Ganso(SH:603886)2021-04-19 16:00Financial Performance - In 2020, the company achieved a net profit of CNY 300,020,627.23, with a net profit attributable to shareholders of CNY 300,032,854.14, representing a year-on-year increase of 21.09%[5] - The total operating revenue for 2020 was CNY 2,303,268,400.06, reflecting a growth of 3.63% compared to CNY 2,222,668,088.36 in 2019[23] - The net cash flow from operating activities increased by 41.47% to CNY 482,707,979.65 in 2020, up from CNY 341,199,524.52 in 2019[23] - The basic earnings per share for 2020 were CNY 1.25, up 21.36% from CNY 1.03 in 2019[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 266,076,741.99, marking a 25.81% increase from the previous year[23] - The company's gross profit margin in 2020 was 65.60%, higher than the average gross profit margin of comparable listed companies at 49.59%[66] - The company reported a net profit of 7,030,961.15 RMB in Q4, indicating a positive turnaround in financial performance[26] - The company reported a significant increase in revenue, achieving a total of 1.5 billion in 2020, representing a growth of 20% compared to the previous year[159] Cash Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 24 million, with a payout of CNY 10 per 10 shares[5] - The company adopts a cash dividend policy, distributing at least 40% of the distributable profits in a profitable year[150] - For the year 2020, the cash dividend amount was approximately 240 million RMB, with a profit distribution ratio of 79.99%[152] - The company has a stable profit distribution policy, emphasizing reasonable returns to investors while ensuring sustainable development[151] - Any changes to the profit distribution policy must be justified and approved by the board and shareholders[151] - The company is committed to protecting shareholder rights and will communicate with minority shareholders regarding any changes[151] Market and Product Development - The company launched various seasonal products, including new mooncake flavors and gift boxes for the Mid-Autumn Festival, enhancing product diversity[33] - The total number of product categories exceeds 100, including traditional and seasonal items, catering to diverse consumer preferences[33] - The company aims to become a well-known brand in the baked goods sector, focusing on cultural and innovative product offerings[33] - The company launched new products tailored to seasonal changes, including a series of cakes for various festivals, enhancing product diversity and consumer engagement[78] - The company introduced new product lines such as Heartfelt Mouse and Dream Castle cakes, focusing on seasonal and market trends[46] Store and Operational Expansion - The company operates nearly 700 offline stores and utilizes major e-commerce platforms for sales, ensuring broad market coverage[33] - As of the end of the reporting period, the company had opened a total of 677 stores nationwide, a net increase of 29 stores compared to the end of 2019[58] - The company plans to continue expanding its store network through a combination of direct sales and franchising, aiming to increase market share and improve store performance[137] - The company has established a supply chain center to optimize procurement, ensuring quality control and enhancing market bargaining power through a transparent bidding process[54] Marketing and Consumer Engagement - The company emphasizes a marketing strategy that integrates online and offline channels, ensuring consistent execution across all stores[57] - The company is leveraging online marketing through popular social media platforms and KOL collaborations to increase brand visibility and drive sales[132] - The company is implementing precision marketing strategies by analyzing consumer behavior and preferences to tailor product offerings and promotional efforts[132] - The company is enhancing online and offline service quality by implementing a customer experience-focused approach, aiming to increase customer satisfaction and loyalty[138] Research and Development - Research and development expenses amounted to CNY 17,015,805.67, which is 0.74% of total revenue, reflecting a 14.39% increase from the previous year[99] - The company has applied for multiple invention patents and utility model patents, focusing on innovative product development to maintain a technological edge[68] - The company is investing 50 million in research and development for new technologies aimed at improving operational efficiency[160] Financial Management and Investments - The company has a total of CNY 127,500,000 in entrusted financial management, with CNY 94,000,000 remaining unexpired[188] - The company has engaged in multiple structured financial management agreements with annualized returns ranging from 2.73% to 3.70%[190] - The company completed an external investment of CNY 280 million in Yuan Zu Dream World, approved by the board and shareholders[116] Compliance and Governance - The management emphasized the importance of maintaining strong corporate governance and compliance with regulatory requirements[162] - The company has retained KPMG Huazhen as its auditor for the 2020 fiscal year, with an audit fee of ¥770,000[171] - There were no significant legal disputes or arbitration matters reported for the year[172] - The company maintains a good integrity status, with no outstanding court judgments or significant debts due[172] Industry Trends - The baking industry in China is experiencing a shift towards healthier, balanced dietary options, driven by increasing consumer income and brand awareness[62] - The per capita consumption of baked goods in China increased from 5.4 kg in 2013 to 7.8 kg in 2019, indicating significant growth potential in the market[124] - The baking industry is shifting towards healthier, safer, and more nutritious products, with a focus on quality and innovation in production techniques[109]