YYTM(600655)2024-03-21 16:00Financial Performance - Revenue for 2023 reached RMB 58.15 billion, a year-on-year increase of 15.83% compared to 2022 [16] - Net profit attributable to shareholders decreased by 45.00% to RMB 2.02 billion in 2023 compared to 2022 [16] - Operating cash flow surged to RMB 4.75 billion in 2023, a significant improvement from a negative RMB 207.60 million in 2022 [16] - Total assets decreased by 4.16% to RMB 124.04 billion at the end of 2023 compared to 2022 [16] - Adjusted revenue (excluding non-core business and non-commercial income) increased by 18.00% to RMB 57.97 billion in 2023 [16] - Net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 451.16 million in 2023, a sharp decline of 378.96% compared to 2022 [16] - Revenue increased by 7.947 billion yuan, up 15.83% year-over-year, driven by growth in industrial operations and property development project deliveries [18] - Net profit attributable to shareholders decreased by 1.656 billion yuan, down 45.00% year-over-year, primarily due to reduced investment income from the disposal of non-core assets [18] - Basic earnings per share decreased by 0.431 yuan/share, down 45.27% year-over-year [18] - Net cash flow from operating activities increased by 4.955 billion yuan, up 2,386.68% year-over-year, mainly due to improved cash flow from industrial operations [18] - Revenue in 2023 reached 58.147 billion yuan, a year-on-year increase of 15.83%, while net profit attributable to shareholders decreased by 45% to 2.024 billion yuan [25] - Revenue increased by 15.83% to RMB 58,146,920,890.35 compared to the previous year [37] - Operating costs rose by 20.90% to RMB 49,940,580,928.45, outpacing revenue growth [37] - Net cash flow from operating activities surged by 2,386.68% to RMB 4,747,245,920.42 [37] - Net cash flow from investing activities decreased by 47.87% to RMB 2,656,350,901.42 [37] - R&D expenses dropped by 43.18% to RMB 83,120,471.76 due to the disposal of Jinhuijiu equity [37] - Jewelry and fashion segment revenue grew by 11.05% to RMB 36,726,694,358.04, with a slight decrease in gross margin by 0.56 percentage points [40] - Catering management and services revenue surged by 119.75% to RMB 1,420,957,713.55, with a gross margin increase of 3.55 percentage points [40] - Property development and sales revenue increased by 48.72% to RMB 13,558,258,311.07, but gross margin decreased by 12.07 percentage points [40] - Domestic revenue in Shanghai grew by 30.65% to RMB 44,942,574,472.87, with a gross margin increase of 2.63 percentage points [42] - International revenue in Japan increased by 40.24% to RMB 932,817,061.61, with a gross margin increase of 4.27 percentage points [42] - Jewelry and fashion business revenue and operating costs increased year-on-year due to business scale growth and rapid expansion of new model stores [44][47] - Catering management and service revenue and operating costs grew year-on-year due to accelerated chain expansion [44][47] - Food, department store, and handicraft business revenue and operating costs increased year-on-year due to integration and improvement of the food and beverage business [44][47] - Pharmaceutical health and other business revenue and operating costs rose year-on-year due to growth in traditional Chinese medicine health and wellness business [44][47] - Liquor business revenue and operating costs decreased year-on-year due to the disposal of Jinhuijiu equity at the end of 2022 [44][47] - Resort business revenue and operating costs increased year-on-year due to continuous growth and the renovation and opening of Kiroro Resort [44][47] - Property development and sales business revenue and operating costs grew year-on-year due to the completion of various property development projects [44][47] - Gold sales volume increased by 0.83% year-on-year, while platinum sales volume decreased by 30.62% [46] - R&D expenses decreased by 43.18% year-on-year due to the disposal of Jinhuijiu equity at the end of 2022 [51] - Operating cash flow increased significantly to 4,747,245,920.42 yuan, up 2,386.68% year-over-year, driven by improved cash flow from the jewelry and fashion business [55][56] - Investment cash flow decreased by 47.87% to 2,656,350,901.42 yuan, mainly due to reduced cash received from investment recoveries [55][56] - Net cash and cash equivalents increased by 60.84% to -1,779,090,990.96 yuan, reflecting improved liquidity [55] - Asset impairment and credit impairment losses surged by 1,178.86% to 518,025,829.36 yuan, primarily due to increased inventory write-downs [57][58] - Short-term borrowings rose by 48.19% to 10,130,723,396.02 yuan, driven by increased working capital needs [59] - Contract liabilities decreased by 38.47% to 7,540,900,881.86 yuan, mainly due to the settlement of prior-year liabilities [59] - Overseas assets totaled 6.766 billion yuan, accounting for 5.45% of total assets [61] - The company's total investment in 2023 was 70,013.96 million yuan, a decrease of 46.04% compared to the previous year [96] - The company acquired Napier Tokutei Mokuteki Kaisha and Godo Kaisha Kiroro Management for 16.0161 billion yen, resulting in a loss of 11,061.13 million yuan [97] - The company acquired Djula.SAS, a market jewelry brand, for an undisclosed amount, with no impact on current period profits [97] - The company acquired Shanghai Fuxing Aibinuo Property Management Co., Ltd. for 1 yuan, resulting in a profit of 171.61 million yuan [97] - The company invested 5,640 million yuan in Shanghai Yulong Catering Management Co., Ltd., resulting in a loss of 575.95 million yuan [97] - The company completed the sale of 80% of IGI Group's shares for a total transaction value of $455.38 million [106] - The company sold 5% of Jin Hui Wine's shares for a total transaction value of RMB 598.82 million [106] - The company transferred 100% equity of Wuhan Shunkang Edible Fungus Co., Ltd. for RMB 62 million [108] - The company's 2022 net profit was RMB 2,761,404,673.88, with an initial undistributed profit of RMB 4,780,884,541.91, and after deducting the 2021 cash dividend of RMB 1,354,634,067.85, the actual distributable profit was RMB 5,911,514,680.55 [184] - The 2022 profit distribution plan proposed a cash dividend of RMB 3.50 per 10 shares (tax included), with a total cash dividend amount of RMB 739,709,829.70, accounting for 36.55% of the net profit attributable to ordinary shareholders [184][188] - The 2023 profit distribution plan proposes a cash dividend of RMB 1.90 per 10 shares (tax included), with the total cash dividend amount to be determined based on the total number of shares and repurchased shares on the record date [185] - The company's cash dividend policy requires a minimum cash dividend ratio of 10% of the distributable profit, with specific ratios adjusted based on the company's development stage and significant capital expenditure plans [184] - The 2023 profit distribution plan does not include a capital reserve transfer to share capital [185] - The company's cash dividend policy complies with the requirements of the articles of association and shareholder meeting resolutions, with clear standards and proportions, and a complete decision-making process [186] - The independent directors have fulfilled their duties and protected the rights and interests of minority shareholders [186] - The 2023 profit distribution plan is subject to approval at the shareholder meeting [185] - The company maintains a stable dividend policy, with the 2022 and 2023 dividend ratios both exceeding the minimum requirement of 10% of distributable profit [184][185] Business Segments and Operations - Jewelry Fashion Group achieved double-digit growth in revenue and net profit, with 4,994 stores and 1 million consumer members, a 33% increase year-on-year [25] - Cultural Food Group saw significant revenue growth, with Songhelou's revenue increasing by over 100%, and GMV for pre-made dishes breaking through to 140 million yuan [25] - Yuyuan Commercial Development Group's GMV reached approximately 2.6 billion yuan, with the Yuyuan Lantern Festival expanding internationally to France [25] - Cloud Development Group signed 22,800 square meters of space, a 500% year-on-year increase, with a 63% occupancy rate [25] - Consumer membership exceeded 5 million, an 80% year-on-year increase, with 7 million new registered members [27] - E-commerce sales reached 2.9 billion yuan, a 25% year-on-year increase, with TikTok sales growing by 184% [27] - New product sales accounted for 9% of total sales, with 5 products exceeding 100 million yuan in sales and 12 products exceeding 10 million yuan [27] - The company divested IGI Group for approximately 455 million USD, achieving a 5x return [27] - Songhelou Noodle House expanded to 173 stores, with core store gross margins reaching 70% [27] - AHAVA's overseas revenue increased by 12% year-on-year, with Amazon US online sales revenue up by 25% [28] - The company's IP ecosystem cooperation projects reached 32, driving sales of 350 million yuan [28] - Jewelry segment launched 329 new SKUs, with Laomiao Gold new product sales reaching 1.38 billion yuan [28] - The company's supply chain achieved a procurement cost reduction rate of 3.1% [28] - Songhelou takeout revenue per store increased from 33,800 yuan to 45,000 yuan per month, a 33% increase [28] - The company's digital transformation improved internal operation efficiency by 60% in jewelry supply chain [28] - The company's inventory turnover days and inventory amount both decreased, with 5 industries launching supply chain cockpits [28] - The company's terminal operation management training program resulted in a 40%+ average monthly performance improvement post-training [29] - The number of "Lao Miao" and "Ya Yi" brand stores reached 4,994 by the end of 2023 [32] - The company holds 70% equity in Shede Group and 20% equity in Jinhuijiu [32] - The company's core commercial properties in Yuyuan Business Circle have an annual foot traffic of approximately 45 million people [33] - The company has a total credit line of approximately 69.372 billion yuan from major cooperative banks as of December 31, 2023 [35] - The company's Fuyue Life Group manages over 42 million square meters of property and serves over 3.2 million members [32] - The company's Yuyuan New Year Folk Lantern Festival is listed as a national intangible cultural heritage [34] - The company's Yuyuan Jewelry Fashion Group is building a C2M ecosystem to serve family customers directly [32] - The company's Yuyuan Beautiful Health Group owns the historic Chinese medicine brand Tong Han Chun Tang and the Israeli skincare brand AHAVA [32] - The company's jewelry fashion industry expanded its network with 429 new outlets for the "Laomiao" and "Yayi" brands, reaching a total of 4,994 outlets by the end of 2023, including 261 directly operated outlets and 4,733 franchise outlets [80] - The company's online sales revenue in 2023 was approximately 1.53 billion yuan [80] - The company's retail outlets include 107 directly operated stores with a total self-owned area of 85,600 square meters and 629 leased stores with a total leased area of 76,300 square meters [78] - The company's cultural dining sector has 220 directly operated outlets, including 185 Songhelou outlets (12 Su-style restaurants and 173 Su-style noodle shops) [80] - The company's beauty and health sector has 69 directly operated outlets, including 39 Tonghanchun Hall outlets and 30 AHAVA outlets (15 domestic and 15 international) [80] - The company's fashion watch sector has 82 directly operated outlets [80] - The company's new jewelry brand, LUSANT, had 3 directly operated outlets by the end of 2023 [80] - The company's French jewelry brand, DJULA, had 19 directly operated outlets by the end of 2023 [80] - Laomiao Beijing Xinhua Department Store counter achieved sales of 36.45 million in March 2023 [84] - Laomiao Chongqing New Century Kai Rui Department Store counter achieved sales of 40.00 million in March 2023 [84] - Laomiao Beijing Jun Tai Department Store counter achieved sales of 54.00 million in April 2023 [84] - Laomiao Beijing Yinzuo Harmony Plaza store achieved sales of 85.00 million in April 2023 [84] - Laomiao Beijing Oriental Plaza store achieved sales of 52.53 million in April 2023 [84] - Laomiao Beijing Xisanqi Vientiane store achieved sales of 80.35 million in May 2023 [84] - Laomiao Beijing Ito Yokado counter achieved sales of 48.00 million in July 2023 [84] - Laomiao Beijing Yansha Friendship counter achieved sales of 30.00 million in July 2023 [84] - Laomiao Chengdu Tianfu Avenue South store achieved sales of 84.00 million in August 2023 [84] - Laomiao Chongqing Dadukou Vientiane store achieved sales of 80.00 million in September 2023 [84] - DJULA Guangzhou Tianhe store opened in March 2023 with an area of 43.00 square meters [85] - DJULA Nanjing Deji store opened in July 2023 with an area of 27.00 square meters [85] - LUSANT Shanghai Reel pop-up store opened in September 2023 with an area of 45.65 square meters [85] - LUSANT Shanghai Baibai pop-up store opened in September 2023 with an area of 42.00 square meters [85] - Nanxiang Mantou Dian (Xintiandi) opened in November 2023 with an area of 307.00 square meters [85] - Songyuelou Wujiaochang store opened in April 2023 with an area of 64.56 square meters [85] - Songyuelou Pujian Road store opened in April 2023 with an area of 24.00 square meters [85] - Songyuelou Baodi Plaza store opened in May 2023 with an area of 38.00 square meters [85] - Songyuelou North Bund City Market store opened in July 2023 with an area of 30.00 square meters [85] - Songyuelou LCM Plaza store opened in July 2023 with an area of 20.36 square meters [85] - Songhelu Suzao Noodle opened 14 new stores in 2023, with the highest revenue of 294.00 million yuan at the Shanghai Yuanzu Dream World store [29] - The average revenue per store for Songhelu Suzao Noodle in 2023 was approximately 154.5 million yuan, with the lowest revenue of 90.00 million yuan at the Hangzhou Hubin IN77 store [41] - Godiva stores generated a total revenue of 80.93 million yuan in 2023, with the highest revenue of 65.37 million yuan at the Tianyu Lou store [45] - Tonghanchun Tang opened 3 new counters in 2023, with the highest revenue of 18.00 million yuan at the Bailian Xijiao counter [1] - The total revenue from Songhelu Suzao Noodle stores in Shanghai in 2023 was 1,066.00 million yuan, accounting for approximately 38% of the total revenue from all stores [28][29][30][40] - The total revenue from Songhelu Suzao Noodle stores in Beijing in 2023 was 884.47 million yuan, with the highest revenue of 176.00 million yuan at the Huiduo Gang Shopping Center store [25][34][36][37][38] - The total revenue from Songhelu Suzao Noodle stores in Guangzhou in 2023 was 881.50 million yuan, with the highest revenue of 178.00 million yuan at the K11 store [24][26][27][31][33][39][42] - The total revenue from Songhelu Suzao Noodle stores in 2023 was 3,682.57 million yuan, with an average revenue per store of approximately 154.5 million yuan [23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] - The total revenue from the Beauty and Health sector in 2023 was 27.00 million yuan, with the highest revenue of 18.00 million yuan at the Bailian Xijiao counter [1][2][3] - The total revenue from all sectors in 2023 was 3,790.50 million yuan, with the highest revenue of 294.00 million yuan at the Shanghai Yuanzu Dream World store [29] - Tong Han Chun Tang 24 Solar Terms Tea (Oriental Pearl Store) achieved revenue of 104.00 million in September 2023 [87] - AHAVA Hefei Yintai Store generated revenue of 31.00 million in January 2023 [87] - AHAVA Nanchang Wushang Plaza Store recorded revenue of 74.00 million in