THGW(SH:600365)2023-04-28 16:00Financial Performance - The company reported a net profit attributable to shareholders of -51,895,310.28 CNY for 2022, a significant decrease compared to a profit of 3,764,465.64 CNY in 2021, representing a decline of 1,478.56%[6]. - Total revenue for 2022 was 821,056,862.20 CNY, marking a 21.04% increase from 678,350,741.21 CNY in 2021[23]. - The basic earnings per share for 2022 was -0.13 CNY, a decrease of 1,400.00% from 0.01 CNY in 2021[24]. - The weighted average return on equity decreased to -14.85% in 2022, down by 15.48 percentage points from 0.63% in 2021[24]. - The company's net assets attributable to shareholders decreased by 9.09% to 331,752,568.85 CNY at the end of 2022, compared to 364,914,983.16 CNY at the end of 2021[23]. - The company proposed no profit distribution or capital reserve transfer due to negative retained earnings at the end of 2022[6]. - Non-recurring losses totaled RMB -34.23 million for the year, with significant impacts from non-operational activities[27]. - The company achieved operating revenue of 821.06 million yuan, an increase of 21.04% year-on-year[40]. - The net profit attributable to the parent company was -51.90 million yuan, a decrease of 1,478.56% year-on-year[40]. - Operating costs rose to 661.06 million yuan, reflecting a 24.12% increase compared to the previous year[41]. Cash Flow and Operating Activities - The company's cash flow from operating activities showed a net outflow of -404,164,508.99 CNY, worsening by 61.38% compared to -250,448,059.45 CNY in the previous year[23]. - The net cash flow from operating activities was -404.16 million yuan, a decline of 61.38% year-on-year[41]. - The company achieved a cash flow from operating activities of negative RMB 45.84 million in Q1, negative RMB 66.84 million in Q2, negative RMB 64.07 million in Q3, and negative RMB 227.40 million in Q4[25]. Revenue and Sales Performance - In 2022, the company reported a total revenue of RMB 238.77 million in Q1, RMB 112.90 million in Q2, RMB 146.39 million in Q3, and RMB 322.99 million in Q4[25]. - The sales volume of wine decreased by 7.05%, with production volume at 2,242 tons and sales volume at 2,095 tons[45]. - The sales revenue from the "畅饮型" product line was ¥3,739 million, reflecting a year-on-year decline of 2.76%[67]. - The company’s direct sales revenue decreased to ¥35 million from ¥46 million in the previous period, with sales volume dropping from 33 thousand liters to 7 thousand liters[78]. - The wholesale agency sales revenue increased to ¥6,113 million, with a sales volume of 2,088 thousand liters[78]. Market and Economic Conditions - The company faced a decline in wine consumption due to complex economic conditions, prompting it to support distributors and manage inventory effectively[30]. - In 2022, the wine production in China decreased by 21.9% year-on-year, totaling 214,000 kiloliters[34]. - The company’s wine imports decreased by 21.1% in volume and 15.2% in value, totaling 33,675 million liters and $1,438.78 million respectively[61]. - The company is actively supporting distributors to reduce inventory pressure amid a decline in wine consumption[39]. Product Development and Quality Improvement - The company introduced new products such as the 1959 Cold Late Harvest Mountain Grape Wine (18.5°) and the Emerald Fortress 13.5° Late Harvest Mountain Grape Wine, showcasing unique quality and style[29]. - The company emphasized quality improvement through technical upgrades and the introduction of new equipment to enhance product quality[29]. - The company plans to enhance the production of wild mountain grapes, late-harvest grapes, and brandy grapes, aiming to increase the harvest volume and high-quality raw wine production[31]. - New product development focuses on creating products with brand and geographical characteristics, while also adjusting the product structure to include high-end dry wines alongside sweet wines[89]. Marketing and Brand Strategy - The company implemented a dual advertising strategy for online and offline promotions, leveraging e-commerce channels to enhance brand influence[30]. - The company plans to enhance its national marketing system and improve brand reputation to achieve rapid development in the wine business[76]. - The company plans to expand into short video platforms and live streaming sales to enhance brand promotion[39]. - The company is focusing on integrating its brand, products, and channels to achieve operational turnaround and growth[86]. Governance and Compliance - The company has established a comprehensive internal control system to ensure compliance and protect investor rights[32]. - The company adheres to corporate governance standards, ensuring equal rights for all shareholders and maintaining independence from controlling shareholders[95]. - The board of directors is composed in accordance with legal requirements, with independent directors actively participating in governance[96]. - The company is committed to transparent information disclosure, ensuring all shareholders have equal access to relevant information[97]. - The company has implemented a stock incentive plan, which was discussed and approved in the extraordinary general meeting[98]. Legal and Regulatory Issues - The company faced multiple regulatory actions from the China Securities Regulatory Commission and the Shanghai Stock Exchange, including warnings and disciplinary measures[107][108]. - The company has been penalized for failing to disclose guarantee agreements in accordance with regulations, which could lead to significant losses[151]. - The company is involved in a lawsuit with Dandong Industrial involving a guarantee responsibility, with an amount of 85 million yuan, and 3.8161 million yuan of the company's bank deposits have been frozen[147]. - The company has received a regulatory letter from the Shanghai Stock Exchange regarding violations of guarantee matters, emphasizing the need for improved internal controls[149]. Human Resources and Employee Management - The company has a total of 650 employees, with 394 in the parent company and 256 in major subsidiaries[114]. - The workforce includes 232 production personnel, 276 sales personnel, 27 technical staff, 20 financial staff, and 95 administrative staff[115]. - The company emphasizes fairness and incentive in its compensation policy, linking employee income to their contributions and market conditions[116]. - The company conducted various training programs, including "New Scene Marketing" and "5S Site Management," to enhance employee skills and work efficiency[117]. Environmental and Social Responsibility - The company implemented carbon reduction measures, successfully reducing carbon emissions by 3,000 tons during the reporting period[134]. - The company has committed to maintaining its independence and avoiding competition with related parties as part of its acquisition commitments[137]. - The company has established mechanisms for environmental protection, although no funds were allocated for environmental protection in the reporting period[132].