Financial Performance - Yihai International Holding Ltd. reported a revenue of approximately HKD 3.5 billion for the fiscal year 2021, representing a year-on-year increase of 25%[2]. - The company achieved a net profit of around HKD 600 million in 2021, which is a 30% increase compared to the previous year[2]. - The company reported a significant increase in revenue, achieving RMB 1.5 billion for the year ended December 31, representing a growth of 25% compared to the previous year[28]. - In 2021, Yihai International's revenue reached RMB 5,942,617, an increase of 10.8% from RMB 5,360,021 in 2020[29]. - The Group's total revenue for 2021 was RMB 5,942.6 million, reflecting effective pandemic control measures[98]. - The Group's net profit declined by 12.7% from RMB 982.9 million in 2020 to RMB 857.6 million in 2021, with a net profit margin dropping from 18.3% to 14.4%[129]. Customer Growth and Market Expansion - User data indicated that the number of active customers increased by 15% year-on-year, reaching approximately 2 million[2]. - User data showed a rise in active customers, with a total of 3 million users, marking a 15% increase year-over-year[28]. - The company plans to expand its market presence by opening 50 new stores in 2022, targeting key urban areas in China[2]. - The company plans to enter new international markets, specifically targeting Southeast Asia by the end of the next fiscal year[28]. - Future outlook includes plans for market expansion and the introduction of new products to enhance customer experience[10]. Product Development and Innovation - Yihai International is investing HKD 200 million in research and development for new product lines, including innovative hotpot flavoring products[2]. - The company is focused on research and development of new technologies to improve product offerings and operational efficiency[10]. - The Group launched a total of 39 new products in 2021, including 8 hot pot condiments, 18 Chinese-style compound condiments, and 13 convenient ready-to-eat food products[68]. - New product launches included self-heating hot pot products, which are expected to contribute an additional RMB 200 million in sales[28]. - The Group's management emphasized continuous product innovation and optimization of the product project system to improve market responsiveness[64]. E-commerce and Sales Channels - Yihai International's e-commerce sales grew by 40% in 2021, contributing significantly to overall revenue growth[2]. - The Group's e-commerce channel sales revenue was RMB 321.3 million, representing a year-on-year growth of 11.8%[63]. - Future strategies include enhancing online sales channels, with a goal to increase e-commerce revenue by 40%[28]. - The Group aims to enhance market share through segmented channel operations and improve sales efficiency on e-commerce platforms[170]. Financial Challenges and Operational Efficiency - The company reported a gross margin of 35% for 2021, reflecting improved operational efficiency and cost management[2]. - Gross profit for 2021 was RMB 1,923,953, down 8.0% from RMB 2,090,110 in 2020, indicating challenges in maintaining profitability[29]. - The company faced operational challenges due to the pandemic, affecting raw material procurement and sales operations, leading to a decline in gross profit margins[32][34]. - The Group's cost of sales increased by 22.9% from RMB 3,269.9 million in 2020 to RMB 4,018.7 million in 2021[105]. - Distribution expenses rose by 23.9% from RMB 563.5 million in 2020 to RMB 697.9 million in 2021, increasing as a percentage of revenue from 10.5% to 11.7%[112]. Strategic Partnerships and Acquisitions - Yihai International is exploring potential acquisitions to enhance its supply chain and product offerings, with a focus on complementary food brands[2]. - The company entered into a Master Sales Agreement with Haidilao on December 7, 2020, for the supply of customized and retail products[9]. - A strategic acquisition of a local competitor was announced, expected to enhance market share by 10%[28]. - The company has established strategic partnerships to enhance supply chain management and product distribution[10]. Leadership and Management - Mr. Guo Qiang was appointed as the Chief Executive Officer on March 25, 2020, and is responsible for implementing the Board's strategy and managing daily operations[190]. - The company has a diverse leadership team with directors holding positions in various subsidiaries across different countries, including Singapore, the US, and Canada[187][191]. - The executive team has a strong educational background, with several members holding advanced degrees in business administration[193][194]. - Mr. Zhao Xiaokai was appointed as an executive Director on August 25, 2020, and is currently the director of the supply system[198].
颐海国际(01579) - 2021 - 年度财报