Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 4,871.7 million, an increase of 5.2% year-on-year[2] - Gross profit for the same period was RMB 2,322.7 million, reflecting an 18.5% year-on-year increase[2] - Net profit for the year was RMB 880.4 million, a significant increase of 481.9% compared to the previous year[2] - Adjusted net profit was RMB 970.3 million, up 6.3% year-on-year[2] - Basic earnings per share increased to RMB 0.38, representing a 442.9% rise year-on-year[2] - The group's total revenue for the year ended December 31, 2023, was RMB 4,871,666 thousand, an increase from RMB 4,632,221 thousand in 2022, representing a growth of approximately 5.2%[20] - The group's gross profit for the year was RMB 2,322,683 thousand, up from RMB 2,248,000 thousand in the previous year, reflecting an increase of approximately 3.3%[18] - The profit attributable to equity holders for 2023 was RMB 880,354,000, a significant increase from RMB 151,297,000 in 2022, representing a growth of approximately 482%[35] - Adjusted net profit (non-IFRS measure) rose by 6.3% to RMB 970.3 million from RMB 913.1 million, with an adjusted net profit margin increasing to 19.9% from 19.7%[79] Dividends - The company proposed a final dividend of RMB 0.10 per ordinary share and a special dividend of RMB 0.11 per share[2] - The board proposed a final dividend of RMB 0.10 per share, totaling approximately RMB 235.1 million, which is 27% of the annual net profit[80] - A special dividend of RMB 0.11 per share is also proposed, totaling approximately RMB 258.6 million, which is 30% of the annual net profit[80] - The company’s dividend policy states that at least 25% of distributable profits will be distributed to shareholders, subject to board discretion and shareholder approval[105] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 7,053.5 million, compared to RMB 6,930.3 million in 2022[7] - Non-current assets totaled RMB 4,178.9 million, up from RMB 3,373.1 million in the previous year[7] - Current assets decreased to RMB 2,874.7 million from RMB 3,557.2 million in 2022[7] - Non-current liabilities increased to RMB 439,659 thousand in 2023 from RMB 405,677 thousand in 2022, representing an increase of approximately 8.3%[8] - Current liabilities decreased to RMB 908,017 thousand in 2023 from RMB 1,000,246 thousand in 2022, a reduction of about 9.2%[8] - Total liabilities decreased to RMB 1,347,676 thousand in 2023 from RMB 1,405,923 thousand in 2022, reflecting a decline of approximately 4.1%[8] - Net assets increased to RMB 5,705,870 thousand in 2023 from RMB 5,524,412 thousand in 2022, marking an increase of around 3.3%[8] - Total equity remained stable at RMB 5,705,870 thousand in both 2023 and 2022, indicating no change year-over-year[8] Revenue Sources - Revenue from the Chinese market was RMB 4,774,043 thousand in 2023, compared to RMB 4,566,747 thousand in 2022, indicating a growth of about 4.5%[20] - The group's revenue from overseas customers was RMB 97,623 thousand in 2023, compared to RMB 65,474 thousand in 2022, marking an increase of approximately 48.9%[20] - Revenue from seasoning noodle products decreased by 6.2% from RMB 2,718.6 million in 2022 to RMB 2,549.2 million in 2023, accounting for 52.3% of total revenue, down from 58.7%[54] - Revenue from vegetable products increased by 25.1% from RMB 1,693.3 million in 2022 to RMB 2,118.5 million in 2023, representing 43.5% of total revenue, up from 36.6%[55] - Revenue from bean products and other products decreased by 7.4% from RMB 220.3 million in 2022 to RMB 203.9 million in 2023, accounting for 4.2% of total revenue, slightly down from 4.7%[55] Operational Efficiency - The company reported a significant increase in operating profit to RMB 1,103.7 million, compared to RMB 354.7 million in the previous year[5] - The total cost of sales, distribution, and administrative expenses amounted to RMB 3,814,619,000 in 2023, slightly up from RMB 3,787,603,000 in 2022, indicating a marginal increase of about 0.7%[26] - Employee benefits expenses increased to RMB 985,388,000 in 2023, up from RMB 852,998,000 in 2022, reflecting a growth of approximately 15.5%[26] - The company has optimized its production processes and cost management, contributing to improved gross margins and profitability[71] - The company is actively pursuing supply chain optimization and collaboration to enhance overall operational effectiveness[69] Market and Product Development - The company launched several new products, including "霸道熊猫" in September, "小魔女" in October, and "脆火火" in December, expanding its product matrix[44] - The company is actively expanding its online and offline channels, focusing on emerging snack retail channels and online content e-commerce opportunities[45] - The company aims to strengthen product innovation and brand development while embracing new sales channels to meet evolving consumer demands[46] - The company emphasized a multi-category strategy, focusing on flavor noodle products, vegetable products, and bean products[51] - The new product "Badao Xiongmao" reflects insights into market demand and aims to innovate traditional cuisine[51] Compliance and Governance - The company has adhered to all applicable corporate governance codes as of December 31, 2023[111] - All directors confirmed compliance with the standard code of conduct for securities trading as of December 31, 2023[112] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial results for the year ending December 31, 2023, ensuring compliance with applicable accounting principles[109] - Ernst & Young has verified the consolidated financial statements for the year ending December 31, 2023, confirming consistency with the group's financial reports[110] Future Outlook - The group plans to strengthen brand building and enhance brand recognition, focusing on consumer insights and experiences[101] - The group aims to enhance digital construction and R&D capabilities, with expected investments of HKD 72.3 million and HKD 90.3 million respectively over the next 3-5 years[95] - The company will continue to strengthen its online and offline channel development strategy, focusing on snack retail channels and the rapid rise of Douyin e-commerce[102]
卫龙美味(09985) - 2023 - 年度业绩