[年报]欧派家居(603833):2022年年度报告（英文版）
原标题:欧派家居:2022年年度报告（英文版） I. The board of directors, the board of supervisors, directors, supervisors and senior managers of the Company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. II. All directors of the Company attend the meeting of the board of directors. III. Huaxing Certified Public Accounts LLP (Special General Partnership) has issued a standard unqualified audit report for the Company. IV. Yao Liangsong, the person in charge of the Company, Yao Liangsong, the person in charge of accounting, and Wang Huan, the person in charge of accounting institutions (Accounting Supervisor), declare that the financial report in the annual report is true, accurate and complete. V. Profit distribution plan or provident fund conversion into share capital plan approved by the board of directors during the reporting period The Company intends to distribute a total cash dividend of CNY 1.075 billion (tax inclusive) to all shareholders based on the total share capital on the registration date of equity distribution less the number of shares in the Company's share repurchase account, accounting for 40% of the net profit attributable to shareholders of the parent company in 2022. If the total share capital of the Company changes before the equity registration date for the implementation of equity distribution, the Company intends to maintain the total profit distribution unchanged and adjust the profit distribution ratio per share accordingly. VI. Risk statements for forward-looking statements √ Applicable □ Not applicable The forward-looking statements such as the company's future plans and development strategies involved in this report do not constitute the company's substantial commitment to investors, and investors are advised to emphasize investment risks. VII. Is there any non-operating occupation of funds by controlling shareholders and other related parties No VIII. Is there any violation of the prescribed decision-making procedures to provide guarantees to the outside world No IX. Whether more than half of the directors can not guarantee the authenticity, accuracy and completeness of the annual report disclosed by the Company No X. Major risk warning For details, see "VI. Discussion and analysis of the Company's future development (IV) possible risks" in "Section III Management Discussion and Analysis" of this report. XI. Other □ Applicable √ Not applicable Contents Section I Definitions ............................................................................................................................................. 4 Section II Company profile and key financial indicators ................................................................................... 4 Section III Management discussion and analysis .................................................................................................. 9 Section IV Corporate governance ........................................................................................................................ 45 Section V Environmental and social responsibility........................................................................................... 64 Section VI Important matters .............................................................................................................................. 68 Section VII Changes in shares and shareholders ................................................................................................. 96 Section VIII Preferred shares ................................................................................................................................ 102 Section IX Bonds ................................................................................................................................................. 102 Section X Financial Reports .............................................................................................................................. 104
Section I Definitions I. Definitions In this report, unless the context otherwise requires, the following words have the following meanings:
Section II Company profile and key financial indicators I. Company information
Unit: CNY
reporting period □ Applicable √ Not applicable VIII. Differences in accounting data under domestic and foreign accounting standards (I) The difference between net profit and net assets attributable to shareholders of listed companies in financial reports disclosed in accordance with International Accounting Standards and Chinese Accounting Standards □ Applicable √ Not applicable (II) The difference between net profit and net assets attributable to shareholders of listed companies in financial reports disclosed in accordance with Overseas Accounting standards and Chinese Accounting Standards □ Applicable √ Not applicable (III) Explanation of differences between domestic and foreign accounting standards: □ Applicable √ Not applicable IX. Main financial data by quarter in 2022 Unit: CNY
X. Items and amounts of non-recurring profits and losses √ Applicable □ Not applicable Unit: CNY
definition of Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No.1 - Non-recurring Profits and Losses, and the non-recurring profits and losses listed in Explanatory Announcement on Information Disclosure of Companies Offering Securities to the Public No.1 - Non-recurring Profits and Losses as recurring profits and losses. □ Applicable √ Not applicable XI. Items measured at fair value √ Applicable □ Not applicable Unit: CNY
□ Applicable √ Not applicable Section III Management discussion and analysis I. Business discussion and analysis 2022 was an extremely difficult year. During the reporting period, the downward pressure on the national real estate market was unprecedented. Although the central and local governments continued to release positive signals to stabilize the real estate market, favorable policies were introduced, and the housing credit environment was continuously optimized, the policy effect was not yet appeared in the short term; faced with the interweaving impact of multiple external unexpected adverse factors such as the continuous downturn of the real estate industry and the slowdown of economic growth, the expectations and sentiment of home buyers were constantly suppressed; consumer online shopping habits had been strengthened in the past three years, a new home appliances and services retail format of attracting clients online, experiencing the product and placing the order offline is forming accelerately. Faced with the business environment of real estate development risk spillover and in-depth adjustment, intensified competition in the home industry, fluctuations in raw material supply, economic downturn and diversification of home channels, Oppein still shows strong combat effectiveness, and strives for steady progress through the effective implementation of large home furnishing business model innovation, intelligent manufacturing and organizational structure optimization throughout the year. During the reporting period, the Company realized business income of CNY 22.480 billion, an increase of 9.97% over the same period last year, and realized net profit of CNY 2.688 billion, an increase of 0.86% over the same period last year. (I) During the reporting period, the marketing system was not afraid of the storm, guarding the existing market, grabbing new market share and increasing average client purchase value, and made every effort to break the ice under the background of the overall cold of real estate. The Company's operating income achieved a rare year-on-year nearly double-digit positive growth 1. The leading position of the whole house marketing business (wardrobe) industry is more prominent and stable, which is the main engine driving the growth of the Company's operating income in the current period: First, the breakthrough upgrading of net aldehyde 3.0, realizing the transformation from net aldehyde in the whole wardrobe to net aldehyde in space (wardrobe door wall integration), building a more environmentally friendly living space, and starting a wave of health and environmental protection upgrading; second, creatively putting forward the 2.0 strategy of whole home customization, customizing the overall solutions of the six spaces of the whole house for users, and leading the industry to upgrade from whole house customization to the era of whole house customization; third, sensitively capturing the market consumption trend, providing consumers with more diversified product package upgrade series, and breaking through the whole single value ceiling; fourth, constantly exploring the innovation of integrated marketing model, and continuously carrying out online and offline linkage sales activities throughout the year to drive terminal sales; fifth, multi-dimensional development of new channels and new models, bag check/home decoration/whole house decoration/new retail/online cloud stores etc., enabling terminals to broaden the traffic acquisition entrance. 2. Kitchen marketing business fought with challenges, and achieved the annual internal management objectives in a hard way: First, the channel layout is multipronged to enhance market share, including 440+ new decoration stores in retail channels, 4,000+ cooperative decoration enterprises in retail system, 170+ new stores in integrated kitchen business model, and 100+ cities with supermarket large home furnishing; second, deeply cultivate the field of cabinet specialization, develop space solutions for like living room and dining room, transform old kitchens, and deepen kitchen supply chain cooperation; third, promote the process of large home furnishing, integrate kitchen and bathroom marketing and pan large home furnishing business, and create the second growth curve; fourth, create products that meet the needs of consumers, such as "Healthy Kitchen 3.0" and "Oppein Changeable Western Kitchen", to lead the high-quality development of people's living standards. 3. The whole house decoration & furnishing business is flying, and the annual performance is growing rapidly: the Company's leading position in the whole decoration track, and opens up a new blue ocean of growth; second, we will continue to promote the innovation of V8 operation system and "operation 1+8" system, comprehensively help decoration enterprises innovate traffic acquisition methods, model tactics and operation capabilities, enable decoration enterprises to reduce costs and increase efficiency, and enhance market competitiveness; third, we will continue to promote the core of Oppein/Baunis whole house decoration & furnishing customization products + supply chain product integration + two leading enterprises alliance product upgrading, meet the needs of users for "decorating a home", and build a moat of supporting capabilities for decoration enterprises; fourth, we will create, share, achieve win-win and co-evolute with decoration enterprises, steadily promote the strategies of "strong business", "supporting new business" and "fine investment" throughout the year, and constantly consolidate and expand the Company's leading advantages in the field of whole decoration. 4. For bulk business, we will strictly control risks, be calm and down-to-earth, and good at balance to ensure that the Company's overall revenue achieves quality growth: First, we will give full play to the advantages of multi-category R&D and large home furnishing supporting, cooperate with high-quality strategic customers to upgrade from products to content, and actively promote the whole case hardcover loading business; second, we will give full play to the advantages of large-scale non-standard manufacturing, constantly broaden the width of product application scenarios, and extend from traditional hardcover housing to various public construction projects such as schools, hospitals and industrial parks; third, we will continue to cultivate new bulk projects such as talent housing, affordable housing and the transformation of old residential areas. 5. Oppolia's business closely follows the market trend, continues to give full play to its natural ability to integrate categories into large home furnishing, and grows healthily: First, through live broadcasting, design of master IP live broadcasting activities, variety, high-quality KOL&KOC recommendation matrix and so on, we can raise the strength of brand in an all-round way and continuously enhance the brand's strength; second, we will actively lay out localization empowerment, and firefly plan and pilot plan to effectively empower dealers to enhance their online customer acquisition and transformation capabilities; third, the e-commerce channel is strongly enabled to distribute orders for terminals 300,000+ times, boosting the continuous improvement of performance; fourth, we will continue to strengthen the design ability of the whole case, and the newly developed products won many awards such as the 2022 Italian A'Design Award; fifth, during the reporting period, Oppolia opened 1,000 stores for the first time, reaching 1,054, and comprehensively optimized the layout and display, followed the trend of whole decoration, developed projects such as bag check, 1,000 residential buildings and 100 orders, as well as 10 million output value projects frequently, helping the steady growth of performance. 6. Ouboni leads the industry trend of door, wall and cabinet integration and achieves steady growth in performance: First, deepen the professional strength of products, first promote formaldehyde free wooden doors, set off the environmental protection upgrading of doors and walls, continue to consolidate the six core functions of noise prevention, fire prevention, moisture prevention, theft prevention and intelligence, and build a professional moat; second, expand the category map horizontally, and complete the brand leap with "door and wall customization, overall home furnishing, new luxury entry door"; third, marketing efforts, complete a number of Star Tour Live Broadcast and top anchor live broadcasting with goods annually, establish TikTok self-broadcast system, to achieve online and offline reputation and order performance transformation; fourth, continue to optimize the product structure, develop and produce wood wall products suitable for the strategic layout of the Company's large home furnishing, help the business expansion of bulk and integrated home decoration channels, continuously improve production efficiency, and achieve high-quality growth of performance. 7. Oppein retail large home furnishing business sets sail against the trend and embarks on a new journey: First, the Company's Large Home Furnishing Marketing Department has led the retail system to climb the new peak of large home furnishing by transforming the whole decoration track through innovative store formats, standard displays, sales model building and other enabling retail systems. By the end of 2022, Oppein retail system had started the construction of 102 large home furnishing stores; second, the Company innovatively puts forward the "decoration housekeeper" model, with the theme of "solving decoration pain points for end consumers and eliminating decoration phobia", implementing policies according to the city and cooperating with manufacturers to build an "independent third- party" platform supervision system with Oppein as the core. During the reporting period, the average net recommendation value of large home furnishing store customers exceeded 9 points (out of 10 points); third, the original P9 decoration sales system will gradually standardize the highly non-standard "home decoration design" and "construction organization", so that retail dealers who "do not understand, do not want and do not dare to engage in decoration" can easily enter the whole decoration. (II) During the reporting period, the manufacturing system improved production efficiency and effectively intelligent manufacturing, large home furnishing and information strategy, met the increasingly stringent needs of customers for quality, price and delivery time, and provided a strong guarantee for the realization of the Company's performance objectives 1. Comprehensively build precise delivery of orders and professional enabling terminals: First, the promotion of direct delivery model has achieved remarkable results, greatly alleviating the shortage of base resources and reducing operating costs, where: the direct delivery rate of integrated retail multi category (full set) is close to 50%, the on-time rate is nearly 98%, the project direct delivery rate is more than 96%, and the on-time rate is more than 93%; second, the deepening of dry warehouse distribution model and the promotion and application of TIMS have achieved new phased results: The national network service capacity has exceeded 50%; TIMS system has completed the full coverage of dry warehouse distribution business; third, the market-oriented service model and engineering gold nanny service have been unanimously praised by dealers. 2. R&D and design lead the industry leading level: First, the Company won 9 domestic and foreign design awards, such as "Guangzhou High-level Enterprise Research Institute" and Muse Design Gold Award in the United States, A'desig in Italy and IF in Germany; second, the Company has successfully completed the research and development of 600+ new products in 2023, while reducing the R&D cycle of new products; third, the Company establishes a new track for door, wall and cabinet integration, builds standards, builds systems, and helps new products take off; fourth, the product system has been upgraded in an all-round way, greatly integrated and streamlined, and the proportion of product series and material color reduction exceeds double digits. 3. Significant improvement effect of manufacturing management: First, new breakthroughs have been made in the standardization of the whole single level and cabinet level of kitchen cabinets, which greatly improves the cost and shortens the delivery time; second, the wardrobe has been upgraded to the whole cabinet net aldehyde and space net aldehyde, comprehensively promoting product standardization, greatly shortening the launch cycle of new products, and the project of door, wall and cabinet integration has achieved remarkable results to achieve the full integration of wardrobe and wood door; third, the level of door panel powder spraying and UV manufacturing has been continuously improved, and new technologies such as laser engraving, "industrialization" and "flexible" printing have been developed and mass-produced; fourth, the operation improvement of major bases has achieved remarkable results. 4. Continue to promote automation and intelligent upgrading and transformation, improve efficiency and reduce costs: First, the wardrobe has completed the automation improvement of robot electronic cutting saw, edge sealing wiring, automatic loading and unloading wiring of row drill, automatic sorting and packaging line of cabinet body, and back plate suit cut, so as to further promote the specialized production model of cabinet body, door plate and back plate; second, kitchen cabinets and bathrooms have completed the promotion, upgrading and transformation of the automation of edge sealing and drilling lines, and kitchen appliances have achieved the industry's first laser automatic welding, grinding free and single piece continuous production process; third, the rhythm of wood door paint free automation production line has been improved by double digits, some base paint free 3.0 automation workshops have been put into operation, and the automation level of door and wall production has been significantly improved; fourth, in terms of door panels, blister upgrades one-driven-three processing centers, spray glue connection automation process, spray powder investment in the flexible processing technology of double powder rooms in the accumulation chain, solving the industry problems of color change difficulties. 5. Fruitful achievements in information construction: First, achieve the opening of design and production of the whole category, helping to promote the implementation of large home furnishing strategy; second, the efficiency of order circulation has been greatly improved, with the first pass rate of design exceeding 95% and the exemption rate exceeding 85%; third, the background service is pre-positioned to vigorously improve the design quality and break through the bottleneck of terminal empowerment; fourth, fully realize the delivery of orders in the whole chain and online collaboration of capital settlement; fifth, new breakthroughs have been made in the benchmarking of PLM/MRP/MPCS projects, large versions of the basic framework of core systems such as BPM/MSCS have been upgraded, and 100 billion scale information infrastructure support capacity building has been planned. th 6. Won the 7 Guangdong Provincial Government Quality Award The Company has been consumer centered to improve products and services, build an integrated quality assurance system, make breakthroughs in self-developed informatization, patent application and localization of testing technology, lead environmental protection upgrading, compile industry standards, upgrade supply chains, and promote the quality improvement of customized product chains. During the reporting period, the review expert group of "Guangdong to reports, consulting materials, on-site visits and on-site communication. With its outstanding performance in leadership, quality, innovation, brand and efficiency, the Company stands out among many manufacturing enterprises and won the th 7 Guangdong Provincial Government Quality Award, the highest honor in the provincial quality system. (III) During the reporting period, the Company's functional system has always maintained a sense of vigilance and worry, facing difficulties, firmly believing in moving forward, self-reflection, reform and innovation, and did not hesitate to seek all opportunities for development All departments of the functional system perform their respective duties and become a strong guarantee, support, energy storage and transmission base for the marketing and manufacturing system. First, optimize the total remuneration and compilation control rules, refine dynamic control, and effectively balance the relationship between human cost and personnel growth rate; second, establish a multi-dimensional and multi-perspective financial operation analysis system to help business reduce costs and save consumption, continue to build intelligent and automated financial management, and promote 20+ information projects as a whole; third, in extreme environments, ensure the supply of raw materials by multiple means, implement procurement cost control by multiple measures, and establish and optimize a number of key procurement systems and processes; fourth, innovate and establish a system process integration management model that fits the reality of Oppein, complete a comprehensive sorting of business process architecture, and clarify 200+ cross business domain process interfaces; fifth, strengthen institutional governance, legal management and regulatory verification functions, firmly abide by the bottom line of compliance, and strive to create a compliance culture with Oppein characteristics; sixth, improve and upgrade service software and hardware, introduce a number of innovative service projects, and provide high-quality service guarantee for 20,000+ employees of the Company. II. Industry situation of the Company during the reporting period (I) Basic situation of the industry 1. According to the Industrial Classification for National Economic Activities (GB/T4754-2017) issued by the National Bureau of Statistics in 2019, the Company is engaged in wood furniture manufacturing industry (C211) in furniture manufacturing industry (C21). 2. Affected by the pressure of economic growth, real estate sales and other factors, from January to December 2022, the total retail sales of furniture in China was CNY 163.5 billion, down 7.5% year-on-year, and the year-on-year growth rate of various categories of commodity retail temporarily ranked last. Meanwhile, the annual operating income of furniture manufacturing enterprises above designated size in 2022 was CNY 762.41 billion, down 8.1% year-on-year from 2021. With the transition of the furniture industry from a period of rapid development to a period of mature development, the overall growth rate of the industry has slowed down. Affected by the "three red lines" control of the early real estate financing policy, the new development investment of real estate on the supply side shows a downward trend. In 2022, the national real estate development investment was CNY 13,289.5 billion, down 10.0% from the same period last year; Among them, residential investment was CNY 10,064.6 billion, down 9.5% year-on-year; the completed 2 residential area was 625.39 million m , down 14.3% year-on-year. The real estate development boom index dropped from 100.28 in December 2021 to 94.35 in December 2022, showing a rapid decline in the early stage and a slow decline in the later stage. Affected by the slowdown in the growth of a number of real estate data, furniture companies have contracted and controlled their engineering business layout. Figure: Real Estate Development Boom Index Source: National Bureau of Statistics Customized home furnishing industry is moving from single category sales to multi-category integration. Non- standard customized wood furniture products, standardized building materials products and personalized soft decoration products penetrate each other, and the category melee has escalated again. With the youth of the main group of home decoration consumption and the frequent demand for decoration, it further promotes the transformation from simple product integration to more complex decoration service integration. Products and services are no longer a separate link in the whole chain of home decoration services, cross-border integration has become an industry trend, and the single value of customers and the flat efficiency of single stores have been improved to a certain extent. The category boundary of customized furniture industry is further blurred, showing category diversification and channel diversification, and the industry competition pattern is constantly changing and updating. 3. Online and offline integrated sales model has become a trend. From the perspective of BHI national building materials home terminal store prosperity index, affected by multiple factors such as economic downturn, real estate downturn and purchasing power decline, BHI showed a trend of "stability previously and decline later" in 2022. Customized home enterprises enhance the popularity of terminal stores through new retail formats of online promotion and traffic acquisition, offline experience and turnover of customer stores. (II) Industry characteristics 1. Cyclical and seasonal Customized furniture is optional consumer goods and is part of the home building material market. From the perspective of cyclical characteristics, the industry is affected by macroeconomic growth, industry policies, real estate related policies and investment and financing, changes in consumer ideas, intergenerational changes in the main consumption force, and life cycle differences in various categories of customized furniture. The growth rate of furniture retail sales is closely related to the growth of completed housing area, which has a strong periodicity. Figure: Relationship between the Year-On-Year Growth of Furniture Retail Sales and the Year-On-Year Growth of Completed House Construction Area cumulative year-on-year (%) cumulative year-on-year (%) （未完）  |