Financial Performance - Total revenue for the year ended December 31, 2021, decreased by RMB 66.0 million or 46.0% to RMB 77.5 million compared to RMB 143.5 million in the previous year[9]. - The company recorded a loss attributable to owners of RMB 137.5 million for the year, compared to a loss of RMB 86.4 million in the previous year[9]. - The company recorded a net loss of RMB 137.5 million for the year, compared to a net loss of RMB 86.4 million in the previous year, primarily due to an increase in expected credit losses from trade and other receivables from RMB 73.0 million to RMB 96.2 million[19]. - Total revenue decreased significantly by RMB 66.0 million or 46.0% to RMB 77.5 million from RMB 143.5 million in the previous year, mainly due to the suspension of several business operations and all outbound tours caused by the COVID-19 pandemic[26]. - Overall gross profit decreased from RMB 31.28 million in 2020 to RMB 7.96 million in 2021, with a gross margin of 10.3% compared to 21.8% in the previous year[43]. - Other income and gains fell from RMB 14.9 million in 2020 to RMB 3.8 million in 2021, primarily due to a reduction in government subsidies[46]. - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[112]. - The company reported a net profit margin of I%, reflecting improved operational efficiency and cost management[112]. Business Development and Strategy - The company has signed travel service agreements with over ten Chinese universities for its newly launched SaaS system, aiming to expand its market share in the university travel service sector[10]. - The company established a joint venture with a state-owned enterprise in Ningbo for the renovation and operation management of the Jiufeng Mountain Scenic Area, which is expected to contribute to stable revenue growth[10]. - The company is focusing on diversifying its business into the cultural tourism sector, leveraging its experience in travel market operations[9]. - The company has launched the "Feiyang Metaverse" digital cultural collection platform, focusing on distributing and selling cultural collectibles in China through a "digital + physical" model[13]. - The company is actively exploring opportunities in the digital economy and metaverse sectors to enhance its business model[13]. - The company aims to build a solid foundation for future expansion and upgrades by diversifying into digital information technology-based cultural tourism[14]. - The company plans to enhance its digital information technology applications and expand its market presence in the digital information application business[22]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the G sector[112]. Market Outlook - The board believes that the tourism industry will rebound post-pandemic, and the company aims to provide enjoyable travel experiences for customers[14]. - The company anticipates a cautious yet positive outlook for market development in 2022, closely monitoring the evolving COVID-19 situation and government measures[24]. - Domestic tourism in China is projected to reach 4 billion trips in 2022, with tourism revenue expected to reach RMB 3.8 trillion, representing a growth of 16% and 27% respectively compared to the previous year[23]. Revenue Breakdown - The company’s revenue from tour sales was RMB 70.3 million, accounting for 90.7% of total revenue, while revenue from independent travel products was RMB 4.7 million, representing 6.1%[26]. - Customized travel sales increased from RMB 27.97 million in 2020 to RMB 48.20 million in 2021, accounting for 68.6% of total travel sales[29]. - Traditional group travel sales decreased from RMB 41.77 million in 2020 to RMB 22.09 million in 2021, representing 31.4% of total travel sales[29]. - Total travel sales remained stable at RMB 70.29 million in 2021 compared to RMB 69.74 million in 2020[29]. - Total ticket sales revenue decreased from RMB 265.82 million in 2020 to RMB 91.13 million in 2021, a decline of 65.7%[35]. Cost Management - Sales cost decreased from RMB 112.2 million in 2020 to RMB 69.5 million in 2021, aligning with the overall revenue decline[42]. - Sales and distribution expenses decreased by RMB 3.4 million or 20.5% from RMB 16.8 million to RMB 13.4 million, primarily due to reduced employee costs and marketing expenses related to travel restrictions[47]. - Administrative expenses decreased by RMB 7.3 million or 24.8% from RMB 29.6 million to RMB 22.2 million, mainly due to a reduction in legal and professional fees and employee costs[48]. Management and Governance - The company has appointed new executives to strengthen its management team, including Mr. Xiong as financial director and Mr. He as chairman and general manager[100][98]. - The board consists of nine members, including six executive directors and three independent non-executive directors[131]. - The company has adopted a written guideline for employees regarding the trading of securities, ensuring compliance with the standard code of conduct[128]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring a balanced board[137]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with specific written terms of reference[147]. Risk Management - The company has established a risk management and internal control system to identify, assess, and manage significant risks, ensuring compliance with relevant laws and regulations[173]. - The board is responsible for evaluating the nature and extent of risks acceptable to the company in achieving strategic objectives[169]. - The company has implemented control procedures to prevent unauthorized access to and use of insider information[176]. Shareholder Relations - The company has established a shareholder communication policy to ensure that shareholder opinions and inquiries are properly addressed[189]. - The board maintains ongoing dialogue with shareholders, particularly through annual general meetings[167]. - Shareholder resolutions are proposed individually at general meetings to protect shareholder rights and interests[184].
飞扬集团(01901) - 2021 - 年度财报