Whirlpool (China) (SH:600983)2023-04-27 16:00Financial Performance - In 2022, Whirlpool (China) reported a revenue of CNY 4,263,867,250.81, a decrease of 13.53% compared to CNY 4,931,163,697.11 in 2021[21] - The net profit attributable to shareholders was CNY 27,942,559.25, a significant turnaround from a loss of CNY 588,940,729.11 in 2021, representing a 104.74% improvement[21] - The company achieved a cash flow from operating activities of CNY 415,370,665.09, an increase of 220.79% from a negative cash flow of CNY 343,878,911.90 in 2021[21] - Basic earnings per share improved to CNY 0.04 from a loss of CNY 0.77 in 2021, marking a 104.74% increase[22] - The weighted average return on equity was 0.94% in 2022, recovering from -18.08% in 2021[22] - The company reported a net profit of CNY 62.18 million after deducting non-recurring gains and losses, also indicating a turnaround[50] - Total operating revenue for 2022 was RMB 4,263,867,250.81, a decrease of 13.5% from RMB 4,931,163,697.11 in 2021[198] - Operating profit for 2022 was RMB 36,799,133.99, a significant improvement from a loss of RMB 619,664,004.99 in 2021[199] - Total comprehensive income for 2022 was RMB 27,692,152.36, compared to a loss of RMB 589,402,415.72 in 2021[200] Revenue and Sales Trends - The decline in revenue was attributed to strategic changes in 2021 and external market conditions affecting sales channels, particularly in the second half of 2022[21] - The company has focused on expanding new business channels while optimizing existing ones, despite a decline in overall sales revenue[21] - In 2022, the company achieved operating revenue of CNY 4,263.87 million, a year-on-year decrease of 13.53%[33] - The washing machine segment generated revenue of CNY 1,645.61 million, with a gross margin of 16.67%, despite a 13.30% decline in revenue year-on-year[54] - The refrigerator segment saw revenue of CNY 804.01 million, with a gross margin of 13.34%, reflecting a 3.29% increase in revenue year-on-year[54] - The dishwasher market in China grew to CNY 10.3 billion, with a year-on-year increase of 2.9%, making it the best-performing category in the kitchen appliance sector[46] Cost Management and Efficiency - The company improved its gross profit margin despite a decline in revenue, indicating effective cost reduction and efficiency enhancement measures[24] - The company’s efforts in cost reduction and efficiency improvement laid a solid foundation for high-quality development[24] - The company experienced a significant reduction in sales expenses, which fell to RMB 258,081,337.66 in 2022 from RMB 412,212,478.69 in 2021, indicating improved cost management[198] Research and Development - The company focused on optimizing its business model and enhancing R&D innovation to adapt to market changes and consumer demands[33] - The company’s R&D expenses increased by 15.80% to CNY 131.69 million, indicating a focus on innovation[52] - The introduction of standardized R&D platforms accelerated the development cycle for new technologies and materials, enhancing innovation capabilities[35] - The company plans to leverage technological innovation and lean design to enhance product quality and efficiency in response to market trends[46] Market and Consumer Trends - Whirlpool (China) is focusing on expanding sales regions and product categories to adapt to changing consumer demands in overseas markets[39] - The home appliance industry in China is transitioning to a stable development phase, with significant potential for consumption upgrades in high-quality, smart, and green products[71] - Emerging home appliance categories such as integrated stoves, dryers, and dishwashers still have low penetration rates, indicating substantial growth potential[72] Corporate Governance and Compliance - The company established a compliance committee under the board to enhance its compliance system, with no objections raised during the review of key matters such as asset impairment and related transactions[80] - The company is committed to improving its corporate governance structure to stimulate growth and reduce operational risks, ensuring the protection of minority shareholders' interests[81] - The company has a board of directors consisting of 12 members, with a mix of independent and non-independent directors[89] - The company held two shareholder meetings during the reporting period, adhering to legal requirements and ensuring the validity of the resolutions passed[85] Environmental Responsibility - The company invested ¥2.315 million in environmental protection during the reporting period[122] - The wastewater discharge from the company's Nankang Industrial Park was 165,565 tons, with a chemical oxygen demand average concentration of 38.87 mg/L, which is below the permitted limits[123] - The company has established a comprehensive environmental monitoring plan, conducting quarterly assessments of all emissions by qualified external units[129] - The company has implemented carbon reduction measures resulting in a decrease of 1,268 tons of CO2 equivalent emissions[132] Financial Health and Assets - The total assets at the end of 2022 were CNY 5,675,296,461.73, down 4.66% from CNY 5,952,640,949.98 in 2021[21] - The total current assets decreased to RMB 3,879,679,734.50 in 2022 from RMB 4,081,441,192.30 in 2021, reflecting a decline of approximately 4.9%[192] - Cash and cash equivalents increased significantly to RMB 2,126,078,661.85 in 2022, up from RMB 1,085,206,747.39 in 2021, representing an increase of about 96.1%[192] - The company's total liabilities to total assets ratio improved from 50.3% in 2021 to 47.3% in 2022[194] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 15,267, an increase from 15,199 at the end of the previous month[160] - The company’s major shareholder, Galanz Home Appliances, holds 439,459,800 shares, representing approximately 57.34% of the total share capital[159] - Galanz Home Appliances completed its share buyback plan, acquiring a total of 9,476,300 shares, which is about 1.24% of the company's total shares[158]