Financial Performance - CPMC Holdings Limited reported a revenue of RMB 10,255,225, representing a 7.2% increase from RMB 9,566,382 in 2021[5] - Profit attributable to equity holders increased by 5.2% to RMB 486,512 compared to RMB 462,498 in the previous year[5] - Earnings per share rose by 5.3% to RMB 0.437 from RMB 0.415 in 2021[5] - In 2022, the Group's revenue amounted to approximately RMB10,255 million, representing an increase of 7.2% compared to RMB9,566 million in 2021[62] - The net profit for 2022 was approximately RMB485 million, reflecting a year-on-year increase of 2.4% from RMB473 million in 2021[63] - The Group's gross profit margin for 2022 was approximately 12.5%, a decrease from 13.9% in 2021, primarily due to rising raw material prices[62] Business Segments Performance - The aluminium packaging business saw a sales revenue increase of 20.3% year-on-year, contributing to the overall growth of the company[32] - Sales revenue from aluminium packaging products reached approximately RMB5,368 million in 2022, a 20.3% increase from RMB4,463 million in 2021, accounting for 52.3% of overall sales[45] - The sales revenue from tinplate packaging decreased by approximately 5.6% to RMB4,213 million in 2022, down from RMB4,461 million in 2021, representing 41.1% of overall sales[49] - The sales revenue from the milk powder can business increased by approximately 9.4% to RMB806 million in 2022, compared to RMB737 million in 2021[52] - The plastic packaging segment's sales revenue from new product categories accounted for 21% of the annual sales revenue, indicating successful market expansion[34] Strategic Initiatives - CPMC is focusing on high-quality development and risk prevention, aiming to enhance manufacturing upgrades and achieve green carbon reduction[28] - The company is expanding its production capacity with new plants in Kunming and Shenyang, and a third production line in Chengdu to meet productivity targets for 2023[32] - The Group plans to enhance low-carbon product innovation and invest in digitalisation to improve competitive advantages and shareholder returns[60] - CPMC's strategic layout is being optimized to cover key consumer markets across China, enhancing its competitive position in the packaging industry[24] Risk Management - The Group identified major risks including operational risks from macroeconomic control, fluctuations in raw material prices, market competition, food safety, and quality risks, which could significantly impact sales and profits[78] - The Group's risk management framework includes guidelines and policies for risk assessment and management, focusing on major risks such as credit and market risk[143] Corporate Governance - The Board of Directors is committed to maintaining high corporate governance standards, having adopted all code provisions of the Corporate Governance Code since its listing in 2009[81] - The Company aims to maintain clear and effective communication with shareholders, with the next annual general meeting scheduled for May 29, 2023[162] - The Board conducted a review of the effectiveness of the Group's shareholders' communication policy during the financial year ended 31 December 2022, deeming it effective[168] - The Company has not made any changes to its Articles during the year ended 31 December 2022, and an up-to-date version is available on its website[169] Environmental, Social, and Governance (ESG) - The Board is responsible for the environmental, social, and governance (ESG) governance of CPMC, with the Audit Committee supervising ESG-related matters[185] - CPMC identified product responsibility, employment, and emissions as highly material issues during the year, with health and safety and development and training also noted as material[197] - CPMC's ESG governance structure integrates ESG management into corporate governance, ensuring effective implementation of ESG strategies[191] - The ESG task force, comprising 11 departments, formulates specific annual work plans and manages daily ESG risks[192] Financial Position - The Group's cash and cash equivalents increased to approximately RMB2,380 million in 2022, up from RMB1,917 million in 2021[67] - The gearing ratio as of 31 December 2022 was 52.6%, an increase from 41.9% in 2021, indicating a rise in financial leverage[67] - As of December 31, 2022, the current ratio was approximately 1.1, down from 1.4 in 2021, while the gearing ratio increased to approximately 52.6% from 41.9% due to a decrease in equity and an increase in interest-bearing bank loans, which totaled approximately RMB5,211 million[71] Employee and Workforce - The total staff cost for the Group increased to approximately RMB799 million in 2022 from RMB769 million in the previous year, with a total of 5,945 full-time employees as of December 31, 2022[75] - The Group's workforce included approximately 1,598 engineers and technical staff, representing 26.9% of total employees, highlighting a focus on technical expertise[75] - As of December 31, 2022, male employees accounted for 67.0% and female employees accounted for 33.0% of all employees, with a commitment to increase the proportion of female employees in senior management positions[133] - The Board comprises 9 directors, all of whom are male, with a target to appoint at least 1 female director by 2024[132] Meetings and Committees - The Board held 6 meetings during the year ended December 31, 2022, with all Executive Directors attending all meetings[100] - The Audit Committee held 3 meetings in 2022, with full attendance from its members[118] - The Remuneration Committee held 2 meetings during the year ended December 31, 2022, with full attendance from its members[139] - The Risk Management Committee held 1 meeting during the year ended December 31, 2022, with full attendance from its members[144] Auditor and Financial Reporting - The total auditor's remuneration for the year ended December 31, 2022, was RMB 2,400,000, comprising RMB 1,700,000 for audit services and RMB 700,000 for non-audit services[159] - The Audit Committee recommended the re-appointment of Baker Tilly Hong Kong Limited as the external auditor for the year ending December 31, 2023[123] Integrity and Compliance - CPMC adopts a zero-tolerance policy towards corruption and fraud, emphasizing internal integrity construction[199] - The company regularly updates its rules and regulations to enhance integrity management and operational mechanisms[199]
中粮包装(00906) - 2022 - 年度财报