Breo(SH:688793)2024-07-10 12:16Financial Performance - The company reported no profit distribution for the fiscal year 2023, with no cash dividends or stock bonuses issued[5]. - The company has not achieved profitability since its listing, indicating ongoing financial challenges[4]. - The company's net profit attributable to shareholders of the listed company was CNY -50,865,435.56, while the net profit after deducting non-recurring gains and losses was CNY -55,993,394.93[21]. - Basic earnings per share for 2023 were CNY -0.60, and the diluted earnings per share were also CNY -0.60[22]. - The company reported a significant net loss in Q4 2023, with a net profit attributable to shareholders of CNY -34,534,074.24[24]. - The net profit for the company remains negative despite the revenue growth, indicating potential risks if market conditions do not improve[71]. - The company reported a total revenue of 84,000,000 RMB, with a year-on-year increase of 47,098,317 RMB, representing a growth of approximately 55.83%[66]. - The company reported a significant increase in revenue, achieving a total of 16 billion yuan for the fiscal year 2023, representing a growth of 12% year-over-year[139]. Revenue and Growth - The company's operating revenue for 2023 was CNY 1,274,798,202, representing a year-on-year increase of 42.3%[20]. - The company achieved a revenue of 1,274.80 million RMB in 2023, representing a year-on-year growth of 42.3%[31]. - The company’s total operating revenue reached CNY 1,273,211,785.52, an increase of 42.30% year-on-year[83]. - Domestic revenue grew by 46.98%, driven by increased sales of popular products in both online and offline channels[86]. - Shoulder product revenue surged by 438.85%, while head and neck products also saw significant growth[85]. - New product launches contributed to 30% of total sales, indicating strong market demand[134]. - The company plans to upgrade its AI health detection system and enhance its product offerings by integrating traditional Chinese medicine with technology[118]. Research and Development - Research and development expenses accounted for 4.59% of operating revenue, down from 6.40% in the previous year[22]. - The company achieved a total R&D expenditure of ¥58,506,327.92, representing a 2.06% increase from the previous year[58]. - The company has added a total of 63 new patents during the reporting period, including 8 invention patents and 34 utility model patents, reflecting its focus on intellectual property protection[49]. - The company is investing heavily in R&D, with a budget allocation of 1.5 billion yuan for new technology development in 2024[139]. - The company is committed to continuous product innovation and technology application to meet consumer demands for smart and portable products[72]. Market Position and Strategy - The company is positioned in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, which has seen significant growth in recent years[36]. - The global massage device market is expected to grow at a compound annual growth rate (CAGR) of 8.15% from 2021 to 2024, reaching nearly $23.6 billion by 2026[40]. - The company is a leading player in the domestic smart portable massage device sector, continuously innovating and optimizing product design based on traditional Chinese medicine and modern technology[44]. - The company has expanded its online sales channels, with Douyin channel experiencing explosive growth, leading to a significant increase in sales volume[31]. - The company is shifting towards a hybrid sales model, combining online and offline channels, and increasing its focus on international market expansion[119]. Corporate Governance - The company has established internal governance systems in accordance with the Company Law and relevant regulations, ensuring effective operation of the shareholders' meeting, board of directors, and supervisory board[123]. - The board of directors has set up specialized committees, including the strategy committee and audit committee, to enhance decision-making efficiency[123]. - The company has not reported any significant issues regarding independence from its controlling shareholders[123]. - The governance structure is compliant with the requirements for red-chip companies, ensuring proper oversight and management[129]. Sustainability and Social Responsibility - The company is committed to sustainable development and maintaining long-term shareholder interests[5]. - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[139]. - The company has actively engaged in social responsibility initiatives, including a donation of 200,000 CNY for a public welfare project in Yunnan[182]. - The company does not belong to the category of key pollutant discharge units and has implemented effective measures to manage waste and emissions[176]. Employee and Management - The total number of employees in the parent company and major subsidiaries is 987, with 271 in the parent company and 716 in subsidiaries[157]. - The company has a total of 646 sales personnel, 114 technical personnel, 33 financial personnel, and 106 administrative personnel[158]. - The company has established a comprehensive incentive mechanism since 2021 to encourage employee contributions and improve operational efficiency[195]. - The company has a clear profit distribution policy outlined in its articles of association, ensuring reasonable returns to investors[198]. Investor Relations - The company actively engages in investor relations, participating in events such as the Shenzhen-listed companies' online reception day on November 15, 2023[196]. - The company utilizes multiple channels for investor communication, as detailed in its records on the Shanghai Stock Exchange's "E Interaction" platform[200]. - The company has held three earnings conference calls in 2023, including annual and quarterly performance discussions[196].