桂发祥(002820) - 2022 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2022 was ¥236,335,777.19, a decrease of 41.66% compared to ¥405,124,206.90 in 2021[18] - The net profit attributable to shareholders was -¥70,612,720.35, representing a decline of 431.72% from ¥21,286,635.53 in the previous year[18] - The basic earnings per share for 2022 was -¥0.35, down 418.18% from ¥0.11 in 2021[18] - Total assets at the end of 2022 were ¥1,032,872,101.44, a decrease of 10.44% from ¥1,153,302,419.55 at the end of 2021[18] - The net assets attributable to shareholders decreased by 9.56% to ¥952,784,557.16 from ¥1,053,517,349.24 in 2021[18] - The company reported a net cash flow from operating activities of -¥21,750,200.32, a decline of 134.47% from ¥63,102,139.98 in 2021[18] - The weighted average return on equity was -7.06%, down from 2.02% in the previous year[18] - The company's total revenue for Q1 2022 was ¥68,519,272.64, while Q2 revenue dropped to ¥40,491,599.63, and Q3 revenue increased to ¥84,977,007.68, before falling again to ¥42,347,897.24 in Q4[22] - The net profit attributable to shareholders for Q3 2022 was a loss of ¥1,508,235.12, with Q1 and Q2 losses of ¥19,261,561.06 and ¥25,615,589.69 respectively, and a significant loss of ¥24,227,334.48 in Q4[22] Market and Industry Trends - The total market size of the leisure snack industry in China was ¥734.2 billion in 2022, with an expected growth to ¥976.5 billion by 2027, indicating a robust growth trend[29] - The baking food industry in China reached a market size of ¥285.3 billion in 2022, growing by 9.7% year-on-year[29] - In 2022, the total retail sales of consumer goods in China decreased by 0.2%, with food retail sales increasing by 8.7%[31] - The company faced challenges due to a 22.1% decline in domestic tourist numbers and a 30% drop in domestic tourism revenue in 2022, impacting sales[32] Product and Sales Strategy - The company’s main product, the traditional snack "Eighteen Street Mahua," is well-regarded and has a strong market presence, particularly in the Tianjin region[30] - The company has expanded its e-commerce channels by entering platforms such as Douyin and Kuaishou, aiming to enhance consumer interaction and brand exposure[34] - The company has implemented product packaging upgrades and launched new product combinations to meet changing consumer demands, particularly in the home consumption sector[34] - The company has developed new products tailored for e-commerce, targeting younger consumers and aligning with festive promotional activities[34] - The company has adjusted its product offerings to include more convenient and flexible packaging options, enhancing the shopping experience for consumers[34] Operational Challenges - The company faced significant risks in the retail and food industries, which were detailed in the report[3] - The company has acknowledged uncertainties regarding its ability to continue as a going concern due to negative net profits in recent years[18] - The company reported a significant decline in store operating profit, with a loss of approximately ¥23.44 million compared to a profit of approximately ¥48.98 million in the previous period[37] - The number of distributors in the Tianjin region decreased by 19.06% to 225, while the total number of distributors decreased by 15.13% to 286[46] Financial Management and Investments - The company received government subsidies amounting to ¥2,146,503.35 in 2022, which are closely related to its normal business operations[24] - The company reported a non-operating income of ¥4,086,001.19 from entrusted investment management in 2022, reflecting its strategy to optimize asset management[24] - The company invested ¥5,174,151.02 in research and development, which is a 7.73% increase from ¥4,802,966.02 in the previous year[57] - The company has committed to a dividend payout ratio of 30% of net profits, ensuring returns to shareholders while maintaining growth investments[184] Corporate Governance and Management Changes - The company reported a resignation of the chairman, Feng Guodong, on September 1, 2022, due to health reasons, and a resignation of director Ma Hongtao for work reasons on the same date[132] - The company appointed Li Lu as the new chairman on November 2, 2022, following the resignation of the previous chairman[132] - The company experienced a change in the supervisory board with the resignation of Zhao Li as the chairwoman on November 28, 2022, due to work adjustments[132] - The company has expanded its board with independent directors who bring extensive experience from various industries, including food and beverage[135] Social Responsibility and Community Engagement - The company has received multiple honors for its social responsibility efforts, including "National Civilized Unit" and "National Model Labor Relations Harmonious Enterprise" awards[175] - The company has provided over 10,000 hours of volunteer service in community support activities, reflecting its dedication to social welfare[178] - The company has actively participated in important community health and safety initiatives, including fire safety and health education campaigns[178] - The company donated a total of 70,000 yuan to the Tianjin Red Cross and 10,000 yuan to the Tianjin Youth Development Foundation, demonstrating its commitment to social responsibility[179] Future Outlook and Strategic Plans - In 2023, the company aims to leverage policy optimizations to boost consumption and tourism recovery, while also addressing ongoing economic pressures and rising raw material costs[105] - The company plans to establish a platform for the integration of time-honored brands, creating a collection store that showcases local specialties and cultural heritage, enhancing consumer experience[105] - The company is considering strategic acquisitions to enhance its product portfolio and market presence, with a budget of 200 million RMB allocated for potential deals[184] - The company plans to expand its distribution channels, particularly targeting local tourism and convenience stores, while also developing markets outside Tianjin, starting with Beijing[111]