西王食品(000639) - 2022 Q4 - 年度财报

Financial Performance - Revenue for 2022 decreased by 4.47% to 6,070,815,722.31 yuan compared to 2021[29] - Net profit attributable to shareholders in 2022 was -618,688,570.23 yuan, a decrease of 437.06% from 2021[29] - Operating cash flow for 2022 was 58,777,725.82 yuan, a significant improvement of 133.31% from 2021[29] - Basic earnings per share in 2022 were -0.5700 yuan, a decrease of 435.29% from 2021[29] - Total assets at the end of 2022 were 7,075,773,312.20 yuan, a decrease of 8.27% from 2021[29] - Net profit attributable to shareholders in Q4 2022 was -554,661,884.40 yuan, the largest quarterly loss[34] - Operating cash flow in Q2 2022 was 52,331,773.86 yuan, the highest quarterly cash flow[34] - The company's weighted average return on equity in 2022 was -17.42%, a decrease of 22.36 percentage points from 2021[29] - The company's net profit after deducting non-recurring gains and losses in 2022 was -616,840,632.60 yuan, a decrease of 488.00% from 2021[29] - The company's total equity attributable to shareholders at the end of 2022 was 3,323,989,692.72 yuan, a decrease of 12.03% from 2021[29] - Non-current asset disposal losses amounted to -107,636.33 in 2022, compared to 21,597.70 in 2021 and -6,466,945.83 in 2020[36] - Government subsidies recognized in current profits were 1,293,621.80 in 2022, up from 537,508.10 in 2021 and 6,708,638.90 in 2020[36] - Other non-operating income and expenses totaled 2,744,378.68 in 2022, compared to 1,888,543.00 in 2021 and -3,066,630.46 in 2020[37] - The company's total revenue in 2022 was 6,070,815,722.31 yuan, a decrease of 4.47% compared to 2021[100] - Revenue from vegetable oil products decreased by 9.56% to 2,853,068,561.28 yuan in 2022, accounting for 47.00% of total revenue[100] - Revenue from nutritional supplements increased by 2.64% to 2,540,498,937.11 yuan in 2022, accounting for 41.85% of total revenue[100] - Revenue from the Chinese market decreased by 7.73% to 3,967,090,568.43 yuan in 2022, accounting for 65.35% of total revenue[100] - Revenue from overseas markets increased by 2.37% to 2,103,725,153.88 yuan in 2022, accounting for 34.65% of total revenue[100] - The gross profit margin for nutritional supplements decreased by 11.54% to 25.84% in 2022[102] - The gross profit margin for the Chinese market decreased by 10.78% to 9.01% in 2022[102] - The gross profit margin for the overseas market decreased by 1.42% to 27.26% in 2022[102] - The gross profit margin for direct sales decreased by 5.34% to 26.55% in 2022[102] - Vegetable oil sales volume decreased by 25.65% to 192,937 units in 2022 compared to 259,499 units in 2021, primarily due to high costs and price inversion of first-grade finished oil, leading the company to adjust its business pace and control product shipments[103] - Nutritional supplement sales volume increased by 5.37% to 31,241,104 units in 2022 from 29,650,138 units in 2021[103] - The company's raw material costs for food processing increased by 0.52% to 52.23% of total operating costs in 2022, amounting to 2,684,745,439.17 yuan[105] - The company's financial expenses surged by 64.58% to 76,735,574.97 yuan in 2022, mainly due to increased interest rates on syndicated loans and exchange losses influenced by U.S. interest rate hikes[112] - Sales expenses decreased by 9.79% to 702,056,149.00 yuan in 2022 compared to 778,242,887.16 yuan in 2021[112] - Research and development expenses decreased by 9.65% to 95,196,511.99 yuan in 2022 from 105,359,652.03 yuan in 2021[113] - The company's procurement costs for plant-based edible oils increased by 2.00% to 40.98% of total operating costs in 2022, amounting to 2,106,456,727.18 yuan[107] - R&D investment in 2022 decreased by 9.65% to 95,196,511.99 yuan compared to 2021, accounting for 1.57% of revenue[115] - The number of R&D personnel decreased by 4.90% to 136 in 2022, with a reduction in the proportion of R&D personnel from 7.56% to 7.35%[114] - The proportion of R&D personnel with a master's degree decreased significantly by 65.22% in 2022[115] - R&D capitalisation increased by 100% to 8,505,980.28 yuan in 2022, accounting for 8.20% of total R&D investment[115] - Net cash flow from operating activities increased by 133.31% to 58,777,725.82 yuan in 2022[117] - Net cash flow from investing activities decreased by 88.65% to 49,004,190.49 yuan in 2022[117] - Net cash flow from financing activities increased by 67.27% to -83,264,682.67 yuan in 2022[118] - The net increase in cash and cash equivalents was 30,659,117.38 yuan in 2022, a significant increase of 2,148.60% compared to 2021[118] - Inventory increased by 1.45% to 1,000,489,061.63 yuan in 2022, accounting for 14.14% of total assets[121] - Long-term loans increased by 2.57% to 758,825,931.83 yuan in 2022, accounting for 10.72% of total assets[121] - Financial assets at the end of the period totaled 127,372,914.26, with a decrease of 626,298.57 in fair value changes and an increase of 6,729,882.71 in cumulative fair value changes included in equity[123] - Restricted assets at the end of the period amounted to 4,269,634,150.57, including 1,217,592,521.22 in monetary funds and 2,553,389,722.41 in intangible assets[124] - The 600,000-ton corn oil expansion project invested 7,045,756.90, with actual investment of 182,563,837.51, but did not meet the expected progress due to economic environment impacts[126] - Shandong Xiwang Food Co., Ltd. reported a revenue of 2,955,534,506.57, a decrease of 9%, and a net profit of -76,948,637.50, a decrease of 348% due to rising raw material costs[132] - Zouping Xiwang Corn Oil Co., Ltd. reported a revenue of 2,414,629,945.13, an increase of 4%, and a net profit of -30,423,260.62, a decrease of 280% due to rising raw material costs[132] - Xiwang Qingdao reported a revenue of 2,306,571,850.89, a decrease of 2%, and a net profit of -624,406,320.12, a decrease of 651% due to impairment of goodwill and intangible assets[132] - The company's revenue for the fiscal year 2022 reached 1.764 billion yuan[160] Market and Industry Trends - The domestic edible oil retail market size is approximately 300 billion yuan, with a promising outlook for high-end oil varieties[42] - Corn oil contains 80%-85% unsaturated fatty acids and 50% linoleic acid, with a human absorption rate of over 97%[43] - 22% of consumers prioritize brand reputation when purchasing edible oil, and 68% are willing to pay higher prices for nutritious and healthy food[44] - The global sports nutrition market is projected to reach $64.8 billion by 2025, with a CAGR of 8.9$859 million by 2023, driven by consumption upgrades and government policies[50] - By 2025, China aims to increase the proportion of regular exercisers to 38.5% of the total population, with a total sports industry scale of 5 trillion yuan[50] - The demand for weight management products is expected to grow at an annual rate of 10%-20% due to increasing health awareness and the pursuit of scientific weight loss methods[53] Product and Business Development - The company's packaged oil sales reached nearly 180,000 tons, with a focus on product upgrades and new marketing strategies, including the launch of a TikTok live streaming room[62] - The company achieved significant cost savings of over 7 million yuan through energy conservation and consumption reduction efforts[63] - The company's corn oil business continues to grow, with increasing consumer recognition of its health benefits, such as improving cardiovascular health and reducing cholesterol[55] - The company's sports nutrition business is expanding, with products like protein bars, RTDs, and gummies gaining popularity among consumers[55] - The company's Iovate subsidiary is a global leader in sports nutrition and weight management, with products sold in over 140 countries and regions[59] - The company's daily traffic on new media platforms like TikTok and WeChat Video reached over 10,000, with monthly traffic exceeding 500,000[62] - The company implemented over 90 technological innovations and cost-saving measures, including reducing label adhesive usage by more than half[63] - The company's procurement strategy was optimized, with direct purchases from platforms like JD.com and Tmall, reducing procurement costs[61] - The company's sports nutrition brand, MuscleTech, has been the top-selling sports nutrition product in China for seven consecutive years[59] - The company achieved a 100% pass rate in 204 random inspections of its edible oil products by national and provincial market supervision departments[64] - The company applied for 6 patents (1 invention, 5 utility models) and was granted 4 patents in 2022[64] - The company launched 96 SKU adjustments and new products for MuscleTech, including 59 SKU packaging changes and new products like 35g Platinum Crisp Protein Bars and 100g/400g Creatine products[70] - The company introduced 5 new fitness accessory products (5 SKUs) and 4 new weight management products (5 SKUs), primarily in different specifications and packaging forms of L-Carnitine liquid[70] - The company launched 7 new basic nutrition products (8 SKUs), including electrolyte powder, collagen calcium tablets, and plant sterol tablets[70] - The company's edible oil products, "Xiwang Corn Germ Oil Fresh Embryo" and "Xiwang Small Pressed Selected Rapeseed Oil," won gold medals at the 2022 Monde Selection[65][78] - The company's MuscleTech brand has been the top-selling domestic sports nutrition product for seven consecutive years[79] - The company's Iovate subsidiary has a global sales network, with products sold in over 140 countries and regions[74] - The company's high-end kitchen division set a new historical record for order volume during the 2022 Mid-Autumn Festival ordering meeting[78] - The company's MuscleTech brand collaborated with the Gundam IP to launch co-branded products, including 5lbs protein powder and 7lbs muscle gain powder[71] - Xiwang Corn Germ Oil's Double 11 sales increased by 27% year-over-year, achieving significant brand exposure with over 10 billion impressions[80] - Xiwang's daily traffic on new media platforms (Douyin, Xiaohongshu, WeChat Video) reached 10,000+, with monthly traffic exceeding 500,000[81] - MuscleTech's global brand exposure reached 890 million impressions in 2022, with a 151% increase in Platinum series exposure[82] - MuscleTech's Douyin campaigns achieved 375 million impressions, driving sales of 36 million RMB through influencer collaborations[83] - MuscleTech launched 96 SKUs, including 59 BTO product packaging updates and new products like the 35g Platinum Crisp Protein Bar[84] - Xiwang's corn oil production benefits from a complete supply chain, with Xiwang Sugar processing 3 million tons of corn annually[85] - Xiwang's enzyme degumming technology increased corn oil yield by 1.5%, generating over 10 million RMB in additional annual revenue[87] - Xiwang's corn oil brand recognition reached 60%, with a market share exceeding 30% in the niche corn oil category[88] - The company's corn germ oil production capacity is 500,000 tons, refined corn oil capacity is 300,000 tons, and small-packaged corn oil capacity is 300,000 tons, making it one of the largest corn oil processing enterprises in China[91] - The company aims to become a leader in China's healthy food industry, focusing on high-end edible oils and expanding into the health food sector through acquisitions like Iovate[133] - In 2023, the company will focus on cost reduction, efficiency improvement, and optimizing product structure to ensure stable profitability and business growth[135] - The company is optimizing its product structure by launching high-oleic rapeseed oil and multi-oleic black peanut oil, while upgrading the design of existing peanut oil and soybean oil cold-pressed products[136] - The company is strengthening its supply chain management by tracking product supply chains, controlling international transportation costs, and improving replenishment and customer service processes[138] - The company has completed the development of new products, including MuscleTech Pro, high-performance series protein powder, and muscle-building powder, as well as six-star portable L-carnitine, 100,000 L-carnitine, dietary fiber, and probiotics[138] - The company is focusing on international market strategies, building brand differentiation, and targeting strategic growth markets to maintain high-growth sectors[138] - The company is enhancing its channel structure by adding high-quality customers and outlets, deepening incremental opportunities, and improving direct sales channel capabilities[137] Risk Management - The company faces risks from fluctuations in raw material prices due to global economic fragility and geopolitical tensions, particularly affecting oilseed crops[5] - The company is exposed to exchange rate risks due to the ongoing US-China trade friction and complex international political and economic environment[8] - The company is addressing risks related to raw material price fluctuations, particularly due to global supply shortages and geopolitical tensions affecting key oilseed exports[139] - The company has established a strict ISO9001:2008 quality management system to ensure food safety across all stages from procurement to sales[140] - The company is managing exchange rate risks by incorporating flexibility in sales pricing and utilizing financial tools to control currency fluctuations[141] Corporate Governance - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[9] - The company's registered address was changed from "Hunan Province" to "Shandong Province" in 2011 and further updated in 2019[24] - The company held 3 shareholder meetings in 2022, all conducted in a hybrid format to ensure the rights of minority investors[146] - The company held 5 board meetings and 5 supervisory board meetings in 2022, with all members fulfilling their duties diligently and independently[147] - The company maintains independence in assets, personnel, finance, organization, and business operations, ensuring no interference from controlling shareholders[151] - The company has an independent and complete asset system, with clear ownership and control over its assets, including procurement, logistics, and information systems[152] - The company has an independent personnel management system, with no overlap in salary payments or benefits between the company and its controlling shareholders[153] - The company has established an independent financial system, including a dedicated finance department, separate bank accounts, and independent tax filing[154] - The company operates independently in its business activities, with no interference from controlling shareholders, ensuring full autonomy in decision-making and risk management[155] - The company has an independent organizational structure, with no overlap or interference from controlling shareholders in its functional departments[156] - The 2022 annual general meeting had a 54.81% investor participation rate, held on May 20, 2022[157] - The 2022 first extraordinary general meeting had a 52.28% investor participation rate, held on February 14, 2022[157] - The 2022 second extraordinary general meeting had a 52.13% investor participation rate, held on September 13, 2022[157] - The company's board of directors and senior management, including the chairman and CEO, hold no shares in the company, with no changes in shareholding during the reporting period[159] - The company elected Zhou Zhifeng as a new director on September 13, 2022, replacing Wang Hongyu who resigned due to personal reasons[160][162] - Liu Lin was elected as the new employee representative supervisor on April 28, 2022, replacing Zhang Ting who resigned due to work adjustment[161][162] - Wang Haizhi was elected as a new director on May 20, 2022[162] - The company's chairman, Wang Hui, has a strong educational background with a postgraduate degree from Shandong University and further studies at Tsinghua University[162] - Sun Xinhu, the vice chairman, has extensive experience in the food industry and has been with the company since 2003[163] - Zhou Yong, the general manager, holds a Master's degree in Business Administration from Capital University of Economics and Business[164] - Du