
2022 Annual Results
Summary of Income Statement
Period ended 31 December | |||
(RMB Million) | 2022 | 2021 | Better/(Worse) |
---|---|---|---|
Revenue | 25,803 | 22,572 | 14.3% |
Gross Profit | 12,485 | 11,969 | 4.3% |
Distribution costs | -7,314 | -6,138 | (19.2%) |
Administrative expenses | -1,113 | -1,111 | (0.2%) |
Other income and other gains - net | 805 | 400 | 101.1% |
Operating Profit | 4,887 | 5,136 | (4.9%) |
EBITDA | 6,542 | 6,436 | 1.6% |
Profit Attributable to Equity Holders | 4,064 | 4,011 | 1.3% |
Basic Earnings per share (RMB cents) | 155.4 | 160.1 | (2.9%) |
Profit Margins and Expense Ratios
Period ended 31 December | |||
2022 | 2021 | Better/(Worse) | |
Gross Profit Margin | 48.4% | 53.0% | (4.6p.p.) |
Operating Profit Margin | 18.9% | 22.8% | (3.9p.p.) |
EBITDA Margin | 25.4% | 28.5% | (3.1p.p.) |
Margin of Profit Attributable to Equity | 15.7% | 17.8% | (2.1p.p.) |
R&D Expenses (as % of revenue) | 2.1% | 1.8% | (0.3p.p.) |
A&P Expenses (as % of revenue) | 8.8% | 7.9% | (0.9p.p.) |
Staff Costs (as % of revenue) | 7.7% | 8.0% | 0.3p.p. |
Key Operational Indicators
Period ended 31 December | |||
2022 | 2021 | Better/(Worse) | |
Inventory Turnover (Days) | 58 | 54 | (4) |
Trade Receivables Turnover (Days) | 14 | 13 | (1) |
Trade Payables Turnover (Days) | 42 | 47 | (5) |
Cash Conversion Cycle (Days) | 30 | 20 | (10) |
Return on Equity (ROE) | 17.9% | 26.9% | (9.0p.p.) |
Return on Asset (ROA) | 12.7% | 17.9% | (5.2p.p.) |
CAPEX (RMB million) | 2,176 | 1,797 | 21.1% |
Summary of Balance Sheet
Period ended 31 December | |||
(RMB Million) | 2022 | 2021 | Better/(Worse) |
---|---|---|---|
Cash and Cash Equivalents | 7,382 | 14,745 | (49.9%) |
Borrowings | 0 | 0 | N/A |
Net Cash* | 19,050 | 18,482 | 3.1% |
Current Liabilities | 7,241 | 7,704 | 6.0% |
Current Ratio (times) | 1.71 | 2.42 | (0.71) |
Total Liabilities to Total Assets Ratio | 28% | 30% | 2.0p.p. |
- *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Long & Short-term Bank Deposits - Borrowings

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