Sales Performance - Chicken seedling sales increased by 3.2% to 32.1 million units in 2022, while revenue from external sales of chicken seedlings decreased by 17.3% to RMB 53.6 million[4] - Sales volume of raw chicken meat products increased by 24.0% to 251.5 million kg, with revenue from external sales rising by 30.7% to RMB 2,500.6 million, accounting for 49.2% of the Group's total revenue[14] - Sales revenue from major customer business reached RMB 684.2 million, a year-on-year increase of 6.3%[24] - The Group's sales to high-end catering brands grew by 22.2% in the second half of 2022, achieving an annual channel sales growth of 11.3%[29] - Low-fat chicken breast meatballs became the best-selling new product, reaching a sales milestone of RMB 10 million within 10 months[31] - Revenue increased by 15.1% year-on-year to RMB5,085.79 million in 2022, with significant growth in Europe (+113.0%) and Malaysia (+19.6%)[78] - B2B revenue grew by 28.6%, accounting for 87.7% of total revenue, while B2C revenue declined by 34.0% due to the impact of COVID-19 on iShape and Fovo Foods sales[82] - The iShape brand maintained a 5.1% higher market share than its closest competitor in the online market, despite having nearly double the price[49] - The company expanded its offline presence to 142 cities with nearly 60,000 outlets, focusing on convenience stores and premium supermarkets[49] - The number of white-feathered broilers slaughtered increased by 13.4% year-on-year, driving growth in production and sales volume[77] - Raw chicken meat products revenue increased by 30.7% to RMB 2,500.559 million, driven by increased sales to Europe, Malaysia, and other countries[99][102] - Processed chicken meat products revenue grew by 3.3% to RMB 2,371.087 million, despite a 2.5% decrease in average selling price to RMB 20.8 per kg[102] - Total revenue increased by 15.1% to RMB 5,085.790 million, with raw chicken meat products contributing the largest share at 49.2%[102] - Revenue increased by 15.1% year-on-year to RMB 5,085.79 million in 2022, compared to RMB 4,416.76 million in 2021[112] - B2B sales revenue grew by 28.6% to RMB 4,459.92 million, accounting for 87.7% of total revenue, up from 78.5% in 2021[112][115] - B2C sales revenue declined by 34.0% to RMB 625.87 million, with online sales dropping by 45.2% and offline sales decreasing by 22.1%[112] - Key client business revenue grew by 6.3% to RMB 684.2 million, driven by expanded sales regions and product innovation[121] - Revenue growth in Mainland China was driven by increased sales volume of raw chicken meat products, with additional growth in Malaysia, Europe, and other markets[110] - Total operating revenue increased by 15.1% to RMB 5,085,790,000 in 2022 compared to RMB 4,416,764,000 in 2021[127] - Revenue for the year ended December 31, 2022, was RMB 5,085,790 thousand, an increase from RMB 4,416,764 thousand in 2021[165] - Sales volume of raw chicken meat products increased by 24.0% to 251.5 million kg in 2022 from 202.9 million kg in 2021[166] - Sales volume of processed chicken meat products grew by 6.0% to 114.0 million kg in 2022 from 107.6 million kg in 2021[166] - Revenue from external sales of other products increased by 12.0% to RMB 160.5 million in 2022, representing 3.2% of total revenue[187] Financial Performance - The company recorded a net loss of RMB769.0 million in 2022, primarily due to a one-off impairment loss, compared to a net profit of RMB47.1 million in 2021[54] - Gross profit increased by 4.6% year-on-year, while operating costs rose by 16.7% to RMB4,502.3 million, driven by higher sales of white-feathered broilers and rising feed costs[54][83] - Administrative expenses increased by 21.5% to RMB108.5 million, mainly due to higher equity incentive and service fees[87] - The company's total borrowings decreased by 39.5% to RMB 1,489 million as of December 31, 2022, due to repayment of long-term borrowings and reduction in pledged borrowings[103] - Financing costs rose by 3.0% to RMB 49.1 million in 2022, primarily due to higher borrowing rates and reduced interest income[102] - Net loss of RMB 769.0 million in 2022, compared to a net profit of RMB 47.1 million in 2021, primarily due to a one-time impairment loss on deposits receivable from Xin Fengxiang Finance[108] - Gross profit increased by 4.6% year-on-year, despite the overall net loss[108] - Operating costs rose by 16.7% to RMB 4,502,293,000 in 2022 from RMB 3,858,825,000 in 2021[127] - R&D expenses increased by 27.9% to RMB 31,944,000 in 2022 from RMB 24,983,000 in 2021[127] - Gross profit margin decreased to 11.5% in 2022 from 12.6% in 2021, a decline of 8.7%[127] - Net loss margin was (15.1)% in 2022 compared to a net profit margin of 1.1% in 2021, a significant decline of 1,472.7%[127] - Adjusted net profit decreased by 16.7% to RMB 39,206,000 in 2022 from RMB 47,075,000 in 2021[127] - Net loss attributable to shareholders was RMB 769,029 thousand in 2022, compared to a net profit of RMB 50,911 thousand in 2021[165] - Adjusted net profit for 2022 was RMB 39,206 thousand, a decrease from RMB 47,075 thousand in 2021[165] Product Development and Innovation - The Group launched several new products to meet the rapidly changing demand for prepared dish products[25][39] - The Group's new retail business introduced four new products, with chicken breast fried rice achieving a repurchase rate of 17.5%[31] - The company aims to transform iShape from high-end chicken breast products to "low-burden" meat products and healthy food, targeting younger consumers[59] - The company launched the "Gancuiburen" chicken breast chips under the "iShape" brand on 8 January 2022, marking the beginning of the "All Things Low-fat" era[150] - On May 5, 2022, iShape launched a new product, "iShape Chicken Breast Luncheon Meat," expanding its low-fat product line[186] Market Expansion and Diversification - The Group expanded its presence in Europe, Southeast Asia, and the new Middle East market, achieving significant growth and diversifying channels[18][37] - The Group's export business continued to optimize products, services, and channels, reinforcing its leading position in the export market[45] - The company is the largest white-feathered broiler meat exporter in China and was listed on the Main Board of the Stock Exchange on July 16, 2020[171] - The company aims to enhance profitability and international influence by pursuing balanced growth across multiple channels and expanding production lines[120] Strategic Initiatives - The company's "123" strategy focuses on expanding retail business, increasing processed food sales, and building a leading chicken meat brand in China[116] - The company's deep-processed chicken products sales accounted for 46.6% of total revenue, with a production capacity of 142,000 tons[123] - The processed chicken meat market is expected to exceed RMB60 billion by 2024, with the company focusing on transforming from raw to processed products[66] Corporate Social Responsibility and Recognition - On 12 January 2022, the company distributed quality-assured chicken products to support Xi'an during the COVID-19 pandemic[151] - The company's raw chicken products were selected for the "Good Products of Shandong" list on 2 March 2022[152] - On March 2, 2022, Fovo Foods' raw chicken meat was selected as "Shandong's Good Product"[168] Challenges and Risks - The company faced challenges including industry cycle fluctuations, COVID-19 impacts, and high feed costs, but still achieved notable performance[188] - Delisting resolution was not approved at the company's shareholder meeting on January 18, 2023, and has therefore lapsed[200] Shareholder and Employee Incentives - The company's 2020 Share Award Plan allows for a maximum of 3% of issued H-shares (10,650,000 shares) to be awarded annually, with 9,095,000 shares remaining available as of the report date[90] - In 2022, 149,000 shares were vested to selected employees at a weighted average closing price of HK$1.17 prior to vesting dates[96] - The 2020 Share Award Plan will remain effective for 10 years from the listing date unless terminated earlier by the Board[107]

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 5,085,790,000, an increase of 15.1% from RMB 4,416,764,000 in 2021[10] - Gross profit for the same period was RMB 583,497,000, compared to RMB 557,939,000 in 2021, reflecting a gross margin improvement[10] - The net loss attributable to shareholders for 2022 was RMB 769,029,000, a significant decline from a profit of RMB 50,911,000 in 2021[10] - The adjusted net profit for 2022 was RMB 39,206,000, down from RMB 47,075,000 in the previous year[10] - The company's basic loss per share for 2022 was RMB (55.4), compared to earnings of RMB 3.6 per share in 2021[10] - The company reported a net loss of RMB 76,902.86 thousand for the year 2022, raising significant concerns about its ability to continue as a going concern[40] - The company reported a net loss attributable to ordinary shareholders of RMB (769,029,000) for the year ended December 31, 2022, compared to a profit of RMB 50,911,000 in 2021[59] - The company's operating costs rose by 16.7% to RMB 4,502.3 million, primarily due to a 9.9% increase in the number of white feather broilers raised and rising feed costs[160] Sales and Production - Sales volume of white feather chickens reached 154.8 million, up 9.9% from 140.8 million in 2021[1] - Processed white feather chicken sales volume increased to 355.9 million kilograms, a rise of 12.8% from 315.6 million kilograms in 2021[1] - The company reported a total of 251.5 million kilograms in fresh chicken meat products sold, up 24.0% from 202.9 million kilograms in 2021[1] - The sales volume of raw chicken products increased by 24.0% to 251.5 million kg for the year ended December 31, 2022, compared to 202.9 million kg in 2021[108] - Revenue from external sales of raw chicken products grew by 30.7% to RMB 2,500.6 million, accounting for 49.2% of the total revenue[108] - The sales volume of deep-processed chicken products increased by 6.0% to 114.0 million kg, with revenue growing by 3.3% to RMB 2,371.1 million, accounting for 46.6% of total revenue[79] - The group achieved a record high of 154.8 million chickens raised during the year, contributing to overall performance[112] Assets and Liabilities - The total assets decreased to RMB 5,228,334,000 from RMB 6,931,052,000 in 2021, indicating a reduction in overall financial strength[6] - As of December 31, 2022, total assets decreased to RMB 5,228,334 thousand from RMB 6,931,052 thousand in 2021, representing a decline of approximately 24.5%[14] - Cash and cash equivalents dropped significantly to RMB 332,156 thousand in 2022 from RMB 1,854,774 thousand in 2021, a decrease of about 82.1%[14] - Short-term borrowings decreased to RMB 1,124,614 thousand in 2022 from RMB 1,731,044 thousand in 2021, a reduction of approximately 35.0%[37] - Non-current liabilities decreased to RMB 2,616,359 thousand in 2022 from RMB 3,531,440 thousand in 2021, a decline of about 25.8%[37] - The capital debt ratio improved to 57.0% as of December 31, 2022, down from 72.4% in the previous year, indicating better financial stability[165] Strategic Initiatives - The company plans to focus on core operations and enhance production capacity to drive business growth, while also accelerating inventory turnover and implementing cost-reduction measures[21] - The company is committed to ongoing research and development of new products to expand its overseas customer base and enhance channel construction[21] - The company aims to secure new loans at reasonable costs to improve liquidity, with some financial institutions already expressing interest in providing new loans[41] - The company plans to enhance its sustainable competitiveness by benchmarking against outstanding domestic and international peers[141] - The strategic focus includes expanding the vertical integration business model across the entire industry value chain and ensuring food quality safety[95] - The group plans to focus on the development of the ready-to-eat market, which has significant growth potential, projected to exceed RMB 60 billion by 2024[120] Market Trends and Consumer Behavior - The company has identified a trend towards healthier, tastier, and more convenient food choices among consumers, particularly among women and younger generations[92] - The company continues to focus on high-end chicken breast products while gradually expanding into lower-cost meat products and health foods[97] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[181] - The company has established an audit committee in accordance with Listing Rule 3.21, consisting of two independent non-executive directors and one non-executive director[183] - The company has applied for a temporary exemption from strict compliance with the Listing Rules, indicating potential strategic shifts in its operations[145] - The company's public float fell below 25% after the offer period, failing to meet the minimum public float requirement under Listing Rule 8.08(1)(a)[174] - The offeror has committed to take appropriate measures to ensure sufficient public float, which may include issuing new shares to the public or placing shares held by the offeror or its concert parties[174] Future Outlook - The company is currently in the pre-listing guidance stage for its proposed initial public offering of A-shares[189] - The company will hold its 2022 Annual General Meeting on May 19, 2023[188]

(A joint stock company incorporated in the People's Republic of China with limited liability) 罆♷♏谜4UPDL$PEF *OUFSJN3FQPSU ╈僿㕕⼔ 亥╈虒☕妩⪦⽰㎜錝⫈䡗环氳罆♷僗⪝ | --- | --- | --- | |-------------------------------------------------------------------------|----------------------------|-------| | | | | | | | | | | CONTENTS | | | | 目錄 | | | | | | | CORPORATE INFORMATION | 公司基本情況 | 2 | | | | | | MAJOR FINANCIAL INDICATORS AND KEY OPERATING DATA | 主要財務指標及主要經營數據 | 5 | | MAJOR EVENTS | 大事記 | 7 | | MANAGEMENT DISCUSSION AND ANALYS ...

ANNUAL REPORT 年報 2021 9 凤祥食品 山東鳳祥股份有限公司 Shandong Fengxiang Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) (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：9977 BIOGRAPHIES OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 董事、監事及高級管理層履歷 43 REPORT OF BOARD OF DIRECTORS 董事會報告 55 REPORT OF BOARD OF SUPERVISORS 監事會報告 98 CORPORATE GOVERNANCE REPORT 企業管治報告 103 INDEPENDENT AUDITOR'S REPORT 獨立核數師報告 127 CONSOLIDATED BALANCE SHEET 合併資產負債表 135 BALANCE SHEET OF THE COMPANY 母公司 ...

> 凤祥食品 INTER 2021中期報告 上需 山東鳳祥股份有限公司 Shandong Fengxiang Co., Ltd. (A joint stock company incorporated in the People's Republic of China with limited liability) (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：9977 | --- | --- | --- | |-------------------------------------------------------------------------|-------------------------------------------|-------| | | | | | | | | | | | | | | CONTENTS | | | | 目錄 | | | CORPORATE INFORMATION MAJOR FINANCIAL INDICATORS AND KEY OPERATING | 公司基本情況 主要財務指標及主要經營數據 | 2 5 | | DATA MAN ...