Financial Performance - In 2023, the company's revenue was RMB 7,382.0 million, a decrease of RMB 413.5 million or 5.3% year-on-year[21]. - Gross profit for 2023 was RMB 2,852.6 million, down RMB 540.2 million or 15.9% compared to the previous year[21]. - The profit attributable to equity holders was RMB 174.4 million, a decline of RMB 42.1 million or 19.4% year-on-year[21]. - EBITDA for 2023 was RMB 474.5 million, reflecting a significant decline from previous years[15]. - The company's gross profit for 2023 was RMB 2,852.6 million, a decrease of RMB 540.2 million or 15.9% compared to 2022[51]. - The gross margin fell from 43.5% in 2022 to 38.6% in 2023, primarily due to increased discounts and rebates for distributors, high raw milk prices, and currency fluctuations[51]. - The company reported a net loss of RMB 18.9 million from its investment in Farmel Holding B.V. in 2023, compared to a profit of RMB 22.6 million in 2022[59]. - The cash flow from operating activities for 2023 was RMB 224.7 million, a significant improvement from a cash outflow of RMB 357.5 million in 2022[66]. - The net cash used in investing activities for 2023 was RMB 740.9 million, primarily due to the acquisition of property, plant, and equipment amounting to RMB 610.0 million[67]. - The net cash generated from financing activities was RMB 682.4 million in 2023, compared to RMB 664.1 million in 2022, driven by new bank loans and other borrowings totaling RMB 743.9 million[69]. Market Position and Brand Development - The company's self-owned brand formula goat milk powder maintained the number one market share in China, while international sales showed rapid growth[21]. - Brand exposure for the self-owned goat milk powder brand exceeded 15 billion, with brand strength increasing by 20% compared to 2022[23]. - The company achieved FDA approval for "Jia Bei Ai Te Infant Formula," making it the first European-produced infant formula to meet FDA requirements, and established the "Hunan Province Maternal and Infant Food Technology Innovation Center" with government support[25]. - The company maintains a leading position in the goat milk powder market, with over 60% market share in imported infant goat milk powder in China from 2018 to 2022[44]. - The brand's search index remains the highest in the goat milk category across major consumer platforms, indicating strong brand recognition[44]. - The company emphasized brand building through collaborations with media platforms and community engagement initiatives to enhance brand trust and recognition[38]. Product Development and Innovation - The company launched multiple new products, including the popular "Jia Bei Ai Te Yue Hu" goat milk powder and "Hai Pu Nuo Kai Nutrition Planet" cow milk powder, enhancing its product range[24]. - New product launches in 2023 included the Haipinokai 1897 and Nengliduo series, aimed at meeting diverse consumer nutritional needs[40]. - The company launched several new products, including the upgraded Aiyisen probiotic product line and NC's new gastrointestinal health products, enhancing its market presence[48]. - The company received the "2023 Innovative Technology" award for its MP108 strain, which aids in preventing various children's inflammations, showcasing its strong R&D capabilities[146]. - The company has established two major research platforms at its new innovation center in Hunan, China, aimed at developing proprietary strains and promoting domestic production of probiotics[146]. Strategic Initiatives and Future Outlook - The company aims for steady growth in its core goat and cow milk powder business and expects continued rapid growth in international and nutritional product sales in 2024[29]. - The company plans to enhance its core capabilities and management systems, focusing on brand strength, product quality, channel effectiveness, organizational capacity, and digital intelligence[29]. - The company will increase investment in innovation and research and development to capture new consumer segments and improve overall competitiveness[29]. - The company aims to enhance its global development capabilities, as showcased at the China International Import Expo in October 2023[23]. - The company is focusing on reducing carbon emissions and establishing a sustainable green supply chain as part of its commitment to corporate social responsibility[146]. Corporate Governance and Management - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[93]. - The company has adopted the corporate governance code as per the listing rules and is committed to enhancing governance standards[91]. - The company has ensured compliance with the diversity requirements of the listing rules following the appointment of a new non-executive director[91]. - The company has separated the roles of the chairman and the CEO, ensuring compliance with corporate governance standards[91]. - The company is actively reviewing its corporate governance practices to align with the latest developments and best practices[91]. - The company has established formal and transparent procedures for the appointment of directors, including a shareholder nomination process[106]. Financial Position and Shareholder Information - As of December 31, 2023, the total assets and net assets of the group were RMB 10,033.8 million and RMB 5,749.2 million, respectively, representing increases from RMB 9,796.1 million and RMB 5,565.1 million in 2022[62]. - The company's cash and cash equivalents decreased significantly to RMB (331.4) million from RMB 426.7 million in 2022[77]. - The equity attributable to shareholders was RMB 5,693.5 million, slightly up from RMB 5,646.6 million in 2022[77]. - The company reported a proposed final dividend of HKD 0.05 per share for the fiscal year 2023, down from HKD 0.06 in 2022, pending shareholder approval[147]. - The company has established a shareholder communication policy to ensure that shareholder opinions and concerns are properly addressed[133]. Social Responsibility and Community Engagement - The company is committed to fulfilling its social responsibilities and contributing to a harmonious society while pursuing business growth[29]. - The company made charitable donations totaling RMB 6,406,000 in 2023, down from RMB 11,680,000 in 2022[155]. - The company continues to integrate sustainable development into its operations, aligning with the United Nations Sustainable Development Goals[145].
澳优(01717) - 2023 - 年度财报