BIYI(SH:603215)2023-04-24 16:00Financial Performance - Zhejiang Biyi Electric Appliance Co., Ltd. achieved a net profit of RMB 178,030,825.32 for the year 2022, with a cash dividend distribution of RMB 4.80 per 10 shares, totaling RMB 89,596,800.00, which represents 50.33% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2022 was ¥1,499,207,037.59, a decrease of 8.23% compared to ¥1,633,659,920.39 in 2021[25]. - The net profit attributable to shareholders for 2022 was ¥178,030,825.32, an increase of 48.52% from ¥119,867,304.30 in 2021[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 50.62% to ¥167,004,422.92 in 2022[25]. - The net cash flow from operating activities for 2022 was ¥196,264,308.68, a significant recovery from a negative cash flow of ¥35,672,874.37 in 2021[25]. - The total assets at the end of 2022 were ¥1,519,026,432.41, representing a 29.44% increase from ¥1,173,499,719.74 in 2021[26]. - The net assets attributable to shareholders increased by 184.52% to ¥996,973,316.39 in 2022, up from ¥350,400,471.07 in 2021[26]. - Basic earnings per share for 2022 were ¥1.00, an increase of 16.28% compared to ¥0.86 in 2021[26]. - The weighted average return on equity decreased to 21.24% in 2022, down 20.03 percentage points from 41.27% in 2021[26]. Dividend Policy - The company plans to distribute a cash dividend of RMB 4.80 per 10 shares, totaling RMB 89,596,800, which represents 50.33% of the net profit attributable to shareholders for 2022[142]. - The total distributable profit for 2022, after deducting the legal surplus reserve, amounts to RMB 291,257,870.15[142]. - The company implemented a cash dividend policy that emphasizes a minimum distribution of 30% of the average distributable profit over any three consecutive years[140]. - The company has established a clear cash dividend policy that aligns with shareholder interests and ensures sustainable development[137]. - The company's profit distribution plan requires a positive distributable profit and sufficient cash flow to ensure ongoing operations[138]. Operational Highlights - The company developed over 50 new products during the reporting period, enhancing customer engagement and market adaptability[39]. - The air fryer product line experienced a significant growth rate of 58.1% year-on-year, compensating for the overall market decline in the home appliance sector[46]. - The company established strategic partnerships with well-known domestic air fryer brands, expanding its market presence[38]. - The company holds 131 authorized patents, including 9 invention patents, showcasing its commitment to innovation[39]. - The company is actively developing coffee machines, with several models undergoing trial production by the end of 2022[41]. Market Environment - The overall home appliance retail sales in China declined by 9.5% in 2022, highlighting the challenging market environment[45]. - The small home appliance industry in China is experiencing a shift towards innovation, design, and quality, with air fryers and coffee machines showing growth rates of 66.43% and 34.62% respectively on major e-commerce platforms[88]. - The online retail market for home appliances in China reached 422.66 billion yuan in 2022, contributing 57.8% to the overall market, an increase of 6.2 percentage points year-on-year[92]. Research and Development - The company has invested CNY 64 million in R&D, reflecting a 17.74% increase compared to the previous year[61]. - The total R&D expenditure for the period was ¥64,459,845.12, accounting for 4.30% of the operating revenue[75]. - The number of R&D personnel is 173, representing 10.47% of the total workforce[76]. Corporate Governance - The company has established a robust corporate governance structure, ensuring compliance with relevant laws and regulations, and protecting investor interests[106]. - The company has maintained a stable management structure with no changes in the board of directors or senior management during the reporting period[109]. - The company has a structured remuneration decision-making process for its directors and senior management, linking compensation to performance metrics[117]. Social Responsibility - The company invested CNY 812,400 in environmental protection during the reporting period[153]. - The company reduced carbon emissions by 3,940 tons through the use of clean energy and carbon reduction technologies[156]. - The company actively engages in social responsibility initiatives, including establishing scholarships and participating in charitable activities[161]. Risks and Challenges - The company acknowledges risks from global economic changes that could impact consumer demand for small home appliances[100]. - The company faces risks from raw material price volatility, which is influenced by macroeconomic factors and market supply and demand, potentially impacting profitability[102]. - Stock price volatility reflects uncertainties in the financial market, influenced by global macroeconomic conditions and investor sentiment, posing investment risks[104].