绝味食品(603517) - 2023 Q4 - 年度财报

Financial Performance - Total liabilities increased to 2,461,493,094.41 yuan in 2023 from 2,027,200,688.01 yuan in 2022[8] - Total assets increased to 9,312,754,546.03 yuan in 2023 from 8,905,717,856.30 yuan in 2022[8] - Owner's equity decreased to 6,851,261,451.62 yuan in 2023 from 6,878,517,168.29 yuan in 2022[8] - Undistributed profits increased to 3,256,581,770.01 yuan in 2023 from 3,017,352,044.34 yuan in 2022[8] - Minority interests decreased to -35,622,224.14 yuan in 2023 from -24,486,177.73 yuan in 2022[8] - Total equity and liabilities increased to 9,312,754,546.03 yuan in 2023 from 8,905,717,856.30 yuan in 2022[8] - Operating cash flow increased significantly to RMB 191.2 million in 2023, compared to a negative RMB 1.6 billion in 2022[15] - Sales revenue from goods and services reached RMB 155.6 million in 2023, up from RMB 123.1 million in 2022[15] - Investment cash outflow surged to RMB 805.7 million in 2023, a substantial increase from RMB 104.2 million in 2022[15] - Net cash flow from financing activities was RMB 232.7 million in 2023, down from RMB 598.7 million in 2022[15] - Total equity attributable to parent company owners increased to RMB 6.9 billion in 2023, up from RMB 5.7 billion in 2022[17] - Capital reserve grew to RMB 2.9 billion in 2023, compared to RMB 1.9 billion in 2022[17] - Retained earnings decreased to RMB 3.0 billion in 2023 from RMB 3.1 billion in 2022[17] - Minority interest turned negative at RMB -24.5 million in 2023, down from RMB 14.2 million in 2022[17] - Cash and cash equivalents at the end of the period stood at RMB 114.8 million in 2023, down from RMB 258.2 million in 2022[15] - Total comprehensive income for the period was RMB 259.2 million in 2023[17] - Total revenue for 2023 was 7,261,326,800 yuan, with wholesale revenue to franchise stores accounting for 74.61% of total revenue[29] - Company's revenue for 2023 reached 7,261.33 million yuan, a year-on-year increase of 9.64%, with net profit attributable to shareholders of 344.31 million yuan, up 46.63% year-on-year[62] - Revenue for 2023 reached RMB 7,261,326,839.39, a 9.64% increase compared to 2022[196] - Net profit attributable to shareholders in 2023 was RMB 344,306,058.17, up 46.63% year-over-year[196] - Net cash flow from operating activities in 2023 was RMB 419,770,219.59, a 65.18% decrease from 2022[196] - Total assets at the end of 2023 were RMB 9,312,754,546.03, a 4.57% increase compared to 2022[196] - Basic earnings per share in 2023 were RMB 0.56, a 47.37% increase from 2022[196] - Weighted average return on equity (ROE) in 2023 was 4.91%, an increase of 0.86 percentage points from 2022[196] - Non-recurring net loss attributable to shareholders in 2022 was RMB -24,679,764.80[200] - Other equity instrument investments decreased by RMB 38,206,697.43 in 2023[200] - Trading financial assets increased by RMB 230,000,000.00 in 2023, contributing RMB 11,231,498.61 to profit[200] Investments and Equity - Long-term equity investments increased to 3,397,809,069.22 yuan in 2023 from 2,631,851,079.01 yuan in 2022[8] - Deferred income increased to 32,254,308.00 yuan in 2023 from 28,869,643.38 yuan in 2022[8] - Deferred tax liabilities decreased to 96,197,442.51 yuan in 2023 from 100,548,489.48 yuan in 2022[8] - Non-current liabilities decreased to 311,615,990.29 yuan in 2023 from 330,017,947.63 yuan in 2022[8] - 987,344,000 yuan of convertible bonds were converted into 34,630,695 shares, increasing the registered capital to 608,630,695 yuan[20] - 5,594,000 restricted shares were granted to 120 incentive recipients at a price of 41.46 yuan per share, increasing the registered capital to 614,224,695 yuan[20] - 96,000 restricted shares were repurchased in 2021, adjusting the registered capital to 614,128,695 yuan[20] - 488,300 restricted shares were granted to 19 core employees at 32.77 yuan per share, increasing the registered capital to 614,616,995 yuan[20] - 5,986,300 restricted shares were repurchased in 2022, adjusting the registered capital to 608,630,695 yuan[20] - 22,608,006 A shares were issued through a private placement, increasing the registered capital to 631,238,701 yuan[20] - As of December 31, 2023, the company's registered capital and share capital stood at 631,238,701 yuan[20] - The company's investment portfolio adjustments focused on the core卤味赛道, with no significant impact on the consolidated scope[156] - The company's other equity tool investments in 郑州千味央厨食品股份有限公司 decreased by RMB 40,497,072.75, resulting in a year-end balance of RMB 169,395,098.74[158] - The company's trading financial assets had a year-end balance of RMB 230,000,000.00, with a purchase amount of RMB 2,160,000,000.00 during the period[158] Operational Efficiency and Strategy - The company focused on leveraging technology to enhance operational efficiency and accurately identify consumer needs[48] - Digital teams studied emerging consumer preferences and used cross-industry collaborations, live streaming, and member interactions to boost brand influence and sales conversion[48] - Efforts were made to improve inventory management efficiency and adapt to market changes through lean production[49] - The company promoted safety production and intensive management reforms[49] - The company added 874 new stores in 2023, achieving growth and maintaining market position despite challenging market conditions[54] - The company implemented a share repurchase plan using 300 million yuan of its own funds to stabilize the market and protect shareholder interests[56] - The company's supply chain team optimized factory layouts and improved production efficiency to mitigate raw material price fluctuations[54] - The company's marketing team transitioned from a broad store expansion strategy to a more scientific and refined channel development approach[54] - The company's digital team explored new consumer trends and leveraged new media and membership systems to expand revenue sources[54] - The company's "Six Shared" strategy (shared procurement, warehousing, production capacity, logistics, sales systems, and intellectual resources) enhanced its core capabilities and supported ecosystem growth[61] - The company has established 22 production bases nationwide, with a supply chain system that ensures same-day production and delivery[84] - The company's franchisee committee system includes 116 regional working groups and over 3,500 franchisees, covering 31 provincial-level administrative regions in China[85] - The company's operating cash flow decreased by 65.18% year-on-year, mainly due to increased raw material procurement[86] - The company's revenue in the Northwest region increased by 106.52% year-on-year, with a gross profit margin increase of 9.36 percentage points[92] - The company's R&D expenses increased by 10.27% year-on-year, reaching 41,771,869.51 yuan[96] - The company's sales volume of fresh products decreased by 4.36% year-on-year, while inventory increased by 13.96%[94] - The company's sales expenses decreased by 16.30% year-on-year, mainly due to reduced marketing expenditures[96] - Financial expenses increased due to higher interest income from increased deposits from the previous year's private placement[99] - R&D expenses increased due to higher digitalization investments[99] - Cash flow from investment activities remained stable compared to the previous year[101] - Cash flow from financing activities increased due to the receipt of private placement funds in the previous year[101] - Main business costs increased by 11.28% year-on-year, reaching 5,341,632,628.54 yuan[111] - Fresh product costs accounted for 76.69% of total costs, with poultry products making up 60.76%[111] - Packaging product costs increased by 33.99% due to higher sales[111] - Cash and cash equivalents decreased by 197.26% year-on-year, primarily due to reduced cash flow from operating and financing activities[117] - Inventory increased by 62.07% due to higher raw material purchases[119] - Short-term borrowings increased by 117.45% due to higher credit loans[119] - Fresh food products revenue reached 5.77 billion RMB, with a year-on-year increase of 6.09%[129] - Poultry products revenue was 4.48 billion RMB, with a year-on-year increase of 6.50%, but the gross margin decreased by 0.73 percentage points[129] - Vegetable products revenue was 679.92 million RMB, with a year-on-year increase of 5.57%, and the gross margin increased by 4.12 percentage points[129] - Packaging products revenue was 282.28 million RMB, with a year-on-year increase of 32.75%, but the gross margin decreased by 0.88 percentage points[129] - Online sales revenue was 107.18 million RMB, accounting for 1.48% of total revenue, with a gross margin of 20.68%[135] - R&D expenses increased to 41.77 million RMB, accounting for 0.58% of total revenue, with no capitalised R&D expenses[134] - The company has 357 R&D personnel, accounting for 7.15% of the total workforce, with 162 holding bachelor's degrees[136] - Sales expenses decreased by 105.30 million RMB, mainly due to reduced marketing expenditures[133] - The company plans to distribute a cash dividend of 0.50 RMB per share, totaling 309.50 million RMB[142] - The company aims to build a leading platform for special gourmet food[141] - The company's total revenue for 2023 was RMB 7,107,774,449.11, with a year-on-year increase of 10.16%[154] - The gross profit margin for the Singapore, Canada, and Hong Kong markets was 54.88%, an increase of 1.55 percentage points year-on-year[154] - The company's strategy includes diversification and extreme cost-effectiveness, emphasizing product R&D and regional innovation[162] - The company is focusing on brand rejuvenation and operational digitalization to maintain its industry position[163] - The company's subsidiary 绝味营销 reported a net loss of RMB 41,960,647.95 for the year[148] - The company's subsidiary 上海阿妙 achieved a net profit of RMB 145,521,139.43, with total assets of RMB 397,842,314.60[148] - The company's subsidiary 网聚资本 reported a net loss of RMB 90,663,134.87, with total assets of RMB 3,048,641,497.24[171] - Net increase of 874 stores in 2023, with sales revenue reaching 7.261 billion yuan and net profit attributable to shareholders of 344 million yuan[177] - In 2024, the company will shift from expanding market share to refining operations, focusing on optimizing the single-store model and adjusting the structure of stores and franchisees[177] - The supply chain team will implement lean management, optimize capacity allocation, and improve production efficiency through scientific procurement strategies[177] - The company plans to further invest in its core braised food business and cautiously explore overseas markets under controllable risks[177] - The company aims to improve profitability and operational efficiency in 2024, with a focus on long-term development and creating value for shareholders[172] Revenue and Cost Analysis - Revenue from fresh products reached 5,768.17 million yuan, with a gross margin of 28.98%, an increase of 0.32 percentage points year-on-year[80] - Revenue from poultry products accounted for 4,477.82 million yuan, with a gross margin of 27.52%, a decrease of 0.73 percentage points year-on-year[80] - Revenue from vegetable products reached 679.92 million yuan, with a gross margin of 33.46%, an increase of 4.12 percentage points year-on-year[80] - Halogenated food sales accounted for 81.71% of the total cost, with a year-on-year increase of 7.01%[81] - The top five raw material suppliers accounted for 36.15% of the total annual procurement, with no related party procurement[82] - The company's main business revenue increased by 10.16% year-on-year, while the main business cost increased by 11.28%, resulting in a decrease in gross profit margin by 0.76 percentage points[89] - Comprehensive income for the period showed a loss of 212,533,733.44[36] - Distribution to owners (or shareholders) amounted to 113,118,655.38[36] - Short-term borrowings increased significantly to 750,489,958.33 in 2023, up from 200,000,000.00 in 2022[34] - Total liabilities rose to 1,316,772,296.53 in 2023, compared to 566,724,253.41 in 2022[34] - Owner's equity decreased to 5,425,987,329.32 in 2023 from 5,931,904,123.23 in 2022[34]