WFDSJ(SH:601010)2022-04-29 16:00Financial Performance - The company's operating revenue for 2021 was CNY 2,473,905,052.33, representing a 5.30% increase compared to CNY 2,349,498,178.25 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 236,556,002.74, a decrease of 11.82% from CNY 268,266,378.32 in 2020[19]. - The net cash flow from operating activities decreased by 25.87% to CNY 411,308,471.52 in 2021 from CNY 554,834,911.84 in 2020[19]. - The total assets of the company increased by 9.33% to CNY 7,369,965,441.49 at the end of 2021, compared to CNY 6,741,220,036.81 at the end of 2020[19]. - The basic earnings per share for 2021 was CNY 0.13, down 13.33% from CNY 0.15 in 2020[20]. - The weighted average return on equity decreased to 4.88% in 2021 from 5.58% in 2020, a reduction of 0.70 percentage points[20]. - The net profit after deducting non-recurring gains and losses was CNY 219,356,631.99, down 8.97% from CNY 240,975,028.11 in 2020[19]. - The company's net assets attributable to shareholders at the end of 2021 were CNY 4,798,305,208.05, a decrease of 1.54% from CNY 4,873,569,453.30 at the end of 2020[19]. - The company reported a total of RMB 1,639,101,497.73 in undistributed profits, down from RMB 1,693,070,825.92 in 2020, indicating a decrease of about 3.2%[195]. Revenue Breakdown - The company's total revenue for Q1 2021 was RMB 765.95 million, while Q2 and Q3 revenues were RMB 560.55 million and RMB 517.85 million, respectively, with Q4 revenue at RMB 629.56 million[24]. - The revenue from the consignment sales model accounted for 75.78% of the main business sales revenue[34]. - The company achieved a revenue of 2.474 billion RMB in the reporting period, representing a year-on-year increase of 5.30%[37]. - The total revenue for Nantong Wenfeng Commercial Procurement Co., Ltd. in 2021 was approximately CNY 1.71 billion, with a net profit of CNY 62.19 million, representing a year-on-year increase from CNY 1.39 billion and CNY 71.16 million in 2020[82]. - Shanghai Wenfeng Qianjia Hui Shopping Center Co., Ltd. reported a revenue of CNY 427.89 million and a net profit of CNY 65.85 million in 2021, compared to CNY 378.35 million and CNY 61.53 million in 2020, indicating growth in both revenue and profit[82]. - Nantong Wenfeng City Square Shopping Center Co., Ltd. achieved a revenue of CNY 1.48 billion and a net profit of CNY 113.54 million in 2021, up from CNY 1.39 billion and CNY 75.48 million in 2020, reflecting a significant increase in profitability[82]. Cost and Expenses - The total cost for the current period is 1,227,593,331.18 yuan, showing a slight increase of 0.82% compared to the previous year's total cost of 1,217,550,691.21 yuan[2]. - The total operating costs for 2021 were ¥2,184,281,706.93, up from ¥2,057,446,510.95 in 2020, reflecting a year-over-year increase of 6.2%[200]. - The company reported a significant increase in financial expenses, up 262.89% year-on-year, primarily due to increased interest expenses[40]. Assets and Liabilities - Total liabilities reached RMB 2,583,591,727.74, compared to RMB 1,878,555,534.21 in 2020, marking an increase of around 37.4%[194]. - The company's equity attributable to shareholders was RMB 4,798,305,208.05, slightly down from RMB 4,873,569,453.30 in the previous year, showing a decrease of about 1.5%[195]. - The company's short-term borrowings stood at RMB 360,397,680.55, with no previous year data available for comparison[194]. Operational Strategies - The company is focusing on supply chain optimization and introducing competitive brands to enhance profit margins in the supermarket sector[29]. - The company is enhancing its digital transformation by integrating online and offline channels, aiming to create a comprehensive platform for consumer engagement[31]. - The company is actively adjusting its operational strategies to cope with market challenges, including optimizing rental models and providing tailored support to merchants[30]. - The company is focusing on integrating online and offline sales channels to adapt to changing consumer preferences towards online shopping[56]. Market and Industry Trends - The overall retail industry is under pressure due to the economic environment and pandemic effects, leading to a focus on cost reduction and efficiency improvements[87]. - The competitive landscape in the retail sector is intensifying, with an oversupply of shopping centers and increased pressure from membership-based supermarkets[86]. Corporate Governance and Management - The company has a strong management team with various experienced individuals in key positions, including financial oversight by Tang Ping as Chief Financial Officer since March 20, 2019[106]. - The company emphasizes its commitment to corporate governance with independent directors like Yan Jun and Liu Sipei serving since September 2017[106]. - The company reported a total of 1,203.58 million yuan in pre-tax compensation for its board members and senior management during the reporting period[100]. Employee Engagement and Welfare - The total number of employees across the parent company and major subsidiaries is 3,358, with 2,268 in sales, 118 in technical roles, 159 in finance, and 813 in administration[121]. - The company organized health check-ups for 1,013 employees, identifying several health issues requiring timely treatment[139]. - The company has a medical mutual assistance reimbursement program that assisted 443 employees with a total reimbursement amount of 1.3274 million RMB[137]. Environmental and Social Responsibility - The company donated 1.5 million RMB to the Beijing Entrepreneurs Environmental Protection Foundation for environmental public welfare projects[136]. - The company has implemented various energy-saving measures, such as promoting paperless offices and using LED lighting[135]. - The company supports water-saving agricultural projects, promoting low-water-consuming crops in desert areas[134]. Future Plans and Outlook - The company plans to enhance product and service quality in 2022, aiming for continuous brand updates and improved customer satisfaction[91]. - The company plans to enhance member services and benefits, aiming to maximize member engagement and satisfaction[91]. - The company is investing heavily in digital transformation and supply chain upgrades, which may lead to increased operational costs and longer payback periods[93].