Vanward(SZ:002543)2023-04-28 16:00Financial Performance - The company's operating revenue for 2022 was ¥6,627,812,218.25, a decrease of 11.95% compared to ¥7,527,138,468.85 in 2021[24]. - Net profit attributable to shareholders for 2022 was ¥550,033,605.62, representing a 53.53% increase from ¥358,256,616.51 in 2021[24]. - The net profit after deducting non-recurring gains and losses was ¥635,823,209.97, up 111.44% from ¥300,714,791.47 in the previous year[24]. - The net cash flow from operating activities increased by 98.76% to ¥815,263,691.45 from ¥410,167,108.15 in 2021[24]. - Basic earnings per share rose to ¥0.74, a 54.17% increase compared to ¥0.48 in 2021[24]. - Total assets at the end of 2022 were ¥6,890,705,936.45, down 15.22% from ¥8,127,736,179.56 at the end of 2021[24]. - Net assets attributable to shareholders increased by 7.72% to ¥4,318,047,327.47 from ¥4,008,724,624.99 in 2021[24]. - The company reported a weighted average return on equity of 13.28%, an increase of 4.80% from 8.48% in 2021[24]. - The total revenue for 2022 was ¥6,627,812,218.25, representing a decrease of 11.95% compared to ¥7,527,138,468.85 in 2021[72]. - The industrial segment accounted for ¥6,507,421,467.81, which is 98.18% of total revenue, down 11.84% from ¥7,381,653,967.07 in the previous year[73]. - Revenue from household water heating products was ¥3,266,502,237.87, making up 49.28% of total revenue, with a decline of 5.67% from ¥3,462,970,579.19 in 2021[73]. - The kitchen appliance segment generated ¥2,806,929,409.18, which is 42.35% of total revenue, reflecting an 18.78% decrease from ¥3,456,137,863.51 in 2021[73]. - Domestic sales reached ¥4,052,814,853.57, accounting for 61.15% of total revenue, down 3.08% from ¥4,181,696,161.64 in the previous year[73]. - Export sales were ¥2,454,606,614.24, representing 37.03% of total revenue, a significant decline of 23.29% from ¥3,199,957,805.43 in 2021[73]. Dividend Policy - The company plans to distribute a cash dividend of 4 CNY per 10 shares (including tax) based on a total share capital of 743,600,000 shares as of December 31, 2022[4]. - The total cash dividend amount (including other methods) was 297,440,000 CNY, which accounted for 100% of the total profit distribution[192]. - The company has established a cash dividend policy in accordance with the "2021-2023 Dividend Return Plan," ensuring the continuity and stability of profit distribution policies[189]. - The total distributable profit for shareholders after deducting the cash dividend of 245,388,000 CNY paid on June 16, 2022, was 969,707,355.13 CNY[192]. Corporate Governance - The company emphasizes the importance of accurate financial reporting and has ensured that all board members attended the meeting to review the annual report[4]. - The company has established a sound corporate governance structure in compliance with relevant laws and regulations, ensuring accurate and timely information disclosure[119]. - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operational capabilities[121]. - The board of directors and supervisory board operate independently, adhering to established rules and actively participating in training to stay informed about legal regulations[122][123]. - The company has implemented a dedicated information disclosure management system to ensure all shareholders receive equal access to company information[126]. - The company has conducted investor relations activities to engage with various institutional investors and ensure transparency in its operations[120]. - The company has established an independent financial department and internal audit team, ensuring strict financial supervision and management[135]. - The company has a clear governance structure with checks and balances through its board of directors and supervisory board[134]. Market Strategy and Expansion - The company is focusing on expanding its product line to include energy-efficient products and integrated heating systems, enhancing its market position[38]. - The company is leveraging online sales and live streaming as key marketing strategies, adapting to changing consumer behaviors[44]. - The company has established a new retail partner model to enhance its online and offline sales channels, reflecting a strategic shift in its marketing approach[44]. - The company is actively pursuing a digital transformation strategy, partnering with China Telecom to build a 5G digital smart factory and collaborating with Huawei on a whole-house smart ecosystem[57]. - The company plans to invest up to CNY 800 million in Egypt and CNY 253 million in Thailand to establish new production bases, enhancing its global operational capabilities[64]. - The company is implementing a "going global" strategy, establishing overseas factories in Thailand and Egypt, and building localized sales teams to expand its international market presence[108]. - The company recognizes the risk of international trade friction affecting its export business, particularly in Southeast Asia, North America, and Europe, and is taking measures to mitigate these risks[110]. - The company is addressing the risk of macroeconomic cycles and policy changes that could impact demand for its main products, which are closely tied to the real estate market[111]. Research and Development - The company has made significant technological advancements, holding a total of 2,938 effective patents, including 208 invention patents as of the end of the reporting period[54]. - The company is actively researching the mixed use of gas and hydrogen to improve combustion conditions and reduce gas costs, contributing to national energy security and carbon neutrality[48]. - The company plans to enhance research on new products and technologies, focusing on environmentally friendly and energy-efficient solutions[66]. - The company has established a new energy division to accelerate the development of new energy products and technologies, including hydrogen energy applications[70]. - The company is investing heavily in R&D, allocating 8% of its revenue to develop new technologies and improve existing products[168]. Risk Management - The company has outlined potential risks in its future plans, which depend on various market conditions[4]. - The report includes a detailed description of the major risks the company may face in the future, as mentioned in the section on future development outlook[4]. - The company is taking steps to minimize the impact of raw material price fluctuations on its profitability by establishing strategic partnerships with suppliers and optimizing inventory management[114]. Employee and Management Structure - The total number of employees at the end of the reporting period is 4,447, with 1,594 in the parent company and 2,853 in major subsidiaries[185]. - The company has a professional composition of 2,572 production personnel, 670 sales personnel, 751 technical personnel, 120 financial personnel, 127 administrative personnel, and 207 management personnel[185]. - The company has a clear asset ownership structure, with all necessary assets for its operations independently owned[133]. - The company has a complete independent personnel management system, with no overlap of management roles with the controlling shareholder[132]. - The company has a strong management team with key members having extensive experience in various roles, including the current president, Lai Yuwen, who has held multiple senior positions in the industry since 2000[157]. Awards and Recognition - The company has received multiple awards for its service quality, including the "618 Excellent After-Sales Service Award" and recognition as one of the "Top 100 Service Brands in China"[63]. - The company has received multiple awards recognizing its contributions to the home appliance industry, including the "Outstanding Entrepreneur" award[142]. - The company has received multiple awards for excellence in management and innovation, highlighting its industry leadership[150].