Joyoung(002242)2023-03-31 16:00Financial Performance - The total revenue for 2022 was ¥10,176,687,797.39, a decrease of 3.45% compared to ¥10,540,473,926.06 in 2021[22] - The net profit attributable to shareholders was ¥529,501,433.89, down 28.98% from ¥745,601,463.86 in the previous year[22] - The net profit after deducting non-recurring gains and losses was ¥547,248,312.25, reflecting an 8.30% decrease from ¥596,777,184.42 in 2021[22] - Basic earnings per share decreased by 27.84% to ¥0.70 from ¥0.97 in the previous year[22] - The company reported a significant drop in quarterly net profit in Q4 2022, with only ¥24,905,073.43 compared to higher profits in previous quarters[25] - The company achieved operating revenue of CNY 10,176.69 million, a decrease of 3.45% compared to the previous year[44] - The company's gross profit margin increased by 1.3 percentage points, with operating costs decreasing by 5.19% to CNY 7,216.68 million[45] - The net profit attributable to shareholders was CNY 529.50 million, down 28.98% year-on-year[45] Cash Flow and Assets - The net cash flow from operating activities was ¥610,442,582.65, a significant increase of 1,854.71% compared to -¥34,788,705.11 in 2021[22] - The total assets at the end of 2022 were ¥7,074,762,950.69, a decline of 16.93% from ¥8,516,380,670.95 at the end of 2021[22] - The total amount of cash and cash equivalents decreased by ¥490,253,430.79, reflecting a decline of 1,194.62% due to increased dividend distributions[69] - As of the end of 2022, cash and cash equivalents amounted to ¥1,569,780,561.99, representing 22.19% of total assets, a decrease of 1.14% from the beginning of the year[74] - Accounts receivable increased to ¥687,360,521.01, accounting for 9.72% of total assets, up by 2.79% compared to the beginning of the year[74] - Inventory decreased to ¥680,206,435.03, making up 9.61% of total assets, down by 2.69% due to accelerated inventory turnover[74] Market and Industry Trends - The kitchen small appliance retail market saw a total retail value of 520.3 billion, a decline of 6.7% year-on-year, with retail volume down 12.7%[31] - Online retail sales in the kitchen small appliance sector reached 386.0 billion, a decrease of 2.9%, while offline sales dropped 16.0% to 134.3 billion[31] - The overall economic environment in China showed a GDP growth of 3% in 2022, despite challenges from both domestic and international factors[30] - The company anticipates stable growth in the small appliance industry, driven by rising disposable income and consumer demand for quality[90] - The company faces risks from increased competition in the small appliance market, which may impact profit margins[92] Innovation and Product Development - The company plans to enhance its product offerings with new technologies, including a wall-mounted air fryer and a self-cleaning floor washer, to meet rising consumer demand for high-quality appliances[39] - The company emphasizes continuous innovation and product development to adapt to changing consumer preferences and market dynamics[40] - The company is currently developing several new products, including a noise-reducing blender and a smart self-cleaning soybean milk machine, aimed at enhancing market competitiveness[64] - The company has a total of 11,648 patents, including 651 invention patents, reflecting its commitment to innovation and R&D[45] Corporate Governance and Management - The company has appointed new management, including a new General Manager and Financial Director, effective December 26, 2022[103] - The company appointed Yang Ningning as the new chairman and general manager on December 26, 2022, following the election at the shareholder meeting[105] - The company reported a significant management restructuring, with multiple appointments and dismissals occurring on March 28 and December 26, 2022[106] - The company’s governance structure reflects a commitment to maintaining a diverse and experienced leadership team[111] - The company has established a framework for risk management and internal control, which is regularly assessed by the audit committee[124] Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥3 per 10 shares, totaling approximately ¥229,005,100 based on the current share capital[5] - The total cash dividend, including other methods, reached approximately 432.99 million yuan, representing 100% of the total profit distribution[134] - The company distributed a cash dividend of 10 yuan per 10 shares (including tax) for the 2021 fiscal year, totaling approximately 228.9 million yuan[131] - For the first half of 2022, the company proposed a cash dividend of 5 yuan per 10 shares (including tax), amounting to approximately 38 million yuan[132] Employee and Labor Information - The total number of employees at the end of the reporting period was 2,832, with 262 in the parent company and 2,570 in major subsidiaries[127] - The total number of technical personnel was 713, representing approximately 25.2% of the total workforce[127] - The company has a total of 321 employees with a graduate degree or above, accounting for approximately 11.3% of the total workforce[127] - The total hours of outsourced labor amounted to 392,468 hours, with total payments for outsourced labor reaching approximately 11.96 million yuan[130] Social Responsibility and Community Engagement - In 2022, Jiuyang Co., Ltd. donated a total of CNY 7,558,081.67, including cash donations of CNY 3,250,831.35 and material donations valued at CNY 4,307,250.32[165] - Since 2008, Jiuyang has cumulatively donated CNY 100,783,001.03, with cash donations amounting to CNY 69,342,453.01 and material donations valued at CNY 31,440,548.02[166] - As of December 2022, Jiuyang has established 1,357 Jiuyang Public Kitchens, benefiting over 500,000 students daily[167] - The company has actively contributed to rural revitalization through its Jiuyang Public Kitchen initiative, enhancing meal quality and efficiency in rural schools[167] Risk Management and Compliance - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified as of the evaluation report date[155] - The company reported zero significant deficiencies in financial and non-financial reporting for the year 2022[160] - The company has implemented ISO 14001:2015 and ISO 45001:2018 environmental management systems, achieving compliance with national standards for waste reduction[164] - The company has committed to avoiding competition and related transactions, with commitments made in May 2008 being fulfilled normally[172] Share Repurchase and Stock Options - The company repurchased a total of 8,000,000 shares, accounting for 1.04% of the total share capital, with a total transaction amount of RMB 121,068,322.09 (excluding transaction fees)[147] - The company plans to implement an employee stock ownership plan, with a maximum repurchase of 12 million shares[198] - The share repurchase plan has been fully implemented, reaching the maximum number of shares[199] - The stock option incentive plan involves granting 18 million stock options, with 15.6 million options granted initially, and the exercise price set at ¥21.99 per share[139]