The macro-economy continued to recover in 2023 and
WL Delicious's overall business operations and financial performance remained stable. Revenue for the Reporting Period was 4,872 million (RMB, same as below), representing a 5.2% year-on-year ("YoY"), primarily due to an increase in the sales from the emerging channels such as O2O, snack specialty retailers and content e-commerce platforms. Diversified channels have promoted the accelerated transformation of the snack food industry. Faced with this development trend, WL Delicious has kept pace with the times, actively embraced the growth opportunities brought by emerging channels, and has continued to strengthen its omni-channel operations and expansion strategies, thereby achieving the revenue growth. Gross profit for the Reporting Period was 2,323 million, representing a 18.5% growth YoY. Gross profit margin increased 5.4 percentage points to 47.7%, mainly due to (i) the Group's structural adjustment of main products in 2022; (ii) a decrease in the price of raw materials during the Reporting Period; and (iii) the optimization of the Group's cost management by optimising production process flow continuously. Net profit for the Reporting Period was 880 million, representing a 481.9% increase YoY. Adjusted net profit grew 6.3% YoY to 970 million, and adjusted net profit margin increased from 19.7% in 2022 to 19.9% during the Reporting Period, primarily due to the increase of gross profit.
Based on the Group's overall performance, and having accounted for the sufficient cash flow and improved operations during the Reporting Period, the Board proposed to declare a final dividend of 0.10 per share (RMB, inclusive of tax, same as below). The proposed final dividend and interim dividend representing approximately 60% of the net profit of the
In terms of the products, the Group actively explored the consumer needs through market research, expanded its product lines to conform to consumer preferences, and constantly innovated and launched new products. Leveraging rigorous and profound fundamental research and advanced production techniques, the Group launched new products such as spicy Latiao "BADAO PANDA", konjac vegetarian tripe "
In terms of channels, through in-depth channel building over years, WL Delicious has a nationwide distribution network that deeply penetrates the Chinese market. In 2023, while continued to strengthen the traditional channels, the Group also embraced emerging channels such as O2O and Snack Specialty Retailers. Further, the Group strived to cover all channels of e-commerce platforms, which formed a strong complement to offline channels. The Group also strengthened consumer interaction through short videos, internal live streaming and influencer live streaming to enhance traffic conversion and repurchase of content e-commerce platforms. At the same time, the Group also actively expanded overseas markets.
In terms of brand, WL Delicious actively strengthened its brand building and engaged with young consumers through novel, interesting and topical activities, thereby capturing consumers' interest points and creating topics with public communication power, thereby enhancing the brand exposure and visibility of the Group. At the same time, the Group also valued "humanistic core" of the brand, actively participated in brand public welfare activities and fulfilled social responsibilities to improve the Group's brand image.
Mr
[1] The annual dividend payout ratio of WL Delicious: 86.84%
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