ZJAMP.(002758)2023-04-26 16:00Financial Performance - Revenue for 2022 reached 41.81 billion yuan, an increase of 18.97% compared to the adjusted revenue of 35.15 billion yuan in 2021[1] - Net profit attributable to shareholders decreased by 7.11% to 609.79 million yuan in 2022 from the adjusted 656.50 million yuan in 2021[1] - Revenue for Q1 2022 was 9.47 billion yuan, Q2 was 10.14 billion yuan, Q3 was 11.24 billion yuan, and Q4 was 10.96 billion yuan[28] - Net profit attributable to shareholders in Q1 was 139.94 million yuan, Q2 was 126.52 million yuan, Q3 was 143.38 million yuan, and Q4 was 199.95 million yuan[28] - Total assets at the end of 2022 were 19.50 billion yuan, a 19.47% increase compared to the previous year[30] - Net assets attributable to shareholders at the end of 2022 were 4.11 billion yuan, a 14.31% increase compared to the previous year[30] - Operating cash flow for 2022 was 1.97 billion yuan, a 43.75% increase compared to the previous year[30] - Basic earnings per share for 2022 was 1.24 yuan, a decrease of 8.15% compared to the previous year[30] - Diluted earnings per share for 2022 was 1.20 yuan, a decrease of 8.40% compared to the previous year[30] - Weighted average return on equity for 2022 was 15.82%, a decrease of 4.20% compared to the previous year[30] - Net profit attributable to shareholders after deducting non-recurring gains and losses for Q1 was 126.97 million yuan, Q2 was 115.40 million yuan, Q3 was 126.77 million yuan, and Q4 was 189.50 million yuan[34] - Operating cash flow for Q1 was 1.32 billion yuan, Q2 was -608.95 million yuan, Q3 was 1.07 billion yuan, and Q4 was 183.40 million yuan[34] - Non-current asset disposal gains amounted to 380.03 million in 2022, a significant increase from 208.22 million in 2021 and 273.33 million in 2020[35] - Government subsidies recognized in current profits were 419.14 million in 2022, up from 224.12 million in 2021 and 98.12 million in 2020[35] - Investment management gains reached 546.17 million in 2022, slightly higher than 525.31 million in 2021 and significantly above 163.55 million in 2020[35] - Fair value changes of financial assets resulted in a loss of 65.91 million in 2022, compared to a gain of 416.35 million in 2021 and 61.03 million in 2020[35] - Other non-operating income and expenses totaled 50.50 million in 2022, down from 109.04 million in 2021 and a loss of 22.69 million in 2020[35] - Total non-recurring gains and losses were 511.56 million in 2022, decreased from 597.53 million in 2021 and 3.07 billion in 2020[35] - The company raised 2.24 billion through convertible bonds in 2018, with net proceeds of 2.18 billion after deducting issuance costs[40] - Derivative investments for hedging purposes resulted in a fair value loss of 1.84 million in the reporting period[41] - The company strictly follows hedging principles for foreign exchange and commodity futures, avoiding speculative transactions[41] - Risk control measures include close market monitoring, credit management systems, and strict internal control procedures for hedging activities[41] - The company plans to use up to 120 million yuan of temporarily idle raised funds for cash management, limited to purchasing financial products with a maturity of no more than 12 months, high safety, good liquidity, and capital preservation agreements[42][43] - The total raised funds for the initial public offering amounted to 252.56 million yuan, with a net amount of 220.98 million yuan after deducting issuance-related expenses[43] - As of the end of 2022, the cumulative use of raised funds was 177.70 million yuan, with a net interest income of 13.67 million yuan after deducting handling fees, and the remaining balance in the raised funds account was 46.50 million yuan[43] - The company's pharmaceutical logistics phase II construction project and pharmaceutical wholesale business expansion project have been completed and permanently supplemented working capital, while the chain pharmacy expansion project has been changed to a digital system upgrade construction project[43] - The company's R&D investment in 2022 was RMB 18,044,858.29, a 33.20% increase compared to 2021[46] - The number of R&D personnel in 2022 was 61, a 1.67% increase from 2021, with the proportion of R&D personnel accounting for 0.95% of the total workforce[46] - The company's operating cash flow in 2022 was RMB 1,968,797,647.35, a 43.75% increase year-over-year, driven by increased sales collections in the agricultural services business[47] - The net cash flow from investment activities in 2022 was RMB 506,222,782.36, a 272.91% increase compared to 2021, mainly due to reduced financial product purchases[47] - The net cash flow from financing activities in 2022 was -RMB 918,551,658.86, a 124.99% decrease year-over-year, primarily due to a reduction in short-term borrowing[47] - The company's subsidiary, Zhejiang Jinchang Automobile Group, generated revenue of RMB 13,177,138,446.53 in 2022, with a net profit of RMB 539,032,887.43[48] - The company plans to accelerate the construction of high-standard farmland and soil improvement projects, focusing on the EPCO model and replicable innovative models[49] - The company's "Digital System Upgrade Construction Project" aims to enhance operational efficiency and management capabilities by upgrading existing ERP systems and adding new modules[45] - The company's "Medical Logistics Phase II Project" and "Pharmaceutical Wholesale Business Expansion Project" have reached over 96% completion, with remaining funds to be used for working capital[45] - The company's R&D projects include the development of seaweed-based compound microbial fertilizers, traditional Chinese medicine formulas, and formula granules, expected to increase product categories and sales[46] - The company established 32 new subsidiaries in 2022, including agricultural technology, automotive services, and ecological fertilizer companies, with no significant impact on overall production and operations[52] - The company plans to use up to 120 million yuan of temporarily idle raised funds for cash management, limited to purchasing high-security, high-liquidity, and principal-guaranteed financial products with a maturity of no more than 12 months[55] - The company aims to build a new agricultural social service system with a "provincial service platform + regional service centers + grassroots service outlets" model, focusing on resource construction, terminal network connection, technology integration, and digital management empowerment[53] - The company is exploring a full-chain model for traditional Chinese medicine, including seed breeding, planting management, harvesting, processing, and sales, with a focus on promoting the high-quality development of the industry[54] - The company is transforming its automotive business by tracking new energy vehicle technology changes and improving 4S store management through digital tools to achieve cost reduction and efficiency improvement[56] - The company changed the use of 44.124 million yuan in raised funds from the "chain pharmacy expansion project" to the "digital system upgrade construction project" to enhance digital capabilities[55] - The company is promoting the integration of industry and trade, focusing on high-end fertilizer and pesticide manufacturing, agricultural service projects, and technological innovation to increase product added value[53] - The company is implementing a new agricultural production service model, combining land remediation, modern agricultural demonstration zone construction, and socialized services under the EPC+O model[53] - The company is focusing on the development of traditional Chinese medicine, aiming to create a "Zhejiang model" for the revitalization of the Chinese herbal medicine industry through high-quality and premium pricing strategies[54] - The company is strengthening its core competitiveness in agricultural services by enhancing independent R&D capabilities, mastering core technologies, and building its own brand[54] - The company's agricultural comprehensive service business has ranked in the top three of the "Annual China Agricultural Materials Circulation Enterprise Comprehensive Competitiveness Top 100" for 13 consecutive years, with the past two years entering the top two, demonstrating strong competitive advantages and high industry status[60] - The company is accelerating the construction of a 10,000-ton traditional Chinese medicine decoction piece expansion project and a technology R&D center project, with the decoction piece project currently at 43.03% completion and the R&D center project at 78.37% completion[62] - The company's pharmaceutical logistics phase II project has been completed with an investment progress of 96.77%, and the pharmaceutical wholesale business expansion project has reached 99.95% completion[62] - The digital system upgrade construction project has an investment progress of 10.75% and is expected to improve management and operational efficiency, optimize resource allocation, and promote long-term strategic development[62] - The company is actively seeking high-quality M&A opportunities that align with the actual needs of its three major business segments, aiming to strengthen the supply chain and integrate resources in the agricultural materials circulation field[57] - The company is accelerating the construction of the Kaihua multifunctional comprehensive agricultural service project, aiming to build it into a high-end green fertilizer production and R&D base, manufacturing center, and provincial-level fertilizer reserve center[57] - The company's agricultural materials circulation business is influenced by the planting cycles of economic and grain crops, with the peak sales season occurring from March to October each year[60] - The company's agricultural comprehensive service business is expected to benefit from the national strategy of building a strong agricultural country and the emphasis on rural revitalization and agricultural modernization[63] - The company's digital system upgrade construction project does not directly generate revenue and cannot be separately accounted for in terms of benefits[61] - The company's agricultural materials circulation industry is characterized by a "large industry, small enterprise" structure, with industry concentration expected to gradually increase as the industry transitions from traditional agricultural materials trading to comprehensive agricultural social services[63] - The market penetration rate of new energy vehicles in China reached 25.6% in 2022, an increase of 12.1 percentage points compared to the previous year[65] - The company ranked 61st in the 2021 China Pharmaceutical Retail Top 100 Enterprises, up from 65th in the previous year[65] - The company has established nearly 3,000 agricultural material retail outlets nationwide, with a strong presence in Zhejiang Province[69] - The company operates 101 direct agricultural material retail outlets, primarily in Zhejiang, Jiangsu, Jiangxi, Anhui, Hunan, and Fujian[70] - The company has established six fertilizer production plants in Zhejiang, Jiangsu, Anhui, and Liaoning provinces[69] - The company has built a global sourcing network and maintains long-term strategic partnerships with major domestic and international agricultural material producers[69] - The company is exploring a new EPC+O business model integrating land remediation, modern agricultural demonstration zone construction, and socialized services[69] - The company is developing a full industrial chain model for traditional Chinese medicine, focusing on "Zhe Ba Wei" medicinal herbs[69] - The company's pharmaceutical business integrates wholesale, retail, production, logistics, and medical services, with a strong focus on Shaoxing and surrounding areas[70] - The company has established long-term strategic partnerships with internationally renowned agricultural material brands, ensuring access to key resources[70] - The company operates 33 standardized car 4S stores in Zhejiang and Jiangsu provinces, focusing on luxury brands such as BMW, Audi, and Cadillac[71] - The company's pharmaceutical retail business has 105 retail stores, primarily located in rural areas of Shaoxing, Zhejiang, giving it a unique competitive advantage[71] - In 2022, the company's automotive retail business generated revenue of 1.64 billion yuan, with 1.40 billion yuan from Zhejiang province and 234.87 million yuan from Jiangsu province[75] - The company added 8 new pharmaceutical retail stores in 2022, increasing revenue by 509.45 million yuan[75] - The company's automotive retail business added 2 new 4S stores in 2022, increasing revenue by 187.91 million yuan[75] - The top-performing automotive retail store, Zhejiang Jinhu Electromechanical Co., Ltd., generated revenue of 159.09 million yuan in 2022[75] - The company's pharmaceutical retail business in Zhejiang province achieved a sales growth rate of 7.04% in 2022[75] - The company's pharmaceutical retail business outside Zhejiang province achieved a sales growth rate of 48.43% in 2022[75] - The company's automotive retail business in Zhejiang province achieved a revenue of 1.40 billion yuan in 2022, with an average revenue per square meter of 1.76 million yuan[75] - The company's automotive retail business outside Zhejiang province achieved a revenue of 234.87 million yuan in 2022, with an average revenue per square meter of 4.65 million yuan[75] - The top-performing store, Yuecheng Jingyuetang Traditional Chinese Medicine Hall, generated revenue of 87.71 million yuan in 2022[76] - The average sales growth rate in Zhejiang Province was 7.11%, with comparable revenue increasing from 38,912.00 million yuan in 2021 to 42,077.74 million yuan in 2022[77] - The total revenue from agricultural retail stores in Zhejiang Province was 180,780.66 million yuan, with 38 stores covering an area of 102,704.29 m²[78] - The revenue per square meter for agricultural retail stores in Zhejiang Province was 6.07 million yuan/m², slightly decreasing by 0.01% compared to 2021[79] - The company's pharmaceutical retail business in Zhejiang Province generated revenue of 42,077.74 million yuan from 102 stores covering 13,090.40 m²[79] - The company has maintained a top-three position in China's agricultural materials circulation enterprise competitiveness ranking since 2010, recently moving up to second place[80] - The company's automotive trade and service business ranks among the top in BMW dealer groups, with multiple 4S stores receiving BMW Excellent Dealer awards[80] - The company's pharmaceutical wholesale and retail businesses are both ranked among the top 100 in China according to Ministry of Commerce statistics[80] - Revenue for the reporting period reached 41.81 billion yuan, an increase of 18.97% year-on-year[86] - Net profit attributable to shareholders of the listed company was 609.79 million yuan, a decrease of 7.11% year-on-year[86] - The company completed 200,000 tons of national fertilizer commercial reserves and 120,000 tons of provincial fertilizer off-season reserves[84] - The company established and operated 18 agricultural service centers in Zhejiang Province[84] - The company's "Zhenong Yun" brand was officially launched in August 2022, focusing on building an agricultural service ecosystem[85] - The company's agricultural comprehensive service business achieved high-quality growth, with revenue proportion continuing to rise[85] - The company's pharmaceutical production and sales business expanded rapidly, benefiting from increased demand and the development of traditional Chinese medicine formula granule business[86] - The company's automotive trade business experienced a decline in revenue and profit due to supply chain impacts and changes in the automotive market consumption structure[86] - The company's agricultural service model innovation included the exploration of a full-chain "land remediation + modern agricultural demonstration zone construction + socialized service" EPC+O model[87] - The company established a 500-acre Hangzhou white chrysanthemum base as part of its pilot project for the development of the entire Chinese herbal medicine industry chain[87] - Total revenue in 2022 reached 41.81 billion yuan, a year-on-year increase of 18.97%[93] - Agricultural comprehensive service revenue increased by 40.94% to 23.34 billion yuan, accounting for 55.81% of total revenue[93] - Automotive trade service revenue decreased by 2.34% to 16.59 billion yuan, accounting for 39.67% of total revenue[93] - Pharmaceutical production and sales revenue increased by 17.88% to 1.89 billion yuan, accounting for 4.52% of total revenue[93] - Fertilizer sales revenue increased by 50.21% to 18.47 billion yuan, accounting for 44.18% of total revenue[93] - Revenue from Zhejiang Province accounted for 64.18% of total revenue, reaching 26.84 billion yuan, a year-on-year increase of 14.55%[93] - Revenue from outside Zhejiang Province increased by 27.82% to 14.98 billion yuan, accounting for 35.82% of total revenue[93] - Direct sales revenue increased by 21.84% to 30.99 billion yuan, accounting for 74.12% of total revenue[93] - Distribution sales revenue increased by 11.46% to 10.82 billion yuan, accounting for 25.88% of total revenue[93] - The company added 107 new formula granule customers and obtained 225 formula granule production record numbers in the province and 807 outside the province[91] - Agricultural comprehensive service revenue increased by 40.94% to 23.34 billion RMB, with fertilizer revenue growing by 50.21% to 18.47 billion RMB[95][98] - Automotive trade service revenue decreased by 2.34% to 16.59 billion RMB, with vehicle sales revenue dropping by 1.59% to 14.03 billion RMB[95][98] - Gross profit margin for agricultural comprehensive service decreased by 1.00% to 5.75%, while automotive trade service gross profit margin decreased by 1.71% to 9.40%[95] - Fertilizer procurement costs increased by 53.31% due to rising international commodity prices, contributing to a 42.46% increase in agricultural service operating costs[95][97] - Revenue from Zhejiang province increased by 14.55% to 26.84 billion RMB, while revenue from outside Zhejiang increased by 27.82% to 14.98 billion RMB[95] - Direct sales revenue