Financial Performance - Revenue for 2023 reached RMB 3,524.1 million, a 49.0% increase from RMB 2,364.4 million in 2022[7] - Gross profit for 2023 was RMB 2,947.1 million, reflecting a 47.7% growth compared to RMB 1,995.2 million in 2022[7] - Net profit for 2023 amounted to RMB 1,448.2 million, up 44.6% from RMB 1,001.6 million in 2022[7] - Pre-tax profit for 2023 was RMB 1,745.1 million, a 48.2% increase from RMB 1,177.7 million in 2022[7] - Adjusted net profit for 2023 (non-IFRS measure) was RMB 1,468.7 million, a 39.0% increase from RMB 1,056.4 million in 2022[7] - Total revenue for the year ended December 31, 2023, was RMB 3,524.1 million, a 49.0% increase from RMB 2,364.4 million in 2022[34] - Total revenue for 2023 was RMB 3,524.1 million, up 48.9% from RMB 2,364.4 million in 2022[42] - Gross profit for 2023 was RMB 2,947.1 million, a 47.7% increase from RMB 1,995.2 million in 2022, with a gross margin of 83.6%[48] - Basic earnings per share rose by 50.5% to RMB 1.49 in 2023, compared to RMB 0.99 in 2022[56] Research and Development - Research and development investment increased by 70% year-on-year in 2023, with 93 patents granted or pending[10] - Research and development expenses amounted to RMB 750 million, a 70.5% increase year-on-year, accounting for 2.1% of revenue[15] - The company holds 93 authorized and pending patents, with 13 new patents added during the reporting period[16] - The company plans to increase R&D investment in 2024 to enhance product categories and clinical approval for medical devices[33] - The company is investing in R&D for new technologies, with a budget allocation of $10 million for the upcoming year[149] Sales and Distribution - Direct sales channel revenue grew over 70% year-on-year, with 4,000 offline locations and over 6,000 supermarkets entered[11] - Direct sales revenue amounted to RMB 2,420.5 million, accounting for 68.7% of total revenue, with a year-on-year increase of 9.4 percentage points[29] - Revenue from professional skincare products reached RMB 2,647.3 million, accounting for 75.1% of total revenue, up from 66.0% in 2022[35] - Revenue from sales to distributors was RMB 1,103.6 million, a 14.6% increase, making up 31.3% of total revenue[40] - Revenue from online direct sales on e-commerce platforms increased by 42.7% to RMB 177.5 million, accounting for 5.0% of total revenue[38] - Offline direct sales revenue rose by 39.6% to RMB 88.5 million, representing 2.5% of total revenue[39] Brand Performance - The Kefu Mei brand generated nearly RMB 2.8 billion in revenue, growing over 70% year-on-year[14] - Brand revenue for 可复美 reached RMB 2,788.3 million, representing a 72.9% increase compared to the same period in 2022[22] - 可丽金 achieved brand revenue of RMB 616.6 million, remaining flat compared to the same period in 2022[24] - During the 618 shopping festival, 可复美 and 可丽金's online GMV growth exceeded 165% and 70% respectively, while during the Double Eleven festival, growth exceeded 100% and 50% respectively[29] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests[153] - The board consists of executive directors and independent non-executive directors, ensuring compliance with listing rules regarding independence[156][157] - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period, except for a deviation regarding the separation of roles between the chairman and CEO[153][159] - The company has established a board diversity policy that considers various diversity indicators, including gender, age, cultural background, and professional qualifications[185] Employee Management - As of December 31, 2023, the company had a total of 1,164 full-time employees, with 33.8% in production, 14.2% in R&D, 33.5% in sales and marketing, and 18.5% in general and administration[108] - The company has implemented a comprehensive training program for new and existing employees to ensure competency in their roles[108] - The company aims to recruit employees with relevant educational backgrounds or industry experience through campus recruitment and experienced hiring[190] Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion[149] - Plans for market expansion include entering three new international markets by Q4 2024, targeting a 20% increase in market share[149] - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the biotech sector[149] Risk Management - The company faces various operational risks, including changes in the regulatory environment in China and competition from other market participants[195] - The company has established a risk management and internal control system to address operational risks, which includes policies and procedures deemed suitable for its business operations[195] - The company conducts annual risk identification and assessment to improve its risk management system and may set occupational health and safety goals as needed[197] Awards and Recognition - The company received multiple quality and sustainability awards, including "National Quality Integrity Benchmark Enterprise" and "Green Factory of Shaanxi Province" in 2023[31] - The company has received multiple awards for technological innovation and contributions to the field, highlighting its commitment to excellence[151]
巨子生物(02367) - 2023 - 年度财报