Financial Performance - Revenue for the year ended December 31, 2023, was RMB 21,446 million, representing a 2.3% increase from RMB 20,968 million in 2022[2] - Adjusted EBIT for the year was RMB 1,757.4 million, up 10.7% from RMB 1,588.0 million in the previous year[2] - Adjusted EBITDA increased by 13.3% to RMB 2,607.1 million from RMB 2,301.6 million in 2022[2] - The net profit for the year was RMB 1,385.6 million, compared to RMB 1,210.4 million in 2022, reflecting a growth of 14.5%[5] - Basic earnings per share for the year were RMB 29.76, an increase from RMB 23.59 in the previous year[4] - Other income for 2023 totaled RMB 264,358 thousand, up from RMB 162,409 thousand in 2022, driven by government grants and interest income[20] - The total tax expense for the year was RMB 458,428 thousand, compared to RMB 404,022 thousand in 2022[25] - Basic earnings per share for 2023 was RMB 29.76, an increase from RMB 23.59 in 2022, reflecting improved profitability[28] - The company reported a net profit attributable to shareholders of RMB 832,577 thousand for 2023, up from RMB 659,836 thousand in 2022[28] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 16,225.6 million, up from RMB 15,062.9 million in 2022[6] - Cash and cash equivalents increased significantly to RMB 2,293.0 million from RMB 1,037.4 million in the previous year[6] - Non-current liabilities rose to RMB 579.1 million from RMB 337.4 million in 2022, indicating a 71.5% increase[7] - The total equity attributable to the owners of the company increased to RMB 6,015.4 million from RMB 5,520.2 million in the previous year[7] - Trade receivables increased from RMB 374,082,000 in 2022 to RMB 404,506,000 in 2023, with a credit loss provision of RMB 34,533,000[40] - The accounts payable increased to RMB 774,354 thousand in 2023 from RMB 689,980 thousand in 2022, with trade payables at RMB 751,893 thousand[42] Revenue Breakdown - Revenue from carbonated beverages amounted to RMB 15,973,126 thousand, while juice and water products generated RMB 3,386,144 thousand and RMB 1,246,932 thousand respectively[14] - The total revenue from other beverage products was RMB 840,234 thousand, showing an increase from RMB 762,879 thousand in the previous year[14] - The company's juice category revenue achieved a double-digit year-on-year growth, driven by strong sales of orange-flavored juice and key new products[52] - The ready-to-drink coffee brand "Kafei Jia" captured over 10% market share, maintaining its position as the second brand in key markets[53] Acquisitions and Investments - The acquisition of five subsidiaries from Coca-Cola Bottlers Manufacturing Holdings Limited was completed on January 1, 2023, with a purchase price of RMB 554,179,000[36] - The acquired subsidiaries contributed revenue of RMB 32,000 and net profit of RMB 15,290,000 to the consolidated income statement from January 1, 2023[38] - The investment accounted for using the equity method decreased from RMB 839,787,000 in 2022 to RMB 252,371,000 in 2023, representing a decline of approximately 70%[29][31] - The group recognized a disposal gain of RMB 91,606,000 from the sale of equity interests in 11 wholly-owned beverage production subsidiaries[32] Operational Insights - The group operates as a single reporting segment, focusing on the processing, bottling, and distribution of carbonated and non-carbonated beverages[16] - The company has approximately 10,000 sales personnel serving over 2.9 million customers, with controllable business accounting for nearly 90% of total operations[47] - The group maintains a credit period of 7 to 90 days for key customers, while other customers typically require prepayment or payment upon delivery[40] - The group has no collateral or other credit enhancements for its trade receivables, indicating a low concentration of credit risk[40] Corporate Governance and Compliance - The company has adopted the principles of the Corporate Governance Code as per the Hong Kong Stock Exchange, with a deviation regarding the separation of the roles of Chairman and CEO[65] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and discussed matters related to audit, internal control, and financial reporting[67] - The consolidated financial statements for the year ending December 31, 2023, have been audited and confirmed by PwC, aligning with the group's financial data[68] Future Outlook and Strategy - The management anticipates that the domestic economy will face challenges and uncertainties in 2024, but aims to maintain stable performance throughout the year[55] - The company plans to continue promoting the transformation and upgrading strategy for its water category, focusing on the "Pure Joy" brand to enhance profitability[53] - The company will continue to optimize product structure and business portfolio to improve gross margins and overall profitability[55] - The company aims to enhance its supply chain efficiency and quality through ongoing optimization and integration measures[49] Dividends - The company proposed a final dividend of RMB 0.148 per share for the year ending December 31, 2023, an increase from RMB 0.117 per share in 2022[45] - The proposed final dividend for the year ending December 31, 2023, is RMB 0.148 per share, an increase from RMB 0.117 per share in 2022, subject to approval at the 2024 Annual General Meeting[61] - The company will withhold a 10% corporate income tax on the final dividend distributed to non-resident corporate shareholders[62]
中国食品(00506) - 2023 - 年度业绩