雅迪控股(01585) - 2022 - 年度业绩

Financial Highlights The company achieved significant financial growth in 2022, with revenue increasing by 15.2% to RMB 31.06 billion and profit attributable to owners surging by 57.8% to RMB 2.16 billion Key Financial Indicators | Indicator | 2022 | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 31,059.4 million | +15.2% | | Gross Profit | RMB 5,614.0 million | +36.9% | | Profit Attributable to Owners | RMB 2,161.1 million | +57.8% | | Basic Earnings Per Share | RMB 74.0 cents | +54.8% | | Proposed Final Dividend | HK 40.0 cents per share | - | Consolidated Financial Statements This section presents the company's consolidated financial performance and position, including statements of profit or loss, comprehensive income, and financial position Consolidated Statement of Profit or Loss For the year ended December 31, 2022, the Group's revenue grew by 15.2% to RMB 31.06 billion, with gross profit increasing by 36.9% to RMB 5.61 billion, leading to a 57.8% rise in profit attributable to owners Consolidated Statement of Profit or Loss (RMB thousands) | Item (RMB thousands) | 2022 | 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 31,059,443 | 26,967,532 | +15.2% | | Gross Profit | 5,614,011 | 4,101,484 | +36.9% | | Operating Profit | 2,707,591 | 1,537,297 | +76.1% | | Profit Before Income Tax | 2,615,267 | 1,506,985 | +73.5% | | Profit for the Year | 2,183,000 | 1,366,643 | +59.7% | | Profit Attributable to Owners of the Company | 2,161,094 | 1,369,495 | +57.8% | | Basic Earnings Per Share (RMB cents) | 74.0 | 47.8 | +54.8% | Consolidated Statement of Comprehensive Income In 2022, the Group's total comprehensive income for the year reached RMB 2.24 billion, a 65.0% increase, primarily driven by a positive shift in other comprehensive income due to foreign exchange differences - Total comprehensive income for the year was RMB 2,235,948 thousand, an increase of approximately 65.0% from RMB 1,355,764 thousand in 2021[4] - Other comprehensive income shifted from a loss of RMB 10,879 thousand in 2021 to a gain of RMB 52,948 thousand in 2022, primarily due to exchange differences on translation of functional currency to presentation currency, resulting in a gain of RMB 66,555 thousand[4] Consolidated Statement of Financial Position As of December 31, 2022, total assets increased by 28.6% to RMB 24.95 billion, total liabilities grew by 22.9% to RMB 18.31 billion, and net assets surged by 47.2% to RMB 6.64 billion Consolidated Statement of Financial Position (RMB thousands) | Item (RMB thousands) | December 31, 2022 | December 31, 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Non-Current Assets | 7,557,671 | 4,393,326 | +72.0% | | Total Current Assets | 17,395,015 | 15,014,467 | +15.9% | | Total Assets | 24,952,686 | 19,407,793 | +28.6% | | Liabilities and Equity | | | | | Total Current Liabilities | 17,520,386 | 14,327,877 | +22.3% | | Total Non-Current Liabilities | 789,706 | 567,517 | +39.1% | | Total Liabilities | 18,310,092 | 14,895,394 | +22.9% | | Net Assets | 6,642,594 | 4,512,399 | +47.2% | - The Group reported net current liabilities of RMB 125 million at the end of 2022, compared to net current assets of RMB 687 million at the end of 2021[54] Notes to the Financial Statements This section provides detailed explanations and disclosures regarding the accounting policies, revenue breakdown, expenses, and key balance sheet items General Information and Accounting Policies Yadea Group Holdings Ltd. is an investment holding company listed in Hong Kong, primarily engaged in the development, manufacturing, and sale of electric vehicles and related accessories in China - The Group is primarily engaged in the development, manufacturing, and sale of electric two-wheeled vehicles, batteries, and related accessories in China[7] - In 2022, the Group adopted several new and revised Hong Kong Financial Reporting Standards, which had no significant impact on prior period amounts[8] Revenue and Segment Information In 2022, total revenue was RMB 31.06 billion, with electric bicycles, electric scooters, and batteries/chargers being the primary product categories, and the Group now reports two segments after the Huayu acquisition Revenue by Product Type (RMB thousands) | Product Type (RMB thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Electric Bicycles | 12,827,456 | 9,767,681 | | Electric Scooters | 9,145,187 | 10,208,564 | | Batteries and Chargers | 8,397,775 | 6,583,763 | | Electric Two-Wheeled Vehicle Components | 689,025 | 407,524 | | Total | 31,059,443 | 26,967,532 | - Following the acquisition of Huayu, the Group introduced a new "Batteries" business segment, with the "Electric Two-Wheeled Vehicles and Related Accessories" segment generating RMB 5.56 billion in gross profit and the "Batteries" segment generating RMB 330 million in gross profit in 2022[13][14] Expenses and Other Income Total expenses, including cost of sales, selling, administrative, and R&D, amounted to RMB 28.81 billion in 2022, while other income and gains increased by 19.3% to RMB 450 million Expenses by Nature (RMB thousands) | Expense Nature (RMB thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Raw materials and consumables used | 24,376,677 | 22,226,264 | | Employee benefit expenses | 2,095,911 | 1,518,681 | | Advertising expenses | 403,067 | 364,720 | | Freight charges | 303,331 | 299,155 | - Other income and net gains increased from RMB 380 million in 2021 to RMB 450 million in 2022, primarily driven by bank interest income (RMB 180 million) and government grants (RMB 170 million)[16] - Finance costs significantly increased from RMB 15.28 million in 2021 to RMB 59.40 million in 2022, mainly due to interest expenses on new borrowings[19] Dividends and Earnings Per Share (EPS) The Board proposed a final dividend of HK 40.0 cents per share for 2022, while basic earnings per share increased by 54.8% to RMB 74.0 cents - The Board recommended a final dividend of HK 40.0 cents per ordinary share for 2022, totaling approximately HKD 1.18 billion (equivalent to RMB 1.03 billion)[20] Earnings Per Share | EPS | 2022 | 2021 | | :--- | :--- | :--- | | Basic (RMB cents/share) | 74.0 | 47.8 | | Diluted (RMB cents/share) | 72.9 | 47.0 | Key Balance Sheet Items As of year-end 2022, inventory increased by 22.1% to RMB 1.46 billion due to new work-in-progress from Huayu, while trade receivables remained stable at RMB 390 million, and trade and bills payables rose by 6.5% to RMB 13.59 billion - Inventory increased from RMB 1.19 billion at the end of 2021 to RMB 1.46 billion at the end of 2022, with work-in-progress significantly rising from RMB 12.28 million to RMB 346 million[24] - The vast majority of trade receivables (approximately 97.5%) were aged within six months, indicating low credit risk[26] - Total trade and bills payables reached RMB 13.59 billion, with bills payable accounting for RMB 9.81 billion, serving as a significant source of working capital for the Group[27] Business Combination (Acquisition of Huayu) In January 2022, the Group acquired a 70% equity interest in Huayu (Jieshou Nandu Huayu Power Co., Ltd. and Zhejiang Changxing Nandu Power Co., Ltd.) for a total cash consideration of RMB 311.5 million, recognizing goodwill of RMB 683.86 million from expected synergies - The Group acquired a 70% equity interest in battery manufacturer Huayu for a cash consideration of RMB 311.5 million[29] - Goodwill arising from the acquisition amounted to RMB 683,858 thousand, allocated to the battery operating segment[30] - The net cash outflow from this investing activity was RMB 302 million, after deducting cash acquired of RMB 9.53 million[31] Transactions with Non-Controlling Interests (NCI) Following the 70% acquisition of Huayu in January, the Group acquired the remaining 30% non-controlling interest in Huayu for RMB 133.5 million in August 2022, and also acquired the remaining 30% non-controlling interest in Chengdu Yadea for RMB 6 million in the same month, achieving full ownership of both companies - In August 2022, the Group acquired the remaining 30% equity interest in Huayu for RMB 133.5 million, which resulted in a decrease of RMB 274 million in equity attributable to owners of the company[32] - In August 2022, the Group acquired the remaining 30% equity interest in Chengdu Yadea for RMB 6 million, which resulted in an increase of RMB 7.76 million in equity attributable to owners of the company[33] Management Discussion and Analysis (MD&A) This section provides management's perspective on the Group's operational performance, financial condition, and future outlook, highlighting key drivers and strategic initiatives Business Review and Outlook In 2022, Yadea achieved record sales, revenue, and profit by optimizing its product portfolio and expanding its distribution network, while strategically acquiring Huayu to enhance supply chain stability - Average selling prices for electric scooters and electric bicycles increased to RMB 1,816 and RMB 1,429, respectively, driven by product portfolio improvements, contributing to revenue and profit growth[35] - The distribution network continued to expand, with 4,041 distributors and over 32,000 sales points in China and presence in over 80 countries globally by the end of 2022[36] - Continuous investment in R&D led to the launch of the GuanNeng 3.0 series and the third-generation TTFAR graphene battery, with the Group holding 1,890 patents by the end of 2022[37] - The full acquisition of battery manufacturer Huayu was completed to ensure stable supply of core components, achieve product differentiation, and strengthen market leadership[38] Financial Review In 2022, the Group's revenue increased by 15.2% to RMB 31.06 billion, with gross profit rising by 36.9% to RMB 5.61 billion, and net profit significantly growing by 59.7% to RMB 2.18 billion Revenue Analysis Total revenue grew by 15.2% to RMB 31.06 billion in 2022, primarily driven by a 16.3% increase in electric bicycle sales and higher average selling prices across two-wheeled vehicles Revenue and Sales Volume by Product Type | Product Type | 2022 Revenue (thousands) | Revenue Share | 2022 Sales Volume (thousand units) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Electric Bicycles | 12,827,456 | 41.3% | 8,976.0 | +16.3% | | Electric Scooters | 9,145,187 | 29.5% | 5,034.2 | -18.0% | | Batteries and Chargers | 8,397,775 | 27.0% | 26,171.3 | +10.1% (Batteries) | | Total | 31,059,443 | 100.0% | - | - | Cost, Margin, and Profitability Analysis Cost of sales同比增長11.3%至254.5億元，增速低於收入增長。因此，毛利大幅增長36.9%至56.1億元，毛利率從15.2%提升至18.1%。由於除稅前利潤增加，所得稅開支同比增長208.0%至4.3億元。最終，年內利潤實現59.7%的強勁增長，達到21.8億元 - Gross margin increased by 2.9 percentage points from 15.2% in 2021 to 18.1% in 2022, primarily due to higher average selling prices resulting from an improved product mix[45] - Income tax expense increased by 208.0% year-on-year to RMB 432 million, mainly due to the increase in profit before income tax[51] - Profit for the year increased by 59.7% year-on-year, from RMB 1.37 billion in 2021 to RMB 2.18 billion in 2022[52] Operating Expenses Analysis Operating expenses increased across all categories in 2022, with R&D expenses significantly rising by 31.1% to RMB 1.11 billion to support innovation and new battery development Operating Expenses (RMB million) | Operating Expense (RMB million) | 2022 | 2021 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 1,358.2 | 1,282.9 | +5.9% | | Administrative Expenses | 896.1 | 817.9 | +9.6% | | Research and Development Expenses | 1,105.8 | 843.7 | +31.1% | Liquidity and Financial Resources As of year-end 2022, cash and cash equivalents increased by 11.7% to RMB 6.78 billion, while net cash inflow from operating activities was RMB 3.08 billion, and the gearing ratio rose to 26.8% Cash Flow (RMB million) | Cash Flow (RMB million) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash inflow from operating activities | 3,078.4 | 3,693.0 | | Net cash outflow from investing activities | (2,056.0) | (824.3) | | Net cash outflow from financing activities | (379.4) | (207.4) | - The gearing ratio (other non-current liabilities and borrowings / total equity) increased from 8.8% in 2021 to 26.8% in 2022, primarily due to increased borrowings from the consolidation of Huayu's accounts[59] - At the end of 2022, the Group reported net current liabilities of RMB 125 million, compared to net current assets of RMB 687 million at the end of 2021[54] Key Financial Position Items Analysis Inventory increased by 22.1% to RMB 1.46 billion, extending average inventory turnover days to 18.8, while trade and bills payables grew by 6.5% to RMB 13.59 billion - Average inventory turnover days increased from 14.8 days in 2021 to 18.8 days in 2022, mainly due to the relatively longer production cycle for batteries[55] - Trade and bills payables increased by 6.5% to RMB 13.59 billion, primarily due to an increase in bills payable driven by higher raw material purchases[58] Human Resources and Risk Management The Group's employee count increased by 28.9% to 11,825 in 2022, with total staff costs rising by 36.1% to RMB 2.32 billion, and foreign exchange risk primarily managed through regular reviews - The number of employees increased from 9,174 at the end of 2021 to 11,825 at the end of 2022[61] - Total staff costs for 2022 were RMB 2.315 billion, an increase of 36.1% from RMB 1.701 billion in 2021[61] - The Group is primarily exposed to foreign exchange risk related to the US dollar and regularly reviews its net foreign exchange exposure[60] Corporate and Shareholder Information This section details corporate actions, post-reporting period events, dividend proposals, and the Group's adherence to corporate governance and compliance standards Corporate Actions In 2022, the company completed a share placement raising HKD 857 million for overseas expansion and fully acquired battery manufacturer Huayu for RMB 445 million - A placement of new shares was completed in May 2022, raising net proceeds of approximately HKD 857 million, which have been fully utilized for overseas business expansion[64] - The Group completed the acquisition of Huayu in two stages in January and August 2022, achieving 100% control for a total consideration of RMB 445 million (RMB 311.5 million + RMB 133.5 million)[65][66] Post-Reporting Period Events On January 17, 2023, the company granted 33.55 million share options to employees, with no other significant post-reporting period events noted - On January 17, 2023, 33.55 million share options were granted to certain employees under the company's share option scheme[68] Dividends and Shareholder Information The Board proposed a final dividend of HK 40.0 cents per share for 2022, payable on July 17, 2023, following approval at the Annual General Meeting on June 16, 2023 - A final dividend of HK 40.0 cents per share for 2022 is proposed, with a payment date of July 17, 2023[71] - The Annual General Meeting is scheduled to be held on June 16, 2023[71] Corporate Governance and Compliance The company fully complied with the Corporate Governance Code throughout 2022, with the Audit Committee reviewing the annual results and the auditors verifying the financial figures - The company fully complied with the Corporate Governance Code for the entire year ended December 31, 2022[69] - The Audit Committee, comprising four independent non-executive directors and one non-executive director, has reviewed the annual results[75]