Financial Performance - The group reported a significant increase in revenue, achieving a total of 1.2 billion in 2022, representing a 15% year-over-year growth[4] - Total revenue for the year ended December 31, 2022, was RMB 3,008.76 million, a decrease of 10.3% from RMB 3,355.40 million in 2021[115] - Gross profit for the same period was RMB 1,396.75 million, slightly down from RMB 1,412.62 million, resulting in a gross margin of approximately 46.4%[115] - Operating profit for 2022 was RMB 81.53 million, a significant recovery from an operating loss of RMB 380.03 million in 2021[115] - Net profit for the year was RMB 24.02 million, compared to a net loss of RMB 496.06 million in the previous year, indicating a turnaround in profitability[115] - The company reported a financial asset impairment reversal of RMB 76.32 million, contrasting with a loss of RMB 42.98 million in 2021[115] - Total comprehensive income for the year was RMB 13.49 million, recovering from a comprehensive loss of RMB 515.84 million in 2021[115] - The company’s sales and marketing expenses decreased to RMB 1,215.24 million from RMB 1,539.11 million, reflecting a cost control strategy[115] - The financial expenses decreased significantly to RMB 33.84 million from RMB 53.18 million, indicating improved financial management[115] - The total comprehensive income attributable to the company's owners for the year ended December 31, 2022, was RMB 22,493 thousand, a significant improvement from a loss of RMB 513,767 thousand in the previous year[144] - Basic and diluted earnings per share for the year were RMB 1.51, recovering from a loss of RMB 22.49 per share in the previous year[144] User Growth and Market Expansion - User data showed a 20% increase in active users, reaching 5 million by the end of 2022[4] - The company provided guidance for 2023, projecting a revenue growth of 10% to 1.32 billion[9] - New product launches are expected to contribute an additional 200 million in revenue in the upcoming fiscal year[9] - The group is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[9] - The company plans to focus on new product development and market expansion to drive future growth[115] - The company aims to enhance its operational efficiency and explore potential mergers and acquisitions to strengthen its market position[115] Environmental and Safety Performance - Environmental performance indicators showed a 10% reduction in greenhouse gas emissions compared to the previous year[3] - The group has set a waste reduction target of 15% for the next fiscal year, with specific steps outlined to achieve this goal[3] - There were no product recalls due to safety or health reasons during the reporting period, maintaining a 100% safety record[5] Financial Position and Liabilities - As of December 31, 2022, the total inventory amounted to RMB 798 million, with an inventory impairment provision of RMB 95 million[80] - The total accounts receivable as of December 31, 2022, was RMB 339 million, with an expected credit loss provision of RMB 43 million[83] - Current liabilities totaled RMB 1,285,294 thousand, a decrease from RMB 1,951,571 thousand in the previous year[95] - Non-current liabilities amounted to RMB 1,569,588 thousand, down from RMB 2,151,617 thousand in the previous year[95] - The total equity and liabilities amounted to RMB 3,481,763 thousand, compared to RMB 4,045,523 thousand in the previous year[95] - The company’s total liabilities decreased from RMB 2,151,617 thousand in 2021 to RMB 1,569,588 thousand in 2022, a decrease of approximately 27.0%[117] Shareholder Information and Governance - As of December 31, 2022, TMF (Cayman) Limited held 48% of the shares, while Da Cheng Investment Limited and Yao Li Investment Holdings Limited each held 33.38%[22] - The company has a total of 54,908,600 shares held by the employee benefits trust for managing the share incentive plan as of December 31, 2022[27] - Zheng Yao Nan holds 793,650,944 shares, representing 35.28% of the total shares, and is a key figure in the discretionary trust[34] - The board of directors will rotate and retire at the annual general meeting, with three directors eligible for re-election[17] - The board of directors includes independent non-executive members, ensuring governance and oversight[15] - The company has established a non-competition agreement with its controlling shareholders, ensuring compliance with its terms[29] Accounting and Financial Reporting - The company has adopted new accounting standards effective January 1, 2023, including IFRS 17 on insurance contracts and amendments to IAS 1 regarding the classification of liabilities[130] - The company is committed to ensuring that its accounting policies align with those of its joint ventures to maintain consistency in financial reporting[135] - The group adopted new accounting standards and amendments starting from January 1, 2022, with no significant impact on prior periods or expected future periods[156] - The group assesses whether there is objective evidence of impairment for investments in associates at each reporting date, calculating impairment as the difference between the recoverable amount and the carrying amount[160] - The group reports its operating segments consistently with internal reports provided to the chief operating decision-maker, who is responsible for resource allocation and performance assessment[166] Procurement and Related Party Transactions - The largest supplier accounted for approximately 3.0% of the group's procurement, while the top five suppliers accounted for about 12.3% in 2022, compared to 3.6% and 16.1% in 2021 respectively[14] - The total procurement amount under the framework procurement agreement with Shantou Shengqiang for the fiscal year 2022 was RMB 38,000,000[48] - The actual transaction amount as of December 31, 2022, was RMB 21,651,000[49] - The new procurement agreement with Shantou Shengqiang sets annual procurement limits of RMB 5,000,000 for the fiscal years 2024, 2025, and 2026[53] - The company has confirmed that related party transactions are conducted on normal or better commercial terms[72] - The company has established continuous related party transactions that are exempt from independent shareholder approval under the listing rules[73] Inventory and Cash Flow Management - Inventory decreased significantly from RMB 964,129 thousand in 2021 to RMB 702,963 thousand in 2022, a reduction of approximately 27.1%[117] - Cash and cash equivalents increased from RMB 515,547 thousand in 2021 to RMB 554,083 thousand in 2022, an increase of about 7.4%[117] - Cash flows from operating activities for the year amounted to RMB 230,528 thousand, compared to RMB 167,226 thousand in the previous year, indicating a 37.8% increase[152] - Cash flows from investing activities showed a net inflow of RMB 35,806 thousand, down from RMB 61,813 thousand in the previous year[152] - Cash flows used in financing activities resulted in a net outflow of RMB 216,202 thousand, an improvement from RMB 417,855 thousand in the previous year[152]
都市丽人(02298) - 2022 - 年度财报