Financial Performance - Revenue for the year ended December 31, 2022, was RMB 12,775.9 million, representing a 10.6% increase from RMB 11,547.8 million in 2021[2] - Gross profit for the same period was RMB 7,703.5 million, up 6.3% from RMB 7,248.0 million in the previous year[2] - Adjusted comparable EBITDA for 2022 was RMB 1,971.9 million, a 6.5% increase from RMB 1,851.9 million in 2021[2] - Net profit for the year was RMB 611.8 million, reflecting a 20.3% increase compared to RMB 508.5 million in 2021[2] - Adjusted comparable net profit decreased by 23.3% to RMB 731.2 million from RMB 952.9 million in the prior year[2] - The EBITDA margin for 2022 was 15.4%, down 0.6 percentage points from 16.0% in 2021[2] - Total revenue for the year ended December 31, 2022, was RMB 12,775,914 thousand, an increase from RMB 11,547,825 thousand in 2021, representing a growth of approximately 10.65%[22] - The pre-tax profit for the year was RMB 1,030,931 thousand, compared to RMB 850,213 thousand in the previous year, indicating a growth of approximately 21.3%[15][17] - The company reported a pre-tax profit of RMB 1,324,163 thousand for 2022, slightly down from RMB 1,326,327 thousand in 2021[30] Assets and Liabilities - Total non-current assets as of December 31, 2022, amounted to RMB 15,103.6 million, an increase from RMB 14,768.3 million in 2021[8] - Current assets totaled RMB 5,859.4 million, compared to RMB 5,513.5 million in the previous year[8] - The company reported a net current asset value of RMB 724.5 million, a significant improvement from a net current liability of RMB 1,308.5 million in 2021[8] - Non-current liabilities totaled RMB 9,686,289 thousand in 2022, up from RMB 7,574,628 thousand in 2021, indicating an increase of about 28%[9] - The company's equity increased to RMB 6,141,853 thousand in 2022 from RMB 5,885,186 thousand in 2021, representing a growth of approximately 4.4%[9] - Total assets minus current liabilities increased to RMB 15,828,142 thousand in 2022 from RMB 13,459,814 thousand in 2021, reflecting a growth of approximately 17.6%[9] Revenue Breakdown - The revenue breakdown by segment includes RMB 5,179,961 thousand from adult nutrition, RMB 4,559,212 thousand from infant formula, and RMB 1,529,530 thousand from pet nutrition, among others[15] - Revenue from mainland China reached RMB 9,565,867 thousand, up from RMB 9,084,641 thousand in 2021, reflecting a growth of about 5.3%[19] - The company reported a significant increase in revenue from North America, which rose to RMB 1,220,807 thousand from RMB 499,348 thousand, marking a growth of approximately 144.4%[19] - Revenue from infant formula in mainland China reached RMB 5,022,877 thousand, while adult nutrition and care products generated RMB 2,937,323 thousand in the same region[24] - Revenue from probiotics supplements in mainland China increased by 12.8% to RMB 1,079.1 million, driven by effective consumer education and channel expansion[62] - Revenue from the Australia and New Zealand market was AUD 297.3 million, reflecting a 10.1% increase and accounting for 10.9% of total group revenue[65] Expenses and Costs - The cost of goods sold for the year was RMB 4,823,197 thousand, compared to RMB 4,165,812 thousand in the previous year, indicating an increase of approximately 15.73%[30] - Selling and distribution costs increased by 4.8% to RMB 5,025.4 million, with the percentage of these costs to total revenue decreasing from 41.5% to 39.3%[70] - Administrative expenses increased by 4.6% to RMB 727.7 million, while the percentage of administrative expenses to total revenue decreased from 6.0% in 2021 to 5.7% in 2022[74] - Research and development expenses rose by 9.9% to RMB 158.2 million, maintaining a stable percentage of 1.2% of total revenue compared to the previous year[75] Dividends and Shareholder Returns - Proposed dividends rose significantly to RMB 220,717 thousand in 2022, compared to RMB 87,805 thousand in 2021, marking an increase of about 151%[9] - The proposed final dividend for the year is HKD 0.38 per share, compared to HKD 0.17 per share in the previous year, totaling HKD 220,717,000 for the proposed final dividend[38] - The company maintains a stable dividend payout ratio of 50% of adjusted comparable net profit, providing returns to shareholders[56] Market and Growth Strategies - The company is primarily engaged in the production and sale of high-end children's nutrition products, infant care products, adult nutrition and care products, and pet nutrition and care products[10] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[27] - The company aims to become a global leader in family nutrition and health through high-quality products and desirable brands, aligning with its long-term profitability growth strategy[45] - The company is focusing on high-end infant formula products to adapt to changing demographics in mainland China, with positive growth in this segment[47] - The company has improved its capital structure and liquidity through refinancing existing loans, enhancing its ability to manage currency fluctuations and higher interest rates[45] Corporate Governance and Compliance - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency in financial reporting[11] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has complied with all provisions as of December 31, 2022[92] - The audit committee, established on November 25, 2010, consists of three members, all of whom are non-executive directors, ensuring oversight of the audit process and risk management[94] - The independent auditor has reviewed the preliminary performance announcement, which has been agreed upon for inclusion in the consolidated financial statements[95] Sustainability and ESG Initiatives - The company has secured a 3-year term loan of USD 1.125 billion linked to sustainability goals, with interest rate reductions tied to achieving ESG targets[57] - The company reduced its water intensity in production facilities by 18.9% compared to 2021, contributing to its sustainability goals[58] - The company has established an ESG committee to enhance governance and oversee sustainability strategies and reporting[58]
H&H国际控股(01112) - 2022 - 年度业绩