Juewei Food (SH:603517)2023-04-28 16:00Financial Performance - The net profit attributable to ordinary shareholders of the listed company was RMB 232,535,497.61 for the reporting year[1]. - The company achieved a total revenue of 6.623 billion RMB and a net profit attributable to shareholders of 233 million RMB for the year 2022[104]. - The net profit attributable to shareholders for 2022 was CNY 232.54 million, a decrease of 76.29% from CNY 980.94 million in 2021[119]. - The basic earnings per share for 2022 was CNY 0.38, down 76.25% from CNY 1.60 in 2021[121]. - The net profit attributable to shareholders decreased by 76.29% due to rising raw material costs and increased sales expenses from market subsidies[150]. - The diluted earnings per share fell by 76.25% reflecting the significant drop in net profit attributable to shareholders[150]. - The company reported a significant decrease in income tax expenses by 48.14% to approximately 173.39 million RMB, attributed to a reduction in operating profit[70]. - The company reported an investment loss of CNY 94,218,484.37, which accounted for -25.65% of total profit, primarily due to operating losses from invested enterprises[52]. Revenue and Cost Analysis - In 2022, the company's main business revenue increased by 1.58% compared to the previous year, while the main business cost rose by 11.23%, resulting in a decrease in gross margin by 6.45 percentage points due to the general rise in raw material prices[57]. - The total cost of goods sold was approximately ¥4.80 billion, an increase of 11.23% compared to the previous year[66]. - The gross profit margin decreased by 6.45 percentage points to 25.61% compared to the previous year[62]. - Revenue from fresh products was approximately ¥5.44 billion, with a gross profit margin of 28.66%, down 5.63 percentage points year-over-year[62]. - Sales expenses increased by 23.27% to approximately 645.85 million RMB compared to the same period last year, primarily due to increased market support[70]. - Management expenses rose by 23.24% to about 514.52 million RMB, mainly due to accelerated stock payment expense accruals[70]. Cash Flow and Financing - The net cash flow from operating activities was CNY 1,205,683,437.82, an increase of 11.02% from CNY 1,085,957,520.59 in the previous year, primarily due to increased cash received from sales of goods and services[51]. - The company's financing activities generated a net cash flow of CNY 614,318,969.90, a significant increase from a negative cash flow of CNY -42,770,443.81 in the previous year, mainly due to funds received from a targeted issuance[51]. - The net increase in cash and cash equivalents was approximately 798.72 million RMB, a significant turnaround from a decrease of 17.74 million RMB in the previous year, reflecting growth in financing and operating cash inflows[73]. Operational Efficiency and Strategy - The company has established a complete set of management systems for all subsidiaries, ensuring control over assets, business, and strategic planning[6]. - The company plans to enhance user experience through comprehensive digital empowerment and optimize both online and offline operations[87]. - The company aims to expand its market presence with tailored strategies for different stages, focusing on long-term sustainability and store profitability[89]. - The company will continue to strengthen its supply chain and franchise management systems to support its growth strategy[90]. - The company has strengthened its digital, intelligent, and flexible capabilities to ensure effective supply chain management and marketing control[134]. - The company aims to continue expanding its market presence and enhancing its food ecosystem as a core competitive advantage[192]. Environmental and Social Responsibility - The company reported no instances of exceeding pollution discharge standards, with actual COD emissions at 210 mg/L against a limit of 500 mg/L[8]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[11]. - The company has not disclosed any social responsibility or ESG reports separately[13]. Research and Development - The total R&D investment for the period was CNY 37,880,133.16, accounting for 0.57% of operating revenue, with no capitalized R&D expenses[49]. - The company employed 339 R&D personnel, representing 6.98% of the total workforce, with a majority having undergraduate degrees[50]. - R&D expenses remained stable at approximately 37.88 million RMB, indicating a consistent investment in innovation[70]. Market Presence and Growth - The total number of stores in mainland China reached 15,076, with a net increase of 1,362 stores during the year, contributing to stable market share growth[181]. - The company has effectively diversified its logistics supplier system, reducing logistics risks and ensuring transportation efficiency[192]. - The company is focusing on investment in related industries such as seasoning and light dining to explore new growth curves[176]. - The company reported a total of 4,996 stores, with a significant increase in the number of stores established for over 5 years, reaching 1,396 stores[194]. - The single-store revenue growth shows a 150% increase for stores established for 2 years or less[195].