Financial Performance - The total revenue for BaWang International (Group) Holding Limited for the year ended December 31, 2023, was approximately RMB 237.7 million, a decrease of about 3.5% compared to RMB 246.3 million for the same period in 2022[2]. - The revenue from e-commerce channels was approximately RMB 126.2 million, an increase of about 9.1% compared to RMB 115.7 million for the same period in 2022[3]. - The operating profit for the year was approximately RMB 14.9 million, a turnaround from an operating loss of approximately RMB 17.3 million in 2022[3]. - The net profit for the year was approximately RMB 13.6 million, compared to a net loss of approximately RMB 19.3 million in the previous year[3]. - Basic and diluted earnings per share were RMB 0.4309 cents, compared to a loss of RMB 0.6110 cents per share in 2022[4]. - The company reported a gross profit of approximately RMB 119.7 million for the year, compared to RMB 92.5 million in 2022[4]. - The profit from the hair care segment in 2023 was RMB 16,871,000, compared to a loss of RMB 12,044,000 in 2022[28]. - The total profit from personal care products was RMB 15,079,000 in 2023, compared to a loss of RMB 18,060,000 in 2022[28]. - The company reported a pre-tax profit of RMB 13,544,000 in 2023, recovering from a loss of RMB 19,431,000 in 2022[28]. - Net profit for the year was approximately RMB 13.6 million, compared to a net loss of RMB 19.3 million in 2022, with no significant change from the estimated net profit of approximately RMB 14.0 million disclosed in the profit warning announcement[73]. Assets and Liabilities - The total assets minus current liabilities amounted to RMB 155.4 million as of December 31, 2023, compared to RMB 151.4 million in 2022[5]. - The net asset value increased to RMB 139.5 million in 2023 from RMB 126.3 million in 2022[6]. - Non-current assets in China decreased to RMB 56,345,000 in 2023 from RMB 71,022,000 in 2022, indicating a reduction of 20.7%[33]. - The company’s total non-current assets decreased to RMB 57,148,000 in 2023 from RMB 71,816,000 in 2022, a decline of 20.5%[33]. - The company reported trade and other payables of approximately RMB 59.4 million as of December 31, 2023, a decrease from RMB 79.6 million in 2022[100]. Revenue Breakdown - Hair care products generated revenue of RMB 217,684 thousand in 2023, up from RMB 211,115 thousand in 2022, reflecting an increase of about 3.3%[23]. - The group’s revenue from other household and personal care products decreased to RMB 19,944 thousand in 2023 from RMB 35,139 thousand in 2022, a decline of approximately 43.3%[23]. - Revenue from the skincare segment decreased to RMB 25,000 in 2023 from RMB 87,000 in 2022, reflecting a significant decline[28]. - Revenue from Hong Kong increased to RMB 2,051,000 in 2023 from RMB 1,136,000 in 2022, showing an increase of 80.5%[33]. - Revenue from the natural-based product line "Litao" was approximately RMB 3.9 million, accounting for 1.6% of the group's total revenue for 2023, a decrease of about 15.1% compared to 2022[61]. - The core brand, BaWang, generated revenue of approximately RMB 226.0 million, accounting for 95.1% of the total revenue, a decrease of 4.9% from the previous year[59]. - The herbal anti-dandruff hair care brand, Chasing Wind, recorded revenue of approximately RMB 2.0 million, representing 0.9% of total revenue, a decrease of about 48.4% from 2022[59]. Expenses and Costs - Financial expenses decreased to RMB 1.3 million in 2023 from RMB 2.1 million in 2022[4]. - Sales cost for 2023 was approximately RMB 117.9 million, a decrease of about 23.3% from RMB 153.8 million in 2022, with the sales cost as a percentage of revenue dropping from approximately 62.4% in 2022 to about 49.6% in 2023[62]. - Administrative expenses decreased to approximately RMB 27.6 million in 2023, down about 14.8% from RMB 32.4 million in 2022, with the percentage of revenue dropping from approximately 13.1% to 11.6%[67]. - Research and development costs for 2023 were RMB 12,507 thousand, down from RMB 14,123 thousand in 2022, a decrease of 11.4%[41]. Dividends and Shareholder Information - The company did not recommend the distribution of a final dividend based on the review of its operating performance[3]. - The group did not declare any dividends for the years ending December 31, 2023, and 2022[42]. - The annual general meeting is scheduled for May 31, 2024, with a suspension of share transfer registration from May 25 to May 31, 2024[108]. - The annual performance announcement will be published on the company's website and other designated platforms, with the annual report for the year ending December 31, 2023, to be sent to shareholders[111]. - The board expresses gratitude to shareholders, customers, suppliers, banks, professionals, and employees for their continuous support[112]. Strategic Initiatives - The company plans to enhance brand influence through cross-industry collaborations and limited edition product launches to increase sales revenue[83]. - The company aims to engage consumers via social media platforms like Weibo, Douyin, and Kuaishou to boost brand awareness and sales growth[84]. - The company will introduce innovative packaging for its anti-hair loss shampoo products to attract younger consumers[84]. - The company intends to optimize its product structure on e-commerce platforms to increase sales, including launching new product lines and enhancing existing ones[87]. - The company is focusing on core technology innovation and strategic partnerships with universities and research institutions to maintain competitive advantages[89]. - The company plans to improve operational efficiency and competitiveness by upgrading production lines and enhancing factory image[89]. - The company plans to enhance sales on the JD platform by utilizing in-platform promotional tools and timely launching new products based on market response[90]. - For the Pinduoduo platform, the company will continue to introduce high-cost performance new products and leverage promotional activities to drive sales growth[90]. - The company aims to expand its distributor channels by collaborating with platforms like Meituan and 1688 to customize products and increase sales[90]. - The company will increase investment in live streaming on Douyin, adding more live rooms and collaborating with influencers to boost brand awareness and sales[90]. Market and Economic Context - The International Monetary Fund revised China's GDP growth forecast for 2024 from 4.2% to 4.6%, citing stronger-than-expected growth in 2023 and increased government spending on disaster response capabilities[76]. - In 2023, China's GDP grew by 5.2% year-on-year, slightly above expectations, with the IMF emphasizing the importance of addressing challenges in the real estate sector and managing local government debt[78]. - The retail sales of consumer goods in China increased by 7.2% year-on-year in 2023, indicating strong consumer power and serving as a major driver of economic growth[79]. - The Chinese government set a GDP growth target of around 5.0% for 2024, which is 0.8 percentage points higher than the IMF's previous forecast of 4.2%[79].
霸王集团(01338) - 2023 - 年度业绩