Financial Performance - China Tourism Group Duty Free Corporation Limited reported its annual performance for the year ended December 31, 2022, highlighting a commitment to high-quality development and strategic innovation[1]. - The company reported a revenue of RMB 54.43 billion in 2022, a decrease of RMB 13.24 billion (approximately 19.6%) from RMB 67.68 billion in 2021[20]. - Gross profit for 2022 was RMB 14.86 billion, down RMB 7.43 billion (approximately 33.3%) from RMB 22.29 billion in 2021[20]. - Net profit attributable to equity shareholders was RMB 5.11 billion, a decline of RMB 4.61 billion (approximately 47.4%) compared to RMB 9.73 billion in 2021[20]. - The company’s gross margin decreased to 27.30%, down 5.64 percentage points from 32.94% in 2021[20]. - The company raised over HKD 18 billion through its successful H-share listing in August 2022, marking it as the largest IPO in Hong Kong for the year[31]. - The company’s other income, including interest income and government subsidies, decreased by 46.56% to RMB 420 million in 2022[48]. - The sales revenue from duty-free goods in 2022 was RMB 26.03 billion, down 39.37% from RMB 42.94 billion in 2021[47]. - Operating profit fell by 48.25% from RMB 14.940 billion in 2021 to RMB 7.732 billion in 2022, significantly impacted by a decline in customer traffic[56]. - Net profit decreased by 49.59% from RMB 12.441 billion in 2021 to RMB 6.272 billion in 2022, primarily due to a substantial drop in customer traffic[57]. Market Expansion and Strategy - The company plans to focus on deepening its strategy in Hainan and enhancing its operational capabilities in 2023[21]. - The company aims to accelerate overseas expansion and leverage the "A+H" dual capital platform to enhance its international market presence[21]. - The company is actively exploring innovative marketing strategies, including collaborations with KOLs and utilizing online-to-offline (OTO) approaches to enhance customer engagement[29]. - The company is focused on expanding its market presence, particularly in the duty-free sector, leveraging its experienced management team[83]. - The company plans to enhance its online business through a fully integrated online platform and innovative digital marketing strategies[45]. - The company aims to improve operational efficiency, with a goal to reduce costs by 5% through process optimization[75]. - The company plans to allocate HKD 9,805.78 million for consolidating domestic channels, with HKD 1,764.81 million already utilized[155]. - The company aims to improve supply chain efficiency with an allocation of HKD 2,096.19 million, which remains unutilized[155]. Customer Engagement and Experience - The company emphasized its focus on enhancing consumer service and experience, aiming to promote the prosperity of the Chinese tourism retail market[17]. - The total number of members exceeded 26 million, indicating a strong online business expansion[21]. - The company introduced several high-end brands in 2022, including GIVENCHY, Brunello Cucinelli, and De Beers, enhancing product offerings and customer experience[26]. - The company is advancing its digital transformation, including the integration of VR/AR technologies in retail environments to improve customer experience[30]. - The total sales of Hainan's duty-free shops during the Spring Festival 2023 reached RMB 2.57 billion, a year-on-year increase of 20.7% compared to 2022 and a 329% increase compared to 2019[41]. Governance and Management - Liu Defu serves as the chairman of the supervisory board, overseeing the board of directors and senior management, with extensive experience in auditing and finance[79]. - The company has a strong emphasis on compliance and auditing, with executives like Gao Xiaoqiong leading the audit department since September 2019[80]. - The board consists of seven directors, including three executive directors and four independent non-executive directors, ensuring a balanced governance structure[92]. - The company has adopted corporate governance practices in accordance with the Hong Kong Listing Rules, ensuring compliance with the Corporate Governance Code[89]. - The company emphasizes the importance of risk management for business success, facing operational risks including market conditions and regulatory changes[121]. Shareholder Communication and Value - The company emphasizes effective communication with shareholders through various channels, including annual general meetings and investor relations activities[141]. - The board proposed a final dividend of RMB 8.00 per share for the year ended December 31, 2022, totaling RMB 1,655.09 million[150]. - The company has adopted a dividend policy that ensures a cash distribution of at least 5% of the distributable profits each year, with a cumulative distribution of at least 30% over any three consecutive fiscal years[145]. - The company is committed to maintaining a stable and reasonable return on investment for shareholders while ensuring long-term business development[145]. Risk Management and Compliance - The company has implemented strict internal control policies to manage risks and ensure compliance with relevant laws and regulations, with regular reviews conducted by the board[131]. - The company has engaged a compliance advisor to provide guidance on compliance with Hong Kong listing rules, enhancing its governance framework[131]. - The board will review the effectiveness of the risk management and internal control systems annually, ensuring they remain adequate and effective[131]. - The company has established a system for managing insider information to prevent misuse and ensure fair disclosure practices[131]. Employee Development and Diversity - The company has 16,808 full-time employees as of December 31, 2022, with 44.84% male and 55.16% female[186]. - The company conducted 27 training sessions for mid-to-senior management in 2022, totaling approximately 80 hours of training[188]. - The online training platform "China Duty-Free Academy" provided 17 course topics and organized 17 live training sessions, with over 710,000 participants in 2022[188]. - As of December 31, 2022, approximately 55.16% of the company's full-time employees, including senior management, are women, reflecting the company's commitment to gender diversity and equal opportunities[132].
中国中免(01880) - 2022 - 年度业绩