CHANGYU(SZ:200869)2024-04-11 16:00Financial Performance - The company's operating revenue for 2023 was CNY 4,384,764,335, representing an increase of 11.89% compared to CNY 3,918,941,160 in 2022[31]. - The net profit attributable to shareholders for 2023 was CNY 532,438,907, which is a 24.20% increase from CNY 428,681,411 in the previous year[31]. - The net cash flow from operating activities increased by 35.01% to CNY 1,173,091,743, up from CNY 868,876,647 in 2022[31]. - The basic earnings per share for 2023 rose to CNY 0.78, a 23.81% increase from CNY 0.63 in 2022[31]. - The net profit after deducting non-recurring gains and losses was CNY 464,073,693, reflecting a 12.14% increase from CNY 413,831,359 in 2022[31]. - The total assets at the end of 2023 amounted to CNY 13,336,267,204, reflecting a 1.25% increase from the previous year[47]. - The net assets attributable to shareholders of the listed company reached CNY 10,841,500,988, up by 2.48% year-on-year[47]. - The gross profit margin for the distribution model was 59.74% in 2023, compared to 57.34% in 2022[41]. - The company reported a total of CNY 68,365,214 in non-operating income for the year, significantly higher than CNY 14,850,052 in 2022[35]. - The company maintained a diluted earnings per share of CNY 0.78, up from CNY 0.63 in the previous year[47]. Market and Sales - The company continues to focus on expanding its production and sales of various alcoholic beverages, including grape wine and distilled spirits[30]. - The company’s sales in the domestic market amounted to CNY 3,761,534,794, accounting for 85.79% of total revenue, with a year-on-year increase of 13.27%[67]. - The revenue from brandy sales was CNY 1,152,841,194, which grew by 16.35% compared to the previous year[67]. - The company achieved a notable increase in the production of brandy, with production volume rising by 18.02% to 28,125 tons in 2023[87]. - The domestic revenue accounted for ¥3,761,534,794, reflecting a growth of 13.27% year-on-year, while international revenue was ¥623,229,541, up by 4.19%[86]. Research and Development - Research and development expenses increased by 12.85%, attributed to enhanced R&D efforts and increased costs for testing and materials[65]. - The company has established a strong research and development system, supported by a national-level wine research center and a skilled team of winemakers[80]. - The company has a total of 139 R&D personnel, representing 6.35% of the workforce, with no change in the number of R&D staff compared to the previous year[104]. - The proportion of R&D investment to operating income increased slightly to 0.40% from 0.39% year-on-year[104]. Operational Strategy - The company implemented a digital transformation strategy to enhance market penetration and consumer engagement[36]. - The company continues to focus on high-end products and has expanded its marketing strategies to include consumer cultivation[36]. - The company plans to expand its marketing activities, including live streaming sales and wine tasting events, to enhance customer engagement[84]. - The company aims to enhance its sales divisions by focusing on high-end products and expanding its consumer base through direct marketing methods such as wine tasting events and winery tours[121]. - The company plans to increase market share by promoting its products in community stores and higher education institutions, particularly for its Cabernet Sauvignon division[121]. Risk Management and Compliance - The company has emphasized the importance of risk management in its future development outlook[6]. - The company has committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[20]. - The company has no significant discrepancies in governance compared to regulations set by the China Securities Regulatory Commission[169]. - The company has implemented new internal management regulations to enhance food safety management and labor contract management[146]. Corporate Governance - The company has established a comprehensive performance evaluation system, linking employee income to work performance[155]. - The board of directors consists of 5 independent directors, accounting for over one-third of the total board members, ensuring compliance with legal and regulatory requirements[153]. - The company maintains an independent financial department with a complete and standardized financial accounting system, ensuring independent financial decision-making[147]. - The company has a diverse board with members holding various qualifications and experiences, enhancing its governance structure[177]. Employee Management - The total number of employees at the end of the reporting period was 2,188, with 654 in the parent company and 1,534 in major subsidiaries[196]. - The company has established a comprehensive compensation and welfare system, ensuring all employees are covered by social insurance and benefits[196]. - The company emphasizes a principle of "equal pay for equal work" and has steadily increased employee salaries and benefits in line with profitability[196]. - The company plans to enhance employee leadership and execution capabilities, with a training rate of 100% for all employees throughout the year[197]. Future Outlook - The company aims to achieve a revenue of no less than CNY 4.7 billion in 2024, with main business costs and three period expenses controlled below CNY 3.7 billion[117]. - The company anticipates challenges in the wine industry for 2024, with cautious consumer sentiment and competition from other strong alcoholic beverages[115]. - Future outlook remains positive with ongoing investments in technology and market expansion strategies planned for the upcoming fiscal year[178].