Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 2,343,353, a decrease of 18.3% from RMB 2,869,963 in 2021[2] - Gross profit for the same period was RMB 1,289,484, down 22.2% from RMB 1,658,393 in 2021[2] - Profit before tax decreased significantly by 87.9% to RMB 54,731 from RMB 450,990 in the previous year[2] - Net profit attributable to shareholders was RMB 25,283, a decline of 92.6% compared to RMB 342,424 in 2021[2] - In 2022, the total revenue was approximately RMB 1,848,258 thousand, a decrease of 17.3% compared to RMB 2,234,859 thousand in 2021[13] - The total comprehensive income for the year was RMB 77.99 million in 2022, a decrease of 75.6% from RMB 319.7 million in 2021[28] - The net profit for the year decreased by 92.6% to RMB 25.3 million, down from RMB 342.4 million in the previous year, resulting in a net profit margin drop from 11.9% to 1.0%[39] - Total comprehensive income fell by 75.6% to RMB 78.0 million, compared to RMB 319.7 million for the previous year[41] Revenue Sources - Revenue contribution from duck and duck by-products was RMB 1,812,346, accounting for 77.3% of total revenue[4] - Revenue from self-operated stores was RMB 1,155,446, representing 49.3% of total revenue, down from 57.3% in 2021[6] - Online channel revenue was RMB 417,366, which accounted for 17.8% of total revenue, down from 19.1% in the previous year[6] - Revenue from customer contracts for 2022 was RMB 2,343,353 thousand, a decrease of 18.3% from RMB 2,869,963 thousand in 2021[79] - Revenue from modified atmosphere packaging products was RMB 2,027,998 thousand in 2022, down from RMB 2,498,285 thousand in 2021, representing a decline of 18.8%[79] - Revenue from retail store franchise fees increased to RMB 33,608 thousand in 2022, up from RMB 27,601 thousand in 2021, reflecting a growth of 21.5%[79] Store Expansion and Operations - The total number of retail stores increased to 3,429 from 2,781 in the previous year[3] - The number of community stores reached 792 by the end of 2022, with a total sales revenue of approximately RMB 430 million, and the target is to exceed 1,300 community stores by the end of 2023[18] - The company plans to open around 1,000 new stores in 2023, continuing to optimize the store structure[17] - The community store model is being expanded nationwide, following successful pilot programs in Wuhan and other cities[18] - The company has initiated a project to enhance operational efficiency through a systematic approach to store inspections, employee training, and marketing execution[18] Marketing and Product Development - The group successfully launched a new product, the shrimp ball, which achieved a monthly sales volume exceeding 1 million boxes in 2022, addressing consumer pain points[21] - During the FIFA World Cup in 2022, the group conducted promotional activities that significantly increased consumer attention and purchases, leveraging partnerships with brands like KFC[22] - The group enhanced its marketing strategy by utilizing national brand ambassador Yang Chaoyue, which attracted a large number of followers and increased brand visibility[22] - The group expanded its product line to include new flavors and types, transitioning from promotion-driven to new product-driven growth strategies[21] Financial Position and Cash Flow - Cash and bank deposits amounted to approximately RMB 1,245.2 million, a decrease from RMB 2,101.3 million as of December 31, 2021[45] - The group’s net asset value as of December 31, 2022, was approximately RMB 4,088.3 million, down from RMB 4,210.3 million the previous year[44] - The net cash generated from operating activities decreased from RMB 539.8 million for the year ended December 31, 2021, to approximately RMB 467.6 million for the year ended December 31, 2022[54] - The net cash used in investing activities for the year ended December 31, 2022, was approximately RMB 1,044.4 million, mainly due to the purchase of structured deposits and other financial assets totaling RMB 4,389.3 million[54] - The net cash used in financing activities for the year ended December 31, 2022, was approximately RMB 1,318.3 million, primarily due to dividend payments of RMB 236.3 million and the repurchase of convertible bonds of RMB 886.5 million[55] Cost Management and Efficiency - The company faced significant cost pressure due to rising raw material prices and inflation, prompting continuous improvements in OCM (Operational Cost Management) to mitigate the impact on gross margin[23] - Cost of sales reduced by 13.0% from RMB 1,211.6 million in 2021 to RMB 1,053.9 million in 2022, attributed to decreased customer flow and lower material costs[30] - Selling and distribution expenses decreased by 14.2% from RMB 1,084.9 million in 2021 to RMB 930.5 million in 2022, primarily due to reduced rental costs during the pandemic[34] - The average inventory turnover days increased from 86.9 days for the year ended December 31, 2021, to 104.4 days for 2022, primarily due to production slowdowns caused by the pandemic and rising raw material prices[63] Governance and Compliance - The audit committee reviewed and discussed the annual performance for the year ended December 31, 2022, confirming the financial statements were consistent with the audited figures[128] - The company has complied with the corporate governance code as of December 31, 2022[126] - The company has adopted the standard code for securities trading by directors, ensuring compliance throughout the year[127] - The annual performance announcement is available on the Hong Kong Stock Exchange website and the company's website[129] Future Outlook - The company anticipates that the consumer market will gradually recover in 2023, despite short-term pressures on consumption growth[26] - The company plans to steadily advance high-quality store expansion and accelerate community consumption scene layout in 2023[26] - The company aims to optimize product structure and create a diversified product innovation system in the upcoming year[26] - The company will focus on integrating supply chain management to reduce costs and enhance efficiency against external risks[26]
周黑鸭(01458) - 2022 - 年度业绩