Kouzijiao(603589)2023-04-27 16:00Financial Performance - Revenue for 2022 reached 5.135 billion yuan, a 2.12% increase compared to 2021[15] - Net profit attributable to shareholders in 2022 was 1.550 billion yuan, a decrease of 10.24% from 2021[15] - Net cash flow from operating activities in 2022 was 829.13 million yuan, up 5.55% year-on-year[15] - Total revenue for 2022 reached 5.135 billion yuan, with a net profit of 1.55 billion yuan[23] - The company achieved a cumulative revenue of 5.135 billion yuan in 2022, a year-on-year increase of 2.12%[37] - Net profit attributable to shareholders of the listed company was 1.55 billion yuan, a year-on-year decrease of 10.24%[37] - Revenue for 2022 reached 5.135 billion yuan, a year-on-year increase of 2.12%[179] - Total revenue for 2022 was 5,135,102,958.39, a 2.1% increase from 5,028,598,346.51 in 2021[191] - Net profit for 2022 was 1,550,152,104.48, a 10.2% decrease from 1,727,088,233.89 in 2021[192] - Revenue for 2022 reached 3,119,307,582.77 RMB, a 2.4% increase from 3,046,398,723.65 RMB in 2021[194] - Net profit for 2022 was 1,856,749,575.62 RMB, up 14% from 1,628,468,500.05 RMB in 2021[194] Cash Flow and Financial Position - Net cash flow from operating activities in 2022 was 829.13 million yuan, up 5.55% year-on-year[15] - The company's net cash flow from operating activities increased by 5.55% to 829.13 million yuan, driven by increased cash received from sales and tax payments[38] - Net cash flow from investing activities decreased by 133.2% to -90.36 million yuan, mainly due to increased purchases of financial products using idle funds[38] - Net cash flow from operating activities increased by 5.55% to 829.13 million yuan, driven by higher sales revenue and tax payments[50] - Net cash flow from investing activities decreased by 133.20% to -90.36 million yuan due to increased purchases of financial products[50] - Operating cash flow for 2022 was 829,130,751.08 RMB, a 5.5% increase from 785,553,530.22 RMB in 2021[198] - Investment cash flow for 2022 was -90,363,269.74 RMB, a significant decrease from 272,180,344.37 RMB in 2021[198] - Financing cash flow for 2022 was -899,081,555.39 RMB, compared to -719,961,380.42 RMB in 2021[199] - Cash and cash equivalents at the end of 2022 were 1,588,793,481.39 RMB, down from 1,749,107,555.44 RMB at the beginning of the year[199] Assets and Liabilities - Total assets at the end of 2022 stood at 11.535 billion yuan, a 4.57% increase from the previous year[17] - Shareholders' equity attributable to the parent company at the end of 2022 was 8.904 billion yuan, a 7.94% increase from 2021[17] - The company's trading financial assets decreased by 283.51 million yuan to 472.76 million yuan at the end of 2022[22] - Total assets increased to 11,534,757,135.32 yuan in 2022, up from 11,030,893,472.55 yuan in 2021[186] - Current assets totaled 6,742,572,756.52 yuan in 2022, compared to 6,829,080,027.43 yuan in 2021[186] - Non-current assets rose to 4,792,184,378.80 yuan in 2022 from 4,201,813,445.12 yuan in 2021[186] - Fixed assets increased to 2,546,543,016.43 yuan in 2022, up from 2,032,943,178.19 yuan in 2021[186] - Construction in progress grew to 1,311,474,366.02 yuan in 2022 from 1,232,454,415.10 yuan in 2021[186] - Total liabilities decreased to 2,630,490,210.83 yuan in 2022 from 2,781,479,973.54 yuan in 2021[187] - Current liabilities were 2,452,150,524.78 yuan in 2022, down from 2,620,021,953.26 yuan in 2021[187] - Shareholders' equity increased to 8,904,266,924.49 yuan in 2022 from 8,249,413,499.01 yuan in 2021[187] - Inventory rose to 4,201,998,938.83 yuan in 2022 from 3,532,048,044.31 yuan in 2021[189] - Cash and cash equivalents decreased to 1,519,481,357.10 yuan in 2022 from 1,825,111,522.73 yuan in 2021[189] - Total liabilities for 2022 were 3,570,541,445.25, a 9.8% decrease from 3,959,143,095.28 in 2021[190] - Total equity for 2022 was 7,515,797,933.59, a 14.7% increase from 6,554,347,036.97 in 2021[190] Product and Market Performance - The company launched the Kouzijiao Jian series, representing a new height in brand image and product quality[25] - The company's Kouzijiao series is a representative brand of blended-flavor baijiu in China, with significant market potential in the segmented industry[31] - The company has a strong brand advantage, with Kouzijiao recognized as a national brand and holding multiple national certifications, including "China Time-honored Brand"[32] - The company has a diversified product portfolio, offering high, medium, and low-end products, with a focus on blending traditional and modern brewing techniques[33] - Total revenue for the liquor segment reached 5,059,280,551.08 RMB, with a gross margin of 74.07%, an increase of 0.35 percentage points year-over-year[40] - High-end liquor revenue was 4,870,122,480.84 RMB, accounting for 75.61% of the gross margin, with a year-over-year increase of 1.94%[40] - Domestic sales in Anhui province contributed 4,170,481,853.43 RMB, representing 74.66% of the gross margin, with a year-over-year increase of 2.27%[40] - Direct sales revenue increased by 20.79% to 86,597,849.1 RMB, with a gross margin of 81.76%, up 0.49 percentage points year-over-year[40] - Liquor production volume decreased by 3.05% to 33,869.37 thousand liters, while sales volume decreased by 0.76% to 34,221.26 thousand liters[42] - The company's high-end product sales contributed to the slight increase in revenue[38] - The company's high-end baijiu sales reached 4870.12 million yuan, a 1.94% year-on-year increase, with a production volume of 26,698.34 kiloliters[59] - Total baijiu production for 2022 was 33,869.37 kiloliters, a 3.05% decrease year-on-year, with a sales volume of 34,221.26 kiloliters[61] - Total sales revenue for 2022 reached 5,059,280,551.08 yuan, with high-end liquor contributing 4,870,122,480.84 yuan, accounting for 96.26% of total revenue[71] - Direct sales (including group purchases) increased by 20.79% year-on-year, reaching 86,597,849.1 yuan, with a gross margin of 81.76%[71] - Online sales revenue for 2022 was 4,371,000 yuan, a slight increase of 0.89% compared to the previous year, with a gross margin of 86.36%[70] - Domestic sales in Anhui province accounted for 82.43% of total revenue, reaching 417,048,180 yuan, while sales outside Anhui accounted for 17.57%[66] - The number of distributors in Anhui province increased by 17 to 478, while the number of distributors outside Anhui increased by 113 to 381[67] Research and Development - R&D expenses increased by 13.98% to 24.57 million yuan, primarily due to increased material costs for research and development[38] - Total R&D investment was 86,240,492.02 RMB, accounting for 1.68% of total revenue, with 71.51% of R&D investment being capitalized[48] - The company has 90 R&D personnel, accounting for 2.15% of the total workforce[49] - R&D personnel are primarily composed of 33 with bachelor's degrees and 31 with associate degrees, with 26 under 30 years old and 23 aged 40-50[49] - R&D expenses for 2022 were 24,571,495.82, a 14.0% increase from 21,558,614.12 in 2021[191] - R&D expenses for 2022 were 24,571,495.82 RMB, a 14% increase from 21,558,614.12 RMB in 2021[194] Corporate Governance and Management - The company held 1 general meeting of shareholders during the reporting period, reviewing and approving 10 proposals[95] - The company held 3 board meetings during the reporting period, reviewing and approving 22 proposals[95] - The company held 3 supervisory board meetings during the reporting period, reviewing and approving 16 proposals[95] - The company's 2021 annual general meeting of shareholders was held on May 19, 2022, and 10 proposals were approved, including the 2021 annual report and profit distribution plan[98] - The company's board of directors has established four specialized committees: strategy, nomination, finance and audit, and compensation and evaluation, which operate effectively and provide professional opinions for decision-making[95] - The company has a dedicated investor relations management department and maintains communication with investors through various channels, including phone, email, and the SSE e-interaction platform[96] - The company has implemented a system for registering insiders with access to material non-public information and reported no cases of insider trading during the reporting period[96] - The company's controlling shareholder strictly complies with laws and regulations, ensuring the company's independence in assets, personnel, finance, organization, and business[96] - The company's governance structure is in compliance with laws and regulations, and its operations are standardized, with sound legal governance systems and standardized information disclosure[95] - Total shares held by executives and directors at the end of the year: 188,342,078 shares[100] - Total pre-tax compensation for all executives and directors: 14.6187 million RMB[100] - Chairman and CEO Xu Jin's pre-tax compensation: 3.5601 million RMB[100] - CFO Fan Bo's pre-tax compensation: 1.2900 million RMB[100] - Independent directors' pre-tax compensation: 100,000 RMB each[100] - No change in shareholding for all executives and directors during the year[100] - Total shares held by independent directors: 0 shares[100] - Total shares held by Chairman Xu Jin: 109,568,568 shares[100] - Total shares held by CFO Fan Bo: 10,965,476 shares[100] - Total shares held by Vice President Huang Shaogang: 12,411,743 shares[100] - Xu Jin, born in January 1965, holds an EMBA and serves as the Chairman and General Manager of Kouzi Liquor since March 2011[101] - Zhang Guoqiang, born in April 1957, is a senior engineer and national first-class winemaker, serving as Vice General Manager of Kouzi Liquor from March 2011 to April 2017[101] - Xu Qinxiang, born in March 1970, is a senior engineer and the first Chinese liquor process master, currently serving as the Board Secretary and Executive Vice General Manager of Kouzi Liquor since June 2016[101] - Fan Bo, born in August 1966, holds a Master's degree in Accounting from the Chinese University of Hong Kong and serves as the Director, Vice General Manager, and CFO of Kouzi Liquor since April 2014[101] - Huang Shaogang, born in August 1968, holds an EMBA and serves as the Vice General Manager of Kouzi Liquor since April 2016[101] - Sun Guang, born in December 1975, has been the Director of Kouzi Liquor since May 2020 and previously served as the Manager of the Customization Center[101] - Wang Weiyun, born in May 1962, is a postdoctoral fellow from the Hefei Institute of Physical Science, Chinese Academy of Sciences, and has been an independent director of Kouzi Liquor since May 2017[101] - Chen Limin, born in May 1963, holds a Bachelor's degree in Law from Southwest University of Political Science and Law and has been an independent director of Kouzi Liquor since May 2017[101] - Lin Guowei, born in September 1965, is a Certified Public Accountant and Certified Tax Agent, holding a Master's degree in Accounting from Tianjin University of Finance and Economics[101] - Total compensation for all directors, supervisors, and senior management at the end of the reporting period was 146.187 million yuan[106] - Duan Lian retired from his position as Assistant General Manager[107] - Xu Jin serves as a director at Kouzi Wine Marketing, Jin Yuanfang, and Kouzi Investment, and as a supervisor at Kouzi International[104] - Zhu Chengyin holds positions as Vice President of Kouzi Wine and director at Kouzi Wine Marketing and Kouzi Investment[104] - Lin Guowei is an independent director at Hebei Gongda Keya Energy Technology Co., Ltd. and Zhejiang Xinhui New Materials Co., Ltd.[104] - Zhou Tuliang serves as a director at Kouzi Investment and supervisor at Huaibei North Outer Ring Ecological Agriculture Development Co., Ltd.[104] - Xu Jun is the Director of Quality Management at Kouzi Wine and a supervisor at Kouzi Investment[104] - Duan Lian is the Executive Director and General Manager of Jin Yuanfang and General Manager of Xin Yuanfang[104] - Nie Jihui is the General Manager of Kouzi Wine Marketing and Assistant General Manager of Kouzi Wine[104] - The decision-making process for the remuneration of directors, supervisors, and senior management involves the Board of Directors' Remuneration and Assessment Committee, which formulates the remuneration plan based on the company's performance and relevant regulations[105] - The company held 3 board meetings in 2022, all of which were conducted through a combination of on-site and teleconference methods[111] - The Audit Committee held 4 meetings in 2022, reviewing and approving various reports including the 2021 annual report, 2022 budget, and 2022 semi-annual report[113][114] - The Nomination Committee held 1 meeting in 2022, approving a proposal on key reserve talent cultivation[116] - The Remuneration and Assessment Committee held 1 meeting in 2022, approving the 2021 compensation plan for directors, supervisors, and senior management[117] - The Strategic Committee held 1 meeting in 2022, reviewing and approving the 2021 final accounts and 2022 budget proposals[118] - All directors attended 3 board meetings in 2022, with no consecutive absences[110] - The company's internal control evaluation report for 2021 was approved by the board[109] - The company's 2022 annual internal audit work summary was approved by the Audit Committee[115] - The company's 2022 third quarter report was approved by the board[109] - The company's 2022 semi-annual report and its summary were approved by the board[109] Environmental and Social Responsibility - Environmental protection investment in the reporting period was 5.22 million yuan[135] - The company has 53 discharge outlets, including 3 wastewater outlets and 50 exhaust gas outlets[136] - The company's wastewater treatment capacity is 2000 tons/day, with a designed COD concentration of 50000mg/L[138] - The company reduced CO2 emissions by 8000 tons through centralized heating and stopping the operation of self-built boilers[146] - The company has 3 sewage treatment stations using anaerobic + aerobic treatment processes[138] - The company's wastewater, exhaust gas, noise, dust, and ambient air quality all meet and exceed national standards[138] - The company has completed environmental impact assessments and passed environmental protection acceptance for all construction projects[140] - The company has established emergency response plans for environmental incidents at its Dongguan, Xihe, and Dongshan plants[142] - The company conducts daily monitoring of COD, ammonia nitrogen, PH, and SS in wastewater, and quarterly monitoring of noise at the factory boundary[143] - The company has installed automatic online analyzers for CODcr, ammonia nitrogen, total nitrogen, total phosphorus, and PH at wastewater discharge outlets, connected to the Huaibei Environmental Protection Monitoring Platform[143] Shareholder and Investor Relations - The company plans to distribute a cash dividend of 15.00 yuan per 10 shares (tax included) for 2022[3] - Cash dividend distribution for 2021 was RMB 895,298,679.00, with a dividend per share of RMB 1.5 (pre-tax)[124] - Cash dividend ratio accounted for 57.76% of the net profit attributable to ordinary shareholders of the listed company[127] - The company implemented a restricted stock incentive plan in 2023, approved by the board and shareholders[128][129] - Senior management compensation includes fixed and variable components, with variable pay linked to company and individual performance[