Financial Performance - For the year ended December 31, 2023, the revenue was RMB 1,735.9 million, a decrease of 27.0% compared to RMB 2,379.0 million for the year ended December 31, 2022[4] - The net loss for the year ended December 31, 2023, was RMB 17.5 million, a reduction of 85.0% compared to a net loss of RMB 116.8 million for the year ended December 31, 2022[4] - The operating loss for the year ended December 31, 2023, was RMB 7.9 million, compared to an operating loss of RMB 122.5 million for the previous year[5] - The total comprehensive loss for the year ended December 31, 2023, was RMB 17.8 million, compared to RMB 85.7 million for the year ended December 31, 2022[6] - The company reported a basic loss per share of RMB 0.11 for the year ended December 31, 2023, compared to RMB 0.71 for the year ended December 31, 2022[6] Revenue Breakdown - B2B sales contributed RMB 843,128,000 in 2023, down from RMB 1,176,588,000 in 2022, reflecting a decrease of about 28%[21] - B2C sales generated RMB 877,174,000 in 2023, compared to RMB 1,177,313,000 in 2022, marking a decline of approximately 25%[21] - Revenue from Douyin and Pinduoduo for the year ended December 31, 2023, increased by 36.8% and 52.2%, respectively, compared to the same period last year[4] - Sales of adult personal care products decreased by 27.7% year-on-year, primarily due to a decline in market influence and the termination of partnerships with low-margin brands[57] - Sales of infant personal care products fell by 28.5%, impacted by a declining birth rate and increased competition in the domestic market[58] - Revenue from beauty products dropped by 37.4%, influenced by the termination of partnerships with low-margin brands and competition from local brands[59] - Revenue from services decreased by 37.9%, mainly due to the cessation of unprofitable businesses[60] Cost and Expenses - The cost of goods sold for the year was RMB 1,263,651,000, down from RMB 1,782,892,000 in 2022, indicating a reduction of about 29%[25] - The company’s operating expenses for the year were RMB 1,716,717,000, down from RMB 2,489,198,000 in 2022, representing a decrease of about 31%[25] - The group reduced promotional and advertising expenses by 48.8% year-on-year, and logistics costs decreased by 27.9%[66] - The company’s interest expenses on borrowings decreased to RMB 8,926,000 in 2023 from RMB 14,743,000 in 2022, reflecting a reduction of approximately 39.1%[27] Assets and Liabilities - The total assets as of December 31, 2023, were RMB 1,157.4 million, down from RMB 1,765.6 million as of December 31, 2022[8] - The company reported a total liability of RMB 1,157,351,000 as of December 31, 2023, compared to RMB 1,002,436,000 in 2022, an increase of approximately 15%[11] - The company’s total equity amounted to RMB 727,258,000 as of December 31, 2023, compared to RMB 763,133,000 in 2022, a decline of approximately 5%[11] - The debt-to-asset ratio as of December 31, 2023, was 37.2%, a decrease of 19.6 percentage points from 56.8% as of December 31, 2022[4] - The total borrowings decreased to RMB 222,976 thousand in 2023 from RMB 435,238 thousand in 2022, reflecting the company's strategy to reduce debt levels[44] Inventory and Receivables - As of December 31, 2023, inventory was RMB 279.6 million, a decrease of 47.8% from RMB 535.7 million as of December 31, 2022[4] - The company had a total of RMB 243,697,000 in trade and other receivables as of December 31, 2023, down from RMB 492,647,000 in 2022, indicating a reduction of approximately 50.5%[41] - The trade receivables aged analysis showed a total of RMB 186,633 thousand as of December 31, 2023, down from RMB 303,225 thousand in 2022, indicating a significant reduction in receivables[42] Future Outlook and Strategy - The company anticipates a challenging external environment in 2024, focusing on expanding sales channels and providing diverse consumer experiences[86] - The company aims to optimize its product structure and increase the sales proportion of high-margin products to improve overall profitability[61] - The company has committed to investing in health food and skincare products through brand co-creation and incubation strategies[88] Corporate Governance and Shareholder Matters - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value[92] - The board does not recommend the payment of a final dividend for the year ending December 31, 2023 (2022: none) [97] - The audit committee has reviewed the group's audited consolidated annual performance for the year ending December 31, 2023 [99] - The independent auditor has confirmed the consistency of the financial figures in the preliminary announcement with the audited consolidated financial statements for the year ending December 31, 2023 [100]
优趣汇控股(02177) - 2023 - 年度业绩