2023 Annual Results
Summary of Income Statement and Balance Sheet
| Year ended 31 December | |||
| (RMB million) | 2023 | 2022 | Better/(Worse) |
|---|---|---|---|
| Revenue | 27,598 | 25,803 | 7.0% |
| Gross Profit | 13,352 | 12,485 | 6.9% |
| Selling and distribution expenses | -9,080 | -7,314 | (24.1%) |
| Administrative expenses | -1,256 | -1,113 | (12.8%) |
| Other income and other gains-net | 524 | 805 | (35.0%) |
| Operating Profit | 3,559 | 4,887 | (27.2%) |
| EBITDA | 6,157 | 6,542 | 5.9% |
| Profit Attributable to Equity Holders | 3,187 | 4,064 | (21.6%) |
| Basic Earnings per share (RMB cents) | 123.2 | 155.4 | (20.7%) |
| Cash and Cash Equivalents | 5,444 | 7,382 | (26.3%) |
| Borrowings | 0 | 0 | N/A |
| Net Cash* | 17,976 | 19,050 | (5.6%) |
| Current Liabilities | 7,268 | 7,241 | (0.4%) |
| Current Ratio (times) | 1.88 | 1.71 | 0.17 |
| Total Liabilities to Total Asset Ratio | 28.7% | 27.7% | (1.0p.p) |
- *Net Cash = Cash and Cash Equivalents + Restricted Bank Deposits + Long & Short-term Bank Deposits - Borrowings
Profit Margins and Key Operating Indicators
| Year ended 31 December | |||
| 2023 | 2022 | Better/(Worse) | |
| Gross Profit Margin | 48.4% | 48.4% | - |
| Operating Profit Margin | 12.9% | 18.9% | (6.0p.p) |
| EBITDA Margin | 22.3% | 25.4% | (3.1p.p) |
| Margin of Profit Attributable to Equity Holders | 11.5% | 15.7% | (4.2p.p) |
| R&D Expenses (as % of revenue) | 2.2% | 2.1% | (0.1p.p) |
| A&P Expenses (as % of revenue) | 9.0% | 8.8% | (0.2p.p) |
| Staff Costs (as % of revenue) | 8.7% | 7.7% | (1.0p.p) |
| Inventory Turnover (Days) | 63 | 58 | (5) |
| Trade Receivables Turnover (Days) | 15 | 14 | (1) |
| Trade Payables Turnover (Days) | 43 | 42 | 1 |
| Cash Conversion Cycle (Days) | 35 | 30 | (5) |
| Return on Equity (ROE) | 13.1% | 17.9% | (4.8p.p) |
| Return on Asset (ROA) | 9.4% | 12.7% | (3.3p.p) |
| CAPEX (RMB million) | 2,024 | 2,176 | 7.0% |
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