Financial Performance - For the year ended December 31, 2023, revenue increased by 1.1% to RMB 1,734.1 million from RMB 1,715.4 million in 2022[2] - Gross profit rose by 2.2% to RMB 940.4 million, with a gross margin improvement from 53.6% in 2022 to 54.2% in 2023[2] - Profit attributable to shareholders increased by 3.2% to RMB 213.2 million, with a net profit margin rising from 12.0% in 2022 to 12.3% in 2023[2] - Basic earnings per share for the year were RMB 0.20, compared to RMB 0.19 in the previous year[3] - The net profit for the year was RMB 213,238 thousand, compared to RMB 206,452 thousand in 2022, representing a growth of 3.6%[15] - Net profit attributable to shareholders increased by RMB 6.7 million or 3.2% from RMB 206.5 million for the year ended December 31, 2022, to RMB 213.2 million for the year ended December 31, 2023, with a net profit margin increase from 12.0% to 12.3%[67] Revenue Breakdown - Revenue from tea sales reached RMB 1,254,692 thousand, up 0.3% from RMB 1,243,753 thousand in the previous year[14] - Revenue from tea food sales was RMB 244,518 thousand, showing a marginal increase from RMB 243,747 thousand in 2022[14] - Revenue from tea utensils sales increased to RMB 175,240 thousand, compared to RMB 169,225 thousand in 2022, reflecting a growth of 3.6%[14] - Revenue from tea sales rose by 0.9% to RMB 1,254.7 million, while tea food sales increased by 0.3% to RMB 244.5 million, and tea utensils sales grew by 3.5% to RMB 175.2 million[56] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 3,001.8 million, a decrease from RMB 3,139.5 million in 2022[5] - Current liabilities decreased to RMB 945.6 million from RMB 1,117.1 million in 2022[6] - Non-current liabilities increased to RMB 270.5 million from RMB 252.3 million in 2022[6] - The total equity attributable to shareholders rose to RMB 1,785.7 million from RMB 1,770.1 million in 2022[6] - Total liabilities as of December 31, 2023, were RMB 1,216,132 thousand, with tea segment liabilities at RMB 571,480 thousand[17] Dividends and Share Repurchases - The board proposed a final dividend of HKD 0.12 per share, equivalent to RMB 0.11 per share[2] - The company declared a total dividend of RMB 168,829,000 for the year ended December 31, 2023, compared to RMB 161,691,000 in 2022[28] - The company repurchased 5,022,000 ordinary shares in 2023 at a total value of approximately HKD 23,331,000, equivalent to RMB 21,282,000[39] - The company repurchased a total of 2,643,000 shares in November 2023 at a maximum price of HKD 4.57 per share, totaling HKD 11,617,710[82] - In December 2023, the company repurchased 2,036,000 shares at a maximum price of HKD 5.10 per share, totaling HKD 10,016,010[82] Operational Highlights - The company operates in tea classification, packaging, sales, and related sectors primarily in China[7] - The company has approximately 166 self-owned retail stores and about 1,211 distributor stores in mainland China, accounting for 34.5% and 62.1% of total revenue, respectively[56] - The company plans to expand its retail network in third and fourth-tier cities and enhance online sales through its subsidiary, Xiamen Tianyu Trading Co., Ltd[52] - The company plans to continue optimizing its retail network in 2024, focusing on enhancing profitability and maximizing the engagement of third-party retailers[51] Cost Management - Distribution costs decreased by 4.2% from RMB 380.3 million in 2022 to RMB 364.2 million in 2023, attributed to cost control measures[59] - Administrative expenses increased by 3.8% from RMB 272.6 million for the year ended December 31, 2022, to RMB 283.0 million for the year ended December 31, 2023, primarily due to increased labor costs and travel expenses[60] - Financing costs decreased by 12.5% from RMB 29.6 million for the year ended December 31, 2022, to RMB 25.9 million for the year ended December 31, 2023, reflecting reduced interest expenses on bank borrowings[64] Government Grants and Financing - Government grants received in 2023 were RMB 4,472,000, down from RMB 19,101,000 in 2022[21] - The company received government grants totaling RMB 42,882,000 as of December 31, 2023, compared to RMB 42,484,000 in 2022, showing a slight increase of 0.9%[47] - The net financing cost for the year ended December 31, 2023, was RMB (18,998,000), an increase from RMB (10,022,000) in 2022[23] Compliance and Governance - The audit committee has reviewed the annual performance for the year ending December 31, 2023, which has been approved by the company's auditor[85] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2023[84] - The company plans to propose the reappointment of PwC as its auditor at the annual general meeting[85] Future Outlook - The company aims to develop new tea-related products to maintain its leading brand position and meet changing consumer preferences[53] - The company emphasizes enhancing brand reputation and customer awareness through targeted marketing and promotional activities[52] - The company plans to increase processing facilities to meet future demand for tea and related products[53]
天福(06868) - 2023 - 年度业绩