[年报]珀莱雅(603605):珀莱雅化妆品股份有限公司2021年年度报告（英文版）
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时间：2022年04月22日 00:49:32 中财网 |
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原标题:珀莱雅:珀莱雅化妆品股份有限公司2021年年度报告（英文版）
Stock Code: 603605 Abbreviation: Proya
Bond Code: 113634 Bond Abbreviation: Proya convertible bond
Proya Cosmetics Co., Ltd.
Annual Report 2021
Important Notes
I. The Board of Directors, Board of Supervisors, directors, supervisors, and officers of the Company warrant that the content of the Annual Report is authentic, accurate, and complete, and is free of false records, misleading statements, and major omissions, and that they shall be jointly and severally liable therefore.
II. All directors of the Company attended the meeting of the board of directors.
III. Pan-China Certified Public Accountants (Special General Partnership) has issued a standard unqualified audit report to the Company.
IV. Hou Juncheng, chairman of the Company, Wang Li, CFO of the Company represent and warrant that the financial report in the Annual Report is authentic, accurate and complete.
V. The profit distribution plan or capital reserve capitalization plan for the reporting period approved by the Board of Directors
Based on the total share capital as of the record date for dividend distribution, the Company plans to
distribute to all shareholders registered on the record date a cash dividend of RMB8.60 (tax inclusive)
per 10 shares and proposes to convert the capital reserve into share capital in the proportion of four4
shares for every 10 shares without bonus shares. Based on a total of 201,009,966 shares on December
31, 2021, the estimated cash dividend amounts to RMB172,868,570.76 (tax inclusive) and 80,403,986 shares will be issued through the capital reserve capitalization. In case of a change in the Company's
total share capital prior to before the record date for equity distribution, the Company would maintain
the said distribution and conversation ratios and yet adjusted the total distribution and conversion
amounts and would otherwise announce such adjustments.
VI. Disclosure of risks involved in forward-looking statements "√ Applicable" "□ Not applicable"
Any future plan, development strategy, or other description contained in the forward-looking statements
herein shall not be deemed as the Company's substantial commitments to investors. Investors should note that investment involves risks.
VII. Whether there is any non-operating capital occupation by a controlling shareholder and its related parties
No
VIII. Whether there is any external guarantee provided in violation of the specified decision-making procedures
No
IX. Whether the majority of the directors are unable to warrant the authenticity, accuracy and completeness of the Annual Report disclosed by the Company
No
X. Major risk tips
The Company has described the existing risks in details in this Report. Refer to (IV) Possible risks,
VI. Discussion and analysis of the Company's future development, Section III Management Discussion and Analysis.
XI. Others
"□ Applicable" "√ Not applicable"
Contents
Section I Definitions ........................................................................................................................... 5
Section II Company Profile and Key Financial Indicators ............................................................. 8
Section III Management Discussion and Analysis .............................................................................. 14
Section IV Corporate Governance ...................................................................................................... 50
Section V Environmental and Social Responsibility ......................................................................... 81
Section VI Significant Issues .............................................................................................................. 84
Section VII Changes in Shares and Shareholders ............................................................................... 127
Section VIII Preferred Shares .............................................................................................................. 141
Section IX Corporate Bonds ............................................................................................................. 142
Section X Financial Report .............................................................................................................. 143
| Documents
Available for
Inspection | Financial statements signed and sealed by the legal representative, the CFO of the
Company, and the head of accounting department | | | Original copy of the auditors' report with the auditing firm's chop affixed, signed and
sealed by certified public accountants. | | | Original copies of all documents and announcements of the Company disclosed during
the reporting period in newspapers designated by the China Securities Regulatory
Commission. |
Section I Definitions
I. Definitions
In this report, unless the context otherwise requires, the following terms have the following meanings:
| Definition | | | | Proya Cosmetics, this
Company or the Company | shall mean | Proya Cosmetics Co., Ltd. | | Huzhou Branch | shall mean | Huzhou Branch of Proya Cosmetics Co., Ltd., a branch of
the Company | | Proya Trading | shall mean | Hangzhou Proya Trading Co., Ltd., a wholly-owned
subsidiary of the Company | | Korea Hanna | shall mean | Hanna Cosmetics Co., Ltd., a wholly-owned subsidiary of
the Company | | Hanya (Huzhou) | shall mean | Hanya (Huzhou) Cosmetics Co., Ltd., a wholly-owned
subsidiary of Korea Hanna | | Yueqing Laiya | shall mean | Yueqing Laiya Trading Co., Ltd., a wholly-owned
subsidiary of the Company | | Huzhou Uzero | shall mean | Huzhou Uzero Trading Co., Ltd., a wholly-owned
subsidiary of the Company | | Mijing Siyu (Hangzhou) | shall mean | Mijingsiyu (Hangzhou) Cosmetics Co., Ltd., a
wholly-owned subsidiary of the Company | | Meiligu | shall mean | Zhejiang Meiligu Electronic Commerce Co., Ltd., a
wholly-owned subsidiary of the Company | | Chuangdai Electronics | shall mean | Huzhou Chuangdai E-commerce Co., Ltd., a
wholly-owned subsidiary of Meiligu | | Hapsode (Hangzhou) | shall mean | Hapsode (Hangzhou) Cosmetics Co., Ltd., a
wholly-owned subsidiary of the Company | | Korea Hapsode | shall mean | Hapsode Co., Ltd., a wholly-owned subsidiary of
Hapsode (Hangzhou) | | Huzhou Hapsode | shall mean | Huzhou Hapsode Trading Co., Ltd., a wholly-owned
subsidiary of Hapsode (Hangzhou) | | Danyang Hapsode | shall mean | Danyang Hapsode Cosmetics Trading Co., Ltd., a
wholly-owned subsidiary of Hapsode (Hangzhou) | | Proya Commercial | shall mean | Hangzhou Proya Commercial Management Co., Ltd., a
wholly-owned subsidiary of the Company | | Tiedingxian | shall mean | Hangzhou Tiedingxian Catering Management Co., Ltd., a
holding subsidiary of Proya Commercial | | Tielexin Aini | shall mean | Hangzhou Tieluoxin Aini Catering Management Co.,
Ltd., a wholly-owned subsidiary of Proya Commercial | | Xiake Bar | shall mean | Hangzhou Xiake Bar Catering Management Co., Ltd., a
wholly-owned subsidiary of Proya Commercial | | Luxiaotie | shall mean | Hangzhou Luxiaotie Fitness Co., Ltd., a wholly-owned
subsidiary of Proya Commercial | | Hong Kong Keshi | shall mean | Hong Kong Keshi Trading Co., Ltd., a holding subsidiary
of the Company | | Hong Kong Xinghuo | shall mean | Hong Kong Xinghuo Industry Limited, a
wholly-owned subsidiary of the Company | | Hong Kong Zhongwen | shall mean | Hong Kong Zhongwen Electronic Commerce Co.,
Limited, a wholly-owned subsidiary of Hong Kong
Xinghuo | | Hong Kong Xuchen | shall mean | Hong Kong Xuchen Trading Limited, a wholly-owned
subsidiary of Hong Kong Xinghuo | | Proya Luxembourg | shall mean | Proya Europe SARL, a wholly-owned subsidiary of Hong
Kong Xinghuo | | Shanghai Zhongwen | shall mean | Shanghai Zhongwen Electronic Commerce Co., Ltd., a
wholly-owned subsidiary of the Company | | Huzhou Niuke | shall mean | Huzhou Niuke Technology Co., Ltd., a holding
subsidiary of the Company | | Hangzhou Wanyan | shall mean | Hangzhou Wanyan Culture Media Co., Ltd., a
wholly-owned subsidiary of Huzhou Niuke | | Hong Kong Wanyan | shall mean | Hong Kong Wanyan Electronic Commerce Co.,
Limited, a wholly-owned subsidiary of Huzhou Niuke | | Huzhou Younimi | shall mean | Huzhou Younimi Cosmetics Co., Ltd., a holding
subsidiary of the Company | | Korea Younimi | shall mean | Korea Younimi Cosmetics Co., Ltd., a holding
subsidiary of the Company | | Ningbo Timage | shall mean | Ningbo Timage Cosmetics Co., Ltd., a holding subsidiary
of the Company | | Ningbo Keshi | shall mean | Ningbo Keshi Trading Limited, a holding subsidiary of
the Company | | Zhejiang Biyouti | shall mean | Zhejiang Biyouti Cosmetics Co., Ltd., a wholly-owned
subsidiary of the Company | | Ningbo Proya | shall mean | Ningbo Proya Enterprise Consulting Management Co.,
Ltd., a wholly-owned subsidiary of the Company | | Zhejiang Qingya | shall mean | Zhejiang Qingya Culture Art Communication Co.,
Ltd., a holding subsidiary of the Company | | Boya (Hong Kong) | shall mean | BOYA (Hong Kong) Investment Management Co.,
Limited, a wholly-owned subsidiary of the Company | | Japan OR | shall mean | Or Off&Relax, a holding subsidiary of Boya (Hong
Kong) | | Ningbo Tangyu | shall mean | Ningbo Tangyu Trading Co., Ltd., a wholly-owned
subsidiary of Japan OR | | Hangzhou Weiluoke | shall mean | Hangzhou Weiluoke Cosmetics Co., Ltd., a
wholly-owned subsidiary of the Company | | Hangzhou Yizhuo | shall mean | Hangzhou Yizhuo Culture Media Co., Ltd., a
wholly-owned subsidiary of the Company | | Hangzhou Oumisi | shall mean | Hangzhou Oumisi Trading Co., Ltd., a wholly-owned
subsidiary of the Company | | Huzhou Poyun | shall mean | Huzhou Poyun Electronic Commerce Co., Ltd., a
holding subsidiary of the Company | | Guangzhou Qianxi | shall mean | Guangzhou Qianxi Network Technology Co., Ltd., a
wholly-owned subsidiary of the Company | | Xuzhou Proya | shall mean | Xuzhou Proya Information Technology Co., Ltd., a
wholly-owned subsidiary of the Company | | Proya (Hainan) | shall mean | Proya (Hainan) Cosmetics Co., Ltd., a wholly-owned
subsidiary of the Company | | Singuladerm (Hangzhou) | shall mean | Shenggelan (Hangzhou) Cosmetics Co., Ltd., a
wholly-owned subsidiary of the Company | | CSRC | shall mean | China Securities Regulatory Commission | | SSE | shall mean | Shanghai Stock Exchange | | Pan-China | shall mean | Pan-China Certified Public Accountants (Special General
Partnership) | | CSC | shall mean | China Securities Co., Ltd. | | Company Law | shall mean | Company Law of the People's Republic of China | | Securities Law | shall mean | Securities Law of the People's Republic of China | | Articles of Association | shall mean | Articles of Association of Proya Cosmetics Co., Ltd. | | RMB/RMB10,000 | shall mean | RMB/RMB10,000 | | Reporting Period | shall mean | January 1, 2021 to December 31, 2021 |
Section II Company Profile and Key Financial Indicators
I. Company Information
| Chinese name of the Company | Proya Cosmetics Co., Ltd. | | Short name of the Company in Chinese | 珀莱雅 | | English name of the Company | Proya Cosmetics Co., Ltd. | | Abbreviation of English name of the
Company | Proya | | Legal representative of the company | Hou Juncheng |
II. Contact Details
| | Board Secretary | Securities Affairs Representative | | Name | Wang Li | Wang Xiaoyan | | Mailing address | 10/F, Proya Building, No. 588 Xixi
Road, Xihu District, Hangzhou
City, Zhejiang Province | 10/F, Proya Building, No. 588
Xixi Road, Xihu District,
Hangzhou City, Zhejiang Province | | Telephone | 0571-87352850 | 0571-87352850 | | Fax | 0571-87352813 | 0571-87352813 | | Email | [email protected] | [email protected] |
III. General Information
| Registered address | No. 588, Xixi Road, Liuliu Street, Xihu District, Hangzhou
City, Zhejiang Province | | Historical changes in the Company's
registered address | 310023 | | Office address of the Company | Proya Building, No. 588 Xixi Road, Xihu District, Hangzhou
City, Zhejiang Province | | Postal code of registered address | 310023 | | Company website | http://www.proya-group.com | | Email | [email protected] |
IV. Information Disclosure and Place for Obtaining the Report
| Media for the Company's information
disclosure | Shanghai Securities News, Securities Times | | CSRC's designated website for the
Company's Annual Report disclosure | http://www.sse.com.cn | | The Company's Annual Report may be
obtained at | Board of Director's Office, Proya Building, No.588
Xixi Road, Xihu District, Hangzhou City, Zhejiang
Province |
V. Stock Information
| Stock Information | | | | | | Stock class | Stock exchange | Stock abbreviation | Stock code | Stock abbreviation
before changes | | A share | Shanghai Stock
Exchange | 珀莱雅 | 603605 | None |
VI. Other Relevant Information
| Auditor of the
Company (domestic) | Name | Pan-China Certified Public Accountants (Special
General Partnership) | | | Office address | Block B, China Resources Building, No. 1366,
Qianjiang Road, Jianggan District, Hangzhou | | | Name of the signing
accountant | Yin Zhibin, Wang Xiaokang | | Sponsor performing
continuous
supervisory duty
during the reporting
period | Name | China Securities Co., Ltd. | | | Office address | 2203, North Tower, Shanghai Securities Building,
528 Pudong South Road, Shanghai | | | Names of the sponsor's
signing representatives | Ge Liang, Wang Zhan | | | Period of continuous
supervision | January 4, 2022 - December 31, 2023 |
VII. Major Accounting Data and Financial Indicators for the Past Three Years (I) Major accounting data
Unit: Yuan Currency: RMB
| Major accounting
data | 2021 | 2020 | Year-on-year
change (%) | 2019 | | Operating revenue | 4,633,150,538.43 | 3,752,386,849.02 | 23.47 | 3,123,520,211.77 | | Net profit attributable
to shareholders of the
listed company | 576,119,025.56 | 476,009,298.41 | 21.03 | 392,681,976.58 | | Net profit attributable | 568,092,480.38 | 469,935,904.22 | 20.89 | 386,170,257.02 | | to shareholders of the
listed company net of
non-recurring profit
and loss | | | | | | Net cash flow from
operating activities | 829,670,943.82 | 331,550,109.14 | 150.24 | 235,961,328.34 | | | As of the end of
2021 | As of the end of
2020 | Year-on-year
change (%) | As of the end of
2019 | | Net assets attributable
to shareholders of the
listed company | 2,876,975,835.98 | 2,391,535,435.94 | 20.30 | 2,029,687,883.68 | | Total assets | 4,633,049,783.03 | 3,636,882,185.29 | 27.39 | 2,979,365,076.82 |
(II) Key financial indicators
| Key financial indicators | 2021 | 2020 | Year-on-year change (%) | 2019 | | Basic earnings per share
(RMB/share) | 2.87 | 2.37 | 21.10 | 1.96 | | Diluted earnings per share
(RMB/share) | 2.81 | 2.37 | 18.57 | 1.96 | | Basic earnings per share net of
non-recurring Profit or loss
(RMB/share) | 2.83 | 2.34 | 20.94 | 1.93 | | Weighted average ROE (%) | 22.25 | 21.82 | Up by 0.43 percentage points | 21.24 | | Weighted average ROE net of
non-recurring profit and loss (%) | 21.94 | 21.54 | Up by 0.40 percentage points | 20.89 |
Explanation on the Company's major accounting data and financial indicators for the recent three years
as of the end of the reporting period
"□ Applicable" "√ Not applicable"
VIII. Differences in Accounting Data under Chinese and International Accounting Standards (I) Difference in net profit and net assets attributable to shareholders of the listed company in the financial report disclosed in accordance with international accounting standards and Chinese accounting standards
"□ Applicable" "√ Not applicable"
(II) Differences in net profit and net assets attributable to shareholders of the listed company in
the financial report disclosed in accordance with international accounting standards and Chinese accounting standards
"□ Applicable" "√ Not applicable"
(III) Description of differences between domestic and foreign accounting standards: "□ Applicable" "√ Not applicable"
IX. Major Financial Data for 2021 by Quarter
Unit: Yuan Currency: RMB
| | Q1
(January - March) | Q2
(April - June) | Q3
(July - September) | Q4
(October -
December) | | Operating revenue | 905,464,673.13 | 1,012,253,824.47 | 1,094,533,358.54 | 1,620,898,682.29 | | Net profit attributable
to shareholders of the
listed company | 109,895,944.66 | 116,205,369.20 | 138,195,475.24 | 211,822,236.46 | | Net profit attributable
to shareholders of the
listed company net of
non-recurring profit
and loss | 107,715,991.57 | 112,564,401.71 | 136,116,085.45 | 211,696,001.65 | | Net cash flow from
operating activities | 55,030,968.90 | 211,144,609.92 | 224,312,917.94 | 339,182,447.06 |
Notes: Major reasons for fluctuations in operating revenue and net profit attributable to shareholders of the listed company among quarters: Quarterly sales fluctuated in cosmetics industry
due to vulnerability to seasonal factors and holiday activities. For example, Q4 garnered peak sales such as for the National Day, Double Eleven, and Double Twelve shopping festivals. As a result, operating revenue and net profit were higher in Q4 than in other quarters. Description of differences among quarterly data and disclosed regular reporting data "□ Applicable" "√ Not applicable"
X. Non-recurring Profit and Loss Items and Amounts
"√ Applicable" "□ Not applicable"
Unit: Yuan Currency: RMB
| Non-recurring profit and loss item | Amount for
2021 | Notes
(if
applicable) | Amount for
2020 | Amount for
2019 | | Gain or loss on disposal of non-current
assets | -112,183.24 | | 150,560.30 | 43,245.67 | | Unauthorized approval, no formal
approval, or occasional tax refund or
reduction | | | | 8,167.37 | | Government grants included in the current
profit and loss, except those closely
related to the Company's normal
operations and continuously enjoyed in
line with national policies and regulations
and up to some limits or in fixed amounts | 15,448,962.01 | | 12,198,410.18 | 7,913,746.66 | | Fund occupation fees charged from
non-financial businesses included in
current profit and loss | | | | 27,000.00 | | Gains arising from investment costs for
acquisition of subsidiaries, associates
and joint ventures less than the fair
value of attributable identifiable net
assets of the invested entity at the time
of acquisition | | | | | | Gain or loss from exchange of
non-monetary assets | | | | | | Gain or loss on entrusted investment or
asset management | | | | | | Provision for various asset impairments
due to force majeure factors such as
natural disasters | | | | | | Gain and loss from restructuring of
debts | | | | | | Restructuring expenses, such as
re-settlement cost, integration cost, etc. | | | | | | Profit or loss of the part exceeding fair | | | | | | value generated from transactions with
unreasonable transaction price | | | | | | Net profit or loss of subsidiaries
generated from the merger of companies
under common control from the
beginning of the period to the date of
merger | | | | | | Profit or loss generated from
contingencies unrelated to the
Company's normal operations | | | | | | Profit or loss from changes in fair value
arising from holding of trading financial
assets, derivative financial assets, trading
financial liabilities and derivative
financial liabilities, and investment gain
from disposal of trading financial assets,
derivative financial assets, trading
financial liabilities, derivative financial
liabilities and other debt investments,
except for effective hedging related to the
Company's normal operations | | | 2,266,301.37 | 4,653,362.83 | | Reversal of provision for impairment of
receivables and contract assets
individually tested for impairment | | | | | | Profit or loss from entrusted loans | | | | | | Profit and loss arising from changes in
the fair value of investment property
subsequently measured with the fair value
model | | | | | | Impact of one-time adjustments to the
current profit and loss according to the
requirements of tax and accounting laws
and regulations on the current profit and
loss | | | | | | Custody fee income from entrusted
operations | | | | | | Other non-operating revenue and | -3,078,442.83 | | -6,810,805.57 | -5,128,895.30 | | expenses other than the above items | | | | | | Other profit or loss items under the
definition of non-recurring profit or loss | | | | | | Less: Income tax impact | 1,917,310.27 | | 1,042,102.64 | 1,192,155.21 | | Impact of minority shareholder
equity (after tax) | 2,314,480.49 | | 688,969.45 | -187,247.54 | | Total | 8,026,545.18 | | 6,073,394.19 | 6,511,719.56 |
Explanation of non-recurring profit and loss items listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1--Non-recurring Gains and Losses as recurring gain and loss items.
"□ Applicable" "√ Not applicable"
XI. Items Measured at Fair Value
"√ Applicable" "□ Not applicable"
Unit: Yuan Currency: RMB
| Item | Opening balance | Ending balance | Current change | Amount of impact
on the current profit | | Receivables financing | 5,531,997.32 | 3,242,000.00 | -2,289,997.32 | 0.00 | | Investment in other
equity instruments | 20,580,000.00 | 56,402,400.00 | 35,822,400.00 | 0.00 | | Total | 26,111,997.32 | 59,644,400.00 | 33,532,402.68 | 0.00 |
XII. Others
"□ Applicable" "√ Not applicable"
Section III Management Discussion and Analysis
I. Business Discussion and Analysis
1. Year-on-year growth in operating revenue
RMB4.633 billion RMB operating revenue, up by 23.47% YOY
Including RMB4.62 billion prime operating revenue, up by 23.28% YOY RMB12.72 million non-operating revenue
Prime operating revenue:
(1) Divided by channel
| Channels | Amount | Change in | Change in | Change in | | | |
| | | (RMB100
million) | 2021 over the
previous year
YOY (%) | 2020 over
the previous
year YOY
(%) | 2019 over
the previous
year
YOY (%) | Percentage
in 2021
(%) | Percentage
in 2020
(%) | Percentage
in 2019
(%) | | Online | Direct sales | 28.03 | 76.16 | 79.63 | 88.25 | 60.66 | 42.45 | 28.42 | | | Distribution | 11.21 | 8.56 | 34.36 | 37.95 | 24.27 | 27.56 | 24.67 | | | Subtotal | 39.24 | 49.54 | 58.59 | 60.97 | 84.93 | 70.01 | 53.09 | | Offline | Cosmetics
store | 5.03 | -40.52 | -19.28 | 4.42 | 10.88 | 22.56 | 33.61 | | | Others | 1.94 | -30.50 | -32.81 | 26.33 | 4.19 | 7.43 | 13.30 | | | Subtotal | 6.96 | -38.03 | -23.12 | 9.82 | 15.07 | 29.99 | 46.91 | | Total | 46.20 | 23.28 | 20.26 | 32.11 | 100.00 | 100.00 | 100.00 | |
Note: The percentage of sales from each channel is the proportion of its sales in prime operating revenue.
(2) Divided by brand
| By brand | | Amount
(RMB100
million) | Change in
2021 over the
previous year
YOY (%) | Change in
2020 over the
previous year
YOY (%) | Change in
2019 over
the previous
year
YOY (%) | Percentage
in 2021
(%) | Percentage
in 2020
(%) | Percentage
in 2019
(%) | | Own
brands | Proya | 38.29 | 28.25 | 12.43 | 26.81 | 82.87 | 79.66 | 85.21 | | | Timage | 2.46 | 103.48 | - | - | 5.33 | 3.23 | 0.00 | | | Other brands | 4.09 | -5.96 | 36.91 | 19.74 | 8.85 | 11.59 | 10.18 | | | Subtotal | 44.84 | 26.63 | 19.11 | 26.02 | 97.05 | 94.48 | 95.39 | | Agency
brands | Cross-border
agency
brands | 1.36 | -34.04 | 44.09 | - | 2.95 | 5.52 | 4.61 | | Total | 46.20 | 23.28 | 20.26 | 32.11 | 100.00 | 100.00 | 100.00 | |
Note: The proportion of sales of each brand is the proportion of its sales in prime operating revenue.
Among other self-owned brands, Timage achieved RMB246 million.
(3) Divided by category
| Category | Amount
(RMB100
million) | Change in
2021 over the
previous year
YOY (%) | Change in
2020 over the
previous year
YOY (%) | Change in 2019
over the
previous year
YOY (%) | Percentage
in 2021
(%) | Percentage
in 2020
(%) | Percentage
in 2019
(%) | | Skincare
(including
cleansing) | 39.78 | 22.70 | 11.38 | 24.89 | 86.10 | 86.50 | 93.40 | | Make-up | 6.18 | 32.97 | 181.91 | 482.43 | 13.38 | 12.41 | 5.29 | | Others | 0.24 | -41.05 | 0.47 | - | 0.52 | 1.09 | 1.31 | | Total | 46.20 | 23.28 | 20.26 | 32.11 | 100.00 | 100.00 | 100.00 |
2. Year-on-year growth in net profit
RMB576 million net profit attributable to shareholders of the listed company, up by 21.03% YOY RMB568 million net profit attributable to shareholders of the listed company net of non-recurring profit
and loss, up by 20.89% YOY
| Indicator | 2021 | 2020 | 2019 | Notes | | 1. Net profit margin | 12.02% | 12.04% | 11.73% | | | 2. Gross profit margin | 66.46% | 63.55% | 63.96% | 1. Increased percentage of online sales; 2. Hero product
strategy; 3. Increased percentage of online self-broadcasting. | | 3. Sales expense ratio | 42.98% | 39.90% | 39.16% | Incubation of new brands (such as Timage, Correctors) and
reshaping of brands (such as Hapsode), increased the expense
in image promotion. | | Where: Image
promotion expense
ratio | 36.12% | 32.68% | 26.86% | | | 4. Administrative
expense ratio | 5.12% | 5.44% | 6.25% | | | 5. R&D expense ratio | 1.65% | 1.92% | 2.39% | R&D expenses increased by RMB4.38 million YOY. The
parent company's R&D expense ratio in 2021 was 3.55%
(compared with 3.96% in the previous year). | | 6. Accounts receivable
turnover rate
(time/year) | 21.88 | 15.53 | 21.74 | Mainly because: (1) Revenue in 2021 increased by 23.47%
YOY; (2) Accounts receivable as of the end of 2021 decreased
by RMB146 million or 51.34% from the beginning of the year;
the two factors above together increased the accounts
receivable turnover rate. | | 7. Accounts receivable
turnover days (days) | 16.45 | 23.18 | 16.56 | | | 8. Inventory turnover
rate (time/year) | 3.39 | 3.50 | 4.12 | | | 9. Inventory turnover
days (days) | 106.19 | 102.86 | 87.38 | |
（未完）
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