Pet industry news, today, Tian Yuan Pet announced its 2023 financial report, which shows that Tian Yuan Pet's total revenue in 2023 will be 2.036 billion yuan and net profit will be 76.76 million yuan.
As of April 23, the closing price of Tianyuan Pet was 17.56 yuan per share, and the latest market value was 2.213 billion yuan.
The financial report is as follows:
Tian Yuan Pet's revenue exceeded 2 billion yuan last year
Year-on-year growth of nearly 8%
According to the financial report, the total revenue of Tian Yuan Pet in 2023 will be 2.036 billion yuan, an increase of 7.96% over the same period in 2022, and the net profit attributable to shareholders of listed companies will be 76.76 million yuan, a decrease of 40.33% compared with 2022.
The main reasons for the decrease in net profit are:
1. In 2023, the company's comprehensive gross profit margin decreased year-on-year, mainly in the sales revenue of pet food increased by 34.63% year-on-year, accounting for 6.70% of the company's operating income, and its gross profit margin was relatively low, and decreased by 5.96% year-on-year;
2. Due to the increase in interest expenses on bank loans and the significant decrease in the amount of foreign exchange gains compared with the previous year, the financial expenses increased by 166.50% year-on-year during the reporting period;
3. In 2023, we will invest in the construction of factories in Tian Yuan, Vietnam and Ohana, Poland, for the production and sales of iron supplies and cat climbing frames.
In terms of quarters, Tian Yuan's revenue in the first quarter was 427 million yuan and net profit was 13.58 million yuan, the second quarter revenue was 577 million yuan and net profit was 16.97 million yuan, the third quarter revenue was 524 million yuan and the net profit was 21.64 million yuan, and the fourth quarter revenue was 508 million yuan and net profit was 24.55 million yuan.
Revenue from cushions, climbing frames, toys and other supplies declined
Pet food revenue increased by more than 34%
According to the financial report, Tianyuan Pet is based on the design, development, production and sales of pet products, and actively expands the pet food sales business, with products covering pet bedding, cat climbing frames, pet food, pet toys, pet clothing, electronic products and other series and all categories of pet products.
In terms of industries, Tianyuan's pet and pet products revenue was 1.329 billion yuan, accounting for 65.27% of the total revenue, a year-on-year decrease of 1.45% in 2022, and the revenue of pet food was 688 million yuan, accounting for 33.80% of the total revenue, an increase of 34.63% year-on-year in 2022.
In terms of products, the revenue of pet bedding products was 255 million yuan, accounting for 12.56% of the total revenue, a year-on-year decrease of 6.33% in 2022;
The revenue of cat climbing frame products was 371 million yuan, accounting for 18.25% of the total revenue, a year-on-year decrease of 1.62% in 2022;
The revenue of pet toy products was 295 million yuan, accounting for 14.53% of the total revenue, a year-on-year decrease of 3.65% in 2022;
the revenue of other supplies products was 405 million yuan, accounting for 19.93% of the total revenue, an increase of 3.86% year-on-year in 2022;
The revenue of pet food products was 688 million yuan, accounting for 33.80% of the total revenue, an increase of 34.63% year-on-year in 2022.
The revenue of other businesses was 18.85 million yuan, accounting for 0.93% of the total revenue, a year-on-year decrease of 28.29% in 2022.
Domestic revenue was 911 million yuan, a year-on-year increase of more than 30%
The revenue of wholesale business exceeded 1.8 billion yuan, accounting for more than 9%.
According to the financial report, in terms of regions, Tian Yuan Pet's overseas revenue last year was 1.125 billion yuan, accounting for 55.25% of the total revenue, a year-on-year decrease of 5.24% in 2022, and the domestic revenue was 911 million yuan, accounting for 44.75% of the total revenue, an increase of 30.37% year-on-year in 2022.
For overseas markets, Tian Yuan Pet has laid out the international pet markets such as the United States, the European Union, Australia, and Japan, and has accumulated a number of high-quality downstream customers, such as large chain supermarkets such as Wal-Mart, Kmart AUS, TRS, Birgma, and KOHNAN, internationally renowned e-commerce companies such as Amazon and Chewy, as well as large pet supplies chain enterprises such as Fressnapf and Petco.
In terms of sales model, Tian Yuan's pet wholesale revenue was 1.856 billion yuan, accounting for 91.14% of the total revenue, an increase of 5.53% year-on-year in 2022, retail business revenue was 161 million yuan, accounting for 7.94% of the total revenue, an increase of 59.54% year-on-year in 2022, and other business revenue was 18.85 million yuan, accounting for 0.93% of the total revenue, down 28.29% year-on-year in 2022.
The sales expenses were 149 million yuan
R&D expenses increased by 26.55%
From the perspective of Tianyuan Pet's sales and R&D expenses in 2023, the company's sales expenses last year totaled 149 million yuan, an increase of 9.67% compared with 2022;
R&D expenses were 23.95 million yuan, accounting for 1.18% of total revenue, an increase of 26.55% year-on-year in 2022, and 90 R&D personnel, accounting for 5.83% of the total number of employees.
As of December 31, 2023, the company has obtained 17 software copyrights related to image software and electronic product software, and authorized 285 patents. Among them, the patented products involve many types of pet products such as cat climbing frames, nest mats, toys, clothing, food and beverage supplies, daily necessities, and electronic products.
Tian Yuan Pet's overseas assets
Major subsidiaries and shareholding companies that have an impact of more than 10% on the company's net profit
Acquisition and disposal of subsidiaries during the reporting period
Tian Yuan Pet's future development plan
Adhere to the business leading strategy, adhere to the strategic focus, deeply cultivate the strategic main channel of supplies and food, and achieve the strategic goal through the three-force driving model of "trinity, interlocking and interlocking, coordinated efforts, and in-depth cultivation" of market-product-organization, focusing on core markets, core customers, and core categories.
In the next five years, the company will accelerate the implementation of the global localization strategy, do a good job in the international regional market in an orderly manner, and make a forward-looking global supply chain layout according to the business plan.
In 2024, in line with the basic business policy of "strategy-driven, customer-centric, and value creator-oriented", we will focus on the following key tasks:
1. The international business of supplies will be guided by strategic planning, focus on large markets, large customers and large categories, effectively implement the strategy of large customers, and focus on improving the growth rate of large customers and large categories under the premise of ensuring volume growth.
2. In terms of category layout, in accordance with the principle of resource layout of large quantity, high frequency and rigid demand, on the basis of consolidating the two core categories of cat climbing frame and nest mat, we will focus on expanding the five categories of toys, clothing, electronics, cleaning and cages.
3. In terms of organizational deepening, we will focus on the development of strategic suppliers that match large customers and large categories, promote the localization of intelligent manufacturing and supply chain, build a benchmarking center, and systematically promote the construction of a comprehensive quality management system to adapt to the landing requirements of the key customer strategy.