Haixin Foods (SZ:002702)2023-04-20 16:00Financial Performance - The company's operating revenue for 2022 was CNY 1,621,397,148.78, an increase of 4.59% compared to CNY 1,550,297,708.74 in 2021[18]. - The net profit attributable to shareholders for 2022 was CNY 63,215,700.48, a significant increase of 283.58% from a loss of CNY 34,434,490.39 in 2021[18]. - The cash flow from operating activities for 2022 was CNY 172,179,840.91, a remarkable increase of 459.35% compared to a negative cash flow of CNY 47,914,233.44 in 2021[18]. - The basic earnings per share for 2022 was CNY 0.1315, up 283.66% from a loss of CNY 0.0716 in 2021[18]. - The net profit after deducting non-recurring gains and losses for 2022 was CNY 31,857,399.29, a turnaround from a loss of CNY 43,594,706.38 in 2021, marking a 173.08% improvement[18]. - The total revenue for 2022 reached ¥1,621,397,148.78, representing a year-on-year increase of 4.59% compared to ¥1,550,297,708.74 in 2021[53]. - The revenue from frozen fish and meat products was ¥1,291,671,975.71, accounting for 79.66% of total revenue, which is a decrease of 3.41% from the previous year[53]. - The revenue from frozen dishes surged by 1,334.35% to ¥162,451,239.32, compared to ¥11,325,781.80 in the previous year[53]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1 RMB per 10 shares to all shareholders, based on a total of 48.076 million shares[4]. - The total cash dividend for 2022 was ¥48,076,000, which is fully covered by the distributable profit[135]. - A cash dividend of ¥1 per 10 shares (before tax) was approved, with a total of 48,076,000 shares as the basis for distribution[135]. - The company reported a total shareholding of 126.1 million shares at the beginning of the period, with a decrease of 4.393 million shares, resulting in an ending total of 121.7 million shares[112]. Market and Industry Trends - The company is experiencing a trend of consumption upgrade in the frozen food industry, with increasing demand for high-quality, low-calorie, and additive-free products[29]. - The frozen food market in China has shown a compound annual growth rate of 13.22% from 2013 to 2021, indicating a robust growth trajectory[29]. - The company is focusing on product diversification and expanding sales channels, including e-commerce and cold chain logistics, to enhance market reach[30]. - The company aims to balance seasonal sales fluctuations by increasing the share of non-seasonal products in its portfolio[31]. Risk Management - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be aware of investment risks[4]. - The company has detailed the major risks it will face in the future and the corresponding countermeasures in the report[4]. - The company is exposed to raw material price fluctuation risks, which could impact production costs and overall performance[98]. - The company faces market competition risks due to increasing industry standards and intensified competition in different regional markets[95]. Operational Strategies - The company is focusing on the development of plant-based meat alternatives to address the growing demand for healthier food options[66]. - The company is actively working on new product development and technology to expand its market presence and improve competitiveness[66]. - The company has improved the educational structure of its R&D personnel, with a 109.09% increase in the number of bachelor's degree holders from 11 in 2021 to 23 in 2022[67]. - The company is in the pilot phase of developing new fish products using low-value fish scraps, aiming to enhance product quality and reduce environmental impact[65]. Governance and Compliance - The company maintains a governance structure compliant with relevant laws and regulations, with no discrepancies reported[105]. - The board consists of seven directors, including three independent directors, ensuring compliance with legal requirements[104]. - The company operates independently from its controlling shareholders in terms of business, assets, personnel, finance, and organization[106]. - The company has established an independent financial department with a separate accounting system and bank accounts, ensuring financial independence[108]. Environmental Responsibility - The company has a wastewater treatment system with a processing capacity of 1,500 m³/d, ensuring compliance with environmental discharge standards[151]. - The company strictly adheres to various environmental protection laws and regulations, ensuring legal compliance in its operations[149]. - The company has implemented strict environmental protection measures, ensuring that emissions from natural gas boilers meet standards, with waste gases discharged through chimneys over 8 meters high[152]. - The company has made significant investments in environmental protection, enhancing pollution control measures and ensuring compliance with environmental regulations[152]. Employee and Management Information - The total number of employees at the end of the reporting period was 2,056, with 442 in the parent company and 1,614 in major subsidiaries[128]. - The company conducted a total of 827 training sessions for employees during the reporting period, focusing on various roles from new hires to management[131]. - The total outsourced labor hours amounted to 3,448,009.07 hours, with total payments for outsourced labor reaching ¥62,064,163.21[132]. - The company has a transparent performance evaluation and incentive mechanism for its directors and senior management[104]. Financial Management - The company’s financial management is overseen by a team of experienced professionals, including independent directors with qualifications in accounting and asset evaluation[115]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management during the reporting period amounted to CNY 541.98 million[121]. - The financial director received a remuneration of CNY 94.76 million, the highest among the management team[121]. - The company emphasizes a performance-based remuneration system linked to company effectiveness and long-term interests[120].