Financial Performance - For the fiscal year ending December 31, 2022, the company recorded a sales revenue of approximately RMB 3,246.3 million, a significant increase of about 40.9% compared to RMB 2,303.5 million in the previous year[23]. - The company's gross profit for the same period was approximately RMB 74.6 million, a decrease of about 46.3% from RMB 138.9 million in the previous year, primarily due to strict pandemic control measures and economic activity impacts[23]. - The company reported a loss attributable to shareholders of approximately RMB 120.8 million for the fiscal year, a significant reduction from a loss of approximately RMB 2,412.9 million in the previous year, mainly due to the absence of a one-time inventory write-off that occurred in the previous year[25]. - The overall gross profit for the company was approximately RMB 74.6 million in 2022, a substantial decrease of about 46.3% from RMB 138.9 million in 2021, with a gross margin dropping to approximately 2.3%[71]. - The net loss attributable to the company's owners for the year ended December 31, 2022, was approximately RMB 120.8 million, a significant decrease from RMB 2,412.9 million in the previous year, mainly due to the absence of inventory write-offs[80]. Business Segments - The company has four business segments, including manufacturing, new retail jewelry, silver trading, and fresh food retail, with the latter contributing significantly to the revenue increase[22]. - The fresh food retail business, acquired through a 51% stake in Jiangsu Nongmuren E-commerce Co., has shown strong sales performance, offsetting declines in other segments[21]. - The manufacturing segment accounted for 44% of total revenue in 2021, while the new retail jewelry segment contributed 9%[9]. - The silver trading business segment recorded sales of approximately RMB 14.8 million for the year ended December 31, 2022, a significant decrease of about 68.9% compared to RMB 47.6 million in 2021, resulting in a loss of approximately RMB 60.3 million[48]. - The jewelry retail segment under Jinmao Silver Cat Group recorded sales of approximately RMB 280.5 million for the year ended December 31, 2022, a decrease of about 23.0% from RMB 364.0 million in 2021, resulting in a loss of approximately RMB 9.1 million[37]. Sales and Revenue Growth - The fresh food retail business achieved a sales figure of approximately RMB 1,509.8 million in 2022, marking a significant entry into the market as it was previously non-existent in 2021[65]. - The "Meat Cabinet" platform under the Nongmuren brand achieved approximately RMB 1,509.8 million in revenue in 2022, despite severe pandemic impacts in key markets like Shanghai and Jiangsu[52]. - The company plans to launch new fresh food platforms for beef, lamb, seafood, and fresh noodles in 2023, aiming to replicate its successful business model and capture more market share[58]. Production and Operations - Jiangxi Longtian Yong's sales in the manufacturing segment decreased by approximately 23.8% to about RMB 1,441.3 million for the year ended December 31, 2022, compared to RMB 1,891.9 million in 2021[30]. - Silver sales increased significantly by approximately 362.4% from about RMB 308.3 million in the year ended December 31, 2021, to approximately RMB 1,425.8 million for the year ended December 31, 2022, primarily due to the resumption of production at the silver electrolysis production line[31]. - Palladium sales dropped approximately 99.5%, from about RMB 1,448.1 million in the year ended December 31, 2021, to approximately RMB 7.0 million for the year ended December 31, 2022, due to reduced demand and limited production since the resumption of the sponge palladium production line[35]. - Jiangxi Longtian Yong resumed commercial-scale production of the silver electrolysis production line in mid-June 2022 and officially commenced operations of the sponge palladium production line on August 25, 2022[27]. Corporate Governance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced composition for effective decision-making[119]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, maintaining high standards of corporate governance[117]. - Independent non-executive directors account for at least one-third of the board, ensuring adequate industry and financial experience[126]. - The company has established a nomination committee responsible for reviewing board composition and monitoring director appointments[130]. - The board has adopted a diversity policy aiming to ensure at least one female member by December 31, 2024[133]. Risk Management and Audit - The risk management committee is responsible for leading and coordinating risk assessment activities at least annually, including risk identification and mitigation strategies[160]. - The internal audit department has conducted an independent review of the risk management and internal control systems, providing recommendations for improvements[161]. - The board is responsible for determining the acceptable level of risk in achieving strategic objectives and ensuring effective risk management systems are in place[161]. - The audit committee held three meetings during the year ending December 31, 2022, reviewing the financial statements and ensuring compliance with applicable accounting standards[152]. Shareholder Communication and Dividends - The company has established a shareholder communication policy to ensure equal, timely, effective, transparent, accurate, and public communication with shareholders[187]. - The company aims to publish interim and annual results early to keep shareholders informed about the group's performance and operations[192]. - The company did not declare any final dividends for the year ending December 31, 2022, compared to zero dividends in 2021[87]. - The company has adopted a dividend policy without a predetermined payout ratio, allowing the board to propose dividends based on financial conditions[196].
中国白银集团(00815) - 2022 - 年度财报