Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 15,080.5 million, representing a growth rate of 46.7% compared to RMB 10,280.1 million in 2021[10]. - Gross profit for 2022 was RMB 2,575.9 million, with a gross margin of 17.1%, up from 15.7% in 2021[10]. - Net profit for the year was RMB 1,454.5 million, significantly higher than RMB 292.4 million in 2021, marking a substantial increase[10]. - The adjusted net profit margin for 2022 was 9.6%, slightly down from 10.6% in 2021, due to changes in financial instruments related to investor rights[10][14]. - The adjusted net profit for 2022 rose to RMB 1,454.5 million, up 33.5% from RMB 1,089.6 million in 2021[18]. - The overall sales cost rose by 44.3% to RMB 12,504.7 million, but the increase was lower than revenue growth, indicating improved gross margin[32]. - Gross profit increased by 59.7% to RMB 2,575.9 million, with gross margin rising from 15.7% in 2021 to 17.1% in 2022[33]. - The gross margin for core fruit products improved from 17.5% in 2021 to 21.0% in 2022, reflecting effective supply chain management and market conditions[37]. Market Expansion and Strategy - The company plans to continue expanding its market presence and developing new products to drive future growth[14]. - The company plans to expand its upstream procurement network and enhance penetration in overseas markets, targeting countries like the Philippines and Chile[23]. - The company aims to strengthen its sales and distribution network by establishing new sales subsidiaries nationwide and adapting to market changes such as instant retail and community group buying[23]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to enhance its competitive position[94]. - The company is focused on community group buying business targeting end consumers through its subsidiary Shanghai Caicai Supermarket[82]. Sales and Distribution - The company expanded its sales network to 23 sales subsidiaries, adding 4 new locations in Harbin, Nanjing, Zhengzhou, and Baoding[18]. - The company operates 60 sorting centers nationwide, enhancing customer service capabilities[18]. - Brand fruit products accounted for 71.3% of total revenue in 2022, with sales increasing by 42.8% to RMB 10,754.1 million[31]. - The sales revenue of durian reached RMB 3,965.3 million, an increase of 13.9% compared to 2021, despite a 4.6% decrease in import weight due to the pandemic[28]. - The sales revenue of dragon fruit in 2022 was RMB 825.3 million, a decrease of 2.4% from 2021, primarily due to extended logistics and customs processes from Vietnam[28]. - The sales revenue of grapes surged to RMB 711.6 million in 2022, marking a 42.2% increase, attributed to the stable supply chain during the COVID-19 pandemic[28]. - Other fruit categories saw a significant sales increase of 90.4%, reaching RMB 8,318.9 million in 2022, driven by network expansion and brand recognition[28]. Operational Efficiency - The company continues to strengthen its "end-to-end" supply chain model, enhancing operational efficiency and competitive advantage[18]. - The company maintained relatively low inventory turnover days despite challenges from COVID-19 affecting some downstream customers[21]. - The company achieved a 30% reduction in operational costs through efficiency improvements and process optimization[194]. - The company is enhancing its logistics and warehousing management capabilities through new cooperation agreements to solidify its logistics layout[23]. Employee and Governance - The company employed 2,607 full-time employees, with 396 based in Thailand and Vietnam, emphasizing the importance of employee expertise for long-term growth[56]. - The company emphasizes competitive compensation packages and performance bonuses to attract and retain qualified personnel[71]. - The company has established a strong internal training system to enhance employees' professional skills and industry knowledge[71]. - The board consists of a balanced mix of executive, non-executive, and independent non-executive directors, ensuring effective oversight and independent judgment[121]. - The company has established mechanisms to ensure independent opinions are obtained for board decisions, including consultations with legal advisors and auditors[123]. Risk Management and Compliance - The company faces various risks, including reliance on brand recognition, food safety, and potential disruptions in supplier relationships[22]. - The company has established an effective risk management and internal control system as of December 31, 2022, ensuring compliance with corporate governance codes[155]. - The risk management system includes risk identification, assessment, and management strategies to mitigate operational risks and achieve business objectives[156]. - The internal control system aims to ensure operational efficiency, reliability of financial reporting, and compliance with applicable laws and regulations[157]. ESG and Corporate Governance - The company is committed to enhancing its ESG practices, with specific initiatives aimed at reducing carbon emissions by 20% by 2025[193]. - The report follows the ESG reporting guidelines issued by the Hong Kong Stock Exchange[196]. - The board is responsible for overall risk management and internal control systems, including ESG-related risks[199]. - The company has a zero-tolerance policy towards corruption, including bribery and fraud, and conducts regular anti-corruption training for employees[162]. Shareholder Communication - The company emphasizes the importance of transparent and timely communication with shareholders to enhance investor relations[167]. - The company has adopted a shareholder communication policy to ensure accurate and open communication with shareholders[168]. - Shareholders holding 10% or more of the company's shares can request a special meeting within 10 days of submitting a written request[169]. - The company’s website serves as a platform for communication, providing access to operational performance and strategic updates[168].

Financial Performance - The company's revenue increased by 46.7% from RMB 10,280.1 million for the year ended December 31, 2021, to RMB 15,080.5 million for the year ended December 31, 2022[2]. - Gross profit rose by 59.7% from RMB 1,613.1 million in 2021 to RMB 2,575.9 million in 2022[2]. - Adjusted profit increased by 33.5% from RMB 1,089.6 million in 2021 to RMB 1,454.5 million in 2022[2]. - Net profit for the year ended December 31, 2022, was RMB 1,454.5 million, compared to RMB 292.4 million in 2021, marking an increase of approximately 396.5%[32]. - Basic earnings per share rose to approximately RMB 3.17 in 2022, up from RMB 1.50 in 2021[25]. - The profit before tax for the year ended December 31, 2022, was RMB 1,710,359 thousand, significantly higher than RMB 499,535 thousand in 2021, representing a growth of 242.5%[65]. - The diluted earnings per share for the year ended December 31, 2022, remained the same as the basic earnings per share, reflecting the company's consistent profitability[71]. Sales and Market Expansion - The company has established 23 sales subsidiaries nationwide, increasing by 4 from the end of 2021, enhancing its sales network coverage[3]. - The company operates 16 fruit processing plants in Vietnam and Thailand, with nearly 400 local employees as of December 31, 2022[4]. - The company plans to expand its upstream procurement network and increase penetration in overseas quality fruit origins, targeting countries like the Philippines and Chile[6]. - The company aims to enhance its sales and distribution network by establishing new sales subsidiaries and adapting to changes in the fruit retail market, including live e-commerce[6]. - Core fruit sales amounted to RMB 6,761.6 million in 2022, a 14.4% increase from 2021, despite a decline in overall import volumes due to COVID-19[8]. - The sales of durian reached RMB 3,965.3 million in 2022, up 13.9% from 2021, with the company's import share of Thai durian increasing to 12.7%[9]. - The sales of grapes surged by 42.2% to RMB 711.6 million in 2022, attributed to the stable supply ensured by the company's end-to-end supply chain[9]. - Other fruit categories saw a significant increase of 90.4%, with sales reaching RMB 8,318.9 million in 2022, driven by network expansion and brand recognition[9]. - Brand fruit sales grew by 42.8% to RMB 10,754.1 million in 2022, accounting for 71.3% of total revenue[10]. Cost and Profitability - The sales cost increased by 44.3% to RMB 12,504.7 million, but the growth rate was lower than that of revenue, indicating improved profitability[12]. - The company's gross profit rose by 59.7% to RMB 2,575.9 million, with the gross margin increasing from 15.7% to 17.1%[12][13]. - The gross profit of core fruit products increased from RMB 1,037,152 thousand in 2021 to RMB 1,417,633 thousand in 2022, with a gross margin rise from 17.5% to 21.0%[14]. - The gross margin for durian improved from 20.7% in 2021 to 24.5% in 2022, attributed to reduced procurement costs and strong consumer demand despite logistical challenges[15]. - The gross margin for dragon fruit rose from 11.5% in 2021 to 14.1% in 2022, reflecting a recovery in sales prices[15]. - The gross margin for cherries surged from 6.4% in 2021 to 19.4% in 2022, as sales prices normalized following effective pandemic control measures[15]. Financial Position and Assets - Total assets increased to RMB 9,762,797 thousand in 2022 from RMB 5,756,116 thousand in 2021[84]. - Current assets net value increased from RMB 4,296.4 million to RMB 6,156.6 million, with a current ratio of approximately 2.9 times as of December 31, 2022, down from 4.3 times in 2021[27]. - Trade receivables rose from RMB 3,707.3 million to RMB 7,667.3 million, with turnover days increasing from 103.0 days in 2021 to 144.8 days in 2022, impacted by COVID-19[26]. - The total trade payables as of December 31, 2022, reached RMB 767,831 thousand, compared to RMB 325,411 thousand in 2021, indicating an increase of about 135.9%[75]. - The company's equity attributable to shareholders increased from RMB 4,406.6 million to RMB 6,372.6 million[34]. - The company’s total liabilities decreased to RMB 4,125,058 million, indicating improved financial health[35]. Governance and Compliance - The company has maintained compliance with corporate governance codes since its listing date[86]. - The audit committee reviewed the financial statements for the year ending December 31, 2022, ensuring compliance with applicable accounting standards[89]. - The company is committed to high standards of corporate governance, which is crucial for its development and shareholder protection[86]. - The company did not adopt any new accounting standards that would significantly impact its financial reporting for the current period[40]. Cash Flow and Financing - Net cash used in operating activities was RMB 1,823,445 million, an increase from RMB 981,621 million in the previous year[36]. - The company reported a net cash inflow from financing activities of RMB 1,717,747 million, compared to RMB 720,885 million in the previous year[36]. - Bank loans rose significantly from RMB 874.7 million to RMB 2,282.8 million, reflecting funding for procurement and logistics expansion[27]. - The company raised a total of HKD 571,796 thousand (approximately RMB 502,902 thousand) from the issuance of H-shares, with a net amount of RMB 489,403 thousand after deducting issuance costs[79]. Taxation and Deferred Tax - The company recognizes current tax liabilities based on the expected tax payable calculated at the tax rate announced at year-end[41]. - Deferred tax assets and liabilities arise from deductible and taxable temporary differences, with unutilized tax losses and credits also generating deferred tax assets[41]. - The carrying amount of deferred tax assets is reviewed at year-end to ensure sufficient taxable profits are available to offset the related tax benefits[42]. - The company’s effective tax rate for the year ended December 31, 2022, was influenced by a nominal tax expense of RMB 422,256 thousand, compared to RMB 120,897 thousand in 2021, indicating a significant rise in tax obligations[65].

Revenue and Profit Growth - Revenue increased by 32.0% from RMB 5,417.3 million in the six months ended June 30, 2021, to RMB 7,152.2 million in the six months ended June 30, 2022[7]. - Adjusted profit rose by 42.1% from RMB 604.4 million to RMB 858.8 million during the same period[7]. - Net profit for the six months ended June 30, 2022, was RMB 858.8 million, compared to RMB 5.6 million for the same period in 2021[25]. - Gross profit increased by 59.4% from RMB 849.1 million to RMB 1,353.4 million, with gross margin rising from 15.7% to 18.9%[18]. - Operating profit increased to RMB 1,063,949 thousand, a 47.9% rise compared to RMB 718,971 thousand in the previous year[63]. - Basic and diluted earnings per share were both RMB 1.89, compared to RMB 0.01 in the same period last year[63]. Sales Performance - Core fruit product sales amounted to RMB 3,517.4 million, accounting for 49.2% of total revenue, down from 63.4% in the previous year[12]. - Other fruit products saw a significant increase in sales, rising to RMB 3,634.8 million, which represents 50.8% of total revenue[12]. - Brand fruit product sales increased by 33.9% from RMB 3,955.1 million in the six months ended June 30, 2021, to RMB 5,297.7 million in the six months ended June 30, 2022, accounting for 73.0% and 74.1% of total revenue respectively[16]. - Durian sales increased by 4.9% despite a decline in overall import volume due to weather conditions affecting harvest seasons[14]. Expenses and Costs - Sales cost rose by 26.9% from RMB 4,568.2 million to RMB 5,798.9 million, with the increase being lower than revenue growth due to improved gross margin[17]. - Selling and distribution expenses grew by 20.6% from RMB 82.1 million to RMB 99.0 million, primarily due to increased employee costs and rental expenses[19]. - Administrative expenses surged by 80.8% from RMB 52.5 million to RMB 94.9 million, mainly due to rising employee costs and increased listing expenses[20]. - Income tax increased by 73.3% from RMB 102.5 million to RMB 177.7 million, in line with business growth[24]. Financial Position - Total assets as of June 30, 2022, were RMB 7,883,825 thousand, an increase from RMB 5,607,858 thousand at the end of 2021[67]. - The total equity attributable to equity shareholders was RMB 5,265,533 thousand, an increase from RMB 4,406,553 thousand at the end of 2021[69]. - Cash and cash equivalents increased from RMB 239.5 million to RMB 389.0 million, while current ratio decreased from 4.28 to 2.87[29]. - Trade and other receivables increased by RMB 2,143.8 million to RMB 7,277.5 million, with trade receivables turnover days rising from 103 days to 129 days due to COVID-19 impacts[28]. Shareholding Structure - The total issued share capital at the time of listing was RMB 467,086,402, consisting of 467,086,402 ordinary shares[38]. - Mr. Deng holds 101,740,360 domestic shares, representing 64.99% of the domestic share category and 21.78% of the total share capital[49]. - Alibaba (China) Network Technology Co., Ltd. holds 36,245,913 H shares, accounting for 11.67% of the H share category and 7.76% of the total share capital[52]. - The company has a significant shareholding structure with various stakeholders, including Alibaba Group Holding Limited and its subsidiaries[52]. Future Outlook and Strategic Initiatives - The company plans to enhance its supply chain, expand its sales and distribution network, and improve logistics and warehousing management[9]. - Investment will be increased in brand building and product promotion, alongside digital system upgrades and the development of a global fruit industry internet platform[9]. - Future outlook includes a projected revenue growth of 10% for the second half of 2022, driven by new product launches and market expansion[122]. - The company is investing RMB 50 million in R&D for new product development, focusing on organic fruit products[122]. - A new marketing strategy will be implemented, targeting younger demographics to boost brand awareness and sales[122]. Regulatory and Compliance - The company has adopted corporate governance practices since the listing date and has complied with the relevant codes[39]. - The independent review report covers the financial statements for the six months ending June 30, 2022, in compliance with international accounting standards[60]. - The company is under the regulatory framework of the Hong Kong Stock Exchange and adheres to the relevant provisions of the International Accounting Standards[60].