HAI TIAN(603288)2024-04-26 11:35Financial Performance - Revenue in 2023 decreased by 4.10% to RMB 24.56 billion compared to RMB 25.61 billion in 2022[17] - Net profit attributable to shareholders in 2023 decreased by 9.21% to RMB 5.63 billion compared to RMB 6.20 billion in 2022[17] - Operating cash flow in 2023 increased significantly by 92.04% to RMB 7.36 billion compared to RMB 3.83 billion in 2022[17] - Total assets in 2023 increased by 12.81% to RMB 38.42 billion compared to RMB 34.06 billion in 2022[17] - Basic earnings per share in 2023 decreased by 9.01% to RMB 1.01 compared to RMB 1.11 in 2022[18] - Weighted average return on equity in 2023 decreased by 4.80 percentage points to 20.72% compared to 25.52% in 2022[18] - Revenue in Q4 2023 was RMB 5.91 billion, with net profit attributable to shareholders of RMB 1.30 billion[20] - Non-recurring gains and losses in 2023 amounted to RMB 231.96 million, primarily from financial asset gains and government subsidies[21] - The company's financial products decreased by RMB 240.66 million in 2023, with a positive impact on profit of RMB 230.13 million[22] - Company's revenue in 2023 was 24.559 billion yuan, a decrease of 4.10% year-on-year[26] - Net profit attributable to shareholders in 2023 was 5.627 billion yuan, a decrease of 9.21% year-on-year[26] - Net profit margin in 2023 was 22.97%, a decrease of 1.25 percentage points year-on-year[26] - Revenue for the reporting period was 24.559 billion yuan, a decrease of 4.10% year-on-year[39] - Net profit attributable to shareholders was 5.627 billion yuan, a decrease of 9.21% year-on-year[39] - Net cash flow from operating activities increased by 92.04% to 7.356 billion yuan[40] - Revenue from the food manufacturing industry was 22.815 billion yuan, a decrease of 4.11% year-on-year[43] - Revenue from soy sauce products was 12.637 billion yuan, a decrease of 8.83% year-on-year[43] - Revenue from online channels was 889.15 million yuan, a decrease of 10.06% year-on-year[44] - The company's overall gross profit margin decreased by 0.96 percentage points to 36.15%[43] - Revenue from the eastern region was 4.354 billion yuan, a decrease of 7.26% year-on-year[43] - Revenue from the northern region was 5.925 billion yuan, a decrease of 4.78% year-on-year[43] - Revenue from other product categories increased by 19.35% to 3.499 billion yuan[43] - Direct material costs for soy sauce decreased by 13.51% to 6,017,257,029.66 yuan, accounting for 83.00% of total costs[48] - Transportation costs decreased by 8.85% to 690,288,866.54 yuan, mainly due to reduced shipment volume and improved logistics efficiency[48] - R&D investment totaled 715,417,649.71 yuan, accounting for 2.91% of total revenue[55] - Sales to the top five customers amounted to 534,733,042.08 yuan, accounting for 2.18% of total sales[51] - Procurement from the top five suppliers amounted to 2,293,918,465.69 yuan, accounting for 17.28% of total procurement[52] - Management expenses increased by 19.00% to 525,684,478.72 yuan, while sales expenses decreased by 5.25% to 1,305,746,731.57 yuan[54] - Operating cash flow increased by 92.04% to 7,355,650,997.74 RMB due to higher contract liabilities and reduced cost and tax payments[59] - Investment cash inflow increased by 17.54% to 14,861,678,187.36 RMB, while outflow decreased by 9.37% to 15,681,677,446.25 RMB[59] - Financing cash inflow increased by 64.87% to 1,567,919,761.88 RMB, while outflow decreased by 11.07% to 4,418,551,686.30 RMB[59] - Revenue from soy sauce products decreased by 8.83% to 12.64 billion RMB, with a gross margin of 42.63%[63] - Online sales revenue decreased by 10.06% to 889.15 million RMB, accounting for 3.90% of total revenue[64] - Total assets increased to RMB 38.42 billion in 2023, up from RMB 34.06 billion in 2022[176] - Monetary funds grew to RMB 21.69 billion in 2023, compared to RMB 18.22 billion in 2022[176] - Inventory increased to RMB 2.62 billion in 2023, up from RMB 2.39 billion in 2022[176] - Fixed assets rose to RMB 4.61 billion in 2023, compared to RMB 4.21 billion in 2022[176] - Contract liabilities surged to RMB 4.53 billion in 2023, up from RMB 2.95 billion in 2022[177] - Total liabilities increased to RMB 9.39 billion in 2023, compared to RMB 7.17 billion in 2022[177] - Share capital increased to RMB 5.56 billion in 2023, up from RMB 4.63 billion in 2022[177] - Accounts receivable grew to RMB 223.15 million in 2023, compared to RMB 188.40 million in 2022[176] - Prepayments decreased to RMB 19.26 million in 2023, down from RMB 25.30 million in 2022[176] - Other receivables increased significantly to RMB 181.57 million in 2023, up from RMB 10.74 million in 2022[176] - Total revenue for 2023 was 24.56 billion RMB, a decrease of 4.1% compared to 25.61 billion RMB in 2022[182] - Net profit attributable to the parent company was 20.28 billion RMB, an increase of 5.1% from 19.29 billion RMB in 2022[178] - Total assets increased by 12.3% to 38.42 billion RMB in 2023 from 34.06 billion RMB in 2022[178] - Cash and cash equivalents grew by 44.9% to 16.54 billion RMB in 2023 from 11.41 billion RMB in 2022[179] - Contract liabilities increased by 54.7% to 4.11 billion RMB in 2023 from 2.66 billion RMB in 2022[180] - R&D expenses decreased by 4.8% to 715.42 million RMB in 2023 from 751.34 million RMB in 2022[182] - Total equity attributable to shareholders rose by 8.1% to 28.53 billion RMB in 2023 from 26.40 billion RMB in 2022[178] - Inventory decreased by 7.5% to 8.89 million RMB in 2023 from 9.62 million RMB in 2022[179] - Accounts receivable decreased by 100% to 0 RMB in 2023 from 0 RMB in 2022[179] - Total liabilities increased by 12.8% to 10.59 billion RMB in 2023 from 9.65 billion RMB in 2022[180] - Net profit attributable to parent company shareholders decreased to 5,626,626,091.97 yuan in 2023 from 6,197,716,943.78 yuan in 2022, a decline of approximately 9.2%[183] - Operating profit dropped to 6,744,787,667.43 yuan in 2023 from 7,352,280,924.22 yuan in 2022, a decrease of about 8.3%[183] - Revenue from parent company operations decreased to 19,775,804,592.11 yuan in 2023 from 20,749,549,648.14 yuan in 2022, a decline of approximately 4.7%[185] - Investment income decreased to 5,049,924,430.08 yuan in 2023 from 6,600,813,357.50 yuan in 2022, a drop of about 23.5%[185] - Basic earnings per share decreased to 1.01 yuan in 2023 from 1.11 yuan in 2022, a decline of approximately 9%[184] - Cash received from sales of goods and services increased to 29,543,161,729.95 yuan in 2023 from 26,757,359,428.31 yuan in 2022, a growth of about 10.4%[187] - R&D expenses decreased to 6,121,755.29 yuan in 2023 from 12,042,434.08 yuan in 2022, a significant drop of approximately 49.2%[185] - Financial income increased to -437,744,935.86 yuan in 2023 from -453,277,324.88 yuan in 2022, an improvement of about 3.4%[185] - Total comprehensive income decreased to 5,642,177,619.52 yuan in 2023 from 6,203,166,580.06 yuan in 2022, a decline of approximately 9%[184] - Income tax expense decreased to 1,096,850,567.11 yuan in 2023 from 1,161,039,435.23 yuan in 2022, a drop of about 5.5%[183] - Operating cash flow increased to 7.36 billion RMB in 2023, up from 3.83 billion RMB in 2022, reflecting strong cash generation from core business activities[188] - Total cash inflows from operating activities reached 29.70 billion RMB in 2023, compared to 26.95 billion RMB in 2022[188] - Cash outflows for purchasing goods and services decreased to 16.63 billion RMB in 2023 from 17.27 billion RMB in 2022[188] - Investment cash inflows totaled 14.86 billion RMB in 2023, up from 12.64 billion RMB in 2022, primarily driven by investment recoveries[188] - Cash outflows for investments decreased to 13.59 billion RMB in 2023 from 15.69 billion RMB in 2022[188] - Net cash flow from financing activities was -2.85 billion RMB in 2023, an improvement from -4.02 billion RMB in 2022[189] - Cash and cash equivalents increased by 3.69 billion RMB in 2023, compared to a decrease of 4.85 billion RMB in 2022[189] - Sales revenue from goods and services reached 24.02 billion RMB in 2023, up from 21.45 billion RMB in 2022[190] - Net cash flow from operating activities turned positive at 2.50 billion RMB in 2023, recovering from -5.19 billion RMB in 2022[190] - Net cash flow from investing activities was 2.46 billion RMB in 2023, down from 7.36 billion RMB in 2022[191] - Total comprehensive income for the year reached RMB 5,626,616,950.06, with minority shareholders' share at RMB 15,560,669.46[192] - The company's total equity increased by RMB 2,148,496,180.90, reaching RMB 29,032,975,592.12 at the end of the year[192] - Undistributed profits grew by RMB 992,792,305.57, totaling RMB 20,278,643,732.19[192] - Capital stock increased by RMB 926,766,757.00, bringing the total to RMB 5,560,600,544.00[192] - The company allocated RMB 463,383,378.50 to surplus reserves[192] - Total equity at the beginning of the year was RMB 26,884,479,411.22, with minority shareholders' equity at RMB 486,802,885.81[192] - The company's capital reserve decreased by RMB 249,997,787.72 due to other capital reductions[192] - Total equity in the previous year was RMB 23,499,848,566.38, with minority shareholders' equity at RMB 98,331,095.55[193] - Comprehensive income for the previous year was RMB 6,203,166,580.06, with minority shareholders' share at RMB 5,449,636.28[193] - Undistributed profits in the previous year increased by RMB 2,364,272,629.08, totaling RMB 16,921,578,797.54[193] - Total comprehensive income for the year reached 5.9 billion RMB, reflecting strong financial performance[195] - The company allocated 3.2 billion RMB for distribution to owners (or shareholders), indicating a significant return to investors[194] - Owner's equity at the end of the period stood at 26.88 billion RMB, showcasing a robust financial position[194] - Capital increase during the period amounted to 926.77 million RMB, contributing to the expansion of the company's capital base[195] - Retained earnings increased by 1.27 billion RMB, highlighting the company's ability to reinvest profits effectively[195] - The company's total assets at the end of the period were 19.96 billion RMB, reflecting substantial growth in resources[196] - Net profit attributable to shareholders was 7.14 billion RMB, demonstrating strong profitability[196] - The company's capital reserve decreased by 250 million RMB, possibly due to strategic financial adjustments[195] - The company's equity structure saw an increase in share capital by 421.26 million RMB, indicating potential new investments or share issuances[196] - The company's financial strategy included a reduction in other comprehensive income by 249.99 million RMB, possibly due to market fluctuations or reclassifications[195] - The ending balance for the current period is RMB 17,553,662,916.04, with specific allocations including RMB 4,633,833,787.00, RMB 178,821,285.41, and RMB 2,316,916,893.50[197] Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 6.60 per 10 shares, totaling RMB 3,660,413,152.44 (including tax), with remaining undistributed profits of RMB 8,030,086,992.45 after the distribution[4] - The company's total share capital may change from the date of this report disclosure to the equity distribution record date, but the total distribution amount will remain unchanged, with adjustments made to the per-share distribution ratio[4] - The 2022 profit distribution plan includes a cash dividend of 7.00 yuan per 10 shares and a stock dividend of 2 shares per 10 shares, totaling 3,243,683,650.90 yuan in cash dividends and 926,766,757 stock dividends[109] - Cash dividend amount (including tax) is RMB 3,660,413,152.44, with a dividend payout ratio of 65.06% of the net profit attributable to ordinary shareholders[111] - Total dividend amount (including tax) is RMB 3,910,410,940.16, accounting for 69.50% of the net profit attributable to ordinary shareholders[111] - The company's total share capital increased from 4,633,833,787 shares to 5,560,600,544 shares due to the implementation of the 2022 profit distribution plan, which included a stock dividend of 926,766,757 shares[150] - The 2022 profit distribution plan included a cash dividend of 7.00 yuan per 10 shares and a stock dividend of 2 shares per 10 shares, totaling 3,243,683,650.90 yuan in cash dividends and 926,766,757 shares in stock dividends[150] - The basic earnings per share (EPS) and net assets per share for 2023 were adjusted to 1.01 yuan and 5.13 yuan respectively, based on the increased share capital of 5,560,600,544 shares[151] Corporate Governance and Leadership - The company's board of directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report, and bear individual and joint legal responsibilities[2] - The company's annual report is prepared and signed by the legal representative, the person in charge of accounting, and the accounting institution, ensuring the authenticity, accuracy, and completeness of the financial report[3] - The company held one general meeting of shareholders during the reporting period, and all proposals were approved[80] - The board of directors consists of nine members, including three independent directors, and held three meetings during the reporting period, with all proposals approved[81] - The board of directors has established four specialized committees: audit, nomination, compensation and evaluation, and strategy, each with corresponding rules of procedure[81] - The company held three meetings of the board of supervisors during the reporting period, and all proposals were approved[81] - The company revised several internal regulations during the reporting period, including the working system of the board secretary and the management measures for investor relations[81] - The company strictly implemented the insider information registration management system, and there were no cases of insider information leakage causing abnormal stock price fluctuations[81] - The company respects and protects the legitimate rights and interests of stakeholders, striving to achieve a balance of interests among shareholders, employees, and society[82] - The company held the 2022 annual general meeting of shareholders on May 16, 2023, and all proposals were approved[84] - The company's chairman and president, Pang Kang, holds 532,115,177 shares at the end of the year, an increase of 88,685,863 shares due to equity distribution[86] - The company's executive vice president, Cheng Xue, holds 176,365,478 shares at the end of the year, an increase of 29,394,246 shares due to equity distribution[86