Financial Performance - The total revenue for the year ended December 31, 2022, was approximately RMB 2,171.6 million, a decrease of about 6.6% compared to the previous year[2]. - The profit attributable to the owners of the company for the year was approximately RMB 658.6 million, representing a decrease of about 8.5% year-on-year[2]. - Basic earnings per share for the year were approximately RMB 29.0 cents, down about 8.2% from the previous year[2]. - Total revenue for the group in 2022 was RMB 2,171,626, down from RMB 2,325,848 in 2021, reflecting a decrease of 6.63%[9]. - The pre-tax profit for 2022 was RMB 658,596, down from RMB 720,033 in 2021, representing a decline of 8.54%[13]. - The total profit attributable to the owners of the company was RMB 658.6 million, a decrease of RMB 61.4 million or 8.5% compared to the previous year[66]. - Net profit for the year was RMB 810.7 million, down 8.9% from the previous year, with profit attributable to owners at RMB 658.6 million, a decrease of 8.5%[31]. Revenue Breakdown - The group's revenue from cemetery services in 2022 was RMB 1,748,898, a decrease of 8.33% from RMB 1,907,676 in 2021[9]. - Revenue from funeral services increased to RMB 359,427 in 2022, up 8.27% from RMB 331,970 in 2021[9]. - Revenue from cemetery services was RMB 1,748.9 million, accounting for 80.5% of total revenue, while revenue from funeral services was RMB 359.4 million, representing 16.6%[50]. - The total revenue from cemetery and funeral services was RMB 2,108.3 million, a decrease from RMB 2,239.6 million in 2021, reflecting a decline of approximately 5.8%[56]. Assets and Liabilities - Non-current assets totaled RMB 4,359.2 million as of December 31, 2022, compared to RMB 4,369.5 million in the previous year[4]. - Current assets increased to RMB 3,456.7 million from RMB 3,035.9 million year-on-year[4]. - The net asset value of current liabilities was RMB 2,422.6 million, up from RMB 1,954.8 million in the previous year[5]. - Total equity increased to RMB 6,114.0 million from RMB 5,672.3 million year-on-year[5]. - Deferred tax liabilities decreased to RMB 9,217 in 2022 from RMB 24,292 in 2021, indicating a reduction of 62.0%[12]. - Cash and cash equivalents as of December 31, 2022, amounted to RMB 1,942.2 million, up from RMB 1,075.6 million the previous year, with term deposits at RMB 33.5 million[69]. Dividends and Shareholder Returns - The board has proposed a final dividend of HKD 0.0758 per share for the year[2]. - The board proposed a final dividend of HKD 0.0758 per share for the year 2022, totaling approximately RMB 230.2 million in dividends declared and paid for the year[29]. - The repurchase was aimed at enhancing shareholder value by increasing net asset value per share and/or earnings per share[85]. Operational Highlights - The company primarily engages in providing cemetery services, funeral services, and other related services[6]. - The company launched the "Digital Cemetery • Huixin Valley" project, marking its entry into the digital life service sector, addressing resource scarcity and demand for memorial services[31]. - The company continues to embrace digital transformation, having launched online memorial services as early as 2001 and implementing QR code technology for tombstones in 2014[31]. - The company aims to transition from a funeral service provider to a comprehensive life service operator, focusing on quality life services[34]. - The company is collaborating with the Australian company Memories to enhance cloud memorial products and explore their application in the funeral industry[33]. Market and Industry Trends - As of the end of 2022, China's urban population reached 920.71 million, with an urbanization rate of 65.2%, an increase of 0.5 percentage points from the end of 2021[35]. - The elderly population (aged 60 and above) in China reached 280.04 million by the end of 2022, accounting for 19.8% of the total population, an increase of 1.26 million from the previous year[35]. - The national cremation rate in 2021 was 58.8%, with 5.966 million cremated bodies, an increase of 3.1 percentage points from 2020[35]. - The overall market environment is expected to rebound in 2023, following the optimization of pandemic control policies and consumer stimulus measures[39]. Corporate Social Responsibility - The company held its first "Fushou Garden Charity Festival" in 2022, promoting public welfare projects such as the "Family End-of-Life Care Plan" and "Zero-Cost Funeral" initiatives[32]. - The company achieved an AA rating in the 2022 ESG ranking, reflecting its commitment to sustainable development and social responsibility[32]. - The company is committed to sustainable development and integrating green practices into its operational framework[33]. Employee and Operational Efficiency - Employee costs totaled RMB 463,624 in 2022, slightly down from RMB 469,616 in 2021, indicating a decrease of 1.99%[11]. - The company had 2,401 full-time employees as of December 31, 2022, a decrease from 2,464 the previous year[75]. - Operating expenses accounted for 52.6% of total revenue, a slight decrease from 52.9% in the previous year, with total operating expenses reduced by RMB 90.1 million or 7.3%[58]. Future Outlook - The company aims to expand its life service offerings and enhance user engagement through innovative strategies and collaborations across various sectors[32]. - The company plans to focus on expanding its market presence and enhancing its product offerings in response to changing consumer demands[62]. - Future growth for new cemeteries is expected, supported by advanced industry concepts and strong management experience[53].
福寿园(01448) - 2022 - 年度业绩