YILI(600887)2024-04-29 11:27Financial Performance - Net profit for 2023 reached 8,273,482,629.15 yuan, with a year-end distributable profit of 21,865,898,536.12 yuan[4] - Revenue for 2023 reached RMB 125.76 billion, a 2.49% increase compared to 2022[14] - Net profit attributable to shareholders in 2023 was RMB 10.43 billion, up 10.58% year-over-year[14] - Operating cash flow surged 36.29% to RMB 18.29 billion in 2023[14] - Total assets grew 15.77% to RMB 151.62 billion by the end of 2023[14] - Basic earnings per share increased to RMB 1.64 in 2023, up from RMB 1.48 in 2022[14] - Total revenue reached 126.179 billion yuan, a year-on-year increase of 2.44%, with net profit of 10.284 billion yuan, up 10.37% year-on-year[27] - Revenue increased by 2.49% to RMB 125.76 billion, driven by higher product sales and structural changes[33] - Operating costs rose by 2.01% to RMB 84.79 billion, primarily due to increased product sales and structural changes[33] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses increased by 16.78% year-on-year to RMB 10,026,171,076.03[177] - The company's debt-to-asset ratio rose by 6.02% year-on-year to 62.19%[177] - EBITDA to total debt ratio decreased by 18.42% year-on-year to 0.31[177] - Interest coverage ratio dropped by 26.22% year-on-year to 6.33[177] - The company's main business revenue for 2023 was RMB 124.461 billion[178] - Total assets increased to RMB 151.62 billion in 2023, up from RMB 130.97 billion in 2022, representing a growth of 15.8%[185] - Cash and cash equivalents rose to RMB 43.37 billion in 2023, compared to RMB 33.85 billion in 2022, a 28.1% increase[185] - Inventory decreased to RMB 12.51 billion in 2023 from RMB 14.84 billion in 2022, a reduction of 15.7%[185] - Fixed assets grew to RMB 35.24 billion in 2023, up from RMB 33.74 billion in 2022, an increase of 4.5%[185] - Long-term equity investments slightly decreased to RMB 4.41 billion in 2023 from RMB 4.56 billion in 2022, a 3.4% decline[185] - Other non-current financial assets nearly doubled to RMB 1.96 billion in 2023 from RMB 1.00 billion in 2022, a 95.1% increase[185] - Construction in progress increased to RMB 4.34 billion in 2023, up from RMB 3.44 billion in 2022, a 26.0% rise[185] - Goodwill grew to RMB 5.16 billion in 2023 from RMB 4.95 billion in 2022, a 4.2% increase[185] - Other non-current assets surged to RMB 19.71 billion in 2023 from RMB 8.72 billion in 2022, a 126.1% jump[185] - Total current assets increased to RMB 69.36 billion in 2023, up from RMB 61.46 billion in 2022, a 12.8% growth[185] - Total liabilities increased to 94.3 billion RMB in 2023, up from 76.82 billion RMB in 2022, reflecting a 22.8% year-over-year growth[186] - Short-term borrowings rose to 39.75 billion RMB in 2023, a 48.4% increase compared to 26.8 billion RMB in 2022[186] - Long-term borrowings grew to 11.71 billion RMB in 2023, up 25.9% from 9.3 billion RMB in 2022[186] - Total assets reached 151.62 billion RMB in 2023, a 15.8% increase from 130.97 billion RMB in 2022[186] - Monetary funds increased to 24.01 billion RMB in 2023, up 36.4% from 17.6 billion RMB in 2022[187] - Accounts receivable slightly increased to 1.62 billion RMB in 2023, compared to 1.61 billion RMB in 2022[187] - Inventory grew to 3.27 billion RMB in 2023, a 7.8% increase from 3.03 billion RMB in 2022[187] - Long-term equity investments rose to 50.77 billion RMB in 2023, up 10% from 46.18 billion RMB in 2022[187] - Fixed assets decreased to 3.67 billion RMB in 2023, down 5.1% from 3.87 billion RMB in 2022[187] - Total equity increased to 57.32 billion RMB in 2023, up 5.9% from 54.14 billion RMB in 2022[186] - Total operating income for 2023 reached RMB 126.18 billion, a slight increase from RMB 123.17 billion in 2022[189] - Operating costs for 2023 amounted to RMB 113.94 billion, compared to RMB 112.68 billion in 2022[189] - Sales expenses in 2023 were RMB 22.57 billion, slightly lower than RMB 22.91 billion in 2022[189] - R&D expenses increased to RMB 850.15 million in 2023 from RMB 821.55 million in 2022[189] - Total liabilities for 2023 stood at RMB 74.05 billion, up from RMB 54.38 billion in 2022[188] - Short-term borrowings in 2023 were RMB 6.11 billion, compared to RMB 5.56 billion in 2022[188] - Accounts payable in 2023 increased to RMB 12.96 billion from RMB 10.66 billion in 2022[188] - Contract liabilities in 2023 were RMB 8.12 billion, up from RMB 7.77 billion in 2022[188] - Long-term borrowings in 2023 rose to RMB 11.09 billion from RMB 7.97 billion in 2022[188] - Total equity attributable to shareholders in 2023 was RMB 43.46 billion, compared to RMB 42.06 billion in 2022[188] - Revenue for 2023 reached 112.25 billion RMB, a slight increase from 110.09 billion RMB in 2022[191] - Net profit attributable to parent company shareholders was 10.43 billion RMB, up from 9.43 billion RMB in 2022[190] - Operating profit for 2023 was 9.11 billion RMB, compared to 10.54 billion RMB in 2022[191] - R&D expenses increased to 706.57 million RMB in 2023 from 646.09 million RMB in 2022[191] - Total comprehensive income for 2023 was 9.97 billion RMB, up from 8.53 billion RMB in 2022[190] - Basic earnings per share (EPS) for 2023 were 1.64 RMB, compared to 1.48 RMB in 2022[190] - Sales expenses decreased to 19.50 billion RMB in 2023 from 19.96 billion RMB in 2022[191] - Income tax expenses for 2023 were 1.44 billion RMB, up from 1.31 billion RMB in 2022[190] - Other comprehensive income after tax was -318.04 million RMB in 2023, compared to -792.81 million RMB in 2022[190] - Interest income for 2023 was 1.82 billion RMB, up from 1.51 billion RMB in 2022[191] - Sales of goods and services received cash of RMB 137.24 billion, an increase from RMB 133.59 billion in 2022[192] - Net cash flow from operating activities increased to RMB 18.29 billion, up from RMB 13.42 billion in 2022[192] - Cash received from investment returns was RMB 155.26 million, compared to RMB 61.41 million in 2022[193] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets was RMB 6.96 billion, slightly up from RMB 6.65 billion in 2022[193] - Net cash flow from financing activities was RMB 7.26 billion, down from RMB 8.78 billion in 2022[193] - The company's cash and cash equivalents at the end of the period were RMB 42.81 billion, up from RMB 33.19 billion at the beginning of the period[193] - Cash received from tax refunds increased significantly to RMB 1.43 billion, compared to RMB 823.02 million in 2022[192] - Cash received from other operating activities was RMB 4.37 billion, up from RMB 3.26 billion in 2022[192] - Cash paid for employee wages and benefits was RMB 14.25 billion, slightly up from RMB 13.97 billion in 2022[192] - Net cash flow from investment activities was negative RMB 16.04 billion, an improvement from negative RMB 19.51 billion in 2022[193] - Sales revenue from goods and services received in cash increased to 124.43 billion RMB in 2023, up from 120.81 billion RMB in 2022[194] - Net cash flow from operating activities decreased to 8.43 billion RMB in 2023 from 31.53 billion RMB in 2022[194] - Net cash flow from investing activities improved to -12.18 billion RMB in 2023 from -15.73 billion RMB in 2022[194] - Net cash flow from financing activities turned positive at 9.98 billion RMB in 2023 compared to -22.95 billion RMB in 2022[194] - Total cash and cash equivalents at the end of the period increased to 23.51 billion RMB in 2023 from 17.27 billion RMB in 2022[194] - Comprehensive income for 2023 totaled 10.05 billion RMB, with a net profit attributable to the parent company of 10.43 billion RMB[195] - Total owner's equity at the end of 2023 was 57.32 billion RMB, up from 54.14 billion RMB at the beginning of the year[196] - Retained earnings increased to 31.41 billion RMB at the end of 2023 from 27.59 billion RMB at the beginning of the year[196] - Capital reserve decreased to 13.38 billion RMB at the end of 2023 from 14.24 billion RMB at the beginning of the year[196] - The company distributed dividends of 6.62 billion RMB to shareholders in 2023[196] - Share capital decreased by 785,600 to 6,399,345,318.00[197] - Capital reserve decreased by 33,342,301.39 to 14,235,222,819.41[197] - Treasury stock decreased by 176,675,454.56 to 1,074,391,877.44[197] - Other comprehensive income decreased by 871,947,855.76 to -78,995,996.78[197] - Retained earnings increased by 3,288,973,702.50 to 27,586,638,109.96[197] - Total equity attributable to owners increased by 2,559,573,399.91 to 50,267,883,832.15[197] - Minority interest increased by 2,792,511,492.75 to 3,875,219,367.51[197] - Total equity increased by 5,352,084,892.66 to 54,143,103,199.66[197] - Profit distribution to owners amounted to -6,144,125,681.28[199] - Other adjustments to equity amounted to -9,590,327.26[199] - Total owner's equity at the end of 2023 was RMB 43.46 billion, an increase of RMB 1.39 billion compared to the beginning of the year[200] - Comprehensive income for 2023 was RMB 8.28 billion, contributing significantly to the increase in owner's equity[200] - Retained earnings increased by RMB 1.67 billion to RMB 21.87 billion at the end of 2023[200] - Capital reserve decreased by RMB 957.29 million to RMB 12.26 billion due to capital reduction and other adjustments[200] - Treasury stock decreased by RMB 724.54 million to RMB 349.86 million, reflecting share repurchase activities[200] - Other comprehensive income decreased by RMB 12.07 million to RMB 117.56 million, impacted by currency translation adjustments[200] - Profit distribution to shareholders amounted to RMB 6.62 billion, reducing retained earnings accordingly[200] - The company's share capital decreased by RMB 33.25 million to RMB 6.37 billion due to share repurchases[200] Profit Distribution and Dividends - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, totaling 7,639,318,446.00 yuan, representing 73.25% of the net profit attributable to shareholders[4] - The company's board of directors approved the profit distribution plan for 2023, which includes a cash dividend distribution[4] - The company's total distributable profit at the end of the reporting period was 21,865,898,536.12 yuan, after adjustments for cash dividends and other factors[4] - The company distributed a cash dividend of RMB 6,621,108,317.20, with a per-share dividend of RMB 1.04 (before tax), based on a total share capital of 6,366,450,305 shares[95] - The cash dividend for the year amounted to RMB 7,639,318,446.00, representing 73.25% of the net profit attributable to ordinary shareholders[97] - The total dividend distribution, including cash dividends and share repurchases, was RMB 8,336,202,756.22, accounting for 79.94% of the net profit attributable to ordinary shareholders[97] - The company repurchased shares worth RMB 696,884,310.22, which was included in the total cash dividend calculation[97] - The company's 2022 annual profit distribution plan was approved at the 2022 annual shareholders' meeting on May 18, 2023[95] - The company adjusted the total cash dividend for 2022, as announced on May 27, 2023[95] - The company strictly adheres to the Articles of Association in formulating and executing cash dividend policies, ensuring compliance with shareholder meeting resolutions[95] - The company's cash dividend policy is clear, with well-defined standards and proportions, and the decision-making process is complete[96] - Independent directors fulfilled their duties effectively, and minority shareholders had ample opportunities to express their opinions and protect their rights[96] Share Capital and Structure - The total share capital as of March 31, 2024, is 6,366,098,705 shares[4] - The company's total share capital decreased by 33,246,613 shares, with limited-sale shares reduced to 61,004,546 shares (0.9583% of total shares)[148] - The company repurchased and canceled 32,468,413 shares in 2023, reducing the total share capital to 6,366,098,705 shares[149] - The company's total share capital changed to 6,366,450,305 shares, with 90,929,746 restricted shares and 6,275,520,559 unrestricted shares[150] - 145,200 restricted shares were repurchased and canceled, reducing the total share capital to 6,366,305,105 shares[150] - 29,573,600 restricted shares were released from lock-up and became tradable, increasing the unrestricted shares to 6,305,094,159[150] - 206,400 restricted shares were repurchased and canceled, further reducing the total share capital to 6,366,098,705 shares[150] - The number of restricted shares held by incentive recipients decreased to 29,573,600 after the repurchase and cancellation[153] - The total number of ordinary shareholders at the end of the reporting period was 521,555[154] - The number of ordinary shareholders decreased to 470,500 by the end of the month preceding the annual report disclosure[154] - The changes in share capital and structure did not have a significant impact on earnings per share or net assets per share[151] - The company's equity incentive plan did not significantly affect its asset and liability structure[153] - Hong Kong Central Clearing Limited reduced its holdings by 291,380,070 shares, now holding 793,783,863 shares, representing 12.47% of total shares[155] - Hohhot Investment Co., Ltd. holds 538,535,826 shares, accounting for 8.46% of total shares, with 222,564,900 shares pledged[155] - Pan Gang holds 286,746,628 shares, representing 4.50% of total shares, with 195,067,500 shares pledged[155] - China Securities Finance Corporation holds 182,421,475 shares, accounting for 2.87% of total shares[155] - Zhao Chengxia holds 92,420,140 shares, representing 1.45% of total shares, with 58,870,000 shares pledged[155] - Liu Chunhai reduced his holdings by 6,317,500 shares, now holding 85,320,788 shares, representing 1.34% of total shares, with 54,437,000 shares pledged[155] - China Life Insurance Company - Traditional - General Insurance Product - 005L - CT001 Shanghai increased its holdings by 65,499,405 shares, now holding 77,620,284 shares, representing 1.22% of total shares[155] - Industrial and Commercial Bank of China - SSE 50 ETF increased its holdings by 22,740,818 shares, now holding 77,571,027 shares, representing 1.22%