中国有赞(08083) - 2022 - 年度财报

Financial Performance - Revenue for 2022 decreased by 4.7% to RMB 1,496,977 thousand compared to RMB 1,569,991 thousand in 2021[11] - Gross profit increased by 1.0% to RMB 961,922 thousand in 2022 from RMB 952,263 thousand in 2021[11] - Gross profit margin improved to 64.3% in 2022 from 60.7% in 2021[11] - Loss before tax significantly reduced by 79.8% to RMB (658,407) thousand in 2022 from RMB (3,251,782) thousand in 2021[11] - Loss for the year attributable to owners of the company decreased by 80.4% to RMB (645,760) thousand in 2022 from RMB (3,293,020) thousand in 2021[11] - Adjusted loss before interest, tax, depreciation, and amortization (unaudited) decreased by 87.9% to RMB (303,089) thousand in 2022 from RMB (2,509,498) thousand in 2021[11] - Adjusted non-HKFRS loss for the year (unaudited) decreased by 61.3% to RMB (339,537) thousand in 2022 from RMB (876,549) thousand in 2021[11] - Total assets decreased by 4.6% to RMB6,559,725,000 in 2022 compared to RMB6,872,975,000 in 2021[12] - Non-current liabilities decreased significantly by 40.1% to RMB262,833,000 in 2022 from RMB438,828,000 in 2021[12] - Adjusted EBITDA in Q4 2022 was approximately RMB7.15 million[18] - Adjusted EBITDA in Q4 2022 was approximately RMB7.15 million[33] - Sales expense ratio decreased quarter-on-quarter, and R&D expenses decreased year-on-year in 2022[33] - Cash balances achieved consecutive quarterly growth in Q3 and Q4 2022[33] - Net cash balance showed consecutive growth in Q3 and Q4 2022[18] - The company's revenue in 2022 was approximately RMB1,496,977,000, a 4.7% decrease year-on-year, primarily due to a decline in subscription solutions revenue[54][57] - Revenue from subscription solutions decreased by 8.6% year-on-year to RMB890,223,000, driven by a decline in cloud service fees and SaaS subscription fees[55][58] - Revenue from merchant solutions increased by 2.2% year-on-year to RMB597,780,000, in line with GMV growth[59][61] - Revenue from other businesses decreased by 21.3% year-on-year to RMB8,974,000, mainly due to the cessation of catering services[60][62] - Total cost of sales decreased by 13.4% year-on-year to RMB535,055,000 in 2022, primarily due to a 15.1% reduction in transaction costs, a 9.3% decrease in staff costs, and a 22.0% drop in server and SMS costs[65][66] - Gross profit increased by 1.0% year-on-year to RMB961,922,000 in 2022, with the gross profit margin rising from 60.7% in 2021 to 64.3% in 2022[67][68] - Subscription solutions gross profit decreased by 5.3% year-on-year to RMB660,006,000 in 2022, but the gross profit margin improved from 71.5% to 74.1%[69] - Merchant solutions gross profit increased by 17.0% year-on-year to RMB298,902,000 in 2022, with the gross profit margin rising from 43.7% to 50.0%[70] - Other gross profit surged to RMB3,014,000 in 2022 from RMB59,000 in 2021, with the gross profit margin jumping from 0.5% to 33.6%[70] - Selling expenses decreased by 13.4% year-on-year to RMB830,816,000 in 2022, mainly due to reductions in promotion, advertising, and sales staff costs[70] - Administrative expenses decreased by 12.6% year-on-year to RMB293,043,000 in 2022, partially offset by one-off severance packages of RMB92,211,000[70] - Other operating expenses decreased by 48.7% year-on-year to RMB312,268,000 in 2022, primarily due to reduced research and development expenses[71] - Equity-settled share-based payments increased by 65.8% year-on-year to approximately RMB88,068,000 in 2022[72] - Investment and other income decreased by 22.4% year-on-year to approximately RMB49,517,000 in 2022, mainly due to reduced super deduction of value-added tax and bank interest income[72] - Other net gains of approximately RMB36,100,000 were recorded in 2022, compared to net losses of approximately RMB2,186,924,000 in 2021, primarily due to the absence of impairment losses[72] - Finance costs increased by 13.2% year-on-year to approximately RMB25,631,000 in 2022, driven by higher interest expenses from new bank loans[72] - Adjusted loss before interest, tax, depreciation, and amortization (unaudited) improved to RMB339,537,000 in 2022 from RMB876,549,000 in 2021[74] - Adjusted non-HKFRS loss for the year (unaudited) was RMB394,791,000 in 2022, compared to RMB904,037,000 in 2021[75] Merchant Performance and GMV - The company helped merchants achieve GMV of approximately RMB101.4 billion, with non-Kuaishou channel GMV increasing by 19% year-on-year[15] - Average annual sales per merchant exceeded RMB1.2 million in 2022, representing a 9% year-on-year increase[15] - The proportion of targeted merchants increased to 47%, with a renewal rate exceeding 75%[15] - The gross merchandise volume (GMV) generated by merchants through Youzan's solutions reached approximately RMB101.4 billion in 2022, with non-Kuaishou channels growing by 19% year-on-year[47][48] - The GMV of store SaaS business was approximately RMB42.5 billion, accounting for 42% of total GMV, representing a 53% year-on-year increase[47][48] - The average annual sales of a single merchant exceeded RMB1.2 million in 2022, up 9% year-on-year[47][48] - The company had 83,439 paying merchants as of December 31, 2022, with 63% subscribing to e-commerce SaaS and 37% to store SaaS[49] - In 2022, the company added 40,443 new paying merchants, with store SaaS accounting for 50% of new merchants[49][50] Business Model and Strategy - The company aims to transition from SaaS-based system services to comprehensive solution services, focusing on increasing private domain business proportion in customer portfolios[22] - The company upgraded its business model from "store opening marketing solutions" to "private domain operation solutions" in H1 2022[35] - The company focuses on three core customer categories: content monetization, brand DTC, and store digitization[36] - The company provides e-commerce private domain operation solutions focusing on distribution, community, membership, and live streaming scenarios[36] - The company offers "Youzan customer operation solutions" to help merchants connect consumer information and perform precision marketing[36] - Youzan upgraded its business from "store marketing solutions" to "private domain operation solutions," focusing on consumer-centric strategies to enhance online and offline integration and improve end-to-end consumer experience[37] - The company segmented its core customer base into three categories: content monetization, brand DTC, and store digitization, providing tailored solutions for each group[37] - Youzan's product matrix includes Youzan CRM, Youzan WeCom Assistant, Youzan Salespeople Assistant, Youzan Chain, Marketing Canvas, and New Retail Integration Module, aimed at improving marketing and sales capabilities[38] - In 2022, Youzan conducted in-depth annual cooperation with nearly 100 large enterprises across industries such as liquor, FMCG, vehicles, department stores, and beauty products[39] - Youzan Cloud platform has over 3,000 active developers, more than 800 apps launched, and an average of over 500 million daily API visits, with 34 third-party systems integrated[43] - In June 2022, Youzan launched Youzan Jarvis, an AI engine product with five core capabilities (machine learning, NLP, computer vision, deep learning, and knowledge graph) for private domain scenarios[45] - Youzan collaborated with over 300 agents nationwide to promote and sell its products and services in 2022[43] - The company provided customized system services to nearly 300 merchants, focusing on system integration, transaction and marketing expansion, and personalized page display[43] - In early 2023, Youzan adjusted its mall products, upgrading the flagship version to a solution version and launching a supreme version with in-depth private domain operation services[46] - Youzan's service teams improved merchant delivery rates and activity, contributing to higher merchant renewal rates and commercial success[42] Organizational and Operational Changes - The company restructured its organizational structure in early 2022 to optimize business development and collaboration efficiency[33] - 80% of the company's employees are frontline workers directly facing merchants[19] - The Group's employee count decreased to 1,952 as of 31 December 2022, down from 4,494 in 2021, due to rationalization of R&D investment and organizational optimization[122] Cash Flow and Financial Position - The Group's cash and cash equivalents increased to approximately RMB889,944,000 as of 31 December 2022, up from RMB711,527,000 in 2021[113] - The Group's borrowings stood at approximately RMB480,986,000 as of 31 December 2022, compared to no borrowings in 2021[113] - The company successfully placed 810,792,000 shares at HK$0.385 per share, raising net proceeds of approximately HK$309.01 million, which will be used for system upgrades, product development, marketing, strategic investments, and general working capital[139] - Net proceeds from the Placing of New Shares amounted to approximately HK$309.01 million after deducting related costs, fees, expenses, and commission[177] - Approximately HK$211.46 million of the net proceeds was used for system upgrades, product development, and marketing expenses as of December 31, 2022[180] - Approximately HK$23.23 million of the net proceeds was used for potential strategic investments and acquisitions as of December 31, 2022[180] - Approximately HK$23.50 million of the net proceeds was used for the Group's general working capital as of December 31, 2022[180] - The remaining balance of approximately HK$35.75 million is expected to be used for system upgrades, product development, and marketing expenses[180] - The remaining balance of approximately HK$7.67 million is expected to be used for potential strategic investments and acquisitions by June 30, 2023[180] - The remaining balance of approximately HK$7.40 million is expected to be used for the Group's general working capital[180] Impairment and Goodwill - The recoverable amounts of cash-generating units (CGUs) were determined using discounted cash flow method, with a pre-tax discount rate of 20.35$1.00 and are valid until 30 June 2024[198] - Share options granted under the New Share Option Scheme have an exercise price of HK$0.90 and are valid until 30 June 2024[198] - The company granted 14,450,000 share options to 36 eligible participants at an exercise price of HK$0.385 per share on 20 January 2023[184] - Share Option Scheme 2019 details: Mr. Zhu Ning holds 100,000,000 options at HK$1.00, exercisable from 1 July 2021 to 30 June 2024[132] - Share Award Scheme adopted on 31 May 2018, valid for 10 years, aimed at retaining and attracting talent[134][136] - Company's share premium account amounted to approximately RMB6,420,355,000 as of 31 December 2022, up from RMB6,098,424,000 in 2021[135][137] - No reserves available for distribution to shareholders as of 31 December 2022[135][137] - No purchase, sale, or redemption of listed securities by the company or its subsidiaries during the year[138] Supplier and Customer Relationships - The Group's five largest suppliers accounted for approximately 52.2% of total purchases in 2022, down from 54.3% in 2021, with the largest supplier accounting for 24.0% of total purchases, up from 18.9%