匯通達網絡股份有限公司 HUITONGDA NETWORK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 Stock Code : 9878 (A joint stock company incorporated in the People's Republic of China with limited liability) 匯通達網絡股份有限公司 2022年報 ANNUAL REPORT 目錄目錄 Contents Contents | --- | --- | |-------|--------------------------| | | | | 2 | 公司資料 | | 5 | 釋義 | | 8 | 財務摘要及運營參數 | | 10 | 董事長致辭 | | 20 | 管理層討論與分析 | | 33 | 董事、監事及高級管理人員 | | 46 | 董事會報告 | | 76 | 監事會報告 | | 81 | 企業管治報告 | | 109 | 獨立核數師報告書 | | 117 | 綜合損益表 | | 118 | 綜合損益及其他全面收益表 | | 119 | 綜合財務狀況表 | | ...

Financial Performance - The company achieved total revenue of RMB 80.35 billion for the year ended December 31, 2022, representing a year-on-year growth of 22.2%[2] - The trading business segment generated revenue of RMB 79.44 billion, accounting for 98.9% of total revenue, with a year-on-year increase of 21.8%[2] - The service business segment reported revenue of RMB 794.84 million, which is 1.0% of total revenue, showing a significant year-on-year growth of 81.5%[2] - The company recorded a net profit attributable to equity holders of RMB 509.98 million, compared to a loss of RMB 177.05 million in the previous year[2] - The company's revenue increased by 22.2% from RMB 65,763.2 million in 2021 to RMB 80,354.8 million in 2022, driven by the expansion of sales networks in lower-tier markets and enhanced strategic partnerships with upstream brand manufacturers[11] - Revenue from self-operated business grew by 21.8% to RMB 79,436.2 million in 2022, with significant contributions from consumer electronics (39.4% growth) and alcoholic beverages (47.7% growth) sales[12][14] - The service business revenue surged by 81.5% to RMB 794.8 million, with store SaaS+ subscription revenue increasing by 91.7% and merchant solutions revenue rising by 63.9%[15][16] - Gross profit rose by 33.7% from RMB 1,868.0 million in 2021 to RMB 2,496.8 million in 2022, with the gross margin improving from 2.8% to 3.1%[17] - Adjusted net profit for 2022 was RMB 601.8 million, a 20.3% increase from RMB 500.4 million in 2021[24] Membership and User Growth - The total number of registered member stores reached 206,231, an increase of 21.7% year-on-year, while active member stores grew by 22.4% to 76,160[3] - The number of paid SaaS+ users increased by 66.3% year-on-year, reaching 29,775[3] Cash Flow and Financial Position - The company generated operating cash flow of RMB 267 million, indicating a positive cash flow situation[4] - Cash and cash equivalents increased from RMB 2,966.9 million in 2021 to RMB 4,038.4 million in 2022, indicating sufficient operating funds to meet business needs[27] - Trade payables increased by 3.6% to RMB 14,938.8 million as of December 31, 2022, from RMB 14,418.8 million in 2021, with turnover days decreasing from 74 days to 69 days[28] - The company reported a net asset value of RMB 9,360,129 thousand, a significant recovery from a net loss of RMB 1,717,446 thousand in 2021[35] - The total liabilities decreased to RMB 19,341,798 thousand from RMB 27,231,058 thousand, a reduction of 29.1%[35] - The company’s equity attributable to shareholders increased to RMB 7,954,814 thousand from a deficit of RMB 3,075,458 thousand in 2021[35] Expenses and Cost Management - Sales and marketing expenses increased by 53.6% from RMB 864.2 million in 2021 to RMB 1,327.8 million in 2022, with the ratio to revenue rising from 1.3% to 1.6%[18] - Administrative and other operating expenses grew by 1.2% from RMB 388.7 million in 2021 to RMB 393.5 million in 2022, with the ratio to revenue increasing from 0.5% to 0.6%[19] - Research and development costs surged by 44.2% from RMB 78.5 million in 2021 to RMB 113.2 million in 2022, driven by digital infrastructure upgrades and an increase in R&D personnel from 189 to 234[20] Strategic Initiatives and Future Plans - The company plans to deepen its focus on supply chain upgrades and expand into emerging markets, including the establishment of a new energy technology division[5][6] - The company plans to enhance its digital supply chain capabilities and expand its membership retail store services, focusing on customer diversification and supply chain integration[29] - The organization aims to strengthen its logistics systems in lower-tier markets and enhance its digital infrastructure to support future strategic initiatives[29] - The company plans to continue expanding its market presence and enhancing its service offerings in the coming year[39] Digital Transformation and Innovation - The company has developed customized digital trading platforms across multiple industries, enhancing its digital infrastructure and meeting diverse customer needs[8] - The company has focused on digital transformation for member retail stores, significantly increasing the efficiency of operations through enhanced SaaS+ product offerings[15] Governance and Compliance - The company maintained compliance with corporate governance codes throughout the reporting period[68] - The board of directors includes Chairman Wang Jianguo and several executive and non-executive directors[74] - The company operates under the Hong Kong Stock Exchange regulations[74] Other Financial Metrics - Trade and other receivables impairment losses rose significantly from RMB 90.3 million in 2021 to RMB 216.4 million in 2022 due to an increase in aged receivables[21] - Other income decreased by 19.3% from RMB 55.8 million in 2021 to RMB 45.1 million in 2022, primarily due to reduced government subsidies[21] - Net other income increased by 26.0% from RMB 136.6 million in 2021 to RMB 172.1 million in 2022, mainly due to higher foreign exchange gains[22] - Net financial costs dropped by 91.6% from RMB 713.0 million in 2021 to RMB 60.1 million in 2022, attributed to reduced redeemable investment interest expenses and increased bank interest income[22] - Income tax expenses decreased by 7.7% from RMB 100.9 million in 2021 to RMB 93.2 million in 2022, benefiting from tax incentives for small and micro enterprises[23] Inventory and Capital Expenditures - Inventory as of December 31, 2022, decreased by 10.1% to RMB 2,443.8 million from RMB 2,718.6 million as of December 31, 2021, due to improved operational efficiency and faster inventory turnover[28] - The number of days for inventory turnover improved from 14 days in 2021 to 12 days in 2022, reflecting enhanced operational efficiency[28] - Capital expenditures for 2022 were RMB 54.9 million, significantly up from RMB 22.5 million in 2021, primarily for acquiring properties and equipment to enhance supply chain and digital infrastructure capabilities[28] Customer Base and Market Diversification - The company has diversified its customer base, with no single customer accounting for more than 10% of total revenue in 2022[40]

Financial Performance - Huitongda Network Co., Ltd. reported a significant increase in revenue, achieving a total of RMB 1.2 billion, representing a year-on-year growth of 25%[36] - The company reported total revenue of RMB 39.89 billion for the six months ended June 30, 2022, representing a year-on-year growth of 33.1%[44] - Revenue from the commerce business reached RMB 39.49 billion, accounting for 99.0% of total revenue, with a year-on-year increase of 32.7%[44] - Adjusted net profit attributable to equity shareholders was RMB 187 million, reflecting a year-on-year increase of 57.7%[47] - The overall sales revenue from the service business was RMB 364 million, reflecting a year-on-year increase of 117.2%[52] - The service business revenue increased by 117.2% from RMB167,820 thousand to RMB364,447 thousand, primarily driven by SaaS+ subscriptions and merchant solutions[78] - The revenue from the SaaS+ subscription business grew significantly by 259.0% compared to the same period last year[79] - Adjusted net profit (non-IFRS measures) for the six months ended June 30, 2022, was RMB291.5 million, representing a 49.1% increase from RMB195.5 million in the same period of 2021[115] User Growth and Engagement - The user base expanded to 5 million active users, reflecting a 30% increase compared to the previous period[36] - New product launches contributed to a 15% increase in user engagement metrics, indicating strong market reception[36] - Total SaaS+ subscription users reached 110,781, up 55.1% from the previous year[45] - Paid SaaS+ users surged to 27,065, representing a remarkable growth of 179.7%[45] Market Expansion and Strategy - Huitongda plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[36] - The company is exploring potential acquisitions to bolster its service offerings and market reach, with a budget of RMB 500 million allocated for this purpose[36] - The Group aims to enhance its service capabilities through the SaaS+ strategy, focusing on supply chain, advertising, and logistics services[65] - The Group is investing in IT R&D to improve digital capabilities across the entire supply chain and support differentiated external interfaces[65] Financial Management and Investments - The company is investing RMB 200 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[36] - The total allocated amount across all categories is RMB 1,782 million, with RMB 130 million used and RMB 1,652 million remaining[177] - The Company received HK$2,185.0 million of net proceeds from the initial public offering of H Shares, contributing to increased bank deposits and interest income[104] - As of June 30, 2022, cash and cash equivalents amounted to RMB4,501.1 million, up from RMB2,966.9 million as of December 31, 2021, indicating strong liquidity[121] Cost Management and Profitability - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management[36] - Gross profit for the period was RMB 1.15 billion, with a year-on-year growth of 49.1%[44] - The Group's cost of revenue rose by 32.7% from RMB29,203.4 million to RMB38,744.4 million for the six months ended June 30, 2022[86] - Selling and marketing expenses surged by 93.7% from RMB319.6 million to RMB619.1 million, with the proportion of these expenses in revenue rising from 1.1% to 1.6%[93] Corporate Governance and Compliance - The Company has maintained compliance with the corporate governance code since its listing date, ensuring shareholder interests and corporate accountability[149][151] - The Company has adopted a model code for securities transactions, ensuring compliance by all directors and supervisors throughout the reporting period[152] - The Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2022[181] Shareholder Information - The interests of directors and executives in the Company include 39,516,334 H Shares (21.92% of H Shares) and 114,439,526 Domestic Shares (29.93% of Domestic Shares) held by Chairman Wang Jianguo[158][159] - Executive Director and CEO Xu Xiuxian holds 18,295,661 H Shares (10.15% of H Shares) and 52,984,339 Domestic Shares (13.86% of Domestic Shares)[158][160] - As of June 30, 2022, Alibaba (China) Network Technology Co., Ltd. held 24,915,812 H Shares, representing approximately 13.82% of the relevant class of Shares and 4.43% of the total issued Shares of the Company[165] Future Outlook - The company anticipates a revenue growth forecast of 20% for the next quarter, projecting total revenue to reach RMB 1.44 billion[36] - In the second half of the year, the company aims to upgrade supply chain capabilities and explore cooperation with top upstream brand manufacturers[63]