Financial Performance - Adjusted EBITDA reached RMB 3,729.9 million, a 59% increase year-on-year[7] - Total revenue for 2023 was RMB 17,151.8 million, representing a 24% year-on-year growth[12] - Profit attributable to shareholders was RMB 307.2 million, a significant increase of 156% compared to the previous year[12] - In 2023, the revenue of Fosun Tourism Group reached RMB 17,151.8 million, primarily from tourism operations, with property sales accounting for less than 7%[17] - The operating revenue from Club Med and other segments increased from RMB 15,252.4 million in 2022 to RMB 18,125.1 million in 2023, representing a year-on-year growth of 18.8%[20] - The adjusted EBITDA rose from RMB 2,344.9 million in 2022 to RMB 3,729.9 million in 2023[20] - The net profit attributable to shareholders was RMB 307.2 million in 2023, a significant recovery from a loss of RMB 544.9 million in 2022[20] - The operating profit for the company was RMB 1.807 billion, compared to RMB 593.5 million in the previous year[76] - Gross profit increased by 40.2% to RMB 5,595.2 million, with gross margin rising from 29.0% to 32.6%[83] - The adjusted net profit for 2023 was RMB 394.6 million, a significant improvement from a net loss of RMB 497.3 million in 2022[94] Revenue Growth - Club Med's global revenue reached RMB 15,122.5 million, a 19% increase year-on-year, with all major regions recovering to pre-pandemic levels[12] - The Americas region has become a new growth engine for Club Med, with revenue in Brazil doubling compared to 2019[16] - Revenue from the Americas grew by 23.5% compared to 2022 and 62.7% compared to 2019, with a total revenue of RMB 3,651.6 million in 2023[33] - In mainland China, revenue reached RMB 752.8 million in 2023, an increase of 86.3% from 2022, recovering to 101.2% of 2019 levels[30] - Revenue in the Asia-Pacific region grew by 96.5% in 2023 compared to 2022, reaching 101.6% of 2019 levels, indicating a strong post-pandemic recovery[36] - Revenue from Sanya Atlantis surged by 92.8% to RMB 1.769 billion, attributed to increased room revenue and occupancy rates[79] Operational Highlights - The average daily room rate for Club Med increased, contributing to a 47% year-on-year growth in adjusted EBITDA to RMB 3,207.9 million[12] - The average occupancy rate for Club Med globally reached 70.0% in 2023, an increase of 3.5 percentage points from 2022, but 1.5 percentage points lower than 2019[33] - The capacity of Club Med resorts increased by 6.4% in 2023 compared to 2022, reaching 97.7% of 2019 levels[26] - The number of customers served reached 1,518 thousand in 2023, up from 1,304 thousand in 2022[32] - The average daily rate per bed was RMB 1,681.2 in 2023, reflecting an increase of approximately 8.5% from 2022 and 30.8% from 2019[33] - The average daily room rate was RMB 2,385.5, with an average occupancy rate of 81.9%, an increase of 38.9 percentage points compared to 2022[55] Strategic Initiatives - The company launched a new urban resort product line, "Mediterranean Daydream," with successful pre-sales in Nanjing and Taicang[15] - The company aims to enhance its light-asset operation strategy, focusing on product, brand, service, and experience improvements[17] - The company plans to leverage opportunities in urban vacations, cross-border travel, and winter tourism as markets recover[18] - The company continues to focus on its strategic product lines: mountain and Exclusive Collection series[43] - The company is investing in new technology for guest services to improve the overall customer experience at its resorts[52] Market Expansion - The Asia-Pacific region, particularly China, Japan, South Korea, and Southeast Asia, is identified as a key growth area for future expansion[16] - The company has expanded its resort offerings with new properties in China, including the opening of 5 new resorts in 2023[47] - The company aims to expand its market presence in Southeast Asia, leveraging its existing properties in Indonesia and Thailand[47] Corporate Governance - The board has committed to high standards of corporate governance, aligning with shareholder interests and enhancing corporate value[121] - The board of directors consists of 12 members, including 3 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a diverse representation[127] - The company has implemented a board diversity policy since 2018, focusing on various factors such as gender, age, and professional experience[133] - The company emphasizes the importance of providing accurate, clear, and complete information to all directors in a timely manner[142] - The company has established various committees under the board, including the audit committee, compensation committee, nomination committee, strategic committee, and environmental, social, and governance committee[143] Risk Management - The company has established a risk management and internal control system that includes regular assessments and audits to ensure effectiveness and compliance with regulations[156] - The board has confirmed the effectiveness of the risk management and internal control systems, covering financial monitoring, operational monitoring, compliance monitoring, and risk management functions[157] - The company has implemented a zero-tolerance policy towards fraud, encouraging stakeholders to report any misconduct through various channels while ensuring confidentiality[156] Shareholder Communication - The company has a shareholder communication policy in place to facilitate effective communication with shareholders and investors, ensuring they can access public information easily[159] - The company provides bilingual communications to shareholders to enhance understanding of the content, in compliance with the Hong Kong Stock Exchange's requirements[160] - The company regularly holds various activities to enhance communication with shareholders and investors, including briefings and media interviews[163] Leadership Changes - Xu Xiaoliang appointed as Executive Director and Chairman of the Group on November 7, 2022, responsible for formulating business strategy[171] - Cai Xianan appointed as Chief Financial Officer of Club Med Group starting February 26, 2024, overseeing accounting and financial management[175] - Qian Jiannong transitioned to Honorary Chairman and Non-Executive Director, providing strategic and business consulting[176] Environmental, Social, and Governance (ESG) - Fosun Tourism Group received MSCI ESG AAA rating for the second consecutive year, being the only company in the Greater China hotel and tourism sector to achieve this[18] - The Group is committed to environmental, social, and governance (ESG) initiatives, with new committee appointments to strengthen oversight[175]
复星旅游文化(01992) - 2023 - 年度财报