TINGYI(00322)2024-03-26 08:31Financial Performance - Revenue for the year ended December 31, 2023, was RMB 80,418,075 thousand, an increase of 2.16% compared to RMB 78,717,420 thousand in 2022[2] - Gross profit margin improved to 30.42%, up by 1.33 percentage points from 29.09% in the previous year[2] - EBITDA for 2023 was RMB 8,206,526 thousand, reflecting a growth of 13.82% from RMB 7,209,990 thousand in 2022[2] - Net profit attributable to shareholders increased by 18.43% to RMB 3,117,461 thousand, compared to RMB 2,632,312 thousand in 2022[2] - Basic earnings per share rose to RMB 55.33, an increase of 8.60 cents from RMB 46.73 in 2022[2] - Total revenue for 2023 reached RMB 80,348,163 thousand, an increase from RMB 78,644,539 thousand in 2022, representing a growth of approximately 2.17%[13] - The profit before tax for 2023 was RMB 4,779,461 thousand, compared to RMB 4,148,804 thousand in 2022, indicating a year-over-year increase of about 15.2%[13][14] - The net profit for 2023 was RMB 3,516,667 thousand, up from RMB 3,075,834 thousand in 2022, reflecting a growth of approximately 14.4%[13][14] Assets and Liabilities - Total assets decreased to RMB 53,149,654 thousand from RMB 58,449,306 thousand in 2022[6] - Total liabilities decreased to RMB 35,927,410 thousand in 2023 from RMB 41,633,831 thousand in 2022, a reduction of 13.7%[7] - Current liabilities also decreased to RMB 29,193,014 thousand in 2023, down from RMB 31,704,538 thousand in 2022, reflecting a decline of 7.9%[7] - Total assets minus current liabilities stood at RMB 23,956,640 thousand in 2023, compared to RMB 26,744,768 thousand in 2022, indicating a decrease of 10.4%[7] - Total equity increased to RMB 17,222,244 thousand in 2023, up from RMB 16,815,475 thousand in 2022, representing a growth of 2.4%[7] - Non-current liabilities decreased significantly to RMB 6,734,396 thousand in 2023 from RMB 9,929,293 thousand in 2022, a reduction of 32.5%[7] - The company reported a net current liability of RMB (8,719,436) thousand in 2023, compared to RMB (7,677,469) thousand in 2022, indicating a worsening position[7] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2023, were RMB 14,738,381 thousand, a decrease of RMB 5,149,972 thousand from the previous year[2] - The net cash inflow from operating activities for the year was RMB 5.495 billion, while cash outflow from investing activities was RMB 3.724 billion[46] - The company plans to continue investing in food safety and sustainable development projects to drive business growth[3] Segment Performance - Revenue from the beverage segment grew by 5.39% to RMB 50.939 billion, while revenue from the instant noodle segment declined by 2.84% to RMB 28.793 billion[33] - The instant noodle business generated revenue of 28.793 billion RMB in 2023, a year-on-year decline of 2.84%, accounting for 35.80% of the group's total revenue[36] - The beverage segment achieved total revenue of 50.939 billion RMB in 2023, representing a year-on-year growth of 5.39%, and accounted for 63.34% of the group's total revenue[40] Product Innovation and Market Strategy - The company emphasized ongoing product innovation and brand building, alongside digital transformation initiatives[3] - The company is focusing on expanding its market presence and enhancing product quality to meet changing consumer preferences[31] - The company launched new products such as "Ice Red Tea Flavor Braised Beef Noodles" and "Tomato Egg Beef Noodles," which gained significant popularity and sales growth[37] - The company is focusing on health trends by launching sugar-free products across various beverage categories, including tea, carbonated drinks, and coffee[40] - The company has partnered with various IPs and celebrities to enhance brand recognition and engage younger consumers[37][41] Corporate Governance and Compliance - As of December 31, 2023, the company has complied with the corporate governance code, with a commitment to maintaining accountability and transparency to enhance long-term shareholder returns[52] - The board of directors confirmed their responsibility for the preparation of the financial statements, ensuring compliance with statutory requirements and applicable accounting standards[54] - The external auditor confirmed that the preliminary performance figures align with the consolidated financial statements for the year ending December 31, 2023[55] - The audit committee, consisting of three independent non-executive directors, recently reviewed the company's 2023 annual performance[56] Future Outlook - The company anticipates steady economic development in 2024, focusing on domestic market expansion and product diversification in the instant noodle sector to meet varied consumer demands[51] - The beverage segment will continue to concentrate on core categories, aiming to provide joyful and healthy products for different consumption scenarios, thereby accelerating scale advantages[51] - The company plans to invest in product innovation, brand building, channel development, and digital transformation, while enhancing food safety and sustainability initiatives[51]