CTG DUTY-FREE(SH:601888)2024-03-27 16:00Financial Performance - In 2023, the company achieved a revenue of CNY 67.54 billion, representing a 24.08% increase compared to CNY 54.43 billion in 2022 [24]. - The net profit attributable to shareholders reached CNY 6.71 billion, a 33.46% increase from CNY 5.03 billion in the previous year [24]. - The net profit after deducting non-recurring gains and losses was CNY 6.65 billion, up 35.71% from CNY 4.90 billion in 2022 [24]. - The company's cash flow from operating activities was CNY 15.13 billion, a significant recovery from a negative cash flow of CNY -3.42 billion in 2022 [24]. - The total assets at the end of 2023 were CNY 78.87 billion, a 3.90% increase from CNY 75.91 billion at the end of 2022 [24]. - The net assets attributable to shareholders increased by 10.83% to CNY 53.83 billion from CNY 48.57 billion in 2022 [24]. - Basic earnings per share rose to CNY 3.2451, reflecting a 28.38% increase from CNY 2.5277 in 2022 [25]. - The total profit for the year was CNY 8.65 billion, reflecting a year-on-year growth of 13.50% [56]. - The company's cash flow from operating activities was CNY 15.13 billion, a significant recovery from a negative cash flow of CNY 3.42 billion in the previous year [58]. Dividends and Shareholder Returns - In 2023, the company distributed a cash dividend of RMB 16.5 per 10 shares, totaling RMB 3,413.6174 million, which accounts for 50.85% of the net profit attributable to shareholders [5]. - The total cash dividend amount for the year was RMB 3,413,617,422.60, representing 50.85% of the net profit attributable to shareholders [138]. - The company distributed a cash dividend of RMB 8.00 per 10 shares, totaling RMB 1,655,087,235.20, which accounts for 32.90% of the net profit attributable to shareholders in 2022 [136]. Market Expansion and Operations - The company opened the C Zone of Sanya International Duty Free City, becoming the world's first standalone tourism retail plaza specializing in cosmetics [15]. - The company secured the operating rights for duty-free shops at Tianjin Binhai International Airport and three outbound duty-free shop projects in Yunnan, enhancing its channel advantages in major domestic airports [15]. - The company is advancing the third phase of the Sanya International Duty Free City project in collaboration with Swire Properties, aimed at long-term development [15]. - The company added 177 well-known domestic and international brands in Hainan, with sales from 14 pilot "S stores" increasing by 65% year-on-year [36]. - The company operates approximately 200 duty-free stores across more than 100 cities in China, making it the largest duty-free operator in terms of store types and locations [51]. Membership and Consumer Engagement - The membership system has been fully integrated, with over 32 million members, utilizing AI analysis for precise marketing and product recommendations [16]. - The company launched over 30 promotional events, including the Hainan Duty-Free Shopping Festival, to enhance consumer engagement and service quality [15]. - The company integrated its online services through the cdf中免 Hainan APP and mini-program, providing a one-stop platform for consumers [36]. - The company has over 32 million members, with a new member service policy aimed at enhancing consumer spending potential [40]. Environmental and Social Responsibility - The company invested CNY 1.0617 million in environmental protection measures during the reporting period, focusing on energy-saving renovations and waste treatment at Sanya and Haikou International Duty-Free Cities [144]. - The company has implemented carbon reduction measures, including energy-saving renovations and the use of clean energy equipment, achieving a 100% usage rate of electric forklifts [146]. - The Haikou International Duty-Free City project received the LEED Gold certification, reflecting the company's commitment to green building standards [147]. - The company provided over 25.78 million eco-friendly shopping bags to customers, promoting plastic reduction initiatives [145]. - The company invested a total of 13.37 million CNY in poverty alleviation and rural revitalization projects, including 13.31 million CNY in Menglian and Ximeng counties in Yunnan Province [151]. Governance and Management - The company held 2 shareholder meetings and 12 board meetings during the reporting period, reviewing a total of 14 and 51 proposals respectively [102]. - The board established four specialized committees, which held 16 meetings and reviewed 34 proposals, enhancing decision-making efficiency [103]. - The company maintains independence from its controlling shareholder in assets, personnel, finance, and operations, as per commitments made in 2016 [105]. - The governance structure includes a clear division of responsibilities among the Party Committee, Shareholders' Meeting, Board of Directors, Supervisory Board, and Management Team [102]. - The company has implemented a "1+N" governance system to ensure compliance with laws and regulations, enhancing operational effectiveness [103]. Risk Management - A foreign exchange risk management system was developed to monitor and assess exchange loss risks, laying the foundation for reducing foreign exchange losses [16]. - The company faces risks including intensified market competition and potential investment risks, which it plans to manage through strategic planning and project management [98][100]. - The company’s risk management and internal control systems were evaluated, with a focus on the financial company's operational qualifications and risk management [129]. Future Outlook - The company plans to focus on tourism retail business and aims to become a world-class operator in this sector in 2024 [18]. - The company expects the domestic tourism market to exceed 6 trillion yuan in revenue in 2024, recovering to or surpassing 2019 levels [89]. - The company is committed to accelerating international development and capital operations, leveraging the "Belt and Road" initiative [96]. - The company plans to strengthen its presence in the Hainan market by improving service quality and enhancing consumer satisfaction [94].