Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately RMB 1,686.2 million, representing a 4.4% increase from RMB 1,764.0 million in 2022[32]. - Gross profit for the same period was RMB 502.9 million, an increase of 8.8% compared to RMB 462.0 million in the previous year[32]. - The EBITDA for the year was RMB 209.1 million, reflecting an 11.5% increase from RMB 187.5 million in 2022[32]. - The operating profit (EBIT) increased by 10.0% to RMB 119.3 million from RMB 108.5 million in the prior year[32]. - The net profit for the year was RMB 61.1 million, a slight decrease of 1.8% from RMB 62.2 million in 2022[32]. - The basic earnings per share for 2023 was RMB 15.40, slightly down from RMB 15.57 in 2022, representing a decrease of 1.1%[39]. - The company reported a credit loss of RMB (45,138,000) in 2023, compared to RMB (21,683,000) in 2022, indicating an increase in expected credit losses[34]. - The company declared a final dividend of HKD 0.10 per share for 2023, totaling approximately RMB 37,644,000, up from RMB 18,210,000 in 2022[122]. Assets and Liabilities - As of December 31, 2023, the net current assets were approximately RMB 28.4 million, down from RMB 54.1 million in 2022, with a current ratio of 1.03 compared to 1.06 in 2022[6]. - The net debt as of December 31, 2023, was approximately RMB 406.1 million, up from RMB 282.9 million in 2022, indicating a significant increase due to business expansion[29]. - The total capital debt ratio as of December 31, 2023, was 54.0%, compared to 52.7% in the previous year[29]. - The total liabilities decreased to RMB 881,142,000 in 2023 from RMB 921,148,000 in 2022, a reduction of 4.3%[41]. - The total amount of receivables in 2023 was RMB 45,138 thousand, significantly higher than RMB 21,683 thousand in 2022, indicating an increase of approximately 108%[91]. Expenses - Administrative expenses for the year ended December 31, 2023, amounted to RMB 102.2 million, an increase of RMB 14.6 million or 16.7% year-on-year, primarily due to increases in legal and professional expenses, depreciation, and other office expenses[1]. - Total employee benefits expenses, including directors and senior management, amounted to approximately RMB 258.1 million for the year ended December 31, 2023[12]. - The total depreciation and amortization expenses for 2023 were RMB 89,754 thousand, up from RMB 79,018 thousand in 2022, indicating an increase of approximately 13.5%[99]. - The company reported a total of RMB 1,182,138 thousand in cost of goods sold for the year, compared to RMB 1,301,953 thousand in 2022, showing a decrease of about 9.2%[99]. Inventory and Receivables - Inventory balance increased by RMB 58.2 million to RMB 172.8 million as of December 31, 2023, compared to RMB 114.5 million as of December 31, 2022, resulting in an increase in inventory turnover days from 31 days in 2022 to 44 days in 2023[2]. - Trade receivables, notes receivable, and other receivables increased by 43.1% from approximately RMB 158.4 million in 2022 to approximately RMB 226.7 million in 2023, with turnover days increasing from 35 days to 42 days[5]. - Trade payables, notes payable, and other payables decreased by 5.4% from approximately RMB 276.9 million in 2022 to approximately RMB 262.1 million in 2023, with turnover days decreasing from 91 days to 83 days[5]. Market Outlook and Strategy - The company expects 2024 to be a challenging year with a highly competitive operating environment, focusing on maintaining market share and product competitiveness[11]. - The company aims to enhance operational efficiency and continue investing in various businesses and technologies[145]. - The company plans to adapt its business model to meet changing consumer preferences, focusing on clean labels, convenience, and nutrition[142]. - The company is actively seeking to expand its product portfolio to meet customer expectations, focusing on various brands and flavors[182]. - The overall financial outlook remains positive, with management guiding for continued revenue growth and improved profitability in the next fiscal year[49]. Acquisitions and Investments - The company acquired 100% equity of Guangdong Kangli Food Co., Ltd. for a total cash consideration of RMB 135,000,000, gaining control on April 19, 2023[47]. - The group acquired Kangli and Guangdong Fengjia Food Co., Ltd., expanding into pasta and flour products, respectively[77]. - The company invested RMB 103.5 million in a non-listed equity investment fund as a limited partner[153]. Research and Development - The company's research and development expenditure for 2023 was approximately RMB 57.1 million, a slight decrease of 3.5% year-on-year, representing 3.4% of total revenue[174]. - R&D expenses rose significantly to RMB 2,012,000 in 2023, compared to RMB 434,000 in 2022, marking an increase of 363.6%[115]. Product Performance - The total revenue from the bakery products segment in 2023 was RMB 1,186,475 thousand, down from RMB 1,431,315 thousand in 2022, reflecting a decline of approximately 17.1%[110]. - Revenue from distributors was RMB 1,658,676 thousand, while supermarket sales increased to RMB 3,310 thousand, and retail customers contributed RMB 24,196 thousand[52]. - The revenue from sweet biscuits decreased by 13.8% to approximately RMB 514.0 million in 2023, facing ongoing market challenges[195]. - The revenue from other products, excluding biscuits, increased by 42.4% to approximately RMB 98.8 million, with mooncake revenue growing by 13.7% to RMB 42.2 million[182].
嘉士利集团(01285) - 2023 - 年度业绩