THGW(SH:600365)2024-04-26 10:58Financial Performance - The company reported a net profit attributable to shareholders of -72,837,775.09 CNY for 2023, compared to -51,743,400.74 CNY in 2022, indicating a decline in profitability [6]. - Total revenue for 2023 was 858,962,925.39 CNY, representing a 4.62% increase from 821,056,862.20 CNY in 2022 [20]. - The company's cash flow from operating activities was -445,952,512.50 CNY, worsening from -404,164,508.99 CNY in the previous year [20]. - The total assets decreased by 5.41% to 894,744,313.19 CNY at the end of 2023, down from 945,935,257.31 CNY at the end of 2022 [20]. - The company proposed no profit distribution or capital reserve transfer due to negative retained earnings at the end of 2023 [6]. - Basic earnings per share for 2023 were -0.17 CNY, compared to -0.13 CNY in 2022 [21]. - The company’s net assets attributable to shareholders decreased by 7.24% to 307,948,127.45 CNY at the end of 2023 [20]. - The weighted average return on equity decreased by 8.78 percentage points to -23.63% in 2023 [22]. - The net profit attributable to shareholders was negative across all four quarters, with the highest loss in Q2 at -62,282,902.09 RMB [22]. - The company reported a total operating income of 274,321,463.27 RMB in Q4, which was the highest quarterly revenue for the year [22]. Revenue and Sales - The company reported a decrease in revenue from non-main business activities, with a total of 838,956,750.00 CNY in 2023, up 4.57% from 802,297,837.40 CNY in 2022 [20]. - The company achieved operating revenue of CNY 858.96 million, an increase of 4.62% year-on-year [41]. - The total sales revenue for the wine industry reached 9.09 billion yuan, with a year-on-year increase of 4.8% [35]. - The company’s revenue from the Northeast region reached approximately 49.25 million, with a year-on-year increase of 2.2 percentage points in gross margin to 46.78% [46]. - E-commerce platform revenue was approximately 793.42 million, showing a year-on-year increase of 15.21% but a decrease in gross margin by 2.15 percentage points to 2.95% [46]. Product Development and Innovation - The company launched new products in 2023, including a 16.5° red plum wine and trial versions of white wines, expanding its product range beyond sweet wines [29]. - The company has been conducting research on various new products, including grape spirits and wild grape wines, to strengthen its product innovation [29]. - The company aims to stabilize product pricing and improve market supervision to create a fair market environment for distributors [30]. - The company has developed over 500 SKUs for e-commerce, with a growing proportion of customized products [36]. - The company is focusing on digital transformation, utilizing OMS, IMS, and MS systems to enhance order processing and operational efficiency [34]. Market Strategy and Sales Channels - The company is focusing on optimizing offline sales channels while actively developing online sales channels to enhance market presence [30]. - The company is actively exploring new retail channels, particularly through platforms like Douyin and Kuaishou, to capture emerging market opportunities [33]. - The online sales channels have been significantly developed, allowing direct access from manufacturers to consumers [32]. - The company emphasizes brand heritage, leveraging its 87-year history to strengthen brand positioning and consumer loyalty [32]. - The company is gradually entering short video and live-streaming sales channels to adapt to market trends [40]. Cost and Expenses - The cost of sales increased by 6.57% to CNY 704.47 million, impacting overall profitability [43]. - Research and development expenses decreased by 27.57% to CNY 930,355.18, reflecting a shift in investment strategy [43]. - The company reported a management expense of approximately 78.66 million, a year-on-year increase of 13.78%, primarily due to increased incentive costs [56]. - The gross profit margin for the wine segment increased by 1.04 percentage points to 44.96% [45]. - The gross margin for the distribution sales model increased by 1.04 percentage points to 44.96% [46]. Governance and Compliance - The company’s board of directors confirmed the accuracy and completeness of the financial report, ensuring compliance with legal responsibilities [4]. - The company has established a transparent performance evaluation and incentive mechanism for directors and managers, ensuring compliance with legal regulations [102]. - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring a governance structure that protects shareholder interests [101]. - The company has conducted multiple shareholder meetings, approving key reports and financial decisions, including the 2022 annual report and profit distribution plan [104]. - The company has implemented measures to enhance financial risk management, including improving internal audit techniques and accelerating capital turnover, although external factors may still exert pressure on financing and investment [99]. Environmental and Social Responsibility - The company invested 0 million yuan in environmental protection during the reporting period [142]. - The company implemented carbon reduction measures, achieving a reduction of 3,000 tons of CO2 equivalent emissions [144]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [143]. - The company has committed to continuous investment in food safety, although there remains a possibility of facing risks related to product quality [99]. Legal and Regulatory Matters - The company has faced multiple regulatory penalties from the China Securities Regulatory Commission and the Shanghai Stock Exchange in recent years [117]. - The company is currently in the pre-litigation mediation stage after filing a lawsuit against the original controlling shareholder for compensation [152]. - The company has recognized a provision for expected liabilities of RMB 7,471.09 million as of the report date due to an arbitration ruling [152]. - The company has received a disciplinary decision from the Shanghai Stock Exchange for failing to follow proper decision-making procedures regarding guarantee agreements, leading to potential significant losses [158]. Employee and Management Structure - The company reported a total of 543 employees, with 386 in the parent company and 157 in major subsidiaries [127]. - The company has a diverse management team with extensive experience in various sectors, including finance and technology [111]. - The company has implemented a cash dividend policy in accordance with regulatory guidelines, ensuring clarity and compliance with shareholder interests [132]. - The company has a structured approach to employee training, ensuring that it aligns with job requirements and enhances overall workforce capabilities [130]. Shareholder Information - The total number of shares held by directors and senior management remained unchanged at 9,900,000 shares throughout the reporting period [109]. - The company has not reported any new product developments or market expansions in this reporting period [112]. - The company has not engaged in any entrusted financial management or loans during the reporting period [168]. - The total number of ordinary shareholders as of the end of the reporting period is 17,376, an increase from 16,427 at the end of the previous month [176].