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MarketLineIC Alibaba Group Holding Limited Profile 080524-2
MarketLineIC Alibaba Group Holding Limited Profile 080524-2
Table of Contents
Alibaba Group Holding Limited- Financial and Strategic Analysis Review.................3
Company Overview....................................................................................................3
Alibaba Group Holding Limited- Key Facts..............................................................3
Alibaba Group Holding Limited- Business Description............................................3
Alibaba Group Holding Limited- Major Products and Services................................4
Alibaba Group Holding Limited- History..................................................................5
Alibaba Group Holding Limited- SWOT Analysis..................................................37
Alibaba Group Holding Limited- Strengths.............................................................37
Strengths-Focus on R&D.....................................................................................37
Strengths-Growth in revenue................................................................................37
Strengths-High liquidity position.........................................................................37
Alibaba Group Holding Limited- Weaknesses........................................................38
Weaknesses-Increase in debt................................................................................38
Alibaba Group Holding Limited- Opportunities......................................................38
Opportunities-Strategic initiatives........................................................................38
Opportunities-Partnerships...................................................................................38
Opportunities-Positive outlook for global online retail market............................38
Alibaba Group Holding Limited- Threats................................................................39
Threats-Tightening tax compliance from sellers..................................................39
Threats-Intense competition.................................................................................39
Threats-Compliance with regulations..................................................................40
Alibaba Group Holding Limited- Key Competitors.................................................40
Alibaba Group Holding Limited- Key Employees...................................................41
Alibaba Group Holding Limited- Company Statement...........................................43
Alibaba Group Holding Limited- Locations & Subsidiaries....................................45
Head office...........................................................................................................45
Other Locations & Subsidiaries...............................................................................45
Alibaba Group Holding Limited, Other locations................................................45
Alibaba Group Holding Limited, Subsidiaries.........................................................45
Alibaba Cloud (Singapore) Pvt Ltd......................................................................45
Summarized Statement.............................................................................................46
Alibaba Group Holding Limited, Annual Statements..............................................46
Income Statements...............................................................................................46
Balance Sheet.......................................................................................................46
Cash Flow.............................................................................................................46
Detailed Statement...................................................................................................47
Alibaba Group Holding Limited, Full Annual Statements.......................................47
Income Statements...............................................................................................47
Balance Sheet.......................................................................................................48
Cash Flow.............................................................................................................50
Summarized Interim Statement................................................................................51
Alibaba Group Holding Limited, Summarized Interim Statements.........................51
Balance Sheet.......................................................................................................51
Cash Flow.............................................................................................................51
Detailed Interim Statement.......................................................................................52
Alibaba Group Holding Limited, Detailed Interim Statement.................................52
Balance Sheet.......................................................................................................52
Cash Flow.............................................................................................................53
Capital Market Ratios...............................................................................................54
Alibaba Group Holding Limited, Capital Market Ratios.........................................54
Interim Ratios...........................................................................................................54
Alibaba Group Holding Limited, Interim Ratios.....................................................54
Annual Ratios...........................................................................................................55
Alibaba Group Holding Limited, Annual Ratios.....................................................55
Alibaba Group Holding Limited (Alibaba or "the company") is a retail and wholesale
marketplace operator for both mobile and web platforms. The company is involved in
logistics services business, retail and wholesale commerce businesses, and local
consumer services business. It also provides cloud services, including elastic
computing, database, network virtualization services, storage and content delivery
network, large scale computing, security, management and application services,
Internet of Things (IoT), big data analytics and a machine learning platform. It also
operates innovation initiatives and digital media and entertainment business. Alibaba
has presence in various geographical regions including China, Singapore, India, the
UK and the US. The company is headquartered in Hangzhou, Zhejiang, China.
Under the China Commerce segment includes China commerce retail businesses such
as Taobao, Taobao Deals, Tmall, Tmall Supermarket, Tmall Global, Taocaicai,
Freshippo, Sun Art and Alibaba Health, and wholesale business such as 1688.com. In
FY2023, the China Commerce segment reported revenue of CNY582,731 million,
which accounted for 67.1% of the company’s revenue.
Under the Cloud segment, the company offers DingTalk and Alibaba Cloud, a
provider of cloud services, including elastic computing, database, network
virtualization services, storage and content delivery network, large scale computing,
security, management and application services, big data analytics and a machine
learning platform. In FY2023, the Cloud segment reported revenue of CNY77,203
million, which accounted for 8.9% of the company’s revenue.
Under the Digital Media and Entertainment segment, Alibaba offers serves its
customers through distribution platforms, Youku, Quark, Alibaba Pictures and
through Alibaba Pictures. It also has other diverse content platforms, which offer
online videos, news feeds, films, literature, music and live events. In FY2023, the
Digital Media and Entertainment segment reported revenue of CNY31,482 million,
which accounted for 3.6% of the company’s revenue.
Under the Innovation Initiatives and Others segment, the company provides
businesses such as DAMO Academy, Tmall Genie and others. In FY2023, the
Innovation Initiatives and Others segment reported revenue of CNY2,274 million,
which accounted for 0.3% of the company’s revenue.
Services:
through technology.
2018 Contracts/Agreements In August, Alibaba Pictures Group and
Entertainment One formed a joint production
to launch Peppa Pig movie in China.
2018 Others In August, the group raised US$3 billion for
the new local services business.
2018 Contracts/Agreements In August, Google and Alibaba-backed Paytm
Mall partnered for around 10% stake in Future
Retail for an investment of approximately
INR4,000 crore.
2018 Acquisitions/Mergers/Takeovers In May, Suning.Com sold its stake in Alibaba
Group for US$1.5 billion.
2018 Financing Agreements In August, the company invested in Tungee to
raise US$5.86 million in Series A funding.
2018 Financing Agreements In March, Alibaba along with SAIF Partners,
invested US$200 million in Paytm’s online
marketplace unit.
2018 Contracts/Agreements In September, the company's Fliggy entered
into a partnership with Shiji, to develop face
check-in for hotel.
2018 Plans/Strategy In September, the company planned for an
agreement with McLeod Russel, to explore the
option of selling tea online in China.
2018 Others In September, the company announced an
investment in YCloset.
2018 Plans/Strategy In September, the company announced its
plans to set up online retail service in Russia.
2018 Acquisitions/Mergers/Takeovers In July, the company to acquire a 10% stake in
Focus Media, worth US$511.1 million.
2018 Contracts/Agreements In September, the company along with
JD.com partnered with Panasonic to introduce
Panasonic's home appliance business in China.
2018 Acquisitions/Mergers/Takeovers In February, the company agreed to acquire
33% equity stake in Ant Financial.
2018 Contracts/Agreements In September, Alibaba and China Telecom
collaborated on the Internet of Things
technology over smart homes product
offering.
2018 Financing Agreements In January, Alibaba invested US$35 Million in
XpressBees, a logistics company from Pune,
India.
2018 Corporate Changes/Expansions In September, Alipay, the online payment
platform of Alibaba, expanded its businesses
in the city of Richmond in Canada.
2018 Contracts/Agreements In September, Alibaba Group collaborated
Institute.
2009 Acquisitions/Mergers/Takeovers Alisoft's business management software
division was included into Alibaba.com and
Koubei.com was merged into Taobao.
Subsequently, Alibaba Cloud Computing was
established.
2009 Contracts/Agreements The company and Bank of China Holdings
formed a long-term strategic alliance to
collaborate on several e-commerce initiatives
including online payment, international
business cooperation, small business financing
and joint marketing.
2009 Contracts/Agreements Alibaba.com completed a share purchase
agreement of China Civilink, which operates
in China as HiChina Web Solutions, an
eCommerce company that provides domain
name registration.
2009 Acquisitions/Mergers/Takeovers The first of a two phase deal with
Alibaba.com acquiring 85% of HiChina along
with an option to acquire another 14.7%
equity interest from HiChina's founders
pending HiChina reaching certain
performance targets. The transaction was
worth CNY540 million ($79.1 million) in cash
for both phases.
2008 New Products/Services Taobao Mall (now Tmall.com), a dedicated
business-to-consumer (B2C) platform, was
introduced to complement Taobao's customer-
to-customer (C2C) marketplace.
2008 Acquisitions/Mergers/Takeovers Koubei.com was merged with China Yahoo!
to form Yahoo! Koubei. Also, Alimama was
integrated with Taobao.
2008 Corporate Changes/Expansions Alibaba Group Research and Development
(R&D) Institute was established.
2008 Corporate Changes/Expansions Alibaba combined the operations of two of its
fastest growing businesses, Taobao and
Alimama.
2008 Contracts/Agreements Alibaba.com Limited and Infomedia India,
India's yellow pages and special interest
publishing company, entered into a multi-year
strategic partnership designed to benefit SMEs
in India.
2007 New Products/Services Internet-based business software company,
Alisoft was launched.
2007 Stock Listings/IPO Alibaba.com Limited was listed on the Hong
Kong Stock Exchange.
debt remains a cause for concern. Positive outlook for global online retail market,
strategic initiatives, and partnerships are likely to offer growth opportunities to the
company. However, intense competition, tightening tax compliance from sellers on
the website, and compliance with regulations could affect Alibaba’s business
operations.
Strengths-Focus on R&D
Strengths-Growth in revenue
Alibaba reported steady revenue growth during the review year. In FY2023, the
company generated revenue of CNY868,687 million as against CNY853,062 million
in FY2022, with an annual growth of 1.8%. The company reported 51.6% in
operating income to CNY100,707 million in FY2023 as compared to CNY66,413
million in FY2022. Increase in revenue was due to performance of Cloud,
International Commerce, Cainiao and Local Consumer Services segments.
Weaknesses-Increase in debt
Alibaba has substantial debt, which may adversely affect its operations and may
further weaken its financial position. The company reported total debt of
CNY161,354 million during FY2023, representing an annual increase of 14.2%. The
significant increase in debt limits its ability to obtain additional financing in future for
working capital, and for other strategic initiatives.
Opportunities-Strategic initiatives
The company plans to view various strategic initiatives as a part of growth strategy. In
November 2023, Alibaba Group introduced a new artificial intelligence tool to help
the platform’s merchants automate their client-facing operations. In September 2023,
Alibaba announced its plans to list its logistics arm Cainiao in the Hong Kong Special
Administrative Region. In June 2023, Alibaba's logistics division Cainiao launched an
express delivery service under the brand name, Cainiao Express.
Opportunities-Partnerships
Strong business partnerships can help companies to benefit from synergy and support
the sharing of best practice, reduce expenses and ensure that contract deadlines are
met. In September 2023, Taobao Tmall China Hong Kong entered into a partnership
with PayMe, under which consumers can use PayMe as a payment method when
shopping on the Taobao Hong Kong site. In August 2023, Miravia entered into a
partnership with CommerceHub to power its European expansion.
The online sales have been growing at a fast pace in recent times as the online channel
is growing in popularity as the most preferred channel for several customers across
the globe. It could enable the company to expand its business opportunity across the
globe. According to in-house research, global online retail sector is expected to reach
a value of US$2,796.4 billion in 2025. Asia-Pacific accounted for 42.8% of the global
online retail sector value followed by the US for 31.2%, Europe for 21.7%, Middle
East 0.7%, and Rest of the World for 3.7%. The growth is primarily driven by the rise
in internet and smartphone penetration, unending innovations in payment systems,
and the consistent streamlining of logistic services, along with exclusive deals and
discounts being offered by e-retailers.
The tightening of tax collection efforts with respect to the revenue or profit generated
by sellers on the company's websites could materially and adversely affect its
business, financial condition, and results of operations. E-commerce in China is still
developing, and the Chinese government may require operators of marketplaces, such
as Alibaba, to assist in the collection of taxes with respect to the profit generated by
sellers from transactions conducted on their platforms. A significant number of small
businesses and sole proprietors operating businesses through storefronts on Taobao
Marketplace may not have completed the required tax registration. Chinese tax
authorities may enforce registration requirements that target small businesses or sole
proprietors on Taobao Marketplace and may request the company's assistance in these
efforts. As a result, these sellers may be subject to more stringent tax compliance
requirements and liabilities and their business on its marketplaces could suffer or they
could decide to remove their storefronts from Alibaba's marketplaces rather than
comply, which could in turn negatively affect the company. The company may also
be requested by tax authorities to supply information on its sellers, such as transaction
records and bank account information, and assist in the enforcement of tax
regulations, including the payment and withholding obligations against these sellers,
which may impact potential sellers willing to open storefronts on its marketplaces.
Increasing pressure to collect tax from the participants in e-commerce transactions,
including imposition of withholding obligations could affect Alibaba's business,
financial condition, and results of operations.
Threats-Intense competition
Alibaba's operations are subject to regulations, and future regulations may impose
additional requirements and other obligations on its business, which could materially
affect its business, financial condition, and results of operations. The industries in
which the company and Alipay operate in China, including online and mobile
commerce and payments, financial services, and cloud computing, are highly
regulated. The Chinese authorities are likely to continue to issue new laws, rules and
regulations governing these industries, enhance enforcement of existing laws, rules
and regulations and require new and additional licenses, permits and approvals from
Alibaba and its users. Moreover, changes in regulatory enforcement as well as tax
policy in China could result in additional compliance obligations and increased costs.
Any such legislation could also severely disrupt and constrain its business and the
payment services used on its marketplaces. Furthermore, the transactions conducted
through its cross-border marketplaces may be subject to customs and import/export
rules and regulations. In addition, Alibaba faces the challenge of complying
concurrently with the compliance rules and regulations of multiple jurisdictions. The
company has from time to time been subject to Chinese and other foreign government
inquiries and investigations, including those relating to website content and alleged
third-party intellectual property infringement. Alibaba also faces scrutiny, and have
been subject to inquiries and investigations, from foreign governmental bodies that
focus on cross-border trade, intellectual property protection, human rights, and user
privacy matters. In addition, Alipay, which provides the substantial majority of the
payment processing services on the company's marketplaces, is subject to various
laws, rules and regulations in China and other countries where it operates, including
those governing banking, privacy, cross-border and domestic money transmission,
anti-money laundering, counter-terrorist financing and consumer protection laws,
rules and regulations. Alipay is also required to maintain other applicable money
transmitter or other licenses and approvals from regulatory authorities in other
jurisdictions in which it operates. Failure by Alibaba to comply with these laws and
regulations could result in administrative, civil, or criminal liabilities. This in turn
could affect the financial position of the company.
NOTE:The above strategic analysis is based on in-house research and reflects the
publishers opinion only
Baidu, Inc.
Inspur Software Co Ltd
JD.com Inc
NetEase Inc
Tencent Holdings Limited
Alphabet Inc
Amazon.com, Inc.
eBay Inc
PayPal Holdings Inc
Joseph Chairman Executive 2023 59 Mr. Tsai has been the Chairman of
Tsai Board the company since 2023. Prior to
this, he served as a Vice Chairman
of the company. Mr. Tsai also
served as Chairman of Cainiao
Smart Logistics Network Limited,
Director of Taobao and Tmall
Group, and Ant Group.
Eddie Wu Chief Executive 2023 48 Mr. Yongming has been the Chief
Yongming Executive Board Executive Officer of the company
Officer since 2023. He also serves as the
Chairman of its Taobao and Tmall
Group. Prior to this, he served as
the Chief Technology Officer of
Alipay. Mr. Yongming also served
as the Director of Alibaba Health
Information Technology Limited.
Jerry Director Non 2014 54
Yang Executive
Board
Wan Ling Director Non 2015 65
Martello Executive
Board
Maggie Director Non 2020 55
Wei Wu Executive
Board
Kabir Director Non 2020 54
Misra Executive
Board
Weijian Director Non 2022 69
Shan Executive
Board
Irene Lee Director Non 2022 69
Yun-lien Executive
Board
Albert Ng Director Non 2022 65
Kong-ping Executive
Board
Judy Director - Senior 52
Wenhong Digital Media Management
Tong and
Entertainment
Group
Fan Jiang Chief Senior 37
Executive Management
Officer -
Alibaba
International
Digital
Commerce
Group
Sara Yu General Senior 2020 48
Counsel Management
Toby Xu Chief Senior 2022 50 Mr. Xu serves as the Chief
Financial Management Financial Officer of the company
Officer since 2022. He joined Alibaba
Group in July 2018 and he served
as Deputy Chief Financial Officer
from July 2019 to March 2022.
Prior to this, he was a Partner at
PricewaterhouseCoopers for 11
years.
Wu Chief Senior 2023
Zeming Executive Management
Officer -
Aicheng
Technology
Jane Chief People Senior 49
Jiange Officer Management
Trudy Dai Chief Senior 47
Executive Management
Officer -
Taobao and
Tmall Group
Yongfu Chief Senior 46
Yu Executive Management
Officer -
Local
Services
Group
Lin Wan Chief Senior 2014 48
Executive Management
Officer -
Cainiao Smart
Logistics
Network
Limited
Luyuan Chief Senior 50
Fan Executive Management
Officer -
Digital Media
and
Entertainment
Group
A statement by Mr. Daniel Yong Zhang, the Chairman and Chief Executive Officer at
Alibaba Group Holding Limited, is given below. The statement has been taken from
the company's 2023 annual report.
Over the last 24 years, the Alibaba family became quite diverse, with increasingly
more creative and dynamic units. Our consumer-focused businesses in China served
over one billion Chinese consumers last year. Cloud Intelligence Group is currently
the world’s third largest and Asia Pacific’s largest cloud computing service provider.
As of March 31, 2023, Cloud Intelligence Group has 86 availability zones across 28
regions worldwide, serving more than four million global customers, including 80%
of China’s science and technology innovation enterprises, 60% of China’s national-
level specialized “little giant” enterprises, and 55% of listed companies on the
Chinese stock exchanges. AIDC Group served hundreds of millions of overseas
consumers with a comprehensive selection of local and global products and holistic
consumption experience, and reached over 47 million active SME buyers worldwide.
Cainiao celebrated its tenth anniversary earlier this year, and is developing a world-
class smart logistics network within China and across international markets. It
processed over four million cross-border and international parcels daily in fiscal year
2023 and is working to offer a five-day delivery service for cross-border parcels in the
future, starting from its main markets. The Local Services Group’s platform
businesses have provided convenient ‘to-home’ and ‘to-destination’ services to
hundreds of millions of Chinese consumers. On October 1, 2022, the digital map
navigation platform Amap registered a peak record of 220 million daily active users.
The Digital Media and Entertainment Group has focused on delivering ‘ordinary
people, powerful feelings, positive energy’ content, and several releases have
generated wide influence. Under the new governance structure, these business groups
will independently cater to their respective markets, become self-reliant, and find
unique paths to greater growth. Except for Taobao and Tmall Group, all business
groups and companies can raise external capital and potentially seek their own
independent public offerings, subject to meeting the necessary conditions. To date, we
have announced plans for the following transactions:
• Cloud Intelligence Group will pursue a full spinoff from Alibaba Group via a stock
dividend distribution to our shareholders and become an independent publicly listed
company;
• Cainiao Smart Logistics Network and Freshippo will seek independent public
offerings, respectively;
• AIDC Group will seek external capital.
At the beginning of 2023, I proposed ‘progress’ as the keyword to set the tone for
Alibaba’s development plans. ‘Progress’ was necessary not only for the macro-
environment changes and cyclical trends but also for Alibaba’s development
trajectory. We believe the market is the best litmus test, and time will prove its worth.
As we face a new era of unknowns, we hope to unleash our internal dynamism and
creative forces through radical self-transformation that can withstand the test of the
market and be positioned to capture the generational opportunities ahead. We believe
our new governance structure will benefit the discovery and creation of value for our
customers, business, and shareholders, and, hopefully, a chance to contribute greater
value to the broader society.
Of course, some things will not change. Alibaba is unwavering in its commitment to
focusing on the long-term, value creation, and the three strategies of consumption,
cloud computing, and globalization. Over the last 20 years, we captured two historical
opportunities: e-commerce in China’s consumer focused Internet and cloud
computing in China’s industrial Internet. Looking ahead, we will continue to serve
hundreds of millions of households and support hundreds of thousands of industries
through our two engines catering to the consumer Internet and industrial Internet,
respectively. As the digital era begins its transition to the intelligent era, we must
capture the generational opportunities associated with technology driving business
transformation and the rapid changes in AI to create a larger runway for our
businesses. We believe that AI’s contributions are not limited to efficiency
improvements. We think it will create brand-new value.
As we begin this new chapter, Alibaba Group will welcome a new management team
on September 10th. Joe will succeed me as the chairman of Alibaba Group, and Eddie
as the chief executive officer of Alibaba Group. As for myself, I will be fully
dedicated to my role as chairman and chief executive officer of our Cloud Intelligence
Group and take on the new challenge of exploring the immense future in transforming
and innovating with hundreds of thousands of industries through cloud computing, big
data and AI.
Head office
8 SHENTON WAY
45-01, AXA TOWER
Singapore
068811
Singapore
Summarized Statement
Parameter
Currency 2019 2020 2021 2022 2023
Name
Income Statements
Total
CNY 376844.00 509711.00 717289.00 853062.00 868687.00
Revenue
Gross Profit CNY 172758.00 229998.00 297772.00 314357.00 320125.00
Operating
CNY 45870.00 164289.00 95903.00 66413.00 100707.00
Income
Net Income CNY 87600.00 149263.00 150308.00 61959.00 72509.00
Diluted
Normalized CNY 02.64 04.28 05.14 07.40 05.65
EPS
Balance Sheet
Total Current
CNY 270273.00 462923.00 643360.00 638535.00 697966.00
Assets
Total Assets CNY 965076.00 1312985.00 1690218.00 1695553.00 1753044.00
Total Current
CNY 207669.00 241872.00 377358.00 383784.00 385351.00
Liabilities
Total
CNY 472819.00 557584.00 752748.00 747074.00 763387.00
Liabilities
Total Equity CNY 492257.00 755401.00 937470.00 948479.00 989657.00
Total
Common
CNY 2587.06 21491.99 21699.03 21357.32 20526.02
Shares
Outstanding
Cash Flow
Cash from
Operating CNY 150975.00 180607.00 231786.00 142759.00 199752.00
Activities
Cash from
-
Investing CNY -108072.00 -244194.00 -198592.00 -135506.00
151060.00
Activities
Cash from
Financing CNY -7392.00 70853.00 30082.00 -64449.00 -65619.00
Activities
Net Change
CNY -4232.00 147488.00 10487.00 -129116.00 2157.00
in Cash
Detailed Statement
Parameter
Currency 2019 2020 2021 2022 2023
Name
Income Statements
Revenue CNY 376844.00 509711.00 717289.00 853062.00 868687.00
Cost of
Revenue, CNY 204086.00 279713.00 419517.00 538705.00 548562.00
Total
Selling/ CNY 64669.00 78870.00 136743.00 151721.00 145679.00
General/
Admin.
Expenses,
Total
Research &
Developme CNY 37435.00 43080.00 57236.00 55465.00 56744.00
nt
Depreciatio
n/
CNY 10727.00 12514.00 12427.00 11647.00 13504.00
Amortizati
on
Unusual
Expense CNY 14057.00 -68755.00 -4537.00 29111.00 3491.00
(Income)
Total
Operating CNY 330974.00 345422.00 621386.00 786649.00 767980.00
Expense
Other, Net CNY 2435.00 8050.00 7582.00 10523.00 5823.00
Net Income
Before CNY 96221.00 166645.00 165578.00 59550.00 89185.00
Taxes
Provision
for Income CNY 16553.00 20562.00 29278.00 26815.00 15549.00
Taxes
Net Income
CNY 79668.00 146083.00 136300.00 32735.00 73636.00
After Taxes
Minority
CNY 7366.00 8913.00 7024.00 14880.00 6936.00
Interest
Equity In
CNY 566.00 -5733.00 6984.00 14344.00 -8063.00
Affiliates
Net Income
Before
CNY 87600.00 149263.00 150308.00 61959.00 72509.00
Extra.
Items
Income
Available
to Com CNY 87600.00 149263.00 150308.00 61959.00 72509.00
Excl
ExtraOrd
Income
Available
to Com CNY 87600.00 149263.00 150308.00 61959.00 72509.00
Incl
ExtraOrd
Diluted Net
CNY 87600.00 149263.00 150308.00 61959.00 72509.00
Income
Diluted CNY 20984.00 21346.00 21982.00 21787.00 21114.00
Weighted
Average
Shares
Diluted
EPS
Excluding CNY 04.17 06.99 06.84 02.84 03.43
ExtraOrd
Items
DPS -
Common
Stock CNY 00.00 00.00 00.00 00.00 00.86
Primary
Issue
Balance Sheet
Cash &
CNY 189976.00 330503.00 321262.00 189898.00 193086.00
Equivalents
Short Term
Investment CNY 13189.00 32712.00 162183.00 265187.00 331384.00
s
Cash and
Short Term
CNY 203165.00 363215.00 483445.00 455085.00 524470.00
Investment
s
Accounts
Receivable
CNY 21216.00 30815.00 37450.00 45001.00 41176.00
- Trade,
Net
Total
Receivable CNY 29920.00 43625.00 56923.00 71229.00 64144.00
s, Net
Total
CNY 8534.00 14859.00 27858.00 30087.00 28547.00
Inventory
Prepaid
CNY 7049.00 7547.00 18532.00 17902.00 16794.00
Expenses
Other
Current
CNY 21605.00 33677.00 56602.00 64232.00 64011.00
Assets,
Total
Property/
Plant/
Equipment, CNY 125975.00 190041.00 293034.00 343615.00 368027.00
Total -
Gross
Accumulat CNY -33945.00 -51994.00 -73582.00 -93756.00 -114568.00
ed
Depreciatio
n, Total
Property/
Plant/
CNY 92030.00 138047.00 219452.00 249859.00 253459.00
Equipment,
Total - Net
Goodwill,
CNY 264935.00 276782.00 292771.00 269581.00 268091.00
Net
Intangibles,
CNY 68276.00 60947.00 70833.00 59231.00 46913.00
Net
Long Term
Investment CNY 241544.00 350961.00 437410.00 443253.00 453117.00
s
Note
Receivable
CNY 00.00 00.00 00.00 00.00 00.00
- Long
Term
Other Long
Term
CNY 28018.00 23325.00 26392.00 35094.00 33498.00
Assets,
Total
Accounts
CNY 4570.00 4875.00 5926.00 7783.00 10383.00
Payable
Accrued
CNY 92418.00 119706.00 182199.00 186620.00 186094.00
Expenses
Notes
Payable/
CNY 00.00 00.00 00.00 00.00 00.00
Short Term
Debt
Current
Port. of LT
Debt/ CNY 22466.00 5154.00 13437.00 8841.00 12266.00
Capital
Leases
Other
Current
CNY 88215.00 112137.00 175796.00 180540.00 176608.00
liabilities,
Total
Long Term
CNY 111834.00 120276.00 135716.00 132503.00 149088.00
Debt
Total Long
CNY 111834.00 120276.00 135716.00 132503.00 149088.00
Term Debt
Total Debt CNY 134300.00 125430.00 149153.00 141344.00 161354.00
Deferred
Income CNY 22517.00 43898.00 59598.00 61706.00 61745.00
Tax
Minority
CNY 123145.00 124250.00 146164.00 133714.00 133264.00
Interest
Other
Liabilities, CNY 7654.00 27288.00 33912.00 35367.00 33939.00
Total
Preferred
Stock -
Non CNY 00.00 00.00 00.00 00.00 00.00
Redeemabl
e, Net
Common
Stock, CNY 01.00 01.00 01.00 01.00 01.00
Total
Additional
Paid-In CNY 231783.00 343707.00 394308.00 410506.00 416880.00
Capital
Retained
Earnings
CNY 262857.00 412387.00 562271.00 573396.00 612005.00
(Accumulat
ed Deficit)
Treasury
Stock - CNY 00.00 00.00 00.00 -2221.00 -28763.00
Common
Unrealized
CNY 257.00 -256.00 -133.00 27.00 59.00
Gain (Loss)
Other
Equity, CNY -2641.00 -438.00 -18977.00 -33230.00 -10525.00
Total
Total
Liabilities
& CNY 965076.00 1312985.00 1690218.00 1695553.00 1753044.00
Shareholde
rs' Equity
Cash Flow
Net
Income/
CNY 80234.00 140350.00 143284.00 47079.00 65573.00
Starting
Line
Depreciatio
n/ CNY 14962.00 20523.00 26389.00 27808.00 27799.00
Depletion
Amortizati
CNY 22118.00 21904.00 21520.00 20257.00 19139.00
on
Deferred
CNY -2197.00 -3443.00 3236.00 -1369.00 -1717.00
Taxes
Non-Cash
CNY 3608.00 -20145.00 -13151.00 67134.00 75476.00
Items
Changes in
Working CNY 32250.00 21418.00 50508.00 -18150.00 13482.00
Capital
Capital
Expenditur CNY -49643.00 -45386.00 -43185.00 -53324.00 -34352.00
es
Other
Investing
Cash Flow CNY -101417.00 -62686.00 -201009.00 -145268.00 -101154.00
Items,
Total
Financing
Cash Flow CNY 7357.00 -4631.00 -669.00 3953.00 -2226.00
Items
Issuance
(Retiremen
CNY -10518.00 91506.00 -598.00 -61116.00 -74735.00
t) of Stock,
Net
Issuance
(Retiremen
CNY -4231.00 -16022.00 31349.00 -7286.00 11342.00
t) of Debt,
Net
Foreign
Exchange CNY 3245.00 4100.00 -7187.00 -8834.00 3530.00
Effects
Cash
Interest CNY 4972.00 5066.00 4101.00 4886.00 5637.00
Paid
Cash Taxes
CNY 15713.00 21474.00 20898.00 31733.00 26476.00
Paid
EPS
Balance Sheet
Total Current Assets CNY 697966.00 730435.00 757956.00 807242.00
Total Assets CNY 1753044.00 1776804.00 1811590.00 1820966.00
Total Current
CNY 385351.00 380239.00 389810.00 448754.00
Liabilities
Total Liabilities CNY 763387.00 763300.00 776508.00 810376.00
Total Equity CNY 989657.00 1013504.00 1035082.00 1010590.00
Total Common
CNY 20526.02 20374.24 20374.24 20374.24
Shares Outstanding
Cash Flow
Cash from Operating
CNY 199752.00 45306.00 94537.00 159253.00
Activities
Cash from Investing
CNY -135506.00 12595.00 -11166.00 -42091.00
Activities
Cash from Financing
CNY -65619.00 -24636.00 -37018.00 -54232.00
Activities
Net Change in Cash CNY 2157.00 37584.00 51485.00 65419.00
Balance Sheet
Cash & Equivalents CNY 193086.00 226405.00 243716.00 254804.00
Short Term Investments CNY 331384.00 318024.00 330644.00 359595.00
Cash and Short Term
CNY 524470.00 544429.00 574360.00 614399.00
Investments
Prepaid Expenses CNY 137072.00 145317.00 146317.00 152718.00
Other Current Assets,
CNY 36424.00 40689.00 37279.00 40125.00
Total
Property/ Plant/
CNY 176031.00 175859.00 179436.00 181608.00
Equipment, Total - Net
Goodwill, Net CNY 268091.00 266584.00 266713.00 259522.00
Intangibles, Net CNY 46913.00 44560.00 41592.00 28355.00
Long Term Investments CNY 453117.00 451660.00 456109.00 429204.00
Other Long Term
CNY 110926.00 107706.00 109784.00 115035.00
Assets, Total
Payable/ Accrued 275950.00 279351.00 286604.00 315242.00
Notes Payable/ Short
CNY 00.00 00.00 00.00 00.00
Term Debt
Current Port. of LT
CNY 12266.00 8236.00 8187.00 26354.00
Debt/ Capital Leases
Other Current liabilities,
CNY 97135.00 92652.00 95019.00 107158.00
Total
Long Term Debt CNY 149088.00 157307.00 158557.00 139572.00
Total Long Term Debt CNY 149088.00 157307.00 158557.00 139572.00
Total Debt CNY 161354.00 165543.00 166744.00 165926.00
Deferred Income Tax CNY 61745.00 57763.00 57692.00 53583.00
Cash Flow
Changes in Working
CNY 199752.00 45306.00 45306.00 159253.00
Capital
Capital Expenditures CNY -34352.00 -6927.00 -6927.00 -20934.00
Other Investing Cash
CNY -101154.00 19522.00 19522.00 -21157.00
Flow Items, Total
Financing Cash Flow
CNY -2226.00 -2485.00 -2485.00 499.00
Items
Issuance (Retirement)
CNY -74735.00 -22151.00 -22151.00 -54731.00
of Stock, Net
Issuance (Retirement)
CNY 11342.00 00.00 00.00 00.00
of Debt, Net
Foreign Exchange
CNY 3530.00 4319.00 4319.00 2489.00
Effects
May 07,
Key Ratios
2024
P/E (Price/Earnings) Ratio 19.78
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes,
08.87
Depreciation and Amortization)
Enterprise Value/Sales 01.39
Enterprise Value/Operating Profit 13.54
Enterprise Value/Total Assets 00.69
Dividend Yield 00.00
Market Cap 193156.80
Interim Ratios
Equity Ratios
Debt to
Leverage
Capital Absolute 00.12 00.12 00.12 00.12
Ratios
Ratio
Source : GlobalData Research analysis / © GlobalData Research
Annual Ratios
Ratio Type Key Ratios Unit/Currency 2023 2022 2021 2020 2019
Growth
Sales Growth % 01.83 18.93 40.72 35.26 50.58
Ratios
Growth Operating - -
% 51.64 258.16 -31.84
Ratios Income Growth 30.75 41.63
Growth - -
EBITDA Growth % 28.97 149.21 -07.13
Ratios 20.40 30.43
Growth Net Income -
% 17.03 00.70 70.39 36.91
Ratios Growth 58.78
Growth
EPS Growth % -23.69 44.06 20.08 62.17 -35.78
Ratios
Growth Working Capital -
% 22.71 20.34 253.09 -48.28
Ratios Growth 04.23
Equity EPS (Earnings
CNY 05.65 07.40 05.14 04.28 02.64
Ratios per Share)
Equity Dividend per
CNY 00.86 00.00 00.00 00.00 00.00
Ratios Share
Equity
Dividend Cover Absolute 06.58 00.00 00.00 00.00 00.00
Ratios
Equity Book Value per
CNY 48.21 44.41 43.20 35.15 190.28
Ratios Share
Equity Cash Value per
CNY 09.41 08.89 14.81 15.38 73.43
Ratios Share
Profitability
Gross Margin % 36.85 36.85 41.51 45.12 45.84
Ratios
Profitability Operating
% 11.59 07.79 13.37 32.23 12.17
Ratios Margin
Profitability Net Profit
% 08.35 07.26 20.96 29.28 23.25
Ratios Margin
Profitability
Profit Markup % 58.36 58.35 70.98 82.23 84.65
Ratios
PBT Margin
Profitability
(Profit Before % 10.27 06.98 23.08 32.69 25.53
Ratios
Tax)
Profitability
Return on Equity % 07.33 06.53 16.03 19.76 17.80
Ratios
Return on
Profitability
Capital % 07.36 05.06 07.30 15.34 06.06
Ratios
Employed
Profitability
Return on Assets % 04.21 03.66 10.01 13.10 10.41
Ratios
Profitability Return on Fixed
% 40.02 28.30 53.65 142.81 57.87
Ratios Assets
Profitability Return on
% 32.21 26.07 36.05 74.32 73.27
Ratios Working Capital
Operating Costs
Cost Ratios % 88.41 92.21 86.63 67.77 87.83
(% of Sales)
Administration
Cost Ratios Costs (% of % 16.77 17.79 19.06 15.47 17.16
Sales)
Liquidity
Current Ratio Absolute 01.81 01.66 01.70 01.91 01.30
Ratios
Liquidity
Quick Ratio Absolute 01.74 01.59 01.63 01.85 01.26
Ratios
Liquidity
Cash Ratio Absolute 00.50 00.49 00.85 01.37 00.91
Ratios
Leverage Debt to Equity
Absolute 00.16 00.15 00.16 00.17 00.27
Ratios Ratio
Leverage Net Debt to - -
Absolute -00.37 -00.31 -00.14
Ratios Equity 00.33 00.36
Leverage Debt to Capital
Absolute 00.14 00.13 00.14 00.14 00.21
Ratios Ratio
Efficiency
Asset Turnover Absolute 00.50 00.50 00.48 00.45 00.45
Ratios
Efficiency Fixed Asset
Absolute 03.45 03.64 04.01 04.43 04.75
Ratios Turnover
Efficiency Inventory
Absolute 18.71 18.59 19.64 23.91 31.23
Ratios Turnover
Efficiency Current Asset
Absolute 01.30 01.33 01.30 01.39 01.43
Ratios Turnover
Capital
Efficiency
Employed Absolute 00.64 00.65 00.55 00.48 00.50
Ratios
Turnover
Efficiency Working Capital
Absolute 02.78 03.35 02.70 02.31 06.02
Ratios Turnover
Efficiency Revenue per
CNY 3961903.68 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency Net Income per CNY 330698.71 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency
Capex to Sales % 03.95 06.25 06.02 08.90 13.17
Ratios
Efficiency
R&D to Sales % 06.53 06.50 07.98 08.45 09.93
Ratios
Source : GlobalData Research analysis / © GlobalData Research
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