Financial Performance - Revenue decreased by 13.2% to RMB 1,127.6 million[1] - Loss attributable to owners of the company was RMB 24.4 million, compared to a profit of RMB 143.4 million in the previous year[1] - Loss per share decreased to RMB 0.017, down from earnings of RMB 0.098 per share in the previous year[1] - Total comprehensive income for the year was RMB 106.8 million, compared to RMB 324.9 million in the previous year[17] - The group reported a net loss attributable to shareholders of RMB 24,441 thousand, a significant decline from a profit of RMB 143,393 thousand in the previous year[27] - The company faced a 29.6% decline in revenue when excluding contributions from the Shanghai Jiuguang Center, compared to a 15.6% growth in the previous fiscal year[67] - Interest and investment income decreased by 49.0% from RMB 51.3 million in 2021 to RMB 26.2 million in 2022, mainly due to reduced investment income from structured deposits[73] - The adjusted EBITDA increased from RMB 326.4 million in 2021 to RMB 396.1 million in 2022, despite a decline in sales and revenue due to the pandemic[73] Dividends and Shareholder Returns - The board of directors did not declare any dividends for the year[1] - The group did not declare or pay any dividends to ordinary shareholders for the year, consistent with the previous year[26] - The group has not declared any dividends for the year ending December 31, 2022, consistent with the previous year[141] Assets and Liabilities - Non-current assets totaled RMB 12,409.7 million, down from RMB 12,675.8 million in the previous year[4] - Current liabilities exceeded current assets by RMB 353.5 million, with a significant portion related to short-term loans[8] - The company reported a significant decrease in cash and cash equivalents, totaling RMB 1,609.1 million, down from RMB 1,858.2 million[4] - The company's outstanding mortgage bank project loans totaled RMB 2,240 million as of December 31, 2022, with a debt-to-equity ratio of 24.1%[75] - As of December 31, 2022, the group had pledged properties in China with a total book value of approximately RMB 3,786 million, down from RMB 3,936 million in 2021[97] Revenue Breakdown - Revenue from self-operated sales was RMB 430.3 million in 2022, a decline from RMB 568.7 million in 2021[46] - Revenue from licensed counter sales was RMB 441.0 million in 2022, down from RMB 585.3 million in 2021[46] - Service revenue decreased to RMB 31.8 million in 2022 from RMB 38.2 million in 2021[46] - Revenue from customer contracts was RMB 903.0 million in 2022, compared to RMB 1,192.2 million in 2021[46] - Rental income increased significantly to RMB 224.5 million in 2022 from RMB 107.5 million in 2021[46] Operational Strategies - The company implemented strategies to optimize product mix, enhance VIP loyalty programs, and strengthen tenant relationships in response to market challenges[66] - The Shanghai Jiuguang Center adjusted its product and service categories strategically, launching various promotional activities to attract customers during challenging operating conditions[82] - The group plans to enhance its product mix by introducing premium men's wear and leather brands to improve retail offerings[105] - The group will continue to adopt experiential retail strategies to boost foot traffic and sales, including hosting events like basketball competitions and themed shopping activities[137] - The group will strengthen its online business layout to attract customers and enhance their shopping experience through digital channels[138] Employee and Operational Costs - The group had a total of 1,168 full-time employees as of December 31, 2022, compared to 1,167 employees a year earlier[44] - The company reported a total employee cost of RMB 208.8 million in 2022, marginally up from RMB 208.1 million in 2021[53] - Total sales and distribution costs increased by 10.3% from RMB 523.7 million in 2021 to RMB 577.8 million in 2022, with the percentage of total sales and distribution costs to sales revenue rising to 22.9% from 15.0% in 2021[69] Market Outlook - The group is cautiously optimistic about the robust development of the Chinese economy and the stable recovery of consumer confidence in the second half of 2023[125] - The group anticipates significant and stable cash flow from leasing its two office buildings at the Shanghai Jiuguang Center as the office rental market gradually recovers post-pandemic[139] Miscellaneous - The company expressed gratitude to employees, customers, business partners, and shareholders for their support during a challenging operating environment due to the pandemic[144] - The group has no significant contingent liabilities as of December 31, 2022[98] - The group has not made any significant investments, acquisitions, or disposals during the year, except for transactions related to leasing agreements[99] - The financial statements for the year ended December 31, 2022, have been reviewed by the auditor, but no assurance was provided on the preliminary announcement[143]
利福中国(02136) - 2022 - 年度业绩