BROS(601339)2023-04-11 16:00Financial Performance - In 2022, the company's operating revenue was CNY 6,989,064,221.79, a decrease of 10.10% compared to CNY 7,774,077,153.45 in 2021[22] - The net profit attributable to shareholders was CNY 1,562,717,239.67, representing a 14.00% increase from CNY 1,370,780,511.95 in the previous year[22] - The net cash flow from operating activities decreased by 83.06% to CNY 246,131,454.93 from CNY 1,453,063,618.95 in 2021[22] - The company reported a decrease of 39.83% in net profit after deducting non-recurring gains and losses, amounting to CNY 793,351,662.99 compared to CNY 1,318,484,767.08 in 2021[22] - The company achieved a total revenue of approximately ¥2.776 billion from the sale of grey fabric during the reporting period[34] - In 2022, the company achieved a revenue of 6.989 billion CNY, a decrease of 10.10% year-on-year, while net profit rose to 1.563 billion CNY, an increase of 14%[43] - The company achieved a total sales volume of 177,000 tons of yarn in 2022, generating revenue of 6.989 billion RMB and a net profit of 1.563 billion RMB[50] - Revenue decreased by 10.10% compared to the previous year, primarily due to a reduction in sales orders[51] Assets and Liabilities - The total assets at the end of 2022 were CNY 16,206,454,210.11, an increase of 13.54% from CNY 14,273,762,832.74 in 2021[23] - The net assets attributable to shareholders increased by 11.79% to CNY 10,053,313,869.40 from CNY 8,993,197,324.78 in 2021[23] - The company’s total assets reached 16.206 billion RMB, with a total share capital of 1.5 billion shares[49] - The company reported a significant reduction in financial liabilities, with trading financial liabilities decreasing by 99.70% to ¥18,125.00[69] - The company reported a total of 3,322,200,000.00 RMB in financial assets purchased during the period, with a total of 3,035,896,997.86 RMB in sales/redemptions[76] Earnings Per Share - The basic earnings per share for 2022 was CNY 1.06, up 13.98% from CNY 0.93 in 2021[24] - The diluted earnings per share increased by 12.90% to CNY 1.05 from CNY 0.93 in the previous year[24] Dividends - The company plans to distribute a cash dividend of CNY 5 per 10 shares, totaling CNY 740,880,497, subject to shareholder approval[5] - The company has a cash dividend policy with a distribution of 5 RMB per 10 shares, totaling 736,999,996 RMB, which represents a cash dividend payout ratio of 53.76%[123] Production and Operations - The company has been focusing on expanding its production capacity in Vietnam, which is gradually being released to meet downstream customer demands[34] - The company’s production capacity in Vietnam reached 1.18 million spindles[44] - The first production workshop of 80,000 spindles was put into operation in August 2022, with subsequent capacity expansion planned[45] - The company’s raw material costs accounted for approximately 70% of operating costs, with cotton being the largest component[39] - Yarn production decreased by 22.49% to 191,071.83 tons, while sales volume fell by 26.80% to 176,985.95 tons, resulting in an inventory increase of 38.36% to 50,810.64 tons[55] Research and Development - The company launched several new products, including AC yarn and high-flexibility yarn, and received 5 utility model patents during the reporting period[44] - The company’s R&D expenses decreased by 27.20% to approximately 113 million RMB compared to the previous year[51] - R&D investment totaled 112,913,878.44 yuan, representing 1.62% of operating revenue, with no capitalized R&D expenditures[63] Environmental and Sustainability Initiatives - The company invested over 8 million CNY in energy-saving and emission-reduction upgrades for its dyeing factories[44] - The company has committed to promoting green, low-carbon, and intelligent development in the textile industry[79] - The company has implemented measures to reduce carbon emissions, including solar power coverage in production facilities and plans to replace coal with biomass fuel by 2025[143] Corporate Governance - The company has held 7 board meetings and 2 shareholder meetings in the reporting period, ensuring effective governance and decision-making processes[88] - The company emphasizes the importance of timely information disclosure and has strengthened its internal control systems to protect shareholder rights[89] - The company disclosed 42 temporary announcements and 4 regular reports during the reporting period, ensuring timely and accurate information for investors[90] - The company’s board of directors includes independent members with extensive backgrounds in finance and industry, ensuring robust governance[99] Market Challenges - The company faced challenges due to global economic downturns and reduced consumer demand, particularly in the second half of 2022[41] - The company is facing increased competition from emerging markets such as Vietnam, India, and Bangladesh in the textile industry[79] - Cotton costs account for about 70% of the company's production costs, making it vulnerable to price fluctuations due to climate and policy changes[84] Shareholder Information - The total number of ordinary shareholders reached 25,170 by the end of the reporting period, an increase from 23,159 at the end of the previous month[191] - The largest shareholder, New Country Investment Development Co., Ltd., holds 445,799,814 shares, representing 29.72% of the total shares[193] - The second-largest shareholder, Yang Weixin, holds 273,852,704 shares, accounting for 18.26% of the total shares[193] - The actual controllers, Yang Weixin and Yang Weiguo, collectively hold 74.41% of the company's equity[196] Employee and Human Resource Management - The total number of employees in the parent company is 858, while the main subsidiaries employ 12,456, resulting in a total of 13,314 employees[119] - The company has established a comprehensive human resource management system, including performance assessment and salary distribution mechanisms[120] - The company has implemented a tiered training network to provide career development opportunities for employees[121] Financial Management - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[154] - The company has successfully completed its annual audit with Tianjian Accounting Firm, which has been the auditor for 16 years[154] - The total amount of guarantees provided by the company to subsidiaries during the reporting period was CNY 4.441 billion, accounting for 44.18% of the company's latest audited net assets[161] Future Outlook - The company aims for higher quality development in 2023, focusing on innovation and long-term growth[46] - The company plans to enhance its technological innovation capabilities and create new intelligent manufacturing models during the "14th Five-Year Plan" period[79] - Future guidance indicates a strategic emphasis on mergers and acquisitions to bolster growth and market share[99]