YKS(SZ:300209)2023-04-25 16:00Financial Performance - The company achieved operating revenue of 774 million RMB, a decrease of 56.11% compared to the same period last year[3]. - The net profit attributable to the parent company was -366 million RMB, an increase of 86.29% compared to the same period last year, indicating a narrowing of overall losses[3]. - The main business revenue from cross-border e-commerce declined by 60.11% due to adverse factors such as global economic slowdown and intensified competition[3]. - The company's operating revenue for 2022 was ¥774,137,256.72, a decrease of 56.11% compared to ¥1,763,975,805.34 in 2021[25]. - The net profit attributable to shareholders was -¥366,760,967.67, an improvement of 86.29% from -¥2,676,053,483.45 in the previous year[25]. - The basic earnings per share for 2022 was -¥0.87, showing an increase of 86.45% from -¥6.42 in 2021[25]. - The total assets at the end of 2022 were ¥813,111,046.29, down 36.29% from ¥1,276,219,550.96 at the end of 2021[25]. - The net assets attributable to shareholders decreased by 82.95% to ¥73,474,399.73 from ¥431,012,422.08 in 2021[25]. - The net cash flow from operating activities for 2022 was -¥36,564,997.00, a decline of 17.68% compared to -¥31,071,590.15 in 2021[25]. - The company reported a significant reduction in net losses, indicating improved operational efficiency and potential for future growth[25]. Asset Management - The company conducted a comprehensive review of assets, resulting in an impairment provision of 193.33 million RMB, including 37.15 million RMB for inventory and 66.36 million RMB for goodwill[4]. - The company has outstanding bank loans of 306.99 million RMB, with interest and penalties accrued amounting to 24.84 million RMB for the year[6]. - The company recognized an asset impairment loss of 136,036,270.73 yuan, accounting for 42.46% of total profit, mainly due to goodwill impairment loss of 66,360,000.00 yuan and inventory write-downs[68]. - The company recorded a credit impairment loss of 57,289,909.47 yuan, representing 17.88% of total profit, primarily due to bad debt losses of 56,080,812.76 yuan[68]. - Cash and cash equivalents at the end of 2022 amounted to 80,771,322.23 yuan, representing 9.93% of total assets, a 2.49% increase from the beginning of the year[70]. - Accounts receivable decreased to 115,221,143.43 yuan, accounting for 14.17% of total assets, down by 1.92% from the beginning of the year[70]. - Inventory increased to 194,628,112.20 yuan, representing 23.94% of total assets, an increase of 3.80% compared to the beginning of the year[70]. Market Outlook and Strategy - Despite the revenue decline, the company remains optimistic about the long-term development of the cross-border e-commerce industry, emphasizing no significant adverse changes in core competitiveness[6]. - The company aims to optimize operational efficiency and business models in response to external market changes[6]. - Future strategic developments and risk management measures are detailed in the management discussion and analysis section of the report[6]. - The company plans to continue focusing on B2C business models and expanding its presence on emerging platforms like Shopee and Lazada[41]. - The government has introduced supportive policies for the cross-border e-commerce industry, aiming to stabilize growth and employment in 2023[38]. - The company plans to leverage government support policies in Changsha to attract more investments and resources for business development in 2023[81]. - The company aims to enhance inventory management to improve turnover rates and mitigate financial risks associated with unsold stock[84]. - The company is committed to strengthening its international management capabilities to reduce risks associated with overseas operations[82]. Operational Efficiency - The company aims to enhance its operational efficiency and market competitiveness[106]. - The company has integrated an IT big data smart cloud system to enhance operational efficiency and decision-making capabilities[47]. - The company has implemented a refined inventory management strategy, managing 190,500 SKUs with a total of 16.48 million units sold during the reporting period[44]. - The company has adopted a mixed warehousing model, utilizing both self-operated and third-party warehouses to ensure timely product supply[45]. - The logistics transportation cost was ¥217.33 million, making up 40.95% of the operating costs[46]. - The company reported a gross margin of 32.53% for cross-border e-commerce sales, an increase of 495.61% year-on-year[52]. Governance and Compliance - The company has established a complete independent operational system, ensuring independence in business, personnel, assets, and finance from the controlling shareholder[99]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal and regulatory requirements[92]. - The company held 11 board meetings and 9 supervisory meetings in 2022, ensuring active governance and oversight[93][94]. - The company has a performance evaluation and incentive mechanism in place for directors, supervisors, and senior management, aligning compensation with performance[94]. - The company actively communicates with stakeholders, promoting balanced interests among shareholders, employees, creditors, and customers[95]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information dissemination to investors[96]. - The company has implemented an internal audit system to enhance operational compliance and protect shareholder rights[98]. - The company held two temporary shareholder meetings in 2022, with investor participation rates of 18.20% and 15.59% respectively[102]. Employee Management - The total number of employees at the end of the reporting period was 437, with 1,380 employees receiving salaries during the period[126]. - The company has a competitive compensation system based on job value and individual performance, with a focus on core talent[127]. - The company emphasized internal employee training and development, particularly for technical and sales positions, to align with strategic goals[128]. - The employee stock ownership plan (ESOP) involved 156 employees holding a total of 6,496,970 shares, representing 1.54% of the company's total equity[131]. - The company has a total of 87 production staff, 137 sales staff, and 103 technical staff among its employees[126]. Legal and Regulatory Issues - The company is facing a lawsuit with a claim amount of 18,900,000 yuan related to overdue bank loans, which has been ruled against the company[183]. - The company has a pending arbitration case requesting compensation of 8,613,600 yuan for performance commitments, with a settlement agreement signed for approximately 5,500,000 shares[182]. - The company reported a compensation contract dispute involving an amount of 3.42 million CNY, which has been adjudicated[185]. - A private lending dispute resulted in a judgment requiring the company to repay 211.28 million CNY in principal and interest[185]. - The company has committed to actively taking measures to mitigate the adverse effects of the financial uncertainties on its operations and to protect the rights of shareholders, especially minority shareholders[176]. Future Projections - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[109]. - The company plans to enhance its digital marketing efforts, aiming for a 20% increase in online sales channels[109]. - The company has set a performance guidance of 1.8 billion RMB for the next fiscal year, indicating strong confidence in future growth[109]. - The company plans to acquire a smaller competitor for 200 million RMB to enhance its product offerings and market reach[119]. - The company aims to improve operational efficiency, targeting a 5% reduction in costs through process optimization[113].