Ganso(603886)2024-03-25 16:00Financial Performance - Revenue for 2023 increased by 2.78% to RMB 2,659,102,038.95 compared to 2022[3] - Net profit attributable to shareholders rose by 3.74% to RMB 276,332,721.47 in 2023[3] - Operating cash flow decreased by 4.75% to RMB 529,687,722.89 in 2023[3] - Basic earnings per share increased by 3.60% to RMB 1.15 in 2023[4] - Weighted average return on equity (ROE) increased by 0.29 percentage points to 17.26% in 2023[4] - Non-recurring gains and losses amounted to RMB 29,968,777.71 in 2023, a decrease from RMB 34,500,432.27 in 2022[8] - Government subsidies received in 2023 totaled RMB 8,321,983.08, down from RMB 15,391,633.13 in 2022[7] - The fair value change of financial assets and liabilities contributed RMB 36,105,991.75 to non-recurring gains in 2023[7] - Total assets at the end of 2023 were RMB 3,152,048,448.54, a slight increase of 0.28% from 2022[3] - The company's equity attributable to shareholders increased by 2.35% to RMB 1,659,976,954.00 at the end of 2023[3] - Revenue for 2023 reached RMB 2,659,102,038.95, a year-on-year increase of 2.78%[45][46] - Net profit for 2023 was RMB 276,322,918.36, an increase of RMB 9,922,650.63 compared to the previous year[45] - Operating costs decreased by 2.16% to RMB 1,009,029,029.18, primarily due to cost control measures for Mid-Autumn Festival products[46] - Sales expenses increased by 7.74% to RMB 1,096,929,070.61, mainly due to higher labor costs[46] - The gross profit margin for the cake segment decreased by 3.41 percentage points to 69.15%[49] - The gross profit margin for the Chinese and Western pastry segment increased by 6.22 percentage points to 57.13%[49] - Online e-commerce sales accounted for RMB 1,273,647,510.70, with a gross profit margin of 64.35%, a decrease of 5.42 percentage points[49] - Production volume of cakes increased by 2.35% to 5,870,705 units, while sales volume increased by 2.12% to 5,890,563 units[50] - The cost of raw materials for the cake segment increased by 25.96% to RMB 25,726.54[53] - The cost of raw materials for the Chinese and Western pastry segment decreased by 13.10% to RMB 48,683.87[53] - Sales to the top five customers amounted to 225.834 million yuan, accounting for 0.88% of total annual sales[54] - Procurement from the top five suppliers totaled 2.624814 billion yuan, representing 23.58% of total annual procurement[54] - Overseas assets amounted to 1.135823 billion yuan, accounting for 3.60% of total assets[57] - R&D investment totaled 20.848436 million yuan, accounting for 0.78% of operating revenue[59] - The company has 77 R&D personnel, accounting for 1.54% of the total workforce[61] - The company's monetary funds decreased by 35.03% to 488.792234 million yuan, mainly due to the purchase of financial products[58] - The company's inventory decreased by 50.87% to 37.206599 million yuan, as the company controlled inventory turnover and inventory balance[58] - Total operating revenue for the reporting period was RMB 2,560,652,638.66, with a gross profit margin of 60.82%[68] - Online sales revenue reached RMB 1,273,647,510.70, accounting for 47.89% of total revenue, with a gross profit margin of 64.82%[70] - The company invested RMB 3,000,000 in the Cross-Strait Industrial Investment Fund, with two installments of RMB 4,500,000 each completed in 2022 and 2023[73] - The company invested RMB 3,000,000 in the Fosun (Hangzhou) Hanxing Private Equity Investment Fund, with the first installment of RMB 4,500,000 completed in 2023[74] - The company's subsidiary, Sichuan Yuanzu, generated the highest revenue among subsidiaries at RMB 100,738,000, with a net profit of RMB 13,163,000[76] - The company's subsidiary, Jiangsu Yuanzu, reported revenue of RMB 99,150,000 and a net profit of RMB 6,423,000[76] - The company's subsidiary, Yuanzu E-commerce, achieved revenue of RMB 127,365,000 and a net profit of RMB 496,000[76] - The company's subsidiary, Shanghai Yuanzu, reported a net loss of RMB 555,000 despite revenue of RMB 24,219,000[76] - The company's subsidiary, Liaoning Yuanzu, reported a net loss of RMB 216,000 with revenue of RMB 2,521,000[76] - The company's subsidiary, Hubei Yuanzu, generated revenue of RMB 17,764,000 and a net profit of RMB 794,000[76] - The company's cake sales during the Double 11 promotion reached 31,000 units, a year-on-year increase of 59%[79] - The company achieved an 18% overall efficiency improvement by adding automated assembly lines and new tunnel ovens[84] - The company's production volume during the Dragon Boat Festival doubled at the Shanghai factory, and the Mid-Autumn Festival production volume increased by 19.5% year-on-year across both factories[84] - The company implemented 318 GPS improvement proposals, saving 850,000 yuan and obtaining 4 patent certificates[84] - The company plans to optimize product turnover days and implement a T+1 model in some regions to further improve logistics efficiency[84] - The company will continue to focus on automation upgrades, capacity expansion, cost reduction, and efficiency improvement in 2024[84] - Net profit for 2023 reached RMB 276.32 million, with a net profit attributable to shareholders of RMB 276.33 million[146] - The company plans to distribute a cash dividend of RMB 10 per 10 shares, totaling RMB 240 million[146] - Total government subsidies received in 2023 amounted to RMB 8.32 million, a decrease from RMB 14.94 million in 2022[156] - R&D expenses for 2023 were RMB 7.91 million, slightly up from RMB 7.59 million in 2022[156] - Advertising and promotional expenses increased to RMB 179.01 million in 2023, up from RMB 162.48 million in 2022[156] - Operating cash flow for 2023 was RMB 529.69 million, compared to RMB 556.11 million in 2022[157] - Short-term lease expenses for 2023 were RMB 21.16 million, up from RMB 18.81 million in 2022[159] - Total cash and cash equivalents at the end of 2023 were RMB 317.59 million, a slight decrease from RMB 317.83 million at the beginning of the year[157] - The company's undistributed profit at the end of 2023 was RMB 754.15 million[146] - Total income from other operating activities in 2023 was RMB 17.68 million, down from RMB 24.59 million in 2022[156] - The company's liquidity risk is managed by monitoring short-term and long-term liquidity, with no significant credit risk exposure due to guarantees[163] - The company's investment in other equity instruments showed no significant difference between initial investment cost and fair value[165] - The company has significant related party transactions, including rental expenses with Shanghai Yuanzu Dreamworld Park Co., Ltd. totaling RMB 457,990.49 and Shanghai Dreamworld Commercial Management Co., Ltd. totaling RMB 858,614.58[167] - Key management compensation decreased from RMB 15,203,201.56 in the previous period to RMB 12,654,634.51 in the current period[168] - The company's accounts receivable from related parties include RMB 23,495.35 from Shanghai Yuanzu Enlightenment Park Co., Ltd. and RMB 21,156.44 from Shanghai Dreamworld Commercial Management Co., Ltd.[169] - The company's total accounts receivable at the end of the period was RMB 96,673,344.23, with no significant bad debt provision[172] - Other receivables increased from RMB 4,386,611.77 at the beginning of the period to RMB 4,539,887.07 at the end of the period[173] - The company's investment in Shanghai Yuanzu Dreamworld Park Co., Ltd. decreased by RMB 16,793,693.94, resulting in a year-end balance of RMB 437,732,758.61[176] - Government subsidies related to assets remained consistent at RMB 449,000.00, while subsidies related to income decreased from RMB 14,942,633.13 to RMB 8,321,983.08[179] - The company's financial liabilities are all due for repayment within one year or on demand[180] - The fair value of debt instrument investments under trading financial assets is RMB 1,322,883,133.58[181] - The fair value of equity instrument investments under trading financial assets is RMB 13,850,961.00[181] - The total fair value of continuously measured assets is RMB 1,336,734,094.58[181] - The company's revenue from sales of goods in the mainland division is RMB 1,267,131,986.00[194] - The cost of sales in the mainland division is RMB 917,044,117.22[194] - Other revenue in the mainland division is RMB 7,752,866.13[194] - The total revenue in the mainland division is RMB 1,274,929,892.32[194] - The total cost of sales in the mainland division is RMB 922,720,590.42[194] - The company's other receivables include RMB 3,700,402.00 from Shanghai Yurui Construction Group, accounting for 81.51% of the total[192] - Employee loans amount to RMB 629,148.99, accounting for 13.86% of other receivables[192] Operational Highlights - The company achieved a GMV of 120 million RMB on the Douyin platform, a year-on-year increase of 385.9%[15] - The total number of company members exceeded 11 million by the end of the reporting period[16] - The company launched a T+2 ordering model to optimize inventory management and production planning, improving inventory turnover[14] - The company's Douyin channel accumulated 697 million views and plays for brand content[15] - The company's public domain topics during the Mid-Autumn Festival generated over 430 million brand exposures[16] - The company's SAP-TM module was implemented to optimize transportation logistics, automatically calculating shipment volumes and load rates[17] - The company's offline stores exceeded 750, with a focus on direct sales supplemented by franchising[12] - The company's new product development included seasonal items such as the "Six Famous Dishes" themed zongzi for the Dragon Boat Festival[13] - The company's food safety and quality control systems include FSSC22000, ISO22000, and ISO9001 certifications[14] - The company's data warehouse and data middle platform were established to enhance data analysis and decision-making capabilities[17] - The company's cold chain baking technology reduces labor and rental costs, standardizes production processes, and ensures food safety and quality, facilitating inventory coordination and addressing traditional baking shop pain points[23] - During the reporting period, the company launched seasonal products for the Spring Festival, including 2 exclusive rabbit-themed cakes, 6 New Year gift boxes, 8 pastries, and New Zealand cherries[24] - For the Dragon Boat Festival, the company introduced a series of flavored zongzi, including Buddha Jumps Over the Wall, Taiwanese meat, and spicy beef, along with gift boxes tailored for students taking exams[25] - The Mid-Autumn Festival saw the launch of new mooncake flavors, such as Parmesan cheese and Iberian ham lotus seed paste, featuring premium ingredients like Spanish Iberian ham and Hunan lotus seed paste[26] - The company's membership base exceeded 11 million by the end of 2023, covering Gen Z and middle-aged demographics, with tiered VIP benefits and monthly member day activities to enhance customer loyalty[42] - The company upgraded its snow mooncake and crispy snow mooncake chocolate coatings to pure cocoa butter and improved the yogurt in its starry sky mooncake to pure fermented milk, using premium ingredients like Parmesan cheese and Iberian ham[41] - The company operates over 700 stores nationwide, leveraging flexible live-streaming schedules to capture peak platform traffic and build an internal matrix team to engage with local customers[44] - The company introduced new regular products, including the "King of Rolls" cake roll, oolong tea cake, and heart-shaped rose cake, to refresh its product lineup[37] - The company's rapid freezing process locks in freshness at -18°C, ensuring product quality through a comprehensive cold chain logistics system with GPS-equipped dual-temperature vehicles[41] - The company's online and offline integration strategy focuses on content marketing and private domain traffic, with tailored marketing strategies for different platforms to enhance brand visibility[43] - The company emphasizes the importance of nutritional balance in baked goods and the development of healthy functional ingredients[78] - The company aims to strengthen its brand power and establish itself as the top cake brand in the market[79] - The company is committed to maintaining a zero-accident food safety record and continuously upgrading its food safety management system[80] - The company will increase offline advertising, focusing on transportation and outdoor billboards, to enhance brand visibility and customer engagement[82] Corporate Governance and Management - The company held one shareholders' meeting during the reporting period, with 28 shareholders and proxies attending, representing 157,192,349 shares, accounting for 65.4968% of the total voting shares[95] - The company's board of directors consists of 9 members, including 3 independent directors, and held 5 meetings during the reporting period[90] - The company's board of directors has four specialized committees: Strategy, Audit, Nomination, and Compensation and Evaluation, with independent directors holding the majority in each committee except for the Strategy Committee[90] - The company's supervisory board consists of 3 members, including 1 employee representative, and held 4 meetings during the reporting period[91] - The company actively engaged in investor relations management, holding annual, semi-annual, and quarterly performance briefings, and communicated with investors through various channels such as phone, email, and e-interaction platforms[91] - The company completed and disclosed the 2023 Internal Control Evaluation Report and the intermediary agency audit report, with KPMG Hua Zhen CPA LLP issuing a standard unqualified opinion on the internal control audit report[92] - The company's chairman, Zhang Xiuwan, holds 105,603,827 shares and received a pre-tax remuneration of 624,000 RMB during the reporting period[97] - The company's general manager, Zhang Yitao, holds 6,408,965 shares and received a pre-tax remuneration of 1,102,000 RMB during the reporting period[97] - The total pre-tax remuneration for all directors, supervisors, and senior management during the reporting period was 6,622,000 RMB[97] - Zhang Xiuwan, the current chairman of the company, also serves as the chairman of Shanghai Yuanzu Dream World Amusement Park Co., Ltd. and Shanghai Dream World Commercial Management Co., Ltd.[98] - Zheng Huiming, a current director of the company, previously served as the general manager of Walsin Lihwa from 2011 to 2019[98] - Su Xiying, a current director of the company, is the CEO of Heyi Life Co., Ltd.[98] - Wang Mingyang, an independent director of the company, is the executive director of Hengyongsheng Management Consulting (Shanghai) Co., Ltd.[103] - Huang Yanda, an independent director of the company, is the general manager of Tianying Trade (Shanghai) Co., Ltd.[103] - Wang Shiming, an independent director of the company, is a certified public accountant at Shanghai Chenghui Accounting Firm Co., Ltd.[103] - Yang Ziqi, the chairman of the company's supervisory board, is also the chairman of Taiwan Baochu Co., Ltd. and Shanghai Shishang Home Furnishing Building Materials Co., Ltd.[103] - Li Yan, a supervisor of the company, is the vice chairman of Shanghai Les Enphants Baby Products Co., Ltd.[103] - Zhu Beiqin, the current board secretary of the company, previously served as the financial director[100] - Liu Zheng, the current financial officer of the company, was promoted from financial specialist to financial manager before assuming his current role[101] - Total remuneration for directors, supervisors, and senior management in the reporting period amounted to 6.622 million RMB[104] - Independent directors received an annual pre-tax allowance of 96,000 RMB, while non-independent directors and supervisors not holding other positions received 36,000 RMB annually[104] - The company held 4 audit committee meetings, 2 nomination committee meetings, 1 compensation committee meeting, and 1 strategy committee meeting during the reporting period[110][111][112][113] - The audit committee reviewed and approved the 2022 annual report, financial statements, profit distribution plan, and internal control evaluation report[110] - The strategy committee discussed and approved the company's 2024 annual plan and key work arrangements[113] - The company's board of directors held 4 meetings during the reporting period, approving quarterly reports and changes in board secretary[106] - All directors attended 5 board meetings each, with most participating via teleconference[108] - The company's board committees include audit, nomination, compensation, and strategy committees, with overlapping membership among key directors[109] - No penalties were imposed by securities regulators on the company in the past three years[106] - The company's supervisory board raised no objections or risk concerns during the reporting period[114] - Total number of employees: 4,985, including 493 from the parent company