Financial Performance - In 2022, the revenue from self-owned brand formula milk powder was RMB 2,923.5 million, a decrease of 28.6% compared to RMB 4,095.0 million in 2021[11]. - The revenue from self-owned brand goat milk powder was RMB 133.0 million in 2022, down 24.9% from RMB 177.1 million in 2021[12]. - The revenue from nutritional products increased to RMB 1,148.0 million in 2022, up 23.1% from RMB 933.9 million in 2021[12]. - Revenue decreased by 9.1% year-on-year to RMB 7,795.5 million, with gross profit down 18.3% to RMB 3,392.8 million[23]. - The company's gross profit for 2022 was RMB 3,392.8 million, a decrease of RMB 760.6 million or 18.3% compared to 2021, with a gross margin decline from 48.4% to 43.5%[62]. - The net profit attributable to shareholders dropped to RMB 216.5 million in 2022, down 71.7% from RMB 763.8 million in 2021[14]. - The group reported a net profit for 2022 of RMB 216.5 million, down from RMB 763.8 million in 2021, reflecting challenges in the market[80]. - The company's profit attributable to equity holders for 2022 was RMB 216.5 million, a decrease of RMB 547.3 million or 71.7% from 2021, primarily due to reduced revenue from self-branded formula milk products[75]. Market Challenges - The company faced challenges due to the decline in birth rates and intense competition in the Chinese infant formula market[22]. - In 2022, the overall scale of China's infant formula milk powder industry decreased by a single-digit percentage year-on-year due to a declining birth rate[45]. - The company's self-branded formula milk powder revenue decreased by RMB 1,171.5 million or 28.6%, primarily due to a decline in China's birth rate and intense competition[55]. Strategic Initiatives - Strategic mergers and acquisitions, research upgrades, and new product launches were highlighted as key achievements despite the difficult market conditions[22]. - The company aims to enhance brand building and sustainable development practices moving forward[22]. - The company completed the acquisition of multiple goat milk assets in the Netherlands, adding approximately 45,000 tons of fresh goat milk supply annually[29]. - The company is investing €140 million in a new infant formula base powder facility, expected to be completed this year[29]. - The company has entered a strategic collaboration with Yili Group, focusing on serving the Chinese market and accelerating global development[24]. - The company aims to enhance its global leadership in goat milk products by maintaining a dual-engine strategy focused on brand and channel development[60]. Product Development - New product launches include a range of infant formula products and special medical foods, expanding the product matrix in the special medical food sector[28]. - The company launched several new products, including the first lactose-free medical infant formula "Zhi Shu" and the first HMO mixed formula milk powder "Future Version" to enhance its product portfolio[56]. - The ultra-high-end segment (average price per kilogram exceeding RMB 420) recorded double-digit year-on-year growth, indicating a trend towards premiumization in the market[46]. Operational Efficiency - The sales and distribution expenses accounted for 27.8% of revenue in 2022, slightly down from 28.1% in 2021, indicating stable expense management[64]. - The company's inventory provision decreased by RMB 59.8 million, partially offsetting the decline in gross profit[62]. - The current ratio of current assets to current liabilities improved to 1.49 times as of December 31, 2022, compared to 1.40 times in 2021[81]. - Inventory turnover days decreased to 183 days in 2022 from 189 days in 2021, indicating improved production planning and logistics[82]. Governance and Management - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced and independent governance structure[114]. - The company has adopted the corporate governance code as per the listing rules, aiming to enhance shareholder rights and corporate accountability[112]. - The board believes that the new leadership structure, with the chairman also serving as CEO, will enhance strategic decision-making and operational efficiency[112]. - The company has appointed a new CEO, Yan Weibin, to respond to increasing competition in the Chinese infant formula market, effective January 27, 2023[129]. Sustainability and Community Engagement - The company has committed to sustainable development, with its 2021 sustainability report awarded an A rating by MSCI[34]. - The group reported a significant commitment to sustainable development, donating over RMB 27 million in cash or materials to support communities in China[188]. - The company continues to focus on reducing carbon emissions and establishing a sustainable green supply chain in response to global climate change[188]. Financial Management - The company has established a hedging policy to manage foreign exchange risks associated with currency fluctuations, particularly with the Euro and Australian Dollar[98]. - The company has entered into interest rate cap agreements with a notional amount of EUR 150.0 million to mitigate floating interest rate risks[101]. - The company is focused on enhancing cash flow from operations and increasing bank financing to support business development, particularly in expanding its nutritional product segment[96]. Employee and Training Programs - As of December 31, 2022, the total number of full-time employees was 4,290, a decrease from 4,896 in 2021, representing a reduction of approximately 12.4%[107]. - The group has established employee training programs through platforms like "Dairy Academy" and "Ausnutria University" to enhance staff development[188]. - The company has established various retirement benefit plans for employees in different regions, including mandatory provident funds in Hong Kong and defined contribution plans in the Netherlands, Australia, and New Zealand[107].
澳优(01717) - 2022 - 年度财报