Financial Performance - For the year ended December 31, 2022, the company's revenue was RMB 5,663,430, a decrease of 10.88% compared to RMB 6,354,875 in 2021[7]. - Gross profit for 2022 was RMB 4,254,420, down 10.21% from RMB 4,737,986 in the previous year[7]. - Net profit decreased by 33.22% to RMB 375,425 from RMB 562,156 in 2021[7]. - Basic earnings per share for 2022 were RMB 0.57, down from RMB 0.84 in 2021[7]. - The net profit margin decreased to 6.63% from 8.85%, a decline of 2.22 percentage points[7]. - Total revenue for the year ended December 31, 2022, was RMB 5,663.43 million, a decrease of 10.88% compared to RMB 6,354.88 million for the year ended December 31, 2021[17]. - The company's revenue for 2022 was RMB 5,663.43 million, a decrease of 10.88% compared to 2021, with a net profit of RMB 382.43 million, down 33.22% year-on-year[10]. - Revenue from distributors for the year ended December 31, 2022, was RMB 334.23 million, a decrease of 40.52% compared to RMB 561.93 million for the year ended December 31, 2021[18]. - Revenue from directly operated retail stores was RMB 4,416.07 million, down 11.51% year-over-year due to sales declines and the impact of COVID-19[33]. Operational Highlights - The company operated 2,006 retail stores across 31 provinces and municipalities, with a slight decrease in self-operated stores from 1,558 to 1,555 due to pandemic impacts[10]. - Online sales reached RMB 893.23 million, representing an 18.04% increase compared to the previous year, highlighting a shift towards e-commerce channels[10]. - The company has a diverse brand portfolio including eight brands, with a focus on high-end women's fashion[3]. - The main brands Koradior and NAERSI generated revenues of RMB 1,977.24 million and RMB 1,237.00 million, respectively, ranking among the top Chinese brands[10]. - The group operated 2,006 retail stores across 31 provinces, with 1,555 directly operated stores generating 77.98% of total revenue[30]. - In 2022, the company opened 332 new retail stores and closed 367, resulting in a net decrease of 35 stores, bringing the total to 2,006 stores by December 31, 2022[40]. Strategic Initiatives - The company plans to upgrade its positioning from a leading enterprise in the mid-to-high-end women's wear industry to a leading light luxury brand management group in China in 2023[12]. - The company is focusing on enhancing its e-commerce capabilities, particularly through platforms like Douyin, to adapt to changing consumer shopping habits[18]. - The company aims to achieve retail sales of RMB 10 billion in 2023 and RMB 15 billion by 2025, supported by a multi-brand and multi-channel strategy[49]. - The company plans to strengthen its digital infrastructure and improve online and offline membership systems for better customer engagement[52]. - The company is committed to integrating a high-quality supply chain to enhance product quality and consumer experience[53]. Financial Health - Operating cash flow increased by 41.49% to RMB 1,701,789 compared to RMB 1,202,795 in 2021[7]. - The interest coverage ratio for the company was 9.25 times, indicating strong ability to cover interest expenses[8]. - The asset-liability ratio stood at 10.79%, reflecting a stable financial structure[8]. - As of December 31, 2022, the current ratio was 1.60, unchanged from December 31, 2021[25]. - The debt-to-equity ratio as of December 31, 2022, was 10.79%, a decrease from 12.49% as of December 31, 2021[26]. Corporate Governance - The company has a diverse board consisting of six directors, including three executive directors and three independent non-executive directors[66]. - The company is committed to maintaining high corporate governance standards and has adopted relevant codes of practice[65]. - The board consists of six directors, with one female director, resulting in a gender ratio of 16.7% female to 83.3% male[80]. - The company has established three board committees: audit committee, remuneration committee, and nomination committee, with independent non-executive directors as chairs[68]. - The independent non-executive directors confirmed their independence annually, with the board believing they maintain their independence despite long tenures[73]. Environmental, Social, and Governance (ESG) Efforts - The company aims to achieve carbon neutrality by 2060, aligning with China's commitment to green development and the Paris Agreement[172]. - The total greenhouse gas emissions for the year ended December 31, 2022, amounted to 30,624.09 tons of CO2 equivalent, a decrease of 29.59% or 12,870.75 tons compared to 43,494.84 tons in 2021[163]. - The company has implemented various internal environmental policies to reduce adverse environmental impacts, including the use of low VOC paints and LED lighting systems[166]. - The company has established a mechanism to monitor suppliers to ensure compliance with environmental laws and regulations[161]. - The company promotes a modern work environment, ensuring fair employment practices and opportunities for all employees, with a total workforce of 10,327 in 2022[179]. Employee Development - The total employee count as of December 31, 2022, was 10,327, slightly down from 10,335 in 2021, with a focus on training and development in sales and marketing skills[45]. - The average training hours per employee increased to 46.49 hours in 2022 from 30.45 hours in 2021[187]. - Employee retention strategies include customized health and safety policies and regular assessments of workplace conditions[183]. - The company emphasizes employee development through various training programs, including management skills and logistics management[185]. - The company has maintained high standards to protect employees, with no significant non-compliance cases reported regarding labor standards[188]. Community Engagement - The company contributed to the community through donations and volunteer work, including support for pandemic relief efforts in the Futian District[195]. - The group received the "Special Contribution Award for Pandemic Relief" from local retail associations for its contributions during the pandemic[195]. - The group is focused on enhancing community awareness among employees through corporate social responsibility activities, benefiting both the community and the company in the long term[195]. - The company collaborates with local charities to create better futures for children, including sustainable art competitions[195].
赢家时尚(03709) - 2022 - 年度财报