supor(002032)2023-03-30 16:00Financial Performance - Revenue in 2022 decreased by 6.55% to 20.17 billion yuan compared to 21.59 billion yuan in 2021[13] - Net profit attributable to shareholders increased by 6.36% to 2.07 billion yuan in 2022 from 1.94 billion yuan in 2021[13] - Operating cash flow surged by 54.15% to 3.16 billion yuan in 2022 from 2.05 billion yuan in 2021[13] - Basic earnings per share rose by 6.88% to 2.565 yuan in 2022 from 2.400 yuan in 2021[13] - Total assets decreased by 6.81% to 12.95 billion yuan at the end of 2022 from 13.90 billion yuan at the end of 2021[13] - Revenue in Q4 2022 was 5.19 billion yuan, the highest among all quarters[16] - Net profit attributable to shareholders in Q4 2022 was 758.76 million yuan, the highest among all quarters[16] - Revenue for the reporting period was 20,170,527,516.66 yuan, a decrease of 6.55% year-on-year[27] - Net profit attributable to shareholders was 2,067,659,526.97 yuan, an increase of 6.36% year-on-year[27] - Cookware business revenue was 6,121,737,273.97 yuan, a decrease of 8.66% year-on-year[27] - Appliance business revenue was 13,803,483,799.48 yuan, a decrease of 5.72% year-on-year[27] - Domestic sales revenue was 14,796,684,166.64 yuan, an increase of 5.07% year-on-year[27] - Foreign trade revenue was 5,150,624,825.41 yuan, a decrease of 29.34% year-on-year[27] - Total revenue for 2022 was RMB 201.71 billion, a decrease of 6.55% compared to 2021[38] - Domestic sales accounted for 74.25% of total revenue, increasing by 5.02% year-on-year[38] - Export processing revenue decreased by 29.08% year-on-year to RMB 51.91 billion[38] - Cooking appliances contributed 42.18% of total revenue, with RMB 85.07 billion in sales[38] - Food processing appliances revenue decreased by 13.39% year-on-year to RMB 30.87 billion[38] - Other home appliances revenue increased by 7.43% year-on-year to RMB 24.55 billion[38] - Cookware segment revenue decreased by 8.66% to 6.12 billion RMB, with a gross margin increase of 4.06% to 30.13%[39] - Electrical appliances segment revenue decreased by 5.72% to 13.80 billion RMB, with a gross margin increase of 2.36% to 24.03%[39] - Domestic sales revenue increased by 5.02% to 14.98 billion RMB, while export sales revenue decreased by 29.09% to 5.19 billion RMB[39] - Total sales volume decreased by 16.00% to 154.11 million units, with production volume decreasing by 26.85% to 89.95 million units[40] - Cost of sales for cooking appliances decreased by 8.25% to 6.45 billion RMB, accounting for 43.07% of total cost of sales[42] - Top 5 customers accounted for 36.54% of total sales, with SEB S.A. and its affiliates contributing 23.18% of total sales[44][45] - Sales expenses increased by 12.90% to 2.16 billion RMB, while R&D expenses decreased by 7.52% to 416.26 million RMB[47] - R&D expenditure accounted for 5.92% of net assets and 2.06% of operating revenue[49] - R&D personnel decreased by 1.09% to 1,363 in 2022, with the proportion of R&D personnel increasing by 1.69% to 13.33%[50] - R&D investment decreased by 7.52% to RMB 416.26 million in 2022, accounting for 2.06% of revenue, a slight decrease of 0.03% YoY[50] - Net cash flow from operating activities increased by 54.15% to RMB 3.16 billion in 2022, driven by reduced cash outflows for purchasing goods and services[52] - Net cash flow from investing activities decreased by 239.06% to -RMB 472.06 million in 2022, mainly due to increased cash outflows for financial products and long-term deposits[53] - Net cash flow from financing activities decreased by 73.51% to -RMB 2.77 billion in 2022, primarily due to increased dividend payments[53] - Cash and cash equivalents decreased by 106.07% to -RMB 47.8 million in 2022, mainly due to increased financing cash outflows[53] - Monetary assets increased by 8.42% to RMB 3.56 billion, accounting for 27.51% of total assets, driven by increased operating cash flow[53] - Accounts receivable decreased by 4.68% to RMB 1.93 billion, accounting for 14.87% of total assets, due to reduced export receivables[53] - Inventory decreased by 3.02% to RMB 2.49 billion, accounting for 19.26% of total assets, reflecting better inventory control[53] - Other debt investments increased by 5.76% to RMB 1.02 billion, accounting for 7.91% of total assets, due to increased holdings of transferable large-denomination certificates of deposit[54] - The company's derivative investments for hedging purposes amounted to RMB 14,790.55 in initial investment, with a fair value change of RMB 995.28 during the reporting period, accounting for 0.67% of the company's net assets at the end of the period[59] - The company's total derivative investments for hedging purposes during the reporting period were RMB 140,267.02 in purchases and RMB 150,313.35 in sales, with an ending balance of RMB 4,744.22[59] - The company's subsidiary, Wuhan Supor Cookware Co., Ltd., reported a net profit of RMB 105,359,801.51, contributing significantly to the company's overall performance[68] - The company's subsidiary, Zhejiang Supor Electrical Appliances Manufacturing Co., Ltd., achieved a net profit of RMB 117,609,671.31, further bolstering the company's financial results[68] - The company's subsidiary, Zhejiang Shaoxing Supor Living Appliances Co., Ltd., recorded a net profit of RMB 943,463,674.32, making it a major contributor to the company's profitability[68] - Total revenue for 2022 was RMB 20,170,527,516.66, with domestic sales accounting for RMB 14,975,644,970.69 and international sales for RMB 5,194,882,545.97[194] Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 2,439,504,228.21, with a dividend of RMB 30.30 per 10 shares[4] - The total share capital of the company at the end of 2022 was 808,654,476 shares, with 3,537,569 shares held in the company's repurchase account[4] - The company's stock code is 002032, and it is listed on the Shenzhen Stock Exchange[8] - The company's annual report and related documents are available at the company's securities department[6] - The company held 3 general meetings of shareholders during the reporting period, with investor participation rates of 8.19%, 7.47%, and 7.66% respectively[85] - The company held 6 board of directors meetings and 6 board of supervisors meetings during the reporting period[78][79] - The company completed the registration of restricted stock grants under the 2021 and 2022 Restricted Stock Incentive Plans, effectively incentivizing senior management[79] - The company released a total of 131 announcements and documents during the reporting period, ensuring timely, accurate, and fair information disclosure[81] - Chairman Thierry de LA TOUR D'ARTAISE holds 0 shares, with no changes in shareholding during the reporting period[86] - Director Su Xianze reduced his shareholding by 121,534 shares, representing a 25% reduction from his initial holding of 486,136 shares[86] - General Manager Zhang Guohua received 142,000 restricted shares, increasing his total shareholding to 142,000 shares[87] - CFO Xu Bo reduced his shareholding by 43,434 shares, representing a 25% reduction, and received 45,000 restricted shares, resulting in a total shareholding of 175,303 shares[87] - Deputy General Manager and Board Secretary Ye Jide reduced his shareholding by 13,048 shares, representing a 25% reduction, and received 20,000 restricted shares, resulting in a total shareholding of 59,143 shares[87] - The total shareholding of directors, supervisors, and senior management decreased by 178,016 shares due to a 25% reduction, but increased by 207,000 shares due to restricted stock awards, resulting in a total shareholding of 741,048 shares[87] - The total pre-tax remuneration for directors, supervisors, and senior management in 2022 was 15.1933 million yuan, with the highest remuneration being 9.1161 million yuan for the General Manager, Zhang Guohua[98] - The company's independent directors, including Chen Jun, Hervé MACHENAUD, and Jean-Michel PIVETEAU, each received a remuneration of 250,000 yuan[98] - The company's financial director, Xu Bo, received a remuneration of 3.0854 million yuan in 2022[98] - The company's deputy general manager and board secretary, Ye Jide, received a remuneration of 1.1406 million yuan in 2022[98] - The company's chairman, Thierry de LA TOUR D'ARTAISE, has been serving since May 1, 2000, and continues to hold the position[96] - The company's CEO, Stanislas de GRAMONT, has been serving since December 3, 2018[93] - The company's CFO, Nathalie LOMON, has been serving since September 30, 2019[93] - The company's HR Senior Executive Vice President, Delphine SEGURA VAYLET, has been serving since January 1, 2021[93] - The company's Asia Executive Vice President, Dai Huaizong, has been serving since October 1, 2017[93] - The company's largest shareholder is Hong Kong Securities Clearing Company Ltd., holding 73,481,463 shares of common stock[183] - SEB INTERNATIONALE S.A.S is the controlling shareholder, holding 100% of the company's shares[184][185] - The company repurchased 3,325,069 shares in 2022, accounting for 100% of the shares involved in the equity incentive plan[187] Market and Product Performance - The global cookware and small appliance market faced significant challenges in 2022 due to geopolitical tensions and inflation[20] - Air fryer retail sales in 2022 increased by 46.9% to 6.04 billion yuan, becoming the second-largest category after rice cookers[21] - The market share of Suopr's cookware in 30 key cities reached 48.8%[29] - The market share of Suopr's cookware on major e-commerce platforms reached 23.1%[29] - Sales of the oil-gathering frying pan exceeded 100 million yuan in 2022[29] - The company launched a series of innovative products such as antibacterial knives and double-sided cutting boards in 2022[30] - Suzhou Supor's kitchen small appliances achieved a 21.6% online market share in 13 major categories, up 1.1 percentage points year-on-year, ranking first in the industry[31] - The company's offline market share in kitchen small appliances reached 33.0%, an increase of 3.9 percentage points year-on-year, ranking second in the industry[31] - Supor's overall e-commerce business grew rapidly, with its proportion in domestic sales continuing to increase[33] - The company's foreign trade revenue decreased by 29.09% year-on-year in 2022 due to reduced orders from SEB Group and unfavorable exchange rates[37] Corporate Governance and Internal Control - The company has an independent financial accounting system and makes independent financial decisions, with separate bank accounts and tax payments[83] - The company operates independently from its controlling shareholder in terms of assets, personnel, finance, organization, and business[83] - The company has a complete independent asset structure, including production systems, supporting facilities, land use rights, and property ownership[83] - The company's senior management, including the general manager and CFO, work exclusively for the company and receive compensation only from the company[83] - The company's production and office institutions are completely separate from the controlling shareholder, with no mixed operations[83] - The company has an independent supply and sales system and does not rely on shareholders or any related parties for its business operations[83] - The company has established a comprehensive internal control system to ensure legal compliance, asset safety, and financial reporting accuracy, with the Board of Directors responsible for its implementation[128] - The internal audit department reports to the Board's Audit Committee and evaluates the effectiveness of internal controls and organizational efficiency[130] - The company has implemented various risk assessment methods, including self-assessment and risk mapping, to identify and manage internal and external risks[131] - Key control measures include authorization approval, segregation of duties, accounting system control, and property protection[132] - The company uses SAP, BI, CRM, and other systems to support its internal reporting network and ensure timely communication of operational information[133] - A dedicated anti-fraud mechanism is in place, with clear responsibilities and reporting channels for fraud cases[134] - The company conducts regular self-evaluations of internal control effectiveness and issues internal control self-assessment reports[134] - Subsidiaries are monitored through annual appointments of senior management, monthly financial meetings, and centralized management of key financial and business systems like SAP and CRM[135] - The company's financial shared service center is responsible for the unified allocation of funds for major subsidiaries, and it compiles and reports monthly balance sheets, income statements, and cash flow statements for these subsidiaries[136] - The company's internal control evaluation report was fully disclosed on March 31, 2023, and the assets of the units included in the evaluation scope accounted for 100% of the company's consolidated financial statement assets[137] - The company's internal control system has no major or important defects in both financial and non-financial reports, with 0 major defects and 0 important defects reported[138] - The internal control audit report was issued with a standard unqualified opinion, indicating that the company maintained effective financial reporting internal controls as of December 31, 2022[140] - The company revised its articles of association and related rules in 2022 to enhance internal governance, with the revisions approved by the board of directors and the annual general meeting[141] - The company holds valid pollutant discharge permits for its major subsidiaries, with the permits issued between June 30, 2020, and September 11, 2020, and valid for 3 years[143] - The company's total environmental governance and protection investment in the reporting period was 21.4195 million yuan, including 60,400 yuan in environmental protection taxes[147] - The company's wastewater treatment facilities processed COD emissions at 30mg/L, with a total discharge of 6.178 tons, below the permitted limit of 8.662 tons per year[144] - Ammonia nitrogen emissions were treated to 1.5mg/L, with a total discharge of 0.309 tons, below the permitted limit of 0.433 tons per year[144] - SO2 emissions were controlled at less than 3 mg/m³, with a total discharge of 0.829 tons, below the permitted limit of 3.06 tons per year[144] - NOx emissions were controlled at less than 8 mg/m³, with a total discharge of 7.76 tons, below the permitted limit of 14.66 tons per year[144] - VOCs emissions were controlled at various points, with total emissions of 2.732 tons, below the permitted limit of 3.641 tons per year[145] - The company's wastewater treatment facilities in Wuhan processed COD emissions at 13.87mg/L, with a total discharge of 6.538 tons, below the permitted limit of 19.38 tons per year[145] - The company's wastewater treatment facilities in Shaoxing processed total nitrogen emissions at 10.60mg/L, with a total discharge of 13.1136124 tons, below the permitted limit of 15.071350 tons per year[145] - The company's wastewater treatment facilities in Wuhan processed ammonia nitrogen emissions at 0.47mg/L, with a total discharge of 0.2145 tons, below the permitted limit of 1.94 tons per year[146] - VOCs emissions from the company's Wuhan facility were controlled at 8.57mg/m³, with a total discharge of 3.621 tons, below the permitted limit of 12.16 tons per year[146] - The company has covered 6,600 rural students through its rural revitalization and common prosperity initiatives, with an investment of 2.93 million RMB in improving rural education resources[151] Related Party Transactions and Guarantees - The company's total procurement from its affiliated companies amounted to 453,503.55 thousand RMB, accounting for 22.48% of total sales, primarily from SEB ASIA LTD[157] - The company invested 6,117.83 thousand RMB in purchasing finished products from Wuhan Anzai Kitchenware Co., Ltd., accounting for 0.49% of total procurement[157] - The company's procurement of accessories from Wuhan Anzai Kitchenware Co., Ltd. amounted to 15,087.43 thousand RMB, representing 1.21% of total procurement[157] - The company's procurement from GROUPE SEB EXPORT for finished products was 706.38 thousand RMB, accounting for 0.06% of total procurement[157] - The company's procurement from TEFAL S.A.S. for accessories was 766 thousand RMB, representing