LZLJ(000568)2023-05-18 16:00Financial Performance - Operating revenues for 2022 reached CNY 25,123,563,271.62, an increase of 21.71% compared to CNY 20,642,261,724.37 in 2021[16] - Net profits attributable to shareholders of the Company were CNY 10,365,383,281.80, reflecting a growth of 30.29% from CNY 7,955,554,351.73 in the previous year[16] - Basic earnings per share increased to CNY 7.06, up 30.02% from CNY 5.43 in 2021[16] - Total assets at the end of 2022 amounted to CNY 51,385,481,354.52, representing an 18.92% increase from CNY 43,211,782,005.68 in 2021[16] - The Company reported a net profit before non-recurring gains and losses of CNY 10,321,481,236.93, a 30.91% increase from CNY 7,884,384,055.60 in 2021[16] - The company’s operating revenue for the reporting period reached CNY 25.124 billion, representing a year-on-year increase of 21.71%[25] - The net profit attributable to shareholders was CNY 10.365 billion, up 30.29% year on year[25] - In 2022, the Company achieved operating revenue of CNY 25.124 billion, a year-on-year increase of 21.71%, and a net profit of CNY 10.365 billion, up 30.29% year on year[46] Cash Flow and Investments - Net cash flows from operating activities were CNY 8,262,648,269.72, a 7.33% increase from CNY 7,698,648,104.51 in 2021[16] - The net increase in cash and cash equivalents was CNY 4,326,477,650.04, reflecting a 135.86% increase compared to the previous year[80] - Total investment made in the reporting period reached CNY 4,633,852,571.05, a significant increase of 160.15% year-on-year[87] - Cash and cash equivalents at the end of 2022 amounted to CNY 17,757,528,211.25, representing 34.56% of total assets, up from 31.27% at the beginning of the year[83] - The company reported a net cash outflow from financing activities of CNY 2,078,388,452.40, an improvement from the previous year's outflow of CNY 3,182,618,522.31[80] - The cumulative amount of raised funds used in the reporting period was CNY 149,880 million, with no repurposed funds raised during this period[96] Operational Highlights - The production volume of mid- and high-end baijiu was 40,823.92 tons, with a sales volume of 37,123.96 tons, reflecting a year-on-year sales volume increase of 16.87%[36] - The company’s gross profit margin was 87.38%, showing a year-on-year increase of 1.17%[29] - The emerging channel operation model saw a 64.17% increase in operating revenue year on year, driven by e-commerce platform sales[29] - The Baijiu segment contributed CNY 24.766 billion, accounting for 98.58% of total operating revenues, with a year-on-year growth of 21.31%[57] - The Company’s domestic sales reached CNY 24.970 billion, representing 99.39% of total revenues, with a year-on-year increase of 21.46%[57] - The sales volume of Baijiu increased by 10.75% to 86,182.65 tons, while the inventory rose by 3.25% to 54,572.50 tons[59] Research and Development - The company has undertaken numerous national- or provincial-level projects and holds hundreds of invention or utility model patents, enhancing its R&D capabilities[43] - The Company introduced 113 patents, with 73 patents authorized, and made significant technological advancements in "intelligent brewing" and "low-carbon brewing"[51] - R&D expenses rose significantly by 49.77% to CNY 206,248,486.57, driven by increased R&D projects[69] - The Company is developing a national key R&D program focused on the thermochemical energy and resource-based utilization of brewing waste, aiming for a processing capacity of 100,000 tons/year[73] - The establishment of the Sichuan Innovation Center for Solid-state Brewing Technologies aims to overcome core technological challenges in the solid-state brewing sector[75] Market and Strategic Initiatives - The company aims to achieve a year-on-year increase in operating revenue of at least 15% in 2023[116] - The company is focusing on high-end baijiu consumption, which has been increasing, indicating a shift towards premium products[111] - The company plans to enhance digital and intelligent technologies across its operations to improve efficiency and customer engagement[110] - The competitive landscape in the baijiu industry is intensifying, with a focus on customer value creation and operational efficiency[110] - The company has developed a three-year strategic plan to enhance collaboration and improve overall effectiveness[119] Corporate Governance and Management - The company has a strong emphasis on corporate governance, with a structured board of directors and supervisory roles to ensure compliance and oversight[145] - The company is led by a team of experienced executives with diverse backgrounds in finance, marketing, and management, enhancing its strategic direction[140][141][142] - The company has implemented a restricted share incentive plan for several executives, resulting in significant share increases for key management[137] - The company is focused on enhancing its internal control systems and performance appraisal for senior management[177] Employee and Labor Relations - Luzhou Laojiao was recognized as a "National Model Enterprise of Harmonious Labor Relations" in 2022, highlighting its commitment to employee welfare[53] - The company’s labor costs increased by 29.55% to CNY 208.36 million, reflecting investment in talent development[60] - The number of R&D personnel decreased by 2.83% to 480, with R&D personnel now representing 13.31% of total employees[76] - The company conducted various training programs, including the "Sail Program" for new employees and the "Voyage Program" for key personnel, to enhance staff capabilities[184][186] Shareholder Information - The Company plans to distribute a cash dividend of CNY 42.25 for every 10 shares held, with no bonus shares issued[4] - The company distributed a cash dividend of CNY 32.44 (tax inclusive) per 10 shares to all shareholders, totaling CNY 6,219,148,324.03[188][190] - The distributable profit for the company was CNY 26,772,197,213.98, with cash dividends accounting for 100% of the total distributed profit[190]