新澳股份(603889) - 2022 Q4 - 年度财报

Financial Performance - Total comprehensive income for 2022 reached 275,754,503.79 RMB[1] - Owner's equity at the end of 2022 amounted to 2,164,409,555.86 RMB[3] - Total owner's equity at the beginning of 2022 was 2,042,178,968.47 RMB[1] - Net profit attributable to owners for 2022 was 122,230,587.39 RMB[1] - Revenue for 2022 reached 3.949 billion yuan, a 14.64% increase compared to 2021[86] - Net profit attributable to shareholders in 2022 was 389.725 million yuan, up 30.66% year-on-year[86] - Operating cash flow for 2022 was 372.994 million yuan, a significant improvement from -120.996 million yuan in 2021[86] - Total assets at the end of 2022 were 4.646 billion yuan, a 16.95% increase from 2021[86] - Basic earnings per share (EPS) for 2022 was 0.76 yuan, a 31.03% increase compared to 2021[87] - Diluted EPS for 2022 was 0.76 yuan, also a 31.03% increase year-on-year[87] - Net assets attributable to shareholders at the end of 2022 were 2.957 billion yuan, an 8.81% increase from 2021[86] - Revenue in 2022 reached 3,949.88 million yuan, a year-on-year increase of 14.64%[94] - Net profit attributable to shareholders was 389.73 million yuan, up 30.66% year-on-year[94] - Non-GAAP net profit was 343.53 million yuan, an increase of 20.91% compared to the previous year[94] - Gross profit margin for the year was 18.61%, a slight decrease of 0.24 percentage points[98] - ROE (Return on Equity) increased by 2.35 percentage points to 13.79%[98] Business Operations - The company's main business activities include production and sales of wool yarn and textile products[7] - The company has 12 subsidiaries included in the consolidated financial statements[8] - The company's stock has been listed on the Shanghai Stock Exchange since December 31, 2014[7] - The company's headquarters is located in Tongxiang City, Zhejiang Province[7] - The company's registered capital is 511,746,388.00 RMB[7] - The company's total shares outstanding are 511,746,388 shares[7] - The company's operating cycle is short, with assets and liabilities classified based on a 12-month liquidity standard[16] - The company uses RMB as its functional currency for domestic subsidiaries, while overseas subsidiaries use the currency of their primary economic environment[17] - The company employs specific accounting methods for business combinations under common control and non-common control, including the recognition of goodwill[18] - The company consolidates all subsidiaries under its control in its financial statements, prepared in accordance with Chinese Accounting Standards No. 33[19] - The company defines cash equivalents as short-term, highly liquid investments with minimal risk of value change, typically maturing within three months[21] - The company uses specific methods for foreign currency transactions and financial statement translation, with exchange differences recognized in current profit or loss or other comprehensive income[22] - The company classifies financial assets and liabilities into categories based on their measurement attributes, including amortized cost, fair value through other comprehensive income, and fair value through profit or loss[23][25][26] - The company's financial statements comply with Chinese Accounting Standards, accurately reflecting its financial position, operating results, and cash flows[14] - The company's financial statements are prepared on a going concern basis, with no significant concerns about its ability to continue operations for the next 12 months[10][11] - The company's accounting policies and estimates are tailored to its actual production and operation characteristics, covering areas such as financial instrument impairment, fixed asset depreciation, and revenue recognition[13] Profit Distribution and Capital Reserve - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares, with a total cash dividend of 204,698,555.20 yuan, and a capital reserve transfer of 4 shares per 10 shares, totaling 204,698,555 shares, increasing the total share capital to 716,444,943 shares[33] - The company's 2022 annual profit distribution and capital reserve transfer plan has been approved by the sixth board of directors and requires approval from the shareholders' meeting[33] Audit and Reporting - The company's financial report for 2022 has been audited by Tianjian Accounting Firm, which issued a standard unqualified opinion[32] - The company's annual report is disclosed in media such as "China Securities Journal", "Shanghai Securities News", "Securities Times", and "Securities Daily", and is available on the Shanghai Stock Exchange website[42] Financial Instruments and Risk Management - The company uses the expected credit loss method to measure and account for financial instrument impairment, assessing credit risk at each balance sheet date[46] - The company determines the fair value of financial assets and liabilities using valuation techniques with input values categorized into three levels, prioritizing observable market data[45] - The company's financial assets and liabilities are measured at amortized cost using the effective interest method, with gains or losses recognized in current period profit or loss upon termination or amortization[44] - The company's financial assets are derecognized when the contractual rights to receive cash flows are terminated or when the assets are transferred under specific conditions[44] - The company's financial liabilities are derecognized when the present obligation is discharged, with corresponding recognition of gains or losses[44] - The company assesses expected credit risk and measures expected credit losses based on individual financial instruments or portfolios of financial instruments, with portfolios grouped by common risk characteristics[48] - Expected credit losses are recalculated at each balance sheet date, with changes in loss provisions recognized as impairment losses or gains in the current period's profit and loss[48] - For financial assets measured at amortized cost, loss provisions reduce the carrying amount of the financial asset on the balance sheet[48] - For debt investments measured at fair value with changes recognized in other comprehensive income, loss provisions are recognized in other comprehensive income without reducing the carrying amount of the financial asset[48] - The company uses a three-stage model to measure expected credit losses for financial instruments assessed on a portfolio basis[48] - Accounts receivable aged 1 year or less have an expected credit loss rate of 5.00%, while those aged 5 years or more have a 100.00% expected credit loss rate[49] Inventory and Costing - The company uses the month-end weighted average method for inventory costing and measures inventory at the lower of cost or net realizable value[51] - Inventory is classified into finished goods, work-in-progress, and raw materials, with provisions for inventory write-downs made when the cost exceeds the net realizable value[51] - The company uses the perpetual inventory system and applies the one-time write-off method for low-value consumables and packaging materials[52] Long-term Investments and Assets - Long-term equity investments are initially measured at the fair value of the consideration paid in non-common control business combinations[57] - Long-term equity investments are measured using the cost method for controlling investments and the equity method for joint ventures and associates[58] - The company recognizes gains or losses from the disposal of subsidiary investments based on the difference between the carrying amount and the actual proceeds[59] - Investment properties are initially measured at cost and subsequently measured using the cost model, with depreciation or amortization methods similar to fixed assets and intangible assets[61] - Fixed assets are depreciated using the straight-line method with varying useful lives: buildings (5-20 years), machinery (10 years), vehicles (5 years), and other equipment (5 years)[63] - Borrowing costs are capitalized when directly attributable to the acquisition or construction of qualifying assets, with capitalization suspended if construction is interrupted for more than 3 months[65] - Right-of-use assets are initially measured at cost, including lease liabilities, initial direct costs, and estimated restoration costs, and depreciated using the straight-line method[66][67] - Intangible assets such as land use rights, patents, and software are amortized over their useful lives: land use rights (50 years), management software (5-10 years), and patent rights (10 years)[68] - Internal research and development costs are expensed during the research phase and capitalized during the development phase if specific criteria are met[69] - Long-term assets, including goodwill and indefinite-lived intangible assets, are tested for impairment annually, with impairment losses recognized if the recoverable amount is less than the carrying amount[70] Revenue Recognition and Contract Liabilities - Revenue recognition for domestic sales is confirmed upon obtaining customer sign-off or confirmation after delivery[113] - Revenue recognition for export sales under FOB and CIF terms is confirmed upon obtaining the bill of lading and receiving payment or payment receipt[113] - The company recognizes revenue for products like worsted yarn, cashmere, and wool tops at the point when the customer gains control of the product[113] - Contract liabilities are recognized when the company receives or is entitled to receive consideration from customers before transferring goods or services[72] - Contract costs are capitalized if they are expected to be recoverable and directly related to a current or expected contract[114] Government Grants and Tax - Government grants related to assets are either deducted from the asset's book value or recognized as deferred income and amortized over the asset's useful life[116] - Government grants related to income are recognized as deferred income and amortized into profit or loss when related costs or losses are incurred[116] - Deferred tax assets and liabilities are recognized based on the difference between the book value and tax base of assets and liabilities, using the applicable tax rate[118] - The company reviews the carrying amount of deferred tax assets at each balance sheet date and writes down the value if future taxable income is unlikely to be sufficient[119] - The company's domestic trade general commodity tax rate is 13% in 2022[129] - The company's urban maintenance and construction tax rate is 5% and 7%[129] - The company's education surcharge rate is 3%[129] - The company's local education surcharge rate is 2%[129] - The company's property tax rate is 1.2% and 12%[129] - The company's export tax rebate rate for 2022 is 13% for certain subsidiaries[163] - The company's subsidiaries operate under varying corporate income tax rates, ranging from 15% to 30%[163] - The company was recognized as a high-tech enterprise, reducing its corporate income tax rate to 15% for the year 2022[164] - Houyuan Textile Company was also recognized as a high-tech enterprise, reducing its corporate income tax rate to 15% for the year 2022[164] - Xin'ao Cashmere Company was recognized as a high-tech enterprise, reducing its corporate income tax rate to 15% for the year 2022 and benefiting from Western Development tax incentives until 2030[165] - Hongde Cashmere Company and Feixun Technology Company qualified as small and micro-profit enterprises, with income up to 1 million yuan taxed at 12.5% and income between 1-3 million yuan taxed at 25%[167] Leases and Rental Income - The company recognizes short-term leases as those with a lease term of no more than 12 months and without a purchase option[120] - Low-value asset leases are identified based on the value of the individual leased asset when it is new[120] - For short-term and low-value asset leases, the company recognizes lease payments on a straight-line basis over the lease term[120] - The company measures the right-of-use asset at cost, including the initial measurement of the lease liability, lease payments made at or before the commencement date, initial direct costs, and estimated costs for dismantling and removing the leased asset[120] - The company depreciates the right-of-use asset on a straight-line basis over the lease term or the remaining useful life of the asset, whichever is shorter[121] - The company recognizes the present value of unpaid lease payments as a lease liability at the commencement date, using the lease's implicit interest rate or the company's incremental borrowing rate as the discount rate[121] - For operating leases, the company recognizes rental income on a straight-line basis over the lease term and capitalizes initial direct costs, amortizing them over the same period[122] - For finance leases, the company recognizes the net investment in the lease at the commencement date and calculates interest income using the lease's implicit interest rate[123] - The company re-measures the lease liability and adjusts the right-of-use asset when there are changes in fixed payments, residual value guarantees, or indices used to determine lease payments[125] - The company classifies leases as finance leases if they transfer substantially all the risks and rewards of ownership of the leased asset[125] Market and Export Performance - The company's wool yarn production decreased by 0.8% year-on-year in the first 11 months of 2022[141] - The company's wool fabric production increased by 4.3% year-on-year in the first 11 months of 2022[141] - The main export destinations for wool products are the US (23%), EU (20%), ASEAN (14%), and Japan (7%), with Hong Kong's share declining to 2%[143] - Exports to ASEAN grew 9.9% YoY from Jan-Nov 2022, contributing to a 2.8% overall increase in exports to Belt and Road regions[143] - China's wool top exports to ASEAN reached 3,418 tons in Jan-Nov 2022, up 43% YoY, accounting for 9% of total exports, a 6 percentage point increase from 2018[144] - US wool product imports totaled $4.1 billion in Jan-Nov 2022, up 30.5% YoY, while Japan's imports reached $1.3 billion, up 14.8% YoY[146] - China maintained strong market share in key regions: 29% in US, 40% in Japan, and 38% in EU (Jan-Sep 2022) for wool product imports[147] - The company's overseas revenue grew 31.99% YoY in 2022, while domestic revenue increased 7.36%[151] - The company has a global presence with production bases in China, UK, and sales offices in over 20 countries and regions[151] Financial Assets and Liabilities - The company's financial assets measured at fair value through profit or loss increased to 155,002,791.09 at the end of the period, up from 101,282,510.27 at the beginning of the period[130] - The company's net value financial products increased to 50,484,383.56 at the end of the period, up from 50,015,250.00 at the beginning of the period[130] - The company's transferable time deposits increased to 104,518,407.53 at the end of the period, up from 51,267,260.27 at the beginning of the period[130] - The fair value of trading financial assets is RMB 155,002,791.09, including RMB 50,484,383.56 in net-value wealth management products and RMB 104,518,407.53 in transferable time deposits[157][158] - The fair value of financial liabilities is RMB 3,992,728.23, all of which are derivative financial liabilities[158] Shareholding and Ownership - The company's total number of ordinary shareholders at the end of the reporting period was 14,288[182] - The number of ordinary shareholders at the end of the previous month before the annual report disclosure was 12,270[182] - Zhejiang Xin'ao Industrial Co., Ltd. holds 159,120,000 shares, accounting for 31.09% of the total shares[184] - Shen Jianhua holds 74,194,705 shares, representing 14.50% of the total shares[184] - Wu Li holds 15,011,000 shares, accounting for 2.93% of the total shares[184] - Jia Weiping holds 8,993,081 shares, representing 1.76% of the total shares[184] - Xia Kunsong holds 8,620,369 shares, accounting for 1.68% of the total shares[184] - Tang Mei holds 7,100,057 shares, representing 1.39% of the total shares[184] - Chen Qingte holds 6,641,264 shares, accounting for 1.30% of the total shares[184] - Changchun Jiasin Equity Investment Fund Management Co., Ltd. holds 5,920,047 shares, representing 1.16% of the total shares[184] - Zhang Lingting holds 5,682,300 shares, accounting for 1.11% of the total shares[185] - Chen Dehai holds 5,000,000 shares, representing 0.98% of the total shares[185] Government Subsidies and Financial Support - Deferred income from government subsidies totaled RMB 13,549,413.98, with RMB 2,167,942.00 amortized in the current period, leaving a balance of RMB 11,381,471.98[196] - Government subsidies related to high-quality development, industrial support, and job stabilization amounted to RMB 4,699,031.75, all recorded as other income[198] - Total government subsidies recognized in the current period amounted to RMB 19,565,508.13, including RMB 12,397,566.13 from various innovation and industrial support programs[199] - A one-time financial subsidy of RMB 5,000,000.00 was received for ethnic trade and product loans, fully recognized as financial expenses in the current period[199] Risk Management and Financial Strategy - The company faces market risks, including interest rate risk and foreign exchange risk, with strategies in place to manage these risks[155] - The company has floating-rate bank loans of RMB 150,000,000.00 as of December 31, 2022, with no significant impact on profit or equity from a 50 basis point interest rate change[155] - The company's total guarantee amount (including guarantees for subsidiaries) was 783,822,581.45 yuan, accounting for 25.86% of the company's net assets[172] - The company engaged in fixed-income, non-principal-guaranteed floating income financial management with a total amount of 130,000,000.00 yuan, of which 50,000,000.00 yuan remained outstanding[175] - A specific entrusted wealth management product had an actual investment amount of RMB 50,000,000 with an expected return rate of