Toly Bread(603866)2023-03-22 16:00Dividend Policy - The company distributed a total cash dividend of ¥533,239,718.40, which represents 83.31% of the net profit attributable to ordinary shareholders in the consolidated financial statements [38]. - The company will implement a cash dividend policy, distributing no less than 30% of the annual distributable profit in cash dividends when profitable and with sufficient cash [35]. - The company plans to prioritize cash dividends, distributing profits in cash or stock based on profitability and operational needs [60]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, totaling approximately 533.24 million CNY, which accounts for 83.31% of the net profit attributable to shareholders [103]. - The dividend amount accounts for 83.31% of the net profit attributable to ordinary shareholders in the consolidated financial statements [64]. - The company's remaining undistributed profits will be carried forward to the next fiscal year [103]. Governance and Compliance - The company plans to enhance its governance structure in accordance with regulatory requirements and best practices [1]. - The company has not reported any significant changes in the governance structure or compliance with regulations [4]. - The company has established a robust internal control system that meets regulatory requirements and protects shareholder interests [42]. - The company received a standard unqualified audit report from Rongcheng Accounting Firm for its internal control audit [95]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [107]. - The company has established performance evaluation standards for senior management, ensuring transparency and compliance with legal regulations [93]. Employee Incentives and Development - The company has established a broad salary mechanism to stimulate business breakthroughs and enhance employee motivation and creativity [30]. - The company is exploring new incentive models to boost the performance of employees at all levels [30]. - The company has not disclosed any new developments regarding incentive matters that were previously announced [41]. - The company completed the third employee stock ownership plan, purchasing a total of 509,600 shares, accounting for 0.04% of the total share capital [65]. - The 2020 employee stock ownership plan resulted in the purchase of 22,731,374 shares, representing 1.76% of the total share capital [66]. - The fourth employee stock ownership plan involved the transfer of 376,088 shares, which is 0.029% of the total share capital [66]. - The fifth employee stock ownership plan included 1,994,867 shares, making up 0.15% of the total share capital [66]. - The company is committed to continuous improvement of its training system, emphasizing talent development and key personnel training [31]. - The company plans to enhance its employer brand by collaborating with educational institutions and organizing campus activities to build a talent pipeline [175]. Financial Performance - The company's operating revenue for 2022 was ¥6,686,263,321.97, an increase of 5.54% compared to ¥6,335,381,671.50 in 2021 [133]. - The net profit attributable to shareholders for 2022 was ¥640,057,492.01, a decrease of 16.14% from ¥763,265,673.71 in 2021 [133]. - The net profit after deducting non-recurring gains and losses was ¥629,363,887.98, down 12.07% from ¥715,794,619.35 in 2021 [133]. - The net cash flow from operating activities was ¥1,066,390,988.94, reflecting a 5.19% increase from ¥1,013,779,179.83 in 2021 [133]. - Total assets at the end of 2022 reached ¥6,622,042,405.64, a 10.06% increase from ¥6,016,892,732.31 at the end of 2021 [133]. - The net assets attributable to shareholders increased by 1.85% to ¥5,026,161,810.76 from ¥4,935,065,406.47 in 2021 [133]. - The basic earnings per share decreased by 16.14% to RMB 0.4801 in 2022 from RMB 0.5725 in 2021 [158]. Market Expansion and Strategy - The company has proposed a plan to increase capital for its wholly-owned subsidiary, indicating a strategy for market expansion [26]. - The company plans to expand its market presence in Southwest and Xinjiang regions while focusing on improving customer service quality and increasing store productivity [165]. - The company is focusing on expanding its market presence in East and South China while refining its sales network in mature markets like Northeast and North China [185]. - The company is actively engaged in the development of new products and technologies, as well as market expansion strategies [53]. - The company is committed to diversifying its product offerings to meet evolving consumer preferences for safety, nutrition, and functionality in baked goods [191]. - The company aims to provide high cost-performance products, with a mission to "make more people love bread," leveraging strong brand influence and a stable sales channel [198]. Environmental Responsibility - The company invested 4.1131 million yuan in environmental protection during the reporting period [44]. - The company has implemented a mechanism for environmental protection, ensuring compliance with relevant regulations [44]. - The company has implemented carbon reduction measures, including the use of clean energy for power generation [75]. Operational Efficiency - The overall capacity utilization rate across production bases was 81.39% as of December 31, 2022, with specific regions like Northeast and North China exceeding 85% [172][174]. - The company is leveraging digitalization to improve data analysis capabilities, enhancing operational efficiency and reducing costs [170]. - The company conducts centralized or phased procurement of raw materials monthly based on sales and production needs, optimizing supply chain efficiency [200]. Industry Trends - The baking industry in Asia is experiencing steady growth due to increasing consumer awareness and rising income levels, with a notable trend towards healthier and convenient baked products [197]. - The overall sales revenue of the baking industry is showing a steady growth trend, driven by economic development and increased consumer spending [196]. - The penetration rate of baked products is continuously increasing due to ongoing urbanization in the country, contributing to market expansion [197]. - The baking industry is characterized by a diverse range of products, appealing flavors, and convenience, making it increasingly popular among consumers [196]. - Bread has become a staple in consumers' daily lives, particularly in high-frequency meal replacement scenarios, indicating significant market potential [197].