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桂发祥(002820) - 2021 Q4 - 年度财报
GuifaxiangGuifaxiang(SZ:002820)2022-04-22 16:00

Financial Performance - The company's operating revenue for 2021 was CNY 405,124,206.90, representing a 16.18% increase compared to CNY 348,707,209.50 in 2020[19]. - The net profit attributable to shareholders for 2021 was CNY 21,286,635.53, a decrease of 14.98% from CNY 25,037,058.57 in 2020[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 15,995,876.77, which is a 26.36% increase from CNY 12,659,186.56 in 2020[19]. - The net cash flow from operating activities increased by 138.90% to CNY 63,102,139.98 from CNY 26,413,535.39 in 2020[19]. - The total assets at the end of 2021 were CNY 1,153,302,419.55, a 4.39% increase from CNY 1,104,812,117.33 at the end of 2020[19]. - The net assets attributable to shareholders decreased by 0.83% to CNY 1,053,517,349.24 from CNY 1,062,387,407.89 at the end of 2020[19]. - The basic earnings per share for 2021 were CNY 0.11, down 8.33% from CNY 0.12 in 2020[19]. - The diluted earnings per share for 2021 were also CNY 0.11, reflecting the same 8.33% decrease from CNY 0.12 in 2020[19]. - The weighted average return on equity for 2021 was 2.02%, a decrease of 0.33% from 2.35% in 2020[19]. Market and Industry Insights - The food manufacturing industry saw a 8.0% year-over-year increase in added value in 2021, while the overall profit of large-scale food manufacturing enterprises slightly decreased by 0.1%[30]. - The market size of the Chinese snack food industry grew from CNY 410 billion in 2010 to CNY 1,156.2 billion in 2021, with a compound annual growth rate of approximately 9.9%[30]. - The retail sales in Tianjin, where the company primarily operates, grew by 5.2% in 2021, but the growth rate was significantly impacted by the pandemic in the second half of the year[33]. Product Development and Innovation - The company is focusing on expanding its product offerings to meet the growing demand for healthy and functional snack foods[31]. - The company introduced new products such as peach blossom pastry and lotus flower pastry, and upgraded production processes for existing products[34]. - The company launched new products, including a simplified packaging version of the Gaba vegetable product, which is expected to expand its market presence[76]. - The company has developed new products such as health-oriented snacks, enhancing product value through innovation and collaboration with research institutions[171]. Operational Challenges - The company faced significant cost pressures due to rising prices of key raw materials and packaging materials[34]. - The company’s direct store revenue was significantly impacted by local retail market conditions and population mobility[36]. - The company closed 3 direct stores in 2021 due to lease expirations and strategic adjustments[39]. - The company reported a significant decline in cash and cash equivalents, with a net decrease of 406,554,846.27 compared to an increase of 57,655,972.56 in the previous year, a drop of 805.14%[58]. Strategic Initiatives - The company plans to distribute a cash dividend of CNY 1.50 per 10 shares to all shareholders[5]. - The company opened 5 new direct stores in 2021, enhancing channel advantages and exploring a new franchise model[35]. - The company is actively pursuing digital upgrades, including the introduction of unmanned retail technology in stores[35]. - The company aims to enhance its traditional snack products, focusing on quality and craftsmanship, while increasing production efficiency through technology improvements[107]. Governance and Compliance - The company held its annual general meeting on May 19, 2021, with a participation rate of 39.03%, where all proposed resolutions were passed without any objections[124]. - The first extraordinary general meeting of 2021 was held on September 17, 2021, with a participation rate of 32.96%, and no new proposals were introduced[124]. - The company has updated its internal control system to align with the main board requirements, ensuring compliance with relevant laws and regulations[121]. - The company has established a comprehensive internal control system, which was updated in response to changes in laws and regulations[158]. Social Responsibility and Sustainability - The company donated over 300,000 RMB worth of products to targeted aid areas in Gansu Province during the reporting period[172]. - The company has been recognized multiple times as a "National Model Unit for Labor Relations Harmony" and "Outstanding Enterprise for Food Safety and Quality" in Tianjin[170]. - The company has been awarded the "Tianjin Nutrition and Health Food Demonstration Enterprise" for its contributions to food safety and health[171]. - The company has established strict standards for waste gas and wastewater emissions, ensuring compliance with local environmental regulations[167]. Employee Management and Development - The total number of employees at the end of the reporting period was 1,108, with 936 in the parent company and 172 in major subsidiaries[151]. - The company has a wide-ranging training program that includes strategic management and food safety[153]. - The company has implemented a salary management system that links compensation to job responsibilities and performance[152]. - The company emphasizes employee training, focusing on risk prevention and internal control management[153].