Financial Performance - Revenue increased by 13.5% from RMB 1,729.9 million in 2022 to RMB 1,964.2 million in 2023[3] - Gross profit rose by 13.3% from RMB 878.3 million in 2022 to RMB 994.9 million in 2023[3] - Net profit increased by 2.8% from RMB 205.9 million in 2022 to RMB 211.6 million in 2023[3] - Adjusted net profit (non-IFRS measure) grew by 15.8% from RMB 211.1 million in 2022 to RMB 244.4 million in 2023[3] - Operating profit for 2023 was RMB 276.2 million, compared to RMB 266.2 million in 2022, reflecting a growth of 3.7%[4] - Gross profit for the total revenue was RMB 994,916,000, with a gross margin of approximately 50.7%[24] - Net income attributable to ordinary equity shareholders for 2023 was RMB 197,485,000, compared to RMB 188,207,000 in 2022, representing a year-over-year increase of about 4.8%[36] - The company reported a pre-tax profit of RMB 273,326,000 for 2023, slightly up from RMB 264,566,000 in 2022[28] - Other net income for 2023 was RMB 30,502,000, an increase from RMB 27,692,000 in 2022, showing a growth of about 6.5%[27] - The effective tax expense for 2023 was RMB 61,738,000, compared to RMB 58,688,000 in 2022, representing an increase of about 3.6%[35] Assets and Liabilities - Total assets increased to RMB 1,154.5 million in 2023 from RMB 773.3 million in 2022[5] - Current assets rose significantly from RMB 773.3 million in 2022 to RMB 1,154.5 million in 2023, indicating strong liquidity[5] - The company's total liabilities increased significantly from RMB 26.9 million in 2022 to RMB 137.7 million in 2023, primarily due to lease liabilities[111] - As of December 31, 2023, the company's current net assets increased from RMB 280.2 million to RMB 594.4 million, driven by cash inflows from the global offering[108] Revenue Breakdown - Revenue from online sales directly to customers was RMB 824,397,000, up from RMB 695,265,000 in 2022, reflecting a growth of 18.6%[20] - Revenue from offline sales to distributors was RMB 509,035,000, compared to RMB 477,525,000 in the previous year, marking an increase of 6.6%[20] - Revenue from pure bird's nest products rose by 9.5% to RMB 1,794.2 million, driven by increased sales of fresh and bottled bird's nest[83] - Revenue from bird's nest-related products surged by 94.2% to RMB 142.0 million, mainly due to a significant increase in sales of bird's nest porridge and new skincare products[83] Expenses - Research and development expenses increased slightly from RMB 24.3 million in 2022 to RMB 26.4 million in 2023, reflecting ongoing investment in innovation[4] - Selling and distribution expenses rose by 11.8% to RMB 563.3 million, attributed to increased advertising and employee benefits costs[86] - Administrative expenses increased by 43.0% to RMB 159.5 million, primarily due to costs associated with the global offering and listing[87] - Employee costs, including remuneration for directors and supervisors, amounted to approximately RMB 293.5 million for the year ending December 31, 2023[76] Market Position and Strategy - The company maintained its leading position in the bird's nest industry for four consecutive years according to the China Brand Power Index (C-BPI)[54] - The beauty and health products market in China is projected to grow at a compound annual growth rate (CAGR) of 6.3%, reaching RMB 1,173.9 billion by 2027[51] - The market for bird's nest products in China is expected to grow from RMB 43 billion in 2022 to RMB 92.1 billion by 2027, with a CAGR of 16.5%[52] - The company is focusing on expanding its private domain channels to enhance personalized customer connections and improve conversion rates[61] - The company has implemented a multi-brand strategy to create more value for customers through a clear promotion of its main and sub-brands[56] Product Development - The product portfolio includes pure bird's nest products, "bird's nest +" products, and "+ bird's nest" products to meet diverse consumer needs[67] - The company launched the Xiaoyan Nong sub-brand with a series of instant bird's nest porridge products, rapidly capturing market share[56] - The new generation of fresh bird's nest launched in October 2023 is expected to contribute to carbon emission reductions of approximately 2,576.90 tons CO2 equivalent[68] Corporate Governance - The board of directors proposed a final dividend of RMB 2.15 per 10 shares, totaling RMB 100,082,500 (tax included) for the year ending December 31, 2023[132] - The audit committee, consisting of three independent non-executive directors, reviewed and confirmed the financial statements for the year ending December 31, 2023[127] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[125] Future Plans - The company plans to establish a new production base in Xiamen, which will utilize automated production equipment and information systems to enhance production efficiency[75] - The company aims to strengthen its brand presence by announcing Gong Li as the global brand ambassador in January 2024, focusing on high-net-worth consumers while expanding its product offerings[77] - The company plans to adopt the 2024 H-share incentive plan at the extraordinary general meeting on March 25, 2024[40]
燕之屋(01497) - 2023 - 年度业绩