Youngor(600177)2024-04-29 11:25Financial Performance - The company achieved a net profit of ¥4,408,517,326.37 for the fiscal year 2023, with a profit distribution plan proposing a cash dividend of ¥0.50 per share, amounting to a total of ¥2,311,720,951.00, which represents 67.32% of the net profit attributable to shareholders[8]. - In 2023, the company's operating revenue was CNY 13.75 billion, a decrease of 7.23% compared to CNY 14.82 billion in 2022[31]. - The net profit attributable to shareholders of the listed company was CNY 3.43 billion, down 32.31% from CNY 5.07 billion in the previous year[31]. - The basic earnings per share decreased to CNY 0.75, a decline of 32.43% from CNY 1.11 in 2022[31]. - The weighted average return on equity decreased to 8.91%, down 5.18 percentage points from 14.09% in 2022[31]. - The company reported a net profit of CNY 740.85 million in Q4 2023, with total revenue for the quarter reaching CNY 6.29 billion[34]. - The company reported a significant decline in non-recurring gains and losses, totaling CNY 248,731,314.58 in 2023 compared to CNY 355,806,847.51 in 2022[36]. - The fair value changes in financial assets resulted in a loss of CNY 62,667.98 million for the year, impacting overall profitability[41]. Investment and Business Strategy - The company has invested ¥2 billion in building fashion experience centers in key cities across the country to explore new business models amid the challenges faced in offline markets and e-commerce[4]. - The company has adjusted its sixth five-year plan to focus on becoming a world-class fashion group, emphasizing brand investment and market development while reducing investments in unrelated sectors[4]. - The company plans to continue focusing on market expansion and new product development to enhance future growth prospects[32]. - The company aims to enhance its multi-brand matrix, focusing on the main brand YOUNGOR and expanding into various fields such as business casual, sports, and lifestyle[65]. - The company is exploring a new retail model through fashion experience stores, leveraging its extensive marketing network with over 95% of sales from direct channels[73]. - The company aims to build a world-class fashion group, focusing on fashion industry optimization and technological innovation[141]. Brand and Product Development - The company has optimized its high-end men's luxury brand MAYOR and positioned its brands HANP and HSM as urban leisure and health-oriented brands, respectively[4]. - The fashion segment generated operating revenue of CNY 730,619.56 million, with a year-on-year growth of 15.65%[46]. - The net profit from the fashion segment attributable to shareholders was CNY 76,849.48 million, increasing by 22.82% year-on-year[46]. - The main brand YOUNGOR achieved operating revenue of CNY 583,706.71 million, a year-on-year increase of 16.45%[47]. - The gross profit for the main brand reached CNY 428,382.80 million, up 15.43% year-on-year, marking a historical peak[47]. - The company has established a complete product research and development and technological innovation system, reinforcing its leading position in the men's clothing industry[64]. - The company continues to focus on innovation and the integration of new materials and technologies to enhance product quality and maintain its competitive edge in the market[64]. Real Estate and Financial Management - The company has reduced its investment in real estate development to mitigate risks associated with the sector[6]. - The real estate segment's revenue was CNY 6.43 billion, a decrease of 24.79% year-on-year, with net profit dropping 75.07% to CNY 573.61 million[32]. - The real estate business generated pre-sale revenue of 978.74 million yuan, a year-on-year increase of 45.19%, while the recognized revenue was 642.99 million yuan, with a net profit of 57.36 million yuan, reflecting a year-on-year decline of 75.07%[54]. - The company's total assets at the end of 2023 were CNY 80.51 billion, reflecting a 3.52% increase from CNY 77.78 billion in 2022[31]. - The company's net assets attributable to shareholders increased to CNY 39.22 billion, a growth of 3.42% from CNY 37.92 billion in 2022[31]. - The company's total financing amount at the end of the period was RMB 79,000 million, with an average financing cost of 3.31%[118]. Governance and Compliance - The company has conducted 9 board meetings and 8 supervisory meetings, ensuring compliance with governance standards and effective decision-making[157][159]. - The company has maintained a high standard of information disclosure, publishing 4 regular reports and 58 temporary announcements without any corrections or inquiries from regulatory bodies[160]. - The company has established specialized committees, including the Audit Committee and the Strategic Development Committee, to enhance governance[180]. - The company has not faced any penalties from securities regulatory authorities in the past three years[177]. - The company operates independently from its controlling shareholders in terms of business, personnel, assets, and finance, ensuring no dependency relationships exist[165]. Employee and Talent Management - The company has established a training program focusing on management skills, professional skills, and safety training for employees[192]. - The company emphasizes the importance of talent retention and development to support business expansion and operational performance[151]. - The total number of employees in the parent company and major subsidiaries is 18,439, with 217 in the parent company and 18,222 in subsidiaries[187]. - The employee composition includes 6,270 production personnel, 8,056 sales personnel, and 1,031 technical personnel[188]. - The company has a total of 97 employees with a master's degree or higher, reflecting a focus on educational qualifications[189]. Dividend Policy - The company distributed a cash dividend of 5.00 RMB per 10 shares, totaling 2,311,745,951 RMB, which represents 45.57% of the net profit attributable to shareholders for the year 2022[194]. - The cumulative cash dividends since the company's listing in 1998 amount to 24.792 billion RMB, with a dividend payout ratio of 45.09% of net profits[195]. - The company has a clear and transparent cash dividend policy, with independent directors ensuring compliance with regulations[196].