YouYou Foods(SH:603697)2024-03-15 16:00Financial Performance - In 2023, the company's operating revenue was CNY 966.21 million, a decrease of 5.68% compared to CNY 1,024.42 million in 2022[23]. - The net profit attributable to shareholders of the listed company was CNY 116.16 million, down 24.38% from CNY 153.60 million in the previous year[23]. - The basic earnings per share decreased by 25.00% to CNY 0.27 from CNY 0.36 in 2022[25]. - The weighted average return on net assets was 6.33%, a decrease of 1.91 percentage points from 8.24% in the previous year[25]. - The net cash flow from operating activities was CNY -3.95 million, a significant decline of 101.98% compared to CNY 199.39 million in 2022[23]. - The total assets at the end of 2023 were CNY 1,982.15 million, down 3.20% from CNY 2,047.63 million at the end of 2022[24]. - The net profit after deducting non-recurring gains and losses decreased by 36.84% due to reduced operating revenue, increased raw material costs, and higher selling expenses[25]. - The company reported a net asset attributable to shareholders of CNY 1,835.13 million at the end of 2023, a slight decrease of 1.31% from CNY 1,859.50 million at the end of 2022[24]. - The gross profit margin for the overall business was 29.29%, down by 1.83 percentage points compared to the previous year[48]. Cash Flow and Investments - The net cash flow from operating activities decreased by 101.98% compared to the same period last year, primarily due to increased cash payments for raw materials and decreased cash receipts from sales[26]. - The net cash flow from investment activities decreased by 93.00% to CNY 7.88 million[44]. - The company reported a significant negative cash flow from operating activities in Q1 and Q4, with -23.80 million RMB and -43.44 million RMB respectively[29]. - The company has engaged in wealth management with a total amount of CNY 1,739,700,000, including CNY 799,700,000 in bank financial products and CNY 940,000,000 in securities firm financial products[141]. Sales and Market Trends - The agricultural and sideline food processing industry grew by 7.7% in 2023 compared to 2022, indicating a positive market trend for the company[35]. - The leisure food industry in China saw a compound annual growth rate of 12.09% from 2016 to 2020, reflecting increasing consumer demand[36]. - The company achieved operating revenue of CNY 966.21 million, a decrease of 5.68% compared to the previous year[42][46]. - The total revenue for the food processing manufacturing segment was CNY 959,760,023.18, representing a year-over-year decrease of 5.93%[48]. - Online sales contributed CNY 22,204,483.27 in revenue, with a significant decline of 18.16% year-over-year, while offline sales accounted for CNY 937,555,539.91, decreasing by 5.59%[49]. Product Performance - The production volume of the main product, spicy chicken feet, was 14,928.61 tons, down 13.67% year-over-year, with sales volume at 14,720.16 tons, a decrease of 17.82%[51]. - The inventory for spicy chicken feet increased significantly by 389.81% compared to the previous year, reaching 230.12 tons[51]. - The revenue from bamboo shoots increased by 10.91% year-over-year, totaling CNY 53,884,438.90, while its gross profit margin was 30.96%[48]. - The gross profit margin for the spicy chicken feet product was 28.84%, down by 1.20 percentage points year-over-year[48]. Corporate Governance and Management - The company has independent directors serving on multiple other listed companies, enhancing governance and oversight[96]. - The company has a structured approach to salary determination, ensuring alignment with performance and responsibilities[97]. - The board of directors has established a compensation and assessment committee to review executive remuneration[97]. - The company has not faced any penalties from securities regulatory authorities in the past three years[98]. - The company has a clear policy for avoiding conflicts of interest during discussions of director remuneration[97]. Shareholder Information - The total number of shares held by the chairman increased from 151,933,520 to 212,706,928, reflecting an increase of 60,773,408 shares due to capital reserve conversion[91]. - The total number of shares held by the vice chairman increased from 15,711,776 to 21,996,486, representing an increase of 6,284,710 shares, also attributed to capital reserve conversion[91]. - The total number of ordinary shareholders increased from 20,920 to 22,148 during the reporting period[171]. - The largest shareholder, Lu Youzhong, holds 212,706,928 shares, representing 49.73% of the total shares[173]. Future Outlook - The company is focusing on improving operational management and enhancing execution capabilities to increase economic efficiency[33]. - The company aims to strengthen and expand its market share in leading products while focusing on developing new types of flavored snacks and enhancing brand promotion and marketing networks[78]. - In 2024, the company plans to improve operational quality and respond to market uncertainties to achieve sustainable performance for investors[79]. Environmental and Social Responsibility - The company invested 145.23 million yuan in environmental protection during the reporting period[122]. - The company made a total donation of 5.98 million yuan for public welfare projects, benefiting 246 individuals[125]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[124].