SITONG(SH:603838)2023-04-12 16:00Financial Performance - The company's operating revenue for 2022 was RMB 237,122,697.39, a decrease of 37.27% compared to RMB 378,010,133.52 in 2021[21]. - The net profit attributable to shareholders of the listed company for 2022 was a loss of RMB 26,058,325.10, representing a decline of 180.84% from a profit of RMB 32,233,805.96 in 2021[21]. - The net cash flow from operating activities decreased by 82.87% to RMB 11,995,819.50 in 2022, down from RMB 70,022,533.21 in 2021[22]. - Total assets at the end of 2022 were RMB 1,114,148,736.24, a decrease of 4.28% from RMB 1,163,914,182.15 at the end of 2021[22]. - The net assets attributable to shareholders of the listed company decreased by 3.58% to RMB 1,045,431,290.97 at the end of 2022, compared to RMB 1,084,290,256.07 at the end of 2021[22]. - Basic earnings per share decreased to -0.0814 yuan/share, a decline of 180.83% compared to 2021[23]. - The gross profit margin for the main business was 5.54%, down 13.13 percentage points compared to the previous year[52]. - The company reported a net profit of -21,742,609.13 yuan in Q4 2022, reflecting ongoing challenges in the market[27]. Revenue Breakdown - The company reported a significant decline in revenue from its main business, with a decrease of 30.48% in 2022 compared to 2021[21]. - Domestic sales revenue was CNY 48.43 million, down CNY 45.23 million or 48.29% year-on-year, primarily due to a decline in market demand[56]. - Export sales revenue fell to CNY 188.50 million, a decrease of CNY 92.99 million or 33.04% from the previous year[56]. - The sales revenue from daily ceramics was CNY 147.53 million, a decline of 26.59% year-on-year[54]. - The sales revenue from sanitary ceramics was CNY 46.20 million, down 34.60% compared to the previous year[54]. - The sales revenue from artistic ceramics decreased by 40.38% to CNY 35.40 million[54]. - The company reported no sales in the slab category, marking a 100% decline compared to the previous year[56]. Cost and Expenses - The company reduced its sales expenses by 59.17% to CNY 6.25 million, primarily due to decreased promotional costs[48]. - The company’s research and development expenses decreased by 24.49% to CNY 12.99 million, reflecting reduced investment in R&D materials[48]. - The direct material cost for daily-use ceramics was 78,745.57 million yuan, accounting for 57.10% of the total cost, with a decrease of 4.19% compared to the previous year[66]. - Manufacturing costs decreased by 2.87% to CNY 1,398,183.44 from CNY 1,439,430.64[68]. - Freight costs decreased by 29.41% to CNY 84,027.13 from CNY 119,037.78[68]. Market and Industry Conditions - Overall, the company faced challenges in 2022 due to economic downturns and reduced consumer spending, impacting order volumes and sales[39]. - The ceramic industry in China remains stable, with the company positioned to benefit from future demand recovery in sanitary ceramics due to government policies[38]. - The company operates in a competitive ceramic market characterized by low entry barriers and a need for improved brand awareness and product differentiation[39]. - The company experienced a significant drop in sales in the Americas region, with a decrease of 75.58% in daily ceramics revenue[58]. Strategic Initiatives - The company focused on expanding sales markets and optimizing business structure, enhancing both export and domestic sales channels[32]. - The company expanded its product line with new color glaze and kiln change series tableware, which gained popularity but did not meet expected sales growth due to market conditions[23]. - The company aims to become a globally recognized home ceramic supplier, enhancing product quality and expanding both domestic and international markets[87]. - The company plans to invest in technology innovation and product development to improve product differentiation and international competitiveness[88]. Governance and Compliance - The company has established a comprehensive corporate governance structure and adheres to relevant laws and regulations, ensuring the protection of shareholders' rights[98]. - The company has not reported any significant differences in corporate governance compared to the standards set by the China Securities Regulatory Commission[98]. - The company has not faced any legal or regulatory violations during the reporting period, maintaining compliance with governance standards[98]. - The company has a clear cash dividend policy in place, ensuring compliance with regulatory requirements and protecting minority shareholders' rights[123]. Future Outlook - The company provided a positive outlook for 2023, projecting a revenue growth of 10% to 1.32 billion[102]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of acquiring at least one company in the next fiscal year[102]. - The management emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by 30% by 2025[102]. - Future guidance suggests a focus on increasing the volume of structured deposits while maintaining competitive yields to attract more users[180].