Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 4,867.0 million, an increase of approximately 7.4% from RMB 4,532.9 million in the previous year[3] - Gross profit decreased by approximately 20.6% to RMB 618.7 million, down from RMB 779.5 million, resulting in a gross margin decline from 17.2% to 12.7%[7] - The net loss for the year was RMB 64.9 million, a significant reduction of 88.5% compared to RMB 564.2 million in the previous year[3] - Adjusted net profit was RMB 162.2 million, a decrease of 55.4% from RMB 364.0 million, with an adjusted net profit margin dropping from 8.0% to 3.3%[7] - Operating profit for the year was RMB 144.1 million, a significant recovery from an operating loss of RMB 375.8 million in 2022[57] - The group reported a pre-tax loss of RMB 58,771 thousand in 2023, a significant improvement from a pre-tax loss of RMB 558,336 thousand in 2022[85] Revenue Breakdown - Revenue from rice products increased by 5.8% to RMB 3,830.3 million, accounting for 78.7% of total revenue[9] - Revenue from grains, beans, and other products rose by 15.0% to RMB 601.5 million, increasing its share of total revenue from 11.5% to 12.4%[9] - Revenue from dried goods and other products increased by 12.2% to RMB 435.2 million, with its share of total revenue rising from 8.6% to 8.9%[9] - Online channels accounted for the majority of revenue, generating RMB 3,305.6 million, up 5.1% from RMB 3,144.2 million in the previous year[15] - Revenue from e-commerce platforms increased by 6.7% to RMB 2,836.5 million, while revenue from online self-operated stores decreased by 3.7% to RMB 469.1 million[15] Cost and Expenses - Sales and distribution expenses rose by 3.0% to RMB 324.1 million due to increased sales volume and promotional activities[21] - Administrative expenses significantly decreased by 82.0% to RMB 154.5 million, primarily due to the absence of share-based compensation in 2023[23] - Financial costs increased by 456.4% to RMB 21.7 million, attributed to higher interest expenses from increased bank and other loan balances[26] - The group's total cost of inventory for 2023 was RMB 4,248,310 thousand, an increase from RMB 3,753,373 thousand in 2022, indicating a rise of approximately 13.2%[84] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 3,567.2 million, up from RMB 2,058.1 million in 2022[59] - Current assets increased to RMB 3,567.2 million, with cash and cash equivalents rising to RMB 1,427.2 million from RMB 120.4 million in the previous year[59] - Bank and other loans increased from RMB 394.9 million in 2022 to RMB 1,011.1 million in 2023, reflecting the company's need for additional financing to support business operations[42] - The company's debt-to-equity ratio improved to 28.5% as of December 31, 2023, down from 103.5% as of December 31, 2022, due to the proceeds from the IPO[43] - Trade receivables decreased from RMB 399.1 million in 2022 to RMB 242.8 million in 2023, with turnover days improving from 28 days to 24 days[34] Inventory Management - Inventory increased by 16.9% from RMB 1,372.7 million as of December 31, 2022, to RMB 1,604.8 million as of December 31, 2023, with inventory turnover days rising from 116 days to 127 days[33] - The inventory balance as of December 31, 2023, was RMB 1,604,828 thousand, up from RMB 1,372,671 thousand in 2022, representing an increase of approximately 16.9%[91] - The company’s raw materials inventory increased to RMB 1,183,751 thousand in 2023 from RMB 838,544 thousand in 2022, reflecting a rise of approximately 41%[91] Corporate Governance and Strategy - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual[110] - The company is focused on enhancing its multi-channel sales network, leveraging both online and offline retail channels to expand market presence[11] - The company aims to enhance its brand matrix and develop differentiated marketing strategies to cater to consumer preferences for quality and convenience[5] - The company is actively involved in strategic planning to enhance shareholder value and operational performance[121] - The company has established a transportation management system (TMS) to optimize logistics[123] Future Outlook - The market for pre-packaged rice, grains, beans, and seeds is expected to grow at a compound annual growth rate of 9.3% from 2022 to 2027, reaching RMB 324.9 billion by 2027[4] - The company plans to strengthen its supply chain management and expand its sales network to meet diverse consumer demands[7] - The company is focused on technological advancements and new product development to drive future growth[120] Shareholder Information - The proposed final dividend for the year ending December 31, 2023, is RMB 0.031 per ordinary share, totaling approximately RMB 33.1 million, which represents 20.4% of the adjusted net profit for the same period[106] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident shareholders[107] - The final dividend proposal is subject to approval at the annual general meeting, expected to be paid around July 19, 2024[106]
十月稻田(09676) - 2023 - 年度业绩