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ST步森(002569) - 2023 Q4 - 年度财报(更正)
002569BUSEN(002569)2024-08-29 13:17

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the year 2023, representing a year-on-year increase of 15%[8]. - The net profit for 2023 was 150 million CNY, which is a 10% increase compared to the previous year[8]. - The company's operating revenue for 2023 was ¥144,082,242.84, a decrease of 6.76% compared to ¥154,524,987.95 in 2022[14]. - The total revenue for 2023 was ¥144,082,242.84, representing a decrease of 6.76% compared to ¥154,524,987.95 in 2022[33]. - The net profit attributable to shareholders for 2023 was -¥66,998,298.08, showing a slight improvement of 0.59% from -¥67,398,880.29 in 2022[14]. - The net profit after deducting non-recurring gains and losses was -¥51,104,055.27, which is an improvement of 22.10% compared to -¥65,602,261.28 in 2022[14]. - The company reported a net loss of 68.93 million yuan, with negative cash flow from operating activities for three consecutive years[130]. - The company reported a total of 838,100 shares held by its directors and senior management at the end of the reporting period[80]. Revenue Sources - The clothing manufacturing sector contributed ¥115,817,179.92, accounting for 80.38% of total revenue, with a year-on-year decrease of 3.45%[33]. - Online sales increased significantly by 122.48%, reaching ¥2,982,005.62, compared to ¥1,340,336.54 in the previous year[33]. - The revenue from shirt sales was CNY 17,226,650.70, showing a growth of 28.23% compared to the previous year[35]. - The revenue from pants sales increased by 45.72% to CNY 21,112,369.18[35]. - The revenue from franchise sales amounted to ¥58,929,626.35, with a year-on-year increase of 86.81%[47]. Market Expansion and Product Development - The company plans to launch three new product lines in 2024, focusing on sustainable materials and innovative designs[8]. - The company is exploring market expansion opportunities in Southeast Asia, aiming to enter two new countries by mid-2024[8]. - The company plans to continue expanding its market presence and enhancing product offerings in the upcoming year[35]. - The company aims to enhance its direct sales model and optimize franchise operations to improve overall sales performance[26]. Operational Challenges and Risks - The management highlighted potential risks including macroeconomic fluctuations and operational challenges, with strategies in place to mitigate these risks[3]. - Rising labor costs pose a risk to the company's operations, with the minimum wage in Shaoxing adjusted to CNY 2,070 per month, increasing operational pressures[69]. - The company faces market competition risks due to the high number of competitors in the textile and apparel industry, which may impact its revenue if consumer confidence does not recover[69]. Corporate Governance and Compliance - The company is committed to improving its corporate governance structure, ensuring compliance with laws and regulations, and protecting shareholder interests[73]. - The company has established a transparent performance evaluation and incentive mechanism for its senior management, ensuring fairness in the hiring and compensation processes[74]. - The internal audit department operates independently, assessing the effectiveness of internal controls and the integrity of financial operations[74]. - The company has established a comprehensive set of governance documents to ensure operational integrity and compliance with modern corporate governance standards[75]. Legal and Regulatory Matters - The company is involved in multiple lawsuits, including a claim for 8.4652 million yuan against two individuals for unpaid debts[165]. - The company has faced administrative penalties from the China Securities Regulatory Commission for failing to timely disclose significant shareholder actions, resulting in a warning letter issued on May 31, 2023[143]. - The company is closely monitoring ongoing litigation and will fulfill its disclosure obligations as required by law[162]. - The company has not reported any new product developments or market expansions in the latest financial disclosures[169]. Employee and Management Structure - The total number of employees at the end of the reporting period was 510, with 297 in the parent company and 213 in major subsidiaries[95]. - The company has a diverse management team with backgrounds in various industries including education, oil and gas, and technology[82][84]. - The company has established a remuneration and assessment committee to evaluate the performance of senior management annually[85]. Financial Health and Cash Flow - The company's total assets decreased by 19.94% to ¥236,666,081.33 at the end of 2023 from ¥295,617,461.24 at the end of 2022[14]. - The company's cash flow from operating activities was -¥35,815,827.16, a decline of 66.20% compared to -¥21,549,622.24 in 2022[14]. - The company reported a significant amount of funds being occupied by actual controllers and other related parties, which was fully recovered by April 30, 2024[132]. Inventory and Asset Management - The company's total inventory balance was CNY 111.94 million, with an inventory impairment provision of CNY 74.77 million[193]. - The company's inventory decreased to CNY 37,166,233.26 from CNY 47,182,195.91, reflecting a reduction of about 21.4%[199]. - The company’s fixed assets decreased significantly to CNY 7,094,206.08 from CNY 24,864,047.06, indicating a reduction of approximately 71.5%[200].