China Net Finance On April 26, Vantage released its 2023 annual report. In 2023, the company achieved revenue of 6.233 billion yuan, a year-on-year increase of 7.12%, net profit attributable to shareholders of listed companies of 447 million yuan, a year-on-year increase of 212.50%, non-net profit of 412 million yuan, a year-on-year increase of 362.75%, and net cash flow from operating activities of 1.149 billion yuan, a year-on-year increase of 190.83%.
In addition, Vantage also announced the 2023 dividend plan, planning to "distribute a cash dividend of 3 yuan (including tax) for every 10 shares", with a total cash dividend of 249 million yuan.
Source: Vantage 2023 annual report
Regarding performance, Vantage explained that during the period, the company focused on the established development strategy and business plan, and comprehensively improved its overall competitiveness through a series of measures, laying a good foundation for performance growth. In addition, due to the impact of some real estate-related projects, the company made a large asset impairment provision in 2022, which had a greater impact on the net profit of the year.
It should be pointed out that in 2023, Vantage will continue to make asset impairment provisions of 188 million yuan, accounting for 42.07% of the audited net profit. Among them, only the provision for asset impairment of receivables reached 140 million yuan, accounting for more than 30% of the audited net profit.
According to the data, Vantage is mainly engaged in R&D, production and sales of kitchen appliances. After category upgrading, the company's product categories cover traditional kitchen appliances, emerging kitchen appliances and home furnishing customized products, and has three independent brands such as "Vantage", "Black & Decker" and "Vantage Home".
It is worth noting that traditional kitchen appliances represented by hoods, stoves, water heaters, etc. are still the main contributor to Vantage's revenue. In 2023, the contribution of smoke machines, stoves, and water heaters to revenue will be 41.16%, 23.36%, and 18.35% respectively, totaling more than 80%. In contrast, the emerging kitchen appliances represented by integrated cooking centers, integrated stoves, dishwashers, and steaming and baking machines account for a low proportion of revenue.
In terms of products, among the traditional kitchen appliances, the revenue of the smoke machine during the period was 2.565 billion yuan, a year-on-year increase of 21.59%, the revenue of the stove was 1.456 billion yuan, a year-on-year increase of 6%, and the revenue of water heater only decreased by 5.56% year-on-year to 1.144 billion yuan.
Source: Vantage 2023 annual report
In view of the development plan of each business segment in 2024, Vantage Co., Ltd. said that the company will continue to consolidate its advantages in the three traditional categories of smoke machines, stoves and gas water heaters, and continue to increase its market share.
In addition to product innovation, Vantage is also constantly optimizing sales channels, and offline channels still have absolute advantages. Among them, the revenue of offline channels during the period was 2.834 billion yuan, a year-on-year increase of 10.94%, accounting for 45.47% of the revenue, and the revenue of online channels was 2.189 billion yuan, a year-on-year increase of 23.44%, accounting for 35.13% of the revenue.
Source: Vantage 2023 annual report
(Editor in charge: Zhang Ziyi)