值得买(300785) - 2022 Q4 - 年度财报

Company Performance and Challenges - The company's performance was impacted by the sluggish consumer industry, with some customers delaying or reducing brand promotion budgets, and order conversion efficiency declining in certain regions[5] - The company faces risks such as intensified industry competition, changes in e-commerce policies, and operational risks[5] - Total revenue for 2022 decreased by 12.45% to 1,228,416,982.98 yuan compared to 1,403,140,609.28 yuan in 2021[129] - Net profit attributable to shareholders was 84,894,500, a decrease of 52.71% year-over-year[86] - Revenue from "What's Worth Buying" was 887,320,000, a decrease of 15.09% year-over-year, accounting for 72.23% of total revenue[86] - Revenue from new businesses was 341,096,900, a decrease of 4.75% year-over-year, accounting for 27.77% of total revenue[86] - Direct customer revenue decreased to 651,777,271.07 in 2022 from 764,628,910.74 in 2021, with customer count dropping from 1,376 to 940[80] - Agent customer revenue decreased to 576,639,711.91 in 2022 from 638,511,698.54 in 2021, with customer count slightly decreasing from 257 to 251[80] - Gross margin for the internet and related services industry decreased by 3.15% to 53.98%[132] Strategic Upgrades and Business Focus - The company implemented a comprehensive strategic upgrade starting in 2021, focusing on consumer content, marketing services, and consumer data as its three core sectors, with some businesses still in the investment phase[5] - The company focuses on "consumer content and consumer data" as its core, increasing technological investment to drive business growth and industry progress[54] - The company upgraded its brand positioning to "Scientific Consumption Guide" in September 2022, emphasizing "Scientific Consumption, Serious Life"[89] - The company plans to focus on efficiency and promote continuous growth of all business segments in 2023[168] - The company aims to accelerate the growth of its consumer content community "Smzdm" in 2023[169] Financial Performance and Dividends - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) and issue 5 additional shares per 10 shares from capital reserves[7] - Non-recurring gains and losses for 2022 amounted to RMB 18,122,541.42, an increase from RMB 11,741,039.73 in 2021[35] - Government subsidies received in 2022 were RMB 5,632,013.34, a decrease from RMB 9,386,611.12 in 2021[35] - Gains from financial assets and liabilities in 2022 were RMB 8,956,040.96, up from RMB 6,837,927.01 in 2021[35] Subsidiaries and Business Operations - The company's subsidiaries include "What is Worth Buying" (www.smzdm.com), Wuyou Direct Purchase, Xingluo Chuangxiang, and others, which are integral to its business operations[20] - The company's "Smzdm" platform has a highly educated, high-spending, and highly loyal user base, making it a key channel for e-commerce platforms and brands to acquire users and expand influence[56] - In 2022, 74.73% of content on "Smzdm" was user-generated (UGC), with machine-generated content (MGC) accounting for 20.31%, enhancing content diversity and ecosystem richness[60] - The company's revenue from "Smzdm" includes e-commerce referral commissions and advertising display income, based on user transactions and ad placements[61][62] - The company's consumer MCN business has expanded its influence through incubating and signing professional consumer IP accounts on platforms like Douyin, Bilibili, Xiaohongshu, and Kuaishou, focusing on vertical categories and providing services such as content creation, commercial content production, and supply chain resources[63] - The company has deepened its vertical content ecosystem by investing in subsidiaries like "Haibao Wosi" for fashion content and "Hao Youyan Zhou" for product reviews, aiming to enhance user connection with brands and provide high-quality, low-price product recommendations[65] - The marketing service sector leverages the company's consumer content community "Smzdm" and MCN business to empower e-commerce platforms and brands, helping them capitalize on the content era's opportunities[66] - The company's subsidiary, Xingluo Chuangxiang, provides a full-chain service for matching goods with media, utilizing a vast database of merchants and media resources to achieve precise matching and efficient promotion[67] - Xingluo and Youzhu Technology offer comprehensive e-commerce and content operation services, including marketing planning, brand store operation, and live streaming, with revenue models based on service fees and direct sales[69][70] - The company provides brand marketing services that cover brand consulting, marketing strategy, KOL collaboration, and private domain operations, helping brands establish interactive touchpoints throughout the consumer decision-making process[71] - The company's consumer data platform has accumulated over 210,000 brands and 9.78 million aggregated products, enhancing the efficiency of content distribution and operational efficiency across various consumer content and marketing services[73] - The company established Beijing Zhiyuan Digital Technology Co., Ltd. to develop and apply data platform products, offering visual data platform services to e-commerce platforms, brands, and government agencies to improve decision-making efficiency and quality[75] - The company's MCN business has signed nearly 250 KOLs, covering over 400 million fans, with internally incubated IP accounts reaching 55, totaling approximately 27 million fans across various fields[114] - The company's MCN business, Duoyuan Channel, has partnered with 200 brands, including major players like Pinduoduo, Samsung, Dell, and emerging domestic brands[116] - In 2022, Xingluo Chuangxiang served over 21,000 merchants and collaborated with more than 4,000 influencers, achieving top rankings in multiple e-commerce platform competitions[117] - The company's subsidiary, Xingluo, has rapidly developed its TikTok DP business, serving renowned international beauty and personal care brands such as P&G, Helena Rubinstein, and Kiehl's[118] - The company's subsidiary, Youzhu Technology, has assisted over 60 domestic and international brands and industrial belt enterprises in enhancing their digital marketing services on platform-based and new media e-commerce[120] - The company has strengthened its brand marketing services, serving well-known clients like Shougang Food Group, Haier, and Western Digital, and signing new contracts with brands such as Wangzhihe and Liubiju[122] - The subsidiary Qingdao Xingluo Chuangxiang Network Technology Co., Ltd. reported a net profit of RMB 25.48 million in 2022[164] Market and Industry Trends - China's online retail sales in 2022 reached RMB 13.79 trillion, a 4.0% year-on-year increase[41] - Physical goods online retail sales in 2022 were RMB 11.96 trillion, accounting for 27.2% of total retail sales[41] - The live streaming e-commerce market in 2022 reached RMB 3.43 trillion, a 34% year-on-year growth[47] - Active users on major content platforms reached 1.196 billion by September 2022[45] - China's per capita GDP in 2022 was RMB 85,700, with per capita disposable income at RMB 36,900[50] - Household deposits increased by RMB 17.84 trillion in 2022, up from RMB 9.9 trillion in 2021[41] - The data element market is entering a rapid development phase, with the State Council and Ministry of Finance issuing policies to accelerate the construction of basic systems for data property rights, circulation, and assetization[51] - Consumer insights based on big data analysis have become a core component of consumer goods companies' overall strategies, driving C2M product design, pricing, and marketing precision[51] - AIGC technology has achieved breakthroughs, with ChatGPT reaching millions of users and daily peak requests in the hundreds of millions, marking the entry into scenario-based applications[53] - AIGC is being applied in various content fields, including marketing copywriting, consumer content creation, and video editing, with significant commercialization potential in consumer content[53] Investment and Projects - The company's "Big Data-based Personalized Technology Platform Transformation and Upgrade Project" has achieved an investment progress of 98.68%, with a total investment of RMB 32,999.99 thousand and cumulative benefits of RMB 7,118.41 thousand[159] - The "Content Platform Upgrade Project" has an investment progress of 58.57%, with a total investment of RMB 37,384.49 thousand and RMB 6,924.59 thousand invested in the current reporting period[159] - The "Diversified Consumer MCN Project" has an investment progress of 97.80%, with a total investment of RMB 6,085.87 thousand and cumulative investment of RMB 5,951.75 thousand[159] - The "Consumer Internet Research Institute Project" has an investment progress of 27.03%, with a total investment of RMB 7,527.9 thousand and RMB 732 thousand invested in the current reporting period[159] - The "Working Capital Supplement Project" has been fully invested with a total investment of RMB 20,307.72 thousand[159] - The overall investment progress for all committed projects is 79.33%, with a total investment of RMB 104,305.97 thousand and cumulative benefits of RMB 7,118.41 thousand[159] - The "Content Platform Upgrade Project" and "Consumer Internet Research Institute Project" have slower investment progress due to economic changes, demand shrinkage, and stricter internet industry regulations[159] - The "Consumer Internet Research Institute Project" faces delays due to reduced cooperation willingness from clients in industries like digital and FMCG, which are affected by overall consumer market weakness[159] - The company has adopted a cautious investment strategy, slowing down the use of raised funds to adapt to external environmental changes and ensure investment effectiveness[159] - In 2020, the company invested an additional RMB 1,000 thousand in its wholly-owned subsidiary, Qingdao Xingluo Chuangxiang Network Technology Co., Ltd., using raised funds[159] - The company completed the replacement of pre-invested funds for the raised capital projects with self-raised funds amounting to RMB 85.22 million[160] - The company permanently supplemented working capital with the remaining raised funds of RMB 15.05 million (including interest after deducting bank fees) from the IPO project[160] - The company used up to RMB 300 million of idle raised funds for cash management in 2021, and up to RMB 200 million in 2022 for purchasing bank financial products[160] Organizational and Technological Development - The company has enhanced its organizational structure and management system, focusing on improving operational efficiency and optimizing management processes through OKR management[123] - The company has increased its investment in machine learning capabilities for product library construction, improving data structuring efficiency and accuracy, and enhancing user experience through personalized recommendation algorithms[124] - The company has 2 design patents, 10 invention patents, 244 software copyrights, and 40 registered works copyrights[85] - The company is increasing R&D investment and strengthening its technical talent team to keep up with rapid technological advancements in the internet industry[187] Risk Management and System Stability - The company faces challenges in system stability and network security due to potential large fluctuations in platform traffic caused by user behavior and seasonal e-commerce promotions[182] - To ensure system stability, the company has designed a redundant production environment architecture and deployed systems on a multi-cloud hybrid cloud platform[183] - The company is actively building a content creator ecosystem and implementing measures to reduce the risk of losing top content creators, including innovative product design and enhanced creator incentives[184] - The company is incubating new businesses such as consumer MCN, full-chain services for product and media matching, and brand marketing, while maintaining vigilance against industry changes and setting up loss control mechanisms[185] User Experience and Product Development - The "What's Worth Buying" app introduced a new "Shopping Guide" channel, covering 19 consumer categories and enhancing user shopping experience[93]