业绩承压，静待改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------|---------------------------|----- ...

Investment Rating - The report maintains a "Buy" rating for the company [7][13]. Core Views - The company reported a decline in revenue and net profit for 2023, with total revenue of 8.046 billion yuan, down 14.76% year-on-year, and a net profit of 180 million yuan, down 46.26% year-on-year [4]. - The first quarter of 2024 showed signs of recovery with a revenue increase of 2.79% year-on-year, reaching 2.451 billion yuan, although net profit decreased by 57.98% year-on-year [4][12]. - The company is undergoing product structure adjustments which have impacted gross margins, but there are expectations for improved profitability in 2024 due to online channel reforms and enhanced management [5][13]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 8.046 billion yuan, with a net profit of 180 million yuan and a significant drop in net profit margin to 2.24% [4][5]. - For Q4 2023, revenue was 2.046 billion yuan, with a net loss of 11 million yuan [4]. - Q1 2024 saw revenue of 2.451 billion yuan, with a net profit of 62 million yuan, indicating a recovery from the previous quarter [4][12]. Profitability Metrics - The gross margin for 2023 was 27.75%, with a decline in Q4 to 25.43% and a slight recovery to 26.43% in Q1 2024 [5]. - The net profit margin for Q1 2024 was 2.55%, showing a recovery from a negative margin in Q4 2023 [5]. Revenue Breakdown - In Q1 2024, online revenue was 1.286 billion yuan, up 6.65% year-on-year, while offline revenue was 1.459 billion yuan, up 0.28% year-on-year [12]. - The company faced challenges in its offline business, with a net decrease of 140 stores in Q1 2024 [12]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, now expecting net profits of 287 million yuan and 317 million yuan respectively, reflecting a downward revision of 25.58% and 26.53% [13]. - The report emphasizes that ongoing adjustments in the business model are expected to benefit long-term growth, maintaining a "Buy" rating [13].

证券研究报告 ＃industryId＃ 休闲零食 ＃investSuggestion＃ | --- | --- | |----------------------------|-----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 14.71 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 401.00 | | 净资产（百万元） | 2,553.77 | | 总资产（百万元） | 4,833.03 | | 每股净资产（元） | 6.37 | ＃relatedReport＃ ＃分析师： emailAuthor＃ 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 公 司 研 究 ＃ investSug gestionCh ange＃ 维持 ） 汪润 投资要点 ＃⚫summary 事件：＃公司公告 2023 年年报及 2024 年一季报，2023 年公司实现收入/归母净利润/扣非归母净利润 80.46/1.80/0.65 亿元，同比-14.76%/-46.26% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [21] Core Views - The company reported a revenue of 8.05 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 180 million yuan, down 46.3% year-on-year. In Q1 2024, revenue rebounded to 2.45 billion yuan, up 2.8% year-on-year, while net profit attributable to shareholders was 60 million yuan, down 58.0% year-on-year. The decline in 2023 was primarily due to a significant drop in e-commerce revenue as traffic shifted to content e-commerce platforms. However, Q1 2024 saw rapid growth in group buying business due to channel expansion and marketing efforts during the New Year festival, leading to a recovery in revenue growth. Despite this, profit margins were pressured due to price reductions [23][24]. Financial Summary - The company's revenue is projected to recover to 8.575 billion yuan in 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders is expected to be 186 million yuan, reflecting a slight increase of 3.4% [25]. - The company's gross margin is forecasted to be 26.5% in 2024, with a net margin of 2.2% [25]. - Earnings per share (EPS) are projected to be 0.46 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 31.6, 26.7, and 22.8 for 2024, 2025, and 2026 respectively [23][25]. Business Performance - The company has optimized its multi-channel layout, enhancing e-commerce, direct retail, and group buying operations. E-commerce revenue grew by 6.7% to 1.29 billion yuan in Q1 2024, while direct retail revenue increased by 10.2% to 640 million yuan. The group buying business saw a significant increase of 57.3% to 180 million yuan during the same period [24].

请阅读最后一页重要免责声明 3 证券研究报告 ▌ 食品饮料组介绍 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信证券、新时代证券、国 海证券，于 2021 年 11 月加盟华鑫证券研究所担任食品饮料首席分析师，负责 食品饮料行业研究工作。获得 2021 年东方财富百强分析师食品饮料行业第一 名、2021 年第九届东方财富行业最佳分析师食品饮料组第一名和 2021 年金麒 麟新锐分析师称号。注重研究行业和个股基本面，寻求中长期个股机会，擅长 把握中短期潜力个股；勤于思考白酒板块，对苏酒有深入市场的思考和深刻见 解。 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 廖望州：香港中文大学硕士，CFA，3 年食品饮料行业研究经验，覆盖啤酒、卤 味、徽酒领域。 ▌ 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 ...

民生证券研究院： 门店业态持续调整，短期业绩承压 2024 年 04 月 27 日 ➢ 产品调价毛利下降，收入规模下滑费效有所降低。23 年实现毛利率 27.75%， 同比+0.18pcts；23Q4 起公司调整产品价格，集中在成本优化但不影响品质以 及复购率高的零食上，23Q4 毛利率同比-0.43pcts 至 25.43%，24Q1 毛利率同 比-2.74pcts 至 26.43%。费用端，23 年销售/管理/研发/财务费用率分别 19.55%/5.55%/0.54%/-0.14%，同比+0.94/+0.47/+0.01/+0.24pcts，费用率 有所提升预计系收入下滑费效略有下降。23 年实现扣非净利率 0.81%，同比- 1.4pcts；24Q1 实现扣非净利率 2.24%，同比-2.25pcts。 推荐 维持评级 当前价格： 14.71 元 [盈利预测与财务指标 Table_Forcast] ➢ 坚持实施"好货不贵"价格策略，门店业务持续调整。分渠道：23 年电商/ 加盟/直营零售/团购业务收入分别 31.67/24.0/18.94/4.90 亿元，同比- 32.58%/-6.67%/+21.69 ...

Revenue and Profit Performance - Revenue for the first quarter was RMB 2,451,351,507.26, an increase of 2.79% year-over-year[4] - Operating revenue increased slightly to RMB 2,451,351,507.26 in Q1 2024 from RMB 2,384,725,480.36 in Q1 2023, showing modest revenue growth[20] - Total revenue for Q1 2024 was 2,368,755,116.19, an increase from 2,240,425,729.45 in the previous period[21] - Net profit attributable to shareholders of the listed company was RMB 62,482,768.52, a decrease of 57.98% year-over-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 54,882,483.47, a decrease of 48.69% year-over-year[4] - Net profit attributable to parent company shareholders was 62,482,768.52, down from 148,689,677.18 in the previous period[22] - Operating profit for Q1 2024 was 89,119,584.98, a decrease from 200,205,319.89 in the previous period[21] - The decrease in net profit was mainly due to price adjustments on some products, leading to a decline in gross margin, and the timing of government subsidies[5] Cash Flow and Liquidity - Net cash flow from operating activities was RMB -54,482,792.43, a decrease of 118.00% year-over-year[4] - The decrease in net cash flow from operating activities was mainly due to the timing of the Spring Festival sales, which resulted in lower sales collections compared to the same period last year[5] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Cash outflow from investment activities was 31,836,674.37, a significant decrease from 91,000,145.80 in the previous period[24] - Cash outflow from financing activities was 317,435,522.49, more than double the previous period's 159,418,931.00[24] - Net cash flow from financing activities was -317,435,522.49, compared to -121,840,474.10 in the previous period[24] - Cash and cash equivalents at the end of the period were 1,464,636,483.45, a decrease from 1,866,917,053.19 at the beginning of the period[24] - Cash received from sales of goods and services in Q1 2024 was 2,751,040,675.95, a decrease from 2,996,501,132.77 in Q1 2023[31] - Cash received from other operating activities in Q1 2024 was 23,444,718.91, down from 65,392,488.85 in Q1 2023[31] - Total operating cash inflow in Q1 2024 was 2,774,485,394.86, compared to 3,061,893,621.62 in Q1 2023[31] - Cash paid for goods and services in Q1 2024 increased to 1,994,870,557.43 from 1,823,861,069.42 in Q1 2023[31] - Net cash flow from operating activities in Q1 2024 was -54,482,792.43, a significant decline from 302,683,002.10 in Q1 2023[31] - Cash inflow from disposal of fixed assets in Q1 2024 was 1,474,419.55, up from 268,500.68 in Q1 2023[31] Earnings Per Share and Return on Equity - Basic earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Diluted earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Basic earnings per share for Q1 2024 were 0.16, compared to 0.37 in the previous period[22] - Weighted average return on equity (ROE) was 2.48%, a decrease of 3.53 percentage points year-over-year[4] Assets and Liabilities - Total assets decreased to RMB 4,833,028,230.50 in Q1 2024 from RMB 5,521,460,814.80 at the end of 2023, indicating a reduction in asset size[17] - Total assets decreased by 12.47% to 4,833,028,230.50 compared to the end of the previous year[27] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Accounts receivable increased to RMB 425,716,313.13 in Q1 2024 from RMB 381,088,219.90 at the end of 2023, showing a rise in receivables[15] - Inventory decreased to RMB 382,087,373.56 in Q1 2024 from RMB 641,178,154.21 at the end of 2023, indicating a significant reduction in stock levels[15] - Total liabilities decreased to RMB 2,281,359,466.65 in Q1 2024 from RMB 3,033,965,428.06 at the end of 2023, reflecting a reduction in debt[17] - Fixed assets decreased to RMB 638,043,669.88 in Q1 2024 from RMB 656,318,249.16 at the end of 2023, indicating a reduction in long-term investments[16] - Prepayments increased to RMB 97,024,019.76 in Q1 2024 from RMB 66,406,443.70 at the end of 2023, reflecting higher advance payments[15] - Other receivables increased slightly to RMB 131,390,630.42 in Q1 2024 from RMB 128,153,981.92 at the end of 2023, showing a minor rise in miscellaneous receivables[15] - Retained earnings increased to RMB 1,324,470,485.03 in Q1 2024 from RMB 1,261,987,716.51 at the end of 2023, indicating growth in accumulated profits[17] - Equity attributable to shareholders of the parent company increased by 2.59% to 2,553,766,779.61[27] Non-Recurring Items and Other Income/Expenses - Non-recurring loss from disposal of non-current assets amounted to -47,011.19[28] - Government subsidies recognized in current period totaled 9,490,302.55[28] - Impairment reversal of receivables separately tested for impairment was 2,253,543.87[28] - Other non-operating income and expenses resulted in a loss of -1,648,385.27[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,190[7]

良品铺子股份有限公司 2023 年度财务报表及审计报告 t and 良品铺子股份有限公司 2023 年度财务报表及审计报告 | | 页码 | | --- | --- | | 审计报告 | 1 - 7 | | 2023 年度财务报表 | | | 合并资产负债表 | 1-2 | | 公司资产负债表 | 3-4 | | 合并利润表 | 5 - 6 | | 公司利润表 | 7 | | 合并现金流量表 | 8 | | 公司现金流量表 | 9 | | 合并股东权益变动表 | 10 - 11 | | 公司股东权益变动表 | 12 - 13 | | 财务报表附注 | 14 - 140 | | 补充资料 | 1-2 | 普华永道 审计报告 普华永道中天审字(2024)第 10106号 (第一页,共七页) 良品铺子股份有限公司全体股东: í 审计意见 (一) 我们审计的内容 我们审计了良品铺子股份有限公司(以下简称"良品铺子公司")的财 务报表,包括 2023年 12月 31日的合并及公司资产负债表,2023年度的合 并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及 财务报表附注。 (二) 我们的意见 我们认为 ...

良品铺子股份有限公司 独立董事 2023 年度述职报告 1 报告期内，本人认真参加公司董事会和股东大会，履行了独立董事忠 实、勤勉义务。在会议召开前，本人对会议相关审议事项进行较为全面的 调查和了解，并在必要时向公司进行问询，公司能够积极配合并及时进行 回复。在会议召开过程中，本人对提交董事会的议案进行认真审议，就审 议事项与其他董事充分讨论。会议时间之外，还了解公司的日常经营和运 作情况，凭借自身积累的专业知识和经验向公司提出合理化建议，积极促 进董事会决策的客观性、科学性，切实维护了公司和全体股东的利益。 本人尉安宁，作为良品铺子股份有限公司（以下简称"公司"）的独 立董事，在 2023 年度严格按照《公司法》《上市公司独立董事管理办法》 《上市公司治理准则》等法律法规、规范性文件以及公司《章程》、公司 《独立董事工作制度》等相关规定和要求，履行独立董事的职责和义务， 积极参加公司相关会议，并认真审议董事会各项议案，对相关事项发表了 独立意见，切实维护全体股东和公司的利益。现将 2023 年度履行独立董事 职责情况汇报如下： 一、独立董事的基本情况 本人自 2022 年 9 月 15 日经公司 2022 ...

Financial Performance - Q1 2023 revenue reached 2.38 billion RMB, with net profit attributable to shareholders of 148.69 million RMB[22] - Q2 2023 revenue was 1.60 billion RMB, with net profit attributable to shareholders of 40.62 million RMB[22] - Q3 2023 revenue stood at 2.01 billion RMB, but net profit attributable to shareholders dropped significantly to 1.998 million RMB[22] - Q4 2023 revenue was 2.05 billion RMB, but the company reported a net loss attributable to shareholders of 11.02 million RMB[22] - The company's full-year 2023 revenue was 8.05 billion RMB, with a net profit attributable to shareholders of 179.29 million RMB[22] - Revenue in 2023 decreased by 14.76% to 8,045,888,960.40 compared to 9,439,614,030.51 in 2022[32] - Net profit attributable to shareholders dropped by 46.26% to 180,285,890.50 from 335,475,973.76 in 2022[32] - Basic earnings per share fell by 46.43% to 0.45 from 0.84 in 2022[33] - Weighted average return on equity decreased by 7.43 percentage points to 7.43% in 2023[33] - Total revenue for 2023 was 7,951,400,892.03 yuan, a decrease of 14.67% year-over-year, with a corresponding decrease in operating costs of 14.92%[71] - Gross profit margin increased by 0.21 percentage points to 27.88% in 2023[71] - E-commerce business revenue declined by 32.58% year-over-year, primarily due to industry and platform changes[72] - The company achieved a net profit attributable to shareholders of 180.285 million yuan, with a cash dividend of 90.225 million yuan, accounting for 50.05% of the net profit[86] Dividends and Shareholder Returns - The company's total share capital is 401,000,000 shares, with a proposed cash dividend of 2.25 yuan per 10 shares, totaling 90,225,000.00 yuan[12] - The cash dividend for 2023 accounts for 50.05% of the net profit attributable to shareholders[12] - The company's undistributed profits as of December 31, 2023, amounted to 599,625,261.93 yuan[12] - The company distributed a cash dividend of 100.69 million yuan, accounting for 30.01% of the net profit attributable to shareholders in 2022[104] - A three-year (2023-2025) shareholder dividend return plan was established[157] Cash Flow and Financial Position - Operating cash flow for Q1 2023 was 302.68 million RMB, increasing to 383.18 million RMB in Q2[22] - Q3 2023 operating cash flow was 274.88 million RMB, and Q4 saw a further increase to 319.02 million RMB[22] - Operating cash flow surged by 1,144.38% to 1,279,759,894.98 in 2023 from 102,842,955.13 in 2022[32] - Net cash flow from operating activities increased by 1,144.38% to RMB 1,279,759,894.98[63] - Investment cash flow was -302,463,288.58 yuan in 2023, mainly due to increased expenditures on fixed assets, intangible assets, and renovations[108] - Financing cash flow was -413,274,775.79 yuan in 2023, primarily due to increased rental payments for direct-operated stores[108] - Cash and cash equivalents increased by 45.56% to 1,971,423,858.49 yuan, driven by sales collection and payment rhythm for procurement[111] - Accounts receivable decreased by 48.13% to 381,088,219.90 yuan, mainly due to a decline in e-commerce sales and the impact of the Spring Festival rhythm[111] - Total assets increased by 9.64% to 5,521,460,814.80 in 2023 from 5,035,859,789.33 in 2022[32] - Inventory increased by 18.20% to 916.45 million in 2023 compared to 641.18 million in 2022[182] - Long-term accounts receivable increased by 827.99% to 5.36 million in 2023 compared to 577,455.10 in 2022[182] - Long-term equity investment increased by 56.89% to 44.45 million in 2023 compared to 28.33 million in 2022[182] - Intangible assets increased by 78.69% to 240.15 million in 2023 compared to 134.39 million in 2022[182] Government Subsidies and Non-Recurring Gains - Government subsidies in 2023 amounted to 87.06 million RMB, a decrease from 162.22 million RMB in 2022[24] - Non-recurring gains from financial assets held by non-financial enterprises totaled 59.99 million RMB in 2023[24] - Other income contributed 91,059,289.79 yuan, accounting for 34.75% of total profit, mainly from government subsidies[110] - Investment income was 59,999,364.00 yuan, accounting for 22.89% of total profit, mainly from equity investment disposals[110] Market and Industry Trends - China's total retail sales of consumer goods grew by 7.2% to 47.15 trillion yuan in 2023[36] - The snack food market in China reached 928.6 billion yuan in 2023, with expectations to exceed 1 trillion yuan in 2024[37] - In 2023, China's snack market size reached 928.6 billion yuan, with a projected market size exceeding 1 trillion yuan in 2024. The per capita snack consumption in China is half the global average, one-third of Japan's, and one-fifth of the US's, indicating significant growth potential[43] - The snack industry is characterized by rapid product iteration and channel transformation, with new categories like packaged baked goods and meat snacks growing 1.5 times faster than the industry average. Offline channels account for 82.6% of the market, while online channels make up 17.4%, with traditional e-commerce growth slowing and traffic shifting to content-driven platforms[43] Product and Pricing Strategy - The company adjusted prices for over 300 products to enhance market competitiveness[39] - The company's store business has seen a steady year-on-year increase in customer transactions, driven by the introduction of fresh short-shelf-life snacks and seasonal frozen products like frozen durian, chestnuts, and bayberries, which effectively boosted in-store sales and average transaction value[40] - The e-commerce business achieved a breakthrough in sales of scenario-based product combinations by focusing on user needs for "natural, healthy, and nutritious" products, with 0-additive and 0-sugar light series products gaining popularity. Sales on platforms like Meituan, Pinduoduo, and Yonghui grew rapidly[40] - The company integrated global high-quality supply chain resources to offer cost-effective products without compromising quality, collaborating with industry leaders to develop new products like chicken feet and air-dried beef, and introducing innovative products like chickpea-based tofu to meet consumer demand for low trans-fat and reduced oil content[41] - The company plans to launch over 140 new healthy snack products in 2024, covering categories such as pastries, biscuits, vegetarian snacks, and dried fruits[61] Supply Chain and Operations - The company's supply chain can deliver products from concept to production in as little as 26 days[62] - The company implemented a smart supply chain management platform to optimize inventory turnover and improve delivery efficiency[100] - The company's supply chain management model includes supply planning, procurement, and logistics, with the company using a "sales-driven procurement" approach to optimize inventory turnover and ensure product freshness. The EWM system enables real-time order tracking and delivery management[47] - The company established 6 self-operated regional warehouses in Wuhan, Nanjing, Chengdu, and Dongguan to mitigate supply chain risks[127] - Direct procurement from origin was achieved for products such as Yunnan macadamia nuts, Xinjiang walnuts, and Vietnamese cashews[127] - The company implemented a five-level production and sales coordination system, including annual capacity planning and weekly order procurement plans[127] E-commerce and Digital Transformation - The company's e-commerce business will focus on integrating online and offline channels, leveraging AI technology to enhance content creation and user experience[54] - The company's platform e-commerce strategy focuses on data-driven insights to match consumer needs with product offerings and delivery channels[81] - The company's social e-commerce strategy leverages platforms like Douyin and Kuaishou, utilizing MCN agencies and live streaming to boost brand awareness and user engagement[81] - Online sales revenue decreased by 32.58% to 3.17 billion in 2023, accounting for 39.83% of total revenue[184] - Total reachable members reached 150 million, with 75.69 million key members maintained as of December 31, 2023[184] - Member sales accounted for 64.35% of total sales in 2023[184] Corporate Governance and Management - The company's General Manager, Yang Hongchun, received a pre-tax remuneration of 2.6384 million yuan in 2023[141] - The company's General Manager, Yang Yinfen, received a pre-tax remuneration of 2.0713 million yuan in 2023[141] - The company's Director, Zhang Guoqiang, received a pre-tax remuneration of 1.2708 million yuan in 2023[141] - The company's Independent Director, Wei Anning, received a pre-tax remuneration of 240,000 yuan in 2023[141] - The company's Independent Director, Gong Shunrong, received a pre-tax remuneration of 62,600 yuan in 2023[141] - The company's Independent Director, Li Chuanhai, received a pre-tax remuneration of 62,600 yuan in 2023[141] - The company's former Independent Director, Hu Yanzao, received a pre-tax remuneration of 177,400 yuan in 2023[141] - The company's former Independent Director, Chen Qifeng, received a pre-tax remuneration of 177,400 yuan in 2023[141] - The company's Board Secretary and Deputy General Manager, Xu Ran, received a pre-tax remuneration of 914,900 yuan in 2023[141] - The company's Supervisor, Wan Zhangnan, received a pre-tax remuneration of 709,600 yuan in 2023[141] - The total actual compensation received by all directors, supervisors, and senior management during the reporting period was 15.9362 million yuan[147] - The company held 10 board meetings during the year, including 2 on-site meetings, 5 via teleconference, and 3 combining on-site and teleconference[154] - The board approved the "2023 Employee Stock Ownership Plan (Draft)" and related proposals during the 18th meeting of the second board of directors[149] - The board approved the revision of the company's articles of association and various management systems during the 20th meeting of the second board of directors[149] - The board nomination and remuneration committee reviewed and approved the 2022 executive compensation execution and 2023 compensation plan on February 10, 2023[146] - The company implemented new compensation and performance evaluation systems for directors, supervisors, and senior management in 2023[146] - Several senior management changes occurred, including the election of new independent directors and the resignation of some executives due to term expiration or personal reasons[148] - The company's senior management team underwent significant restructuring in 2022, with multiple new vice presidents appointed in October 2022[144] - The company's board members maintained a 100% attendance rate for board meetings during the reporting period, with no consecutive absences[150] - The company held 4 meetings of the Nomination and Remuneration Committee during the reporting period, focusing on employee stock ownership plans and executive compensation[155] - The company strictly adheres to information disclosure regulations, ensuring timely and accurate disclosure of information to all investors[156] - The 2023 First Extraordinary General Meeting approved various proposals including the 2023 Employee Stock Ownership Plan and amendments to corporate governance documents[156] - The 2022 Annual General Meeting approved the 2022 financial report, profit distribution plan, and the appointment of 2023 financial and internal control auditors[157] - The 2023 Second Extraordinary General Meeting approved revisions to the independent director system and elected members of the third board of directors[157] - Total pre-tax compensation for directors, supervisors, and senior management during the reporting period was 1,593.62 million yuan[158] - The company plans to use idle funds for cash management and authorized management to make investment decisions[157] - The company and its subsidiaries will apply for comprehensive credit lines from financial institutions and provide corresponding guarantees[157] - Changes in senior management positions occurred during the reporting period, with some vice presidents resigning[158] - Yang Hongchun served as Chairman of the company from November 2017 to November 2023 and concurrently as General Manager from September 2022 to November 2023[159] - Yang Yinfen has been serving as Chairman and General Manager of the company since November 2023[159] - Yang Hongchun holds multiple executive positions in various investment and management companies, including Ningbo Hanliang, Ningbo Hanlin, Ningbo Hannin, and Ningbo Hanliang, with terms ending on March 6, 2023[160] - Yang Hongchun is a director of Yongyi Furniture Co., Ltd. starting from March 2024[161] - Yang Yinfen is a director of Ningbo Hanxu Yiyuan Investment Management Co., Ltd. since July 2017[161] - Wang Jiafen serves as an independent director of New Hope Liuhe Co., Ltd. since May 2022[161] - Yang Rongfeng is a partner at Capital Today Group (HK) Limited since February 2023[161] - Yang Rongfeng is a director of Three Squirrels Inc. from December 2021 to March 2024[161] - Yang Rongfeng is a director of Shanghai Xiangyi Herbal Cosmetics Co., Ltd. since December 2022[161] - Yang Rongfeng is a director of Wode Beverage (Shanghai) Co., Ltd. since January 2023[161] - Revised the "Liangpin Puzi Co., Ltd. Related Party Transaction Management System"[163] - Revised the "Liangpin Puzi Co., Ltd. Major Transaction Decision-Making System"[163] - Revised the "Liangpin Puzi Co., Ltd. Fundraising Management System"[163] - Established the "Liangpin Puzi Co., Ltd. Director and Supervisor Compensation Management System"[163] - Established the "Liangpin Puzi Co., Ltd. Senior Management Compensation and Performance Evaluation Management System"[163] - Approved the "2022 Annual Financial Report" and "2022 Annual Profit Distribution Plan"[163] - Approved the "2023 Semi-Annual Report" and "2023 Semi-Annual Fundraising and Usage Report"[163] - Approved the "2023 Third Quarter Report"[164] - Elected new board members for the third board of directors, including Yang Hongchun, Yang Yinfen, and Zhang Guoqiang[164] - Revised the "Liangpin Puzi Co., Ltd. Independent Director Work System"[164] Research and Development - The company's R&D model combines in-house research with external collaborations, leveraging food science and technology to develop new ingredients, formulas, and processes that enhance nutritional value and taste, while also improving product standards and cost efficiency[46] - Total R&D investment for the period was RMB 43,730,227.04, accounting for 0.54% of total revenue[168] - R&D expenses decreased by 13.50% to 43.73 million in 2023 compared to 50.55 million in 2022[181] - The company has established 6 professional R&D laboratories and a product testing center certified by CNAS[61] Employee and Labor Management - The company's 2023 employee stock ownership plan involved the transfer of 3,016,600 shares at a price of 16.70 yuan per share[11] - The company has a total of 11,046 employees, with 3,254 in the parent company and 7,792 in major subsidiaries[177] - Sales personnel account for the largest proportion of employees at 9,163, followed by administrative personnel at 911[177] - The company's employee education level is predominantly below bachelor's degree, with 7,007 employees having education below college level[177] - The company paid a total of 27.45 million yuan for 1,372,307 hours of outsourced labor[103] Sustainability and Social Responsibility - The company implemented carbon reduction measures, including using clean energy and optimizing packaging to reduce carbon emissions[69] - The company's environmental compliance was maintained, with no major environmental violations or accidents reported[68] - The company's social responsibility report was disclosed on April 26, 2024, detailing sustainability efforts[67] - The company donated a total of 1,086,300 yuan in 2023, including 100,000 yuan in cash and 986,300 yuan in material donations[76] Risk Management and Compliance - The company faces risks related to product quality due to factors such as raw material supply, supplier production capacity, transportation, and climate conditions, which could impact brand image and financial performance[119] - The company has a strong brand reputation with awards like "China Well-known Trademark" and "E-commerce Demonstration Enterprise," but faces risks from counterfeit products that could harm brand image and consumer trust[119] - Seasonal sales risks are significant, with peak demand during Q1 and Q4 due to holidays and promotional events like "618" and "Double 11"[137] - Fluctuations in raw material prices, such as nuts, fruits, and meat, pose a risk to the company's profitability[137] - Food safety remains a critical focus for the company, aligning with increasing government and consumer attention to quality and safety[138] - The company has established a comprehensive quality control system, including supplier management, production control, and product testing, to ensure food safety[118] Shareholder and Executive Commitments - Major shareholder Da Yong Limited commits to selling shares at a price not lower than the IPO price within two years after the lock-up period ends[187] - Shareholder Ningbo Aibang