Yanghe(SZ:002304)2023-06-12 16:00Financial Performance - Operating revenues for 2022 reached CNY 30,104,896,186.70, an increase of 18.76% compared to 2021[15] - Net profits attributable to shareholders for 2022 were CNY 9,377,832,429.08, reflecting a growth of 24.91% year-over-year[15] - Basic earnings per share for 2022 increased to CNY 6.2251, up 24.15% from CNY 5.0141 in 2021[15] - The company reported a net profit before non-recurring gains and losses of CNY 9,276,644,831.29, a 25.82% increase from 2021[15] - The company achieved operating revenue of CNY 30.105 billion, representing a year-on-year increase of 18.76%[21] - The net profit attributable to shareholders increased to CNY 9.378 billion, a year-on-year growth of 24.91%[21] - Liquor segment revenue for 2022 reached CNY 7,214,917,301.54, a 26.51% increase from CNY 5,702,863,048.47 in 2021[55] Cash Flow and Investments - Net cash flows from operating activities decreased significantly by 76.19% to CNY 3,647,623,952.19 in 2022[15] - The company experienced a decline in net cash flows from operating activities in Q1 2022, with a negative cash flow of CNY 3,061,792,273.86[17] - Net cash flows from investing activities increased by 118.68% YoY to CNY 4,016,502,463.54, driven by decreased cash paid for investments[74] - Total investment made in the reporting period dropped by 88.75% YoY to CNY 431,849,941.95[80] - Cash and cash equivalents at the end of 2022 were CNY 24,375,449,432.33, representing 35.87% of total assets[77] Sales and Distribution - The sales volume of the company reached 195,322.68 tons, reflecting a year-on-year increase of 6.15%[35] - The revenue from mid/high-end products was CNY 26.227 billion, with a year-on-year increase of 21.87%[25] - The liquor segment contributed CNY 29.499 billion to operating revenues, accounting for 97.99% of total revenues[50] - The gross margin for wholesale distribution was 75.50%, a decrease of 1.22% year-on-year[26] - The company had a total of 8,238 distributors, with an increase of 1,895 during the reporting period[28] Research and Development - R&D expenses for 2022 were CNY 253,574,976.39, a slight decrease of 1.89% from CNY 258,458,102.63 in 2021[65] - The number of R&D personnel increased to 587, representing 2.99% of total employees, compared to 575 and 3.20% in 2021[69] - R&D input decreased by 3.76% YoY to CNY 260,555,532.15, representing 0.87% of operating revenues[71] - The company plans to complete the research on the quality differences of raw wine by November 2023, enhancing production precision[69] Corporate Governance - The company has established a transparent performance appraisal and incentive mechanism for its executives, aligning with the annual business plan[103] - The board of directors consists of 8 members, including 4 independent directors, ensuring compliance with legal requirements[100] - The company maintains a complete independent financial management system, ensuring no interference from the controlling shareholder[115] - The company has a clear and independent organizational structure, with no subordination to the controlling shareholder[114] Environmental Responsibility - The company treated 1.328 million tons of wastewater in 2022, achieving a COD reduction of 19,471.2 tons and total nitrogen reduction of 305.12 tons[198] - The emission concentration of all pollutants from both Yanghe and Shuanggou facilities is lower than the national emission standards[198][200] - Yanghe Co., Ltd. is classified as a key pollutant discharge company by the environmental protection department[192] Market Position and Strategy - The company ranked fourth in the "2022 World's Top 50 Most Valuable Spirits Brand Value" with a brand value of USD 6.446 billion[41] - The competition in the liquor industry intensified in 2022, with a trend towards market share concentration among leading brands[90] - The company emphasizes the importance of brand advantages, management, and channel strategies to enhance market competitiveness[90] - The company plans to optimize regional and product structures, focusing on leading brands like Haitian Dream and Zhenbao Fang[93] Employee Engagement and Training - The company conducted 1,240 training sessions during the reporting period, hiring 262 internal lecturers and developing 36 high-quality courses[166] - The total number of on-the-job employees at the end of the reporting period is 19,616, with 9,705 in the parent company and 9,911 in major subsidiaries[163] - The employee stock ownership plan included 4,738 employees holding a total of 9,118,384 shares, accounting for 0.61% of the total share capital[176]