线下实体门店，布局服务业态，全渠道战略进一步完善。公司通过收 购爪爪、米乐乖乖两个品牌将线下实体门店服务业态战略落地，并在选址优化、 供应链资源整合等方面提供帮助。截至 2024 年 3 月初，公司共开设 29 家门 店，其中爪爪 15 家，米乐乖乖 14 家，全面加速"千店计划"进程，比如 2023 年 12 月米乐乖乖深圳罗湖店开业，2024 年 1 月米 ...

证券研究报告 | 公司点评 朝云集团（06601.HK） 2023 年业绩良好，大力布局宠物线下门店服务业态 公司布局宠物线下实体门店服务业态，建立护城河。公司持续推动宠物业务 发展及变革，线下门店快速扩张，通过战略收购爪爪、米乐两个品牌将线下 实体门店服务业态战略快速落地，两个品牌旗下的线下门店数持续拓展，截 至 2024 年 2 月，爪爪喵星球/米乐乖乖分别有 15/14 家门店，主打购物中心 /生活社区消费业态。公司针对外部收购的团队多维度赋能，驱动业绩稳健 增长的同时对费率进行优化，从而提升盈利能力。针对自有品牌"倔强的尾 巴"、"倔强嘴巴"，公司重点布局淘宝、抖音、京东等线上渠道，重推核 心品类，基于数字化工具开展个性化、全渠道营销。通过自有品牌孵化加资 本投资运作的方式，公司已初步形成了涵盖宠物食品、宠物清洁用品、宠物 保健品的产业布局版图，宠物业务有望持续稳步发展提供业绩驱动力。 投资建议：公司作为家居护理细分龙头，持续推进多品牌多品类全渠道战略， 稳步推进宠物业务布局，渠道布局兼具线上高增平台及线下下沉拓展。公司 业绩稳健、现金流强劲，基于公司 2023 年业绩预告表现良好，我们维持"增 持" ...