Financial Performance - Revenue for the year ended December 31, 2022, was RMB 14,138,320, a decrease of 8.8% from RMB 15,512,792 in 2021[3] - Gross profit for the same period was RMB 8,844,699, down 13.0% from RMB 10,160,616 in 2021, resulting in a gross margin of 62.6% compared to 65.5% in the previous year[3] - Total profit for the year was RMB 816,884, a significant decline of 61.0% from RMB 2,100,698 in 2021[3] - Profit attributable to owners of the company was RMB 678,566, down 65.4% from RMB 1,963,619 in 2021, with a corresponding profit margin of 4.8% compared to 12.7%[3] - Basic and diluted earnings per share were RMB 0.16, down from RMB 0.49 in 2021[3] - The company reported a net profit attributable to shareholders of RMB 678.6 million, a decline of 65.4% from RMB 1,963.6 million in 2021, resulting in a profit margin of 4.8%[66] - The company reported a core net profit of RMB 1,672.9 million, an increase of 6.0% from RMB 1,578.5 million in 2021, with a core profit margin of 11.8%[67] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 129,482,459, a decrease from RMB 136,611,075 in 2021[10] - As of December 31, 2022, total current liabilities amounted to RMB 25,361,592 thousand, a decrease from RMB 32,131,539 thousand in 2021, representing a reduction of approximately 21.5%[11] - Non-current liabilities totaled RMB 46,118,151 thousand, showing a slight increase from RMB 45,900,038 thousand in 2021[11] - The net asset value of the company was RMB 58,002,716 thousand, down from RMB 58,579,498 thousand in the previous year[11] - The total equity attributable to shareholders was RMB 54,446,965 thousand, compared to RMB 54,951,294 thousand in 2021, indicating a decrease of about 0.9%[11] - The company reported a net current liability of RMB (14,210,208) thousand, improving from RMB (17,262,452) thousand in 2021[11] Operational Metrics - The number of operating malls increased to 378 as of December 31, 2022, from 373 in 2021, with a total operating area of 22,508,291 square meters[6] - The average occupancy rate for self-operated malls decreased to 85.2% from 94.1% in the previous year, while the average occupancy rate for managed malls decreased to 86.7% from 91.4%[6] - The company managed 284 commissioned malls with a total operating area of 14,138,489 square meters and an average occupancy rate of 86.7%[52] - The company operated 94 self-operated malls with a total operating area of 8,369,802 square meters and an average occupancy rate of 85.2%[51] Revenue Breakdown - Total revenue from external customers for the year ended December 31, 2022, was RMB 14,138,320 thousand, with the largest contribution from self-owned/leased malls at RMB 7,867,647 thousand[27] - Revenue from contracts with customers for the year ended December 31, 2022, was RMB 6,193,737 thousand, a decrease from RMB 7,280,385 thousand in 2021[30] - The segment revenue from home decoration and merchandise sales was RMB 641,384 thousand, contributing to the overall revenue[27] - Rental and related income from self-operated malls decreased by 2.8%, attributed to a temporary decline in occupancy rates and the introduction of rent-free policies[58] - Revenue from managed malls declined by 27.0%, mainly due to economic fluctuations and delays in project execution, resulting in reduced consulting service income compared to 2021[58] Financial Costs and Expenses - The financial costs incurred during the year were RMB 2,503,313 thousand, impacting the overall profitability[26] - The financial cost for the year 2022 was RMB 2,694,541 thousand, compared to RMB 2,503,313 thousand in 2021, indicating an increase in financial expenses[33] - Administrative expenses decreased by 25.2% to RMB 1,861.8 million, compared to RMB 2,489.3 million in 2021, representing 13.2% of total revenue[63] Strategic Initiatives - The company plans to expand its market presence and enhance its product offerings in the upcoming fiscal year[30] - The company aims to enhance its operational management capabilities and expand its market share through a strategy of "light assets, heavy operations" by increasing the number of commissioned and franchised malls[51] - The company is leveraging its supply chain integration capabilities and operational management experience to enhance home decoration service offerings[50] - The company plans to continue its transformation towards a "light asset, heavy operation" business model to solidify its market leadership[81] Corporate Governance - The company has complied with the principles and provisions of the Corporate Governance Code during the reporting period[90] - The board consists of 13 members, with 5 independent non-executive directors, ensuring a balance of power and responsibilities[91] - The company will continue to review the effectiveness of its corporate governance structure, particularly the separation of the roles of Chairman and CEO[91] Shareholder Matters - The company proposed a final dividend of RMB 0.034 per share for the year ended December 31, 2022, down from RMB 0.1 per share for the previous year[36] - The company plans to repurchase shares with a budget between RMB 150 million and RMB 300 million, but no shares have been repurchased as of the announcement date[88] - The company has repurchased a total of 1,044,800 A-shares, representing 0.0240% of the total share capital, with a total expenditure of RMB 5,003,480.17[93] Market Conditions - In 2022, China's GDP grew by 3.0%, while per capita disposable income increased by 5.0% nominally, with a real growth of 2.9%[48] - The total retail sales of consumer goods in China decreased by 0.2% in 2022, with furniture retail declining by 7.5% and building materials by 6.2%[48]
红星美凯龙(01528) - 2022 - 年度业绩