Financial Performance - The company's revenue increased by 46.7% from RMB 10,280.1 million for the year ended December 31, 2021, to RMB 15,080.5 million for the year ended December 31, 2022[2]. - Gross profit rose by 59.7% from RMB 1,613.1 million in 2021 to RMB 2,575.9 million in 2022[2]. - Adjusted profit increased by 33.5% from RMB 1,089.6 million in 2021 to RMB 1,454.5 million in 2022[2]. - Net profit for the year ended December 31, 2022, was RMB 1,454.5 million, compared to RMB 292.4 million in 2021, marking an increase of approximately 396.5%[32]. - Basic earnings per share rose to approximately RMB 3.17 in 2022, up from RMB 1.50 in 2021[25]. - The profit before tax for the year ended December 31, 2022, was RMB 1,710,359 thousand, significantly higher than RMB 499,535 thousand in 2021, representing a growth of 242.5%[65]. - The diluted earnings per share for the year ended December 31, 2022, remained the same as the basic earnings per share, reflecting the company's consistent profitability[71]. Sales and Market Expansion - The company has established 23 sales subsidiaries nationwide, increasing by 4 from the end of 2021, enhancing its sales network coverage[3]. - The company operates 16 fruit processing plants in Vietnam and Thailand, with nearly 400 local employees as of December 31, 2022[4]. - The company plans to expand its upstream procurement network and increase penetration in overseas quality fruit origins, targeting countries like the Philippines and Chile[6]. - The company aims to enhance its sales and distribution network by establishing new sales subsidiaries and adapting to changes in the fruit retail market, including live e-commerce[6]. - Core fruit sales amounted to RMB 6,761.6 million in 2022, a 14.4% increase from 2021, despite a decline in overall import volumes due to COVID-19[8]. - The sales of durian reached RMB 3,965.3 million in 2022, up 13.9% from 2021, with the company's import share of Thai durian increasing to 12.7%[9]. - The sales of grapes surged by 42.2% to RMB 711.6 million in 2022, attributed to the stable supply ensured by the company's end-to-end supply chain[9]. - Other fruit categories saw a significant increase of 90.4%, with sales reaching RMB 8,318.9 million in 2022, driven by network expansion and brand recognition[9]. - Brand fruit sales grew by 42.8% to RMB 10,754.1 million in 2022, accounting for 71.3% of total revenue[10]. Cost and Profitability - The sales cost increased by 44.3% to RMB 12,504.7 million, but the growth rate was lower than that of revenue, indicating improved profitability[12]. - The company's gross profit rose by 59.7% to RMB 2,575.9 million, with the gross margin increasing from 15.7% to 17.1%[12][13]. - The gross profit of core fruit products increased from RMB 1,037,152 thousand in 2021 to RMB 1,417,633 thousand in 2022, with a gross margin rise from 17.5% to 21.0%[14]. - The gross margin for durian improved from 20.7% in 2021 to 24.5% in 2022, attributed to reduced procurement costs and strong consumer demand despite logistical challenges[15]. - The gross margin for dragon fruit rose from 11.5% in 2021 to 14.1% in 2022, reflecting a recovery in sales prices[15]. - The gross margin for cherries surged from 6.4% in 2021 to 19.4% in 2022, as sales prices normalized following effective pandemic control measures[15]. Financial Position and Assets - Total assets increased to RMB 9,762,797 thousand in 2022 from RMB 5,756,116 thousand in 2021[84]. - Current assets net value increased from RMB 4,296.4 million to RMB 6,156.6 million, with a current ratio of approximately 2.9 times as of December 31, 2022, down from 4.3 times in 2021[27]. - Trade receivables rose from RMB 3,707.3 million to RMB 7,667.3 million, with turnover days increasing from 103.0 days in 2021 to 144.8 days in 2022, impacted by COVID-19[26]. - The total trade payables as of December 31, 2022, reached RMB 767,831 thousand, compared to RMB 325,411 thousand in 2021, indicating an increase of about 135.9%[75]. - The company's equity attributable to shareholders increased from RMB 4,406.6 million to RMB 6,372.6 million[34]. - The company’s total liabilities decreased to RMB 4,125,058 million, indicating improved financial health[35]. Governance and Compliance - The company has maintained compliance with corporate governance codes since its listing date[86]. - The audit committee reviewed the financial statements for the year ending December 31, 2022, ensuring compliance with applicable accounting standards[89]. - The company is committed to high standards of corporate governance, which is crucial for its development and shareholder protection[86]. - The company did not adopt any new accounting standards that would significantly impact its financial reporting for the current period[40]. Cash Flow and Financing - Net cash used in operating activities was RMB 1,823,445 million, an increase from RMB 981,621 million in the previous year[36]. - The company reported a net cash inflow from financing activities of RMB 1,717,747 million, compared to RMB 720,885 million in the previous year[36]. - Bank loans rose significantly from RMB 874.7 million to RMB 2,282.8 million, reflecting funding for procurement and logistics expansion[27]. - The company raised a total of HKD 571,796 thousand (approximately RMB 502,902 thousand) from the issuance of H-shares, with a net amount of RMB 489,403 thousand after deducting issuance costs[79]. Taxation and Deferred Tax - The company recognizes current tax liabilities based on the expected tax payable calculated at the tax rate announced at year-end[41]. - Deferred tax assets and liabilities arise from deductible and taxable temporary differences, with unutilized tax losses and credits also generating deferred tax assets[41]. - The carrying amount of deferred tax assets is reviewed at year-end to ensure sufficient taxable profits are available to offset the related tax benefits[42]. - The company’s effective tax rate for the year ended December 31, 2022, was influenced by a nominal tax expense of RMB 422,256 thousand, compared to RMB 120,897 thousand in 2021, indicating a significant rise in tax obligations[65].
洪九果品(06689) - 2022 - 年度业绩