Gaishi Food(BJ:836826)2023-04-23 16:00Financial Performance - The company's operating revenue for 2022 was CNY 363,590,317.26, representing a 5.63% increase from CNY 344,227,142.50 in 2021[29]. - The net profit attributable to shareholders for 2022 was CNY 32,265,956.78, a decrease of 24.69% compared to CNY 42,844,166.63 in 2021[29]. - The gross profit margin for 2022 was 17.57%, down from 21.65% in 2021[29]. - The weighted average return on equity based on net profit attributable to shareholders was 13.27% in 2022, down from 22.02% in 2021[29]. - The basic earnings per share for 2022 was CNY 0.36, a decrease of 23.40% from CNY 0.47 in 2021[29]. - The company's total revenue for 2022 was approximately ¥363.59 million, representing a 5.63% increase compared to ¥344.23 million in 2021[70]. - Net profit decreased by 24.64% to 32.25 million, attributed to rising material prices without a corresponding increase in sales prices[51]. - The net cash flow from operating activities for 2022 was negative CNY 32,745,150.09, a decline of 217.39% from CNY 27,893,385.20 in 2021[33]. - The company's total liabilities rose by 104.29% to CNY 132,121,417.25 in 2022, compared to CNY 64,674,828.91 in 2021[31]. Shareholder Actions - In 2022, the company distributed a cash dividend of 1 RMB per 10 shares, totaling 8,855,408.40 RMB (including tax) to shareholders[4]. - The company approved a stock incentive plan for 46 directors and core employees, granting stock options for 2,000,000 shares at a price of 7.50 RMB per share[5]. - The stock option plan includes a vesting schedule where 40% can be exercised after 12 months, 30% after 24 months, and the remaining 30% after 36 months[148]. - The total estimated expense for the stock option plan is 619.04 million CNY, with annual amortization of 178.29 million CNY in 2022, 284.77 million CNY in 2023, 118.90 million CNY in 2024, and 37.08 million CNY in 2025[152]. - As of the end of the reporting period, a total of 2,000,000 stock options have been granted but not yet exercised[150]. Market and Industry Trends - The pre-prepared dish industry in China has experienced explosive growth, driven by rising consumer demand for convenience and food safety, particularly accelerated by the pandemic and the "lazy economy" concept[54]. - The restaurant industry, facing high costs and low profit margins, is increasingly turning to pre-prepared dishes, with 80% of the demand for these products coming from the restaurant sector[62]. - The pre-prepared dish industry is expected to benefit from the growing trend of single-person households, with nearly 92 million individuals living alone in China, leading to increased demand for convenient meal options[60]. - From 2016 to 2022, the per capita disposable income in China increased from CNY 23,821 to CNY 36,883, with a compound annual growth rate (CAGR) of 7.56%[56]. - Urban residents' per capita disposable income rose from CNY 33,616 in 2016 to CNY 49,283 in 2022, reflecting a CAGR of 6.58%[57]. Research and Development - The company has obtained 34 patents, including 5 invention patents and 29 utility model patents, enhancing its R&D capabilities[46]. - The company reported a research and development expenditure of CNY 5.87 million, which accounts for 1.61% of total revenue, an increase from 1.50% in the previous year[103]. - The company is currently developing new processing methods for caviar products, aiming to improve production efficiency and market competitiveness[107]. - The company has increased its R&D personnel from 32 to 52, indicating a focus on enhancing innovation capabilities[104]. Operational Challenges - The company faced quality control risks due to stringent regulations in developed countries, impacting its export operations[12]. - The company reported that the COVID-19 pandemic continued to adversely affect its operations in 2022, impacting its domestic and international clients[12]. - The company has implemented measures to address rising labor costs, which are a significant portion of its operating expenses[12]. - The company's inventory turnover rate decreased to 3.10 in 2022 from 6.62 in 2021[33]. - The company is focused on improving its research and development capabilities to enhance production processes and reduce costs while maintaining product quality[141]. Corporate Governance and Compliance - The company has committed to ensuring the authenticity, accuracy, and completeness of its financial statements, with individual and joint liability for any misrepresentation[177]. - The company emphasizes the importance of compliance with regulatory requirements and the need for continuous improvement in return measures to protect shareholder interests[174]. - The company has established a commitment to avoid any unauthorized use of company funds by the actual controller and controlling shareholders, with penalties for violations set at three times the benchmark interest rate[164]. - The company is committed to enhancing its financial management to ensure cost reduction and efficiency improvement[136]. Investment and Expansion - The company is currently constructing projects with a total investment of ¥94,655,516.51, including a 10,000-ton edible mushroom and vegetable cold storage project and a 15,000-ton prepared food project[88]. - The company plans to invest 36,253,539.93 CNY in the "annual production of 15,000 tons of prefabricated cold dishes intelligent manufacturing project" from the raised funds[196]. - The company has utilized idle raised funds for cash management, generating a return of 310,002.43 CNY during the reporting period[198]. - The company is nearing completion of a new production capacity project with an annual output of 15,000 tons of prepared vegetables, expected to contribute to future growth[52]. Social Responsibility and Environmental Compliance - The company actively fulfills social responsibilities, including timely tax payments and creating a good working environment for employees[120]. - The company adheres to environmental protection standards and has established measures to ensure compliance with environmental regulations[124]. - The company’s wastewater treatment meets the standards set by the local environmental authorities[126]. - The company’s noise levels comply with the industrial noise emission standards, ensuring no adverse impact on the surrounding environment[127].