Financial Performance - The total revenue for the year ended December 31, 2022, was approximately RMB 246.3 million, a decrease of about 10.0% from RMB 273.6 million in 2021[21]. - The operating loss for 2022 was approximately RMB 17.3 million, compared to an operating loss of approximately RMB 7.5 million in 2021[21]. - The net loss for the Group in 2022 was approximately RMB 19.4 million, up from a net loss of approximately RMB 9.1 million in 2021[22]. - The net loss ratio for 2022 was (7.9%), compared to (3.3%) in 2021[3]. - Basic and diluted loss per share for 2022 was (0.6144) RMB cents, compared to (0.2872) RMB cents in 2021[3]. - The Group recorded an operating loss of approximately RMB 17.3 million for the year ended December 31, 2022, compared to an operating loss of approximately RMB 7.5 million in 2021[23]. - The net loss for the Group for the year ended December 31, 2022, was approximately RMB 19.4 million, compared to a net loss of approximately RMB 9.1 million in the same period of 2021[23]. - The Group's total assets decreased to approximately RMB 244.2 million as of December 31, 2022, down from RMB 295.6 million in 2021, reflecting a decline of approximately 17.4%[150]. Revenue Breakdown - Revenue from shampoo and hair-care products was RMB 211.1 million in 2022, down from RMB 232.2 million in 2021[5]. - Revenue from the Bawang brand was RMB 237.7 million in 2022, a decrease from RMB 260.4 million in 2021[8]. - Revenue from online sales was approximately RMB 115.7 million, representing a decrease of approximately 17.9% from RMB 141.0 million in 2021[86]. - The core brand, Bawang, generated approximately RMB 237.7 million in revenue, accounting for approximately 96.5% of total revenue, and decreased by approximately 8.7% compared to 2021[87]. - The branded Chinese herbal anti-dandruff hair-care series, Royal Wind, generated approximately RMB 4.0 million in revenue, a decrease of approximately 32.3% compared to 2021[88]. - The natural-based branded shampoo, shower gel, and laundry detergent series, Litao, generated approximately RMB 4.6 million in revenue, representing a decrease of approximately 25.8% compared to 2021[89]. Cost and Expenses - Selling and distribution costs remained relatively stable at RMB 83.5 million in 2022 compared to RMB 84.3 million in 2021[3]. - Administrative expenses increased to RMB 32.4 million in 2022 from RMB 29.3 million in 2021[3]. - Cost of sales decreased to approximately RMB 153.8 million, down about 11.9% from RMB 174.6 million in 2021, with the cost as a percentage of revenue decreasing from approximately 63.8% in 2021 to approximately 62.4% in 2022[94][99]. - Gross profit decreased to approximately RMB 92.5 million, a decline of about 6.6% from RMB 99.0 million in 2021, while the gross profit margin increased from approximately 36.2% to approximately 37.6%[95][100]. - Other income decreased to RMB 3.6 million, a decline of 55.7% compared to 2021, primarily due to a reversal of impairment losses in property, plant, and equipment[96][101]. - Selling and distribution expenses for 2022 decreased to approximately RMB 83.5 million, a slight reduction of about 0.9% compared to approximately RMB 84.3 million in 2021, with the percentage of revenue increasing from approximately 30.8% in 2021 to approximately 33.9% in 2022[102][104]. - Administrative expenses for 2022 amounted to approximately RMB 32.4 million, representing an increase of approximately 10.3% compared to approximately RMB 29.3 million in 2021, with administrative expenses as a percentage of revenue rising from approximately 10.7% in 2021 to approximately 13.1% in 2022[104][110]. Market and Strategic Initiatives - During the year, a cross-sector cooperation with an online game company attracted over 3.0 million users to the Group's online store, leading to an increase in online sales revenue[38]. - A limited edition co-branded haircare gift-pack was launched, which attracted a readership of over 5.7 million on social media, enhancing publicity for the Group's branded products[42]. - The Group plans to focus on building a management team with strong experience in both domestic and global HPC sectors to regain sales growth momentum and profitability[32]. - The Group aims to strengthen its business model and positioning to acquire market shares from competitors, maintaining a multi-brand and multi-product strategy in the HPC sectors[32]. - The Group intends to enhance publicity and promotion of its branded products through various marketing strategies, including social media and celebrity endorsements[127]. - The Group plans to enhance sales revenue by launching new products such as ginger shampoo, scalp essence, and haircare essence oil through online sales channels[135]. - The Group aims to increase sales by leveraging major festive days for promotional activities in shopping malls, targeting events like International Women's Day and National Day[134]. - The Group will optimize operational efficiency and stabilize market share for hot-selling items, particularly the anti-hair fall haircare product series[137]. Human Resources and Governance - The Group employed approximately 442 employees as of December 31, 2022, a decrease from approximately 499 employees in 2021, with total personnel expenses amounting to approximately RMB 55.0 million[173]. - The Group emphasizes continuous investment in human capital to maintain a high-quality workforce, with various internal training programs conducted in 2022[177]. - The Group's human resources policies are deemed crucial for future development, focusing on promising career prospects and competitive employee remuneration[180]. - The Board of Directors consists of six members, including the Chairman and CEO, ensuring a separation of roles to enhance independence and accountability[186]. - The Board held 10 meetings in 2022, with full attendance from key members, indicating strong governance practices[195]. - The Group's commitment to corporate governance includes compliance with the applicable code provisions of the Corporate Governance Code for the year ended December 31, 2022[184]. Financial Management - The Group maintains a conservative financial management policy, with a gearing ratio of 0% as of December 31, 2022[150]. - The Group's management continues to monitor liquidity risks to ensure sufficient cash and cash equivalents for operational needs[71]. - As of December 31, 2022, the Group's cash, bank balances, and time deposits amounted to approximately RMB 124.4 million, an increase of 9.7% from RMB 113.3 million in 2021[148]. - Trade receivables decreased by approximately 28.5% to RMB 14.3 million as of December 31, 2022, down from RMB 20.0 million in 2021, primarily due to reduced sales through online and conventional channels[165]. - Trade and other payables were approximately RMB 79.6 million as of December 31, 2022, a decrease from RMB 83.5 million in 2021, mainly due to lower trade payables and accrued payroll[170].
霸王集团(01338) - 2022 - 年度财报