Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the first half of 2024, representing a 25% growth compared to the same period last year[1]. - The Group's revenue for the six months ended June 30, 2024, was approximately RMB291,829,000, representing an increase of approximately RMB40,300,000 or 16.0% compared to the prior period[13]. - The gross profit for the same period was approximately RMB139,662,000, reflecting an increase of approximately RMB27,795,000 or 24.8% compared to the prior period[13]. - The net profit for the period decreased to approximately RMB20,530,000, a decline of approximately RMB18,923,000 or 48.0% compared to the prior period, primarily due to increased selling and distribution expenses[14]. - The revenue from the Chinese Liquor Business was approximately RMB170,795,000 for the period, an increase from RMB139,510,000 in the previous year, representing a growth of about 22.5%[31]. - The gross profit for the Chinese Liquor Business was approximately RMB116,111,000, up from RMB87,727,000, indicating a growth of approximately 32.4%[31]. - The company reported a profit for the period of RMB20,537,000 for the six months ended June 30, 2024, compared to a profit of RMB28,866,000 for the same period in 2023, reflecting a decline of approximately 28.9%[152]. - The total comprehensive income for the period ended June 30, 2024, was RMB20,334,000, compared to RMB28,282,000 for the same period in 2023, showing a decrease of about 28.2%[152]. Market Expansion and Strategy - The company provided an optimistic outlook, projecting a revenue growth of 20% for the second half of 2024, driven by new product launches and market expansion efforts[1]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[1]. - A strategic acquisition of a local competitor is expected to be finalized by Q4 2024, which will enhance the company's product offerings and market reach[1]. - The Group has repositioned its Chinese liquor products under the new brands "Dihuangchi" and "Dilongchi" to enhance market competitiveness[36]. - A strategic cooperation agreement was signed with Renhuai Qingjiangshan Wine for a 10-year plan to boost the research, production, and sales of its products[36]. Research and Development - Investment in research and development increased by 15%, focusing on innovative technologies and new product lines to enhance competitive advantage[1]. - Research and development expenses for the period were RMB4,142,000, slightly down from RMB4,304,000 in 2023[199]. Financial Position and Assets - The Group's current assets as of June 30, 2024, were approximately RMB562,164,000, compared to RMB548,637,000 at the end of 2023, showing a slight increase[38]. - Total assets as of June 30, 2024, were RMB785,290,000, compared to RMB737,591,000 as of December 31, 2023, reflecting an increase of 6.46%[144]. - The company’s non-current assets were valued at RMB223,126,000 as of June 30, 2024, compared to RMB188,954,000 as of December 31, 2023, indicating a growth of about 18.0%[148]. - The company’s inventories increased to RMB171,979,000 as of June 30, 2024, from RMB108,312,000 as of December 31, 2023, reflecting a significant rise of approximately 58.7%[148]. Liabilities and Financial Management - The current ratio decreased from approximately 5.74 times at the end of 2023 to approximately 4.57 times as of June 30, 2024[38]. - Bank borrowings increased to approximately RMB45,000,000 from RMB25,000,000, with all borrowings carrying a variable rate[38]. - Current liabilities increased to RMB123,022,000 from RMB95,582,000, an increase of 28.73%[144]. - The Group's total segment liabilities increased to RMB112,614,000 as of June 30, 2024, from RMB85,440,000 as of December 31, 2023[181]. Corporate Governance - The Company has adopted the Corporate Governance Code and is committed to establishing good corporate governance practices[97]. - The company emphasizes the importance of effective internal controls and fair disclosure to all shareholders[99]. - The audit committee reviewed the interim financial report and discussed significant accounting principles and internal control matters[133]. - The company has maintained strict compliance with the Corporate Governance Code since its listing, with minor deviations noted[99]. Shareholder Information - The board of directors has approved a dividend payout of $0.05 per share, reflecting confidence in the company's financial health and future prospects[1]. - The Company did not recommend the payment of any interim dividend for the period[45]. - The weighted average number of ordinary shares in issue during the period was 720,000,000, up from 473,143,000 in 2023, an increase of 52.2%[200]. Cash Flow and Financing Activities - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB8,390,000, compared to a net cash used of RMB22,161,000 in the same period of 2023[156]. - Net cash used in investing activities amounted to RMB40,777,000 for the six months ended June 30, 2024, an increase from RMB14,834,000 in the prior year[156]. - Net cash generated from financing activities was RMB27,484,000, up from RMB14,723,000 in the same period of 2023[156]. Employee and Social Responsibility - The Group had approximately 215 employees as of June 30, 2024, offering competitive remuneration packages and potential year-end discretionary bonuses[85]. - The Group believes it maintains a good working relationship with its employees, participating in various employee social security plans[89].

Financial Performance - For the six months ended June 30, 2024, the Group's revenue was approximately RMB291,829,000, representing an increase of approximately RMB40,300,000 or 16.0% compared to the prior period[7]. - The gross profit for the Period was approximately RMB139,662,000, reflecting an increase of approximately RMB27,795,000 or 24.8% compared to the prior period[7]. - The net profit for the Period was approximately RMB20,530,000, a decrease of approximately RMB18,923,000 or 48.0% compared to the prior period, primarily due to increased selling and distribution expenses[7]. - Revenue for the six months ended June 30, 2024, increased to RMB 291,829,000, a 15.98% rise from RMB 251,529,000 in the same period of 2023[42]. - Profit before tax decreased to RMB 23,219,000, down 55.32% from RMB 51,961,000 in the previous year[42]. - Profit for the period attributable to owners of the Company was RMB 20,537,000, a decline of 28.93% from RMB 28,866,000 in 2023[42]. - Total comprehensive income for the period attributable to owners of the Company was RMB 20,334,000, down from RMB 28,282,000 in the same period last year[42]. Revenue Breakdown - Revenue from the Faux Leather Chemicals Business increased by approximately RMB9,015,000 or 8.0% to approximately RMB121,034,000 for the Period, driven by restocking due to increasing market demand[7]. - The revenue from the Chinese Liquor Business was approximately RMB 170,795,000, an increase from RMB 139,510,000 in 2023, representing a growth of about 22.3%[9]. - Sales of faux leather chemicals amounted to RMB 121,034,000, up from RMB 112,019,000, reflecting a growth of 8.99%[65]. - Sales of Chinese baijiu reached RMB 170,795,000, an increase of 22.43% from RMB 139,510,000 in the previous year[65]. Expenses and Costs - Selling and distribution expenses for the Period were approximately RMB6,596,000, an increase from RMB5,691,000 in the prior period, accounting for approximately 5.4% of segment revenue[8]. - Selling and distribution expenses accounted for approximately 54.0% of segment revenue, a significant increase from 29.7% in 2023[9]. - Interest on bank borrowings increased to RMB 519,000 from RMB 291,000, reflecting an increase of 78.69%[69]. - Research and development expenses were RMB 4,142,000, slightly down from RMB 4,304,000 in the same period last year[70]. Assets and Liabilities - As of June 30, 2024, the Group's current assets were approximately RMB 562,164,000, compared to RMB 548,637,000 as of December 31, 2023, showing a slight increase of about 2.9%[10]. - Current liabilities increased to approximately RMB 123,022,000 from RMB 95,582,000, representing a rise of about 28.8%[10]. - The current ratio decreased from approximately 5.74 times as of December 31, 2023, to approximately 4.57 times as of June 30, 2024[10]. - Total segment assets increased to RMB 785,290,000 as of June 30, 2024, up from RMB 737,591,000 at the end of 2023[59]. - Total segment liabilities rose to RMB 126,377,000, compared to RMB 99,005,000 in the previous year[59]. Corporate Governance and Management - The board of directors includes executive directors Mr. Chen Hua, Mr. Lam Kam Kong Nathaniel, Mr. Sun Jingang, and Mr. Cheung Ka Wai, with changes in appointments noted[2]. - The Company has strictly complied with the Corporate Governance Code, with exceptions related to the absence of a Chairman since May 25, 2022[24]. - The Company confirmed that all Directors complied with the Model Code for Securities Transactions during the reporting period[27]. - The Company is committed to establishing good corporate governance practices to enhance transparency and accountability to shareholders[24]. Share Capital and Rights Issue - The Company proposed a rights issue to raise approximately HK$289.440 million by issuing 432,000,000 rights shares at a subscription price of HK$0.67 per share[12]. - On July 28, 2023, the Company successfully allotted and issued 432,000,000 rights shares, representing 100% of the total offered[12]. - The net proceeds from the rights issue were approximately HK$286.55 million, with a net price of about HK$0.663 per rights share[12]. - The number of issued ordinary shares as of June 30, 2024, remained at 720,000,000 shares, unchanged from December 31, 2023[11]. Investments and Acquisitions - The acquisition of properties was completed on February 7, 2024, for a consideration of RMB 30,000,000[39]. - The properties acquired include units 1601, 1602, 1603, 1604 on Level 16 and units 1701, 1702, 1703, 1704 on Level 17 of Zhihui Zhongchuang Center, Hangzhou[39]. - The Group did not have any significant investments or material acquisitions during the period[19]. Employee and Social Responsibility - As of June 30, 2024, the Group had approximately 215 employees and offers competitive remuneration packages based on industry practices[23]. - The Group participates in various employee social security plans as required by PRC laws, including housing and medical insurance[23]. Financial Position and Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 8,390,000, a significant improvement compared to a net cash used of RMB 22,161,000 in the same period of 2023[47]. - The cash and cash equivalents at the end of the period were RMB 43,766,000, compared to RMB 24,632,000 at the end of June 30, 2023, reflecting an increase of approximately 77.6%[47]. - The net cash used in investing activities for the six months ended June 30, 2024, was RMB 40,777,000, compared to RMB 14,834,000 in the same period of 2023, indicating a significant increase in investment outflows[47]. - The financing activities generated a net cash inflow of RMB 27,484,000 for the period, compared to RMB 14,723,000 in the previous year, showing an increase of approximately 86.5%[47].

Financial Performance - For the year ended December 31, 2023, the Group's revenue was approximately RMB570,572,000, an increase of 13.8% compared to RMB501,437,000 in 2022[17]. - The gross profit for the year was approximately RMB233,383,000, representing a 20.5% increase from RMB193,698,000 in the prior year[17]. - The Group recorded a net profit of approximately RMB24,874,000, down from RMB39,618,000 in the previous year, with profit attributable to owners of the Company at approximately RMB19,451,000[18]. - Basic and diluted earnings per share were RMB4.11 cents, a decrease from RMB9.14 cents in 2022[18]. - The Company has decided not to declare a final dividend for the year[20]. Business Segments - The Faux Leather Chemicals Business maintained stable revenue, while the Chinese Liquor Business experienced sharp growth due to increased demand for baijiu products[24]. - Revenue from the Faux Leather Chemicals Business was approximately RMB262,546,000, remaining stable compared to RMB260,245,000 in the prior year, with a gross profit margin increase from approximately 15.7% to 21.1% due to decreased raw material costs[36][37][41]. - The Chinese Liquor Business generated revenue of approximately RMB308,026,000, an increase of approximately RMB66,834,000 or 27.7% from RMB241,192,000 in the prior year, with a gross profit of approximately RMB177,894,000[48][51]. - The segment profit for the Faux Leather Chemicals Business was approximately RMB21,505,000, compared to RMB11,679,000 in the prior year[38][41]. - The Chinese Liquor Business segment profit decreased to approximately RMB23,407,000 from RMB82,813,000 in the previous year[48][51]. Strategic Initiatives - The Company has implemented measures to strengthen management, invest in R&D, and develop high-tech products to address market challenges[25]. - The company plans to enhance competitiveness and market share by strengthening customer relationships, developing new customers, and expanding product offerings and geographical coverage[30][32]. - The company has increased R&D investment and focused on developing high-tech and high-value-added products to improve internal skills and efficiency[27]. - The company aims to explore business opportunities in the food and beverage sector in China through its Chinese Liquor Business, which began operations in 2022[39][42]. - The company will continue to promote its Chinese baijiu products through advertising and hosting tasting events to expand sales channels[48][51]. Financial Position - As of December 31, 2023, the Group's current assets were approximately RMB 548,637,000, an increase from RMB 307,921,000 as of December 31, 2022, while current liabilities remained stable at approximately RMB 95,582,000[64]. - The current ratio improved significantly from approximately 3.22 times as of December 31, 2022, to approximately 5.74 times as of December 31, 2023[64]. - Bank borrowings increased to approximately RMB 25,000,000 as of December 31, 2023, up from RMB 10,000,000 as of December 31, 2022, with RMB 10,000,000 at a fixed rate and RMB 15,000,000 at a variable rate[65]. - The Group's capital expenditure for the year was approximately RMB 14,983,000, a decrease of RMB 12,610,000 compared to RMB 27,593,000 in the prior year[69]. - Capital commitments not provided for in the consolidated financial statements as of December 31, 2023, amounted to RMB 1,614,000, up from RMB 1,044,000 as of December 31, 2022[70]. Market Outlook - The geopolitical tensions and economic uncertainties are expected to continue impacting the global economy in 2024[23]. - The Group's long-term economic outlook remains optimistic, with expectations of improved consumption and investment in China in 2024[56]. Corporate Governance - The management team includes experienced professionals with backgrounds in finance, banking, and corporate governance, enhancing the Group's strategic capabilities[132][134]. - The board of directors includes members with extensive backgrounds in finance, investment, and business development, enhancing strategic decision-making capabilities[143]. - The Company Secretary, Mr. Wong Ka Sing, has extensive experience in accounting, auditing, and corporate finance, enhancing the Group's governance[151]. Employee Relations - The Group's employee count increased to 208 as of December 31, 2023, from 200 in 2022, with competitive remuneration packages offered[116]. - The Group participates in various employee social security plans, including housing, pension, medical, maternity, and unemployment insurance, in compliance with PRC laws[120]. - The Group maintains a good working relationship with its employees, providing competitive compensation and potential year-end discretionary bonuses[120]. Risk Management - The Group is exploring measures to manage foreign exchange risks, as its sales and purchases are mainly denominated in RMB, while retaining some foreign currency funds[115]. - Financial risks include interest rate, exchange rate, equity price, credit, and liquidity risks, with management objectives detailed in the financial statements[157]. - The Group has complied with all applicable laws and regulations in the PRC, with no incidents of material non-compliance reported[165]. Investments and Acquisitions - On October 9, 2023, the Group agreed to acquire properties for a consideration of RMB 30,000,000, which was completed on February 7, 2024[123]. - The acquisition of properties constitutes a connected transaction under Chapter 14A of the Listing Rules, as the vendor is associated with an executive director of the Company[123]. Charitable Contributions - Charitable donations made by the Group during the Reporting Period amounted to approximately RMB 515,000, an increase from RMB 418,000 in the previous year[184].

Financial Performance - For the year ended December 31, 2023, the group's revenue increased by approximately RMB 69,135,000 or 13.8%, totaling approximately RMB 570,572,000 compared to RMB 501,437,000 in 2022[3] - The gross profit for the year increased by approximately RMB 39,685,000 or 20.5%, amounting to approximately RMB 233,383,000, up from RMB 193,698,000 in the previous year[3] - The net profit recorded for the year was approximately RMB 24,874,000, a decrease from RMB 39,618,000 in the previous year, with profit attributable to the company's owners at approximately RMB 19,541,000 compared to RMB 21,851,000 in 2022[3] - Basic and diluted earnings per share were RMB 4.11, down from RMB 9.14 in 2022[4] - Total comprehensive income for the year was RMB 24,623,000, compared to RMB 42,381,000 in the previous year[7] - The total segment profit for the group was RMB 44,912 thousand, compared to RMB 94,492 thousand in the previous year, indicating a significant decrease of 52.5%[29][30] - The group reported a pre-tax profit of RMB 35,637 thousand for 2023, a decline of 43.1% from RMB 62,667 thousand in 2022[29][30] - The pre-tax profit for the year ended December 31, 2023, was RMB 19,451,000, a decrease of 11% from RMB 21,851,000 in 2022[56] - The total cost of goods sold increased to RMB 337,189,000 in 2023, up from RMB 307,739,000 in 2022, reflecting a rise of approximately 9.5%[46] - The total tax expense for the year was RMB 10,763,000, significantly lower than RMB 23,049,000 in 2022, a decrease of approximately 53%[49] Assets and Liabilities - Non-current assets increased to RMB 188,954,000 from RMB 138,457,000 in 2022, with significant increases in property, plant, and equipment[9] - Current assets rose to RMB 548,637,000 from RMB 307,921,000, driven by an increase in trade receivables and other receivables[9] - The company's total equity increased to RMB 638,586,000 from RMB 350,383,000 in the previous year, reflecting a strong capital position[10] - The total assets of the group increased to RMB 737,591 thousand in 2023 from RMB 446,378 thousand in 2022, reflecting a growth of 65.1%[31] - The total liabilities of the group increased slightly to RMB 99,005 thousand in 2023 from RMB 95,995 thousand in 2022, reflecting a modest rise of 3.1%[31] - The company's trade receivables increased significantly to RMB 232,613,000 in 2023, compared to RMB 126,923,000 in 2022, representing an increase of 83%[59] - The net trade receivables and bills receivable totaled RMB 242,037,000 in 2023, up from RMB 144,766,000 in 2022, indicating a growth of 67%[59] - As of December 31, 2023, the company has no debt-to-equity ratio due to a net cash position, indicating a strong financial standing[82] Capital Expenditures and Investments - Capital expenditures for synthetic leather chemicals were RMB 14,983 thousand in 2023, down from RMB 27,593 thousand in 2022, showing a decrease of 45.5%[33] - The group recorded capital expenditures of approximately RMB 14,983,000 for the year, a decrease of RMB 12,610,000 from RMB 27,593,000 in the previous year, primarily related to the purchase of factory equipment[83] - The company has a capital commitment of RMB 1,614,000 for the purchase of factory machinery and automation upgrades as of December 31, 2023[84] - The group’s investment in listed company shares as of December 31, 2023, had a total book value of approximately RMB 9,522,000 (equivalent to about HKD 10,508,000), an increase from RMB 7,763,000 (approximately HKD 8,690,000) as of December 31, 2022[103] Marketing and Business Development - The company plans to promote its liquor products through advertising at airports and train stations, as well as hosting tasting events and exhibitions in China[74] - The company aims to expand its market share by strengthening long-term relationships with existing customers and actively developing new customers[78] - The company will continue to enhance its R&D capabilities and expand its product portfolio and geographic coverage to improve overall competitiveness[78] - The company has implemented various marketing strategies and advertising campaigns to expand sales channels for its liquor business[79] - The company has rebranded its liquor products to "Di Huang Chi" and "Di Long Chi" to enhance market competitiveness and target specific customer segments[79] Corporate Governance and Compliance - The board has resolved not to declare a final dividend for the year[5] - The board has resolved not to declare a final dividend for the year ending December 31, 2023[75] - The audit committee has reviewed the annual performance and the accounting policies adopted by the group for the year ending December 31, 2023[121] - The annual performance announcement has been published on the Hong Kong Stock Exchange and the company's website[122] - The board of directors has adopted corporate governance practices in compliance with the Listing Rules, ensuring transparency and accountability in operations[112] Economic Outlook - The company anticipates that the economic environment will remain challenging, but it remains optimistic about the macroeconomic outlook for the Chinese consumer market[76] Employee Information - The group employed 208 staff as of December 31, 2023, an increase from 200 in 2022, and provided competitive compensation and benefits in line with industry standards[110]

Financial Performance - For the six months ended June 30, 2023, the Group's revenue was approximately RMB251,529,000, an increase of 25.9% compared to RMB199,737,000 in the prior period[15]. - The gross profit for the same period was approximately RMB111,867,000, representing a significant increase of 96.1% from RMB57,054,000 in the prior period[15]. - The net profit for the period was approximately RMB39,453,000, a remarkable increase of 492.8% compared to RMB6,655,000 in the prior period, primarily driven by the Chinese liquor business[16]. - Basic and diluted earnings per share were RMB10.02 cents, up from RMB0.11 cents in the prior period[17]. - Total comprehensive income for the period attributable to owners of the Company was RMB28,282,000, up from RMB1,850,000 in 2022[144]. - The Group's profit before tax for the six months ended June 30, 2023, was RMB51,961,000, showing an increase from RMB14,527,000 for the same period in 2022[170]. Revenue Breakdown - Revenue from the Chinese liquor business was approximately RMB139,510,000, up from RMB66,711,000, representing a growth of approximately 109.1%[33]. - Revenue from the Faux Leather Chemicals Business decreased by approximately RMB21,007,000 or 15.8% to RMB112,019,000 due to destocking and sluggish market demand[22]. - Revenue from sales of faux leather chemicals decreased to RMB112,019,000, down 15.8% from RMB133,026,000 in 2022, while sales of Chinese baijiu increased significantly to RMB139,510,000, up 108.5% from RMB66,711,000[187]. - The Group's revenue from the PRC was RMB248,377,000, an increase of 25.9% compared to RMB197,289,000 in 2022, while overseas revenue rose to RMB3,152,000 from RMB2,448,000[184]. Profitability and Margins - Gross profit for the Chinese liquor business was approximately RMB87,727,000, an increase from RMB38,621,000, reflecting a significant improvement in profitability[33]. - The gross profit margin for the Faux Leather Chemicals Business increased from approximately 13.9% to 21.5% due to a decrease in raw material costs[23]. - The segment profit for Chinese liquor products increased significantly, contributing RMB44,500,000 to the overall segment profit[170]. Expenses and Costs - Selling and distribution expenses for the Chinese liquor business accounted for approximately 29.7% of segment revenue, up from 11.5% in the previous year[33]. - Selling and distribution expenses for the Faux Leather Chemicals Business were approximately RMB5,691,000, accounting for 5.1% of segment revenue, up from 3.1% in the prior period[24]. - The total cost of inventories recognized as an expense was RMB139,662,000, slightly down from RMB142,683,000 in 2022[200]. - Research and development expenses for the period were RMB4,304,000, down from RMB5,519,000 in the previous year, indicating a reduction in investment in R&D[200]. Assets and Liabilities - Current assets as of June 30, 2023, were approximately RMB357,049,000, an increase from RMB307,921,000 as of December 31, 2022[43]. - The total assets of the Group as of June 30, 2023, amounted to RMB500,396,000, an increase from RMB446,378,000 as of December 31, 2022[179]. - The liabilities of the Group as of June 30, 2023, totaled RMB111,144,000, compared to RMB95,995,000 as of December 31, 2022[179]. Capital and Financing - Bank borrowings increased to approximately RMB25,000,000 as of June 30, 2023, from RMB10,000,000 as of December 31, 2022[44]. - The Company reported a net gain on financial assets at fair value through profit or loss of RMB2,819,000, compared to a loss of RMB18,254,000 in the previous period[144]. - The net cash generated from financing activities was RMB14,723,000 for the six months ended June 30, 2023, compared to RMB11,401,000 for the same period in 2022, showing an increase of approximately 29.5%[152]. Share Capital and Dividends - The board did not recommend the payment of any interim dividend for the period[42]. - A proposed rights issue was announced on March 5, 2023, to raise approximately HK$289.44 million by issuing 432,000,000 Rights Shares at a subscription price of HK$0.67 per share[63]. - Following the completion of the rights issue on July 28, 2023, the number of shares in issue became 720,000,000[69]. Corporate Governance and Management - The Company has adopted the Corporate Governance Code and is committed to good corporate governance practices to enhance transparency and accountability to shareholders[103]. - Since May 25, 2022, the Company has not had a Chairman following the resignation of Ms. Liu Jing, and the Board will announce a replacement once appointed[103]. - The Audit Committee reviewed the interim financial report and discussed significant accounting principles and internal control matters[132]. Employee and Social Responsibility - As of June 30, 2023, the group had approximately 220 employees, offering competitive remuneration packages[94]. - The Group participates in various employee social security plans mandated by PRC laws, including housing, pension, medical, maternity, and unemployment insurance[101].

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Financial Performance - For the year ended December 31, 2022, the Group's revenue was approximately RMB 501,437,000, representing an increase of approximately RMB 267,492,000 or 114.3% compared to the prior year[15]. - The gross profit for the year was approximately RMB 193,698,000, an increase of approximately RMB 154,823,000 or 398.3% compared to the prior year[15]. - The Group recorded a net profit of approximately RMB 39,618,000, compared to a net loss of approximately RMB 2,600,000 for the prior year[16]. - Profit attributable to owners of the Company was approximately RMB 21,851,000, a significant turnaround from a loss in the prior year[16]. - Basic and diluted earnings per share were RMB 1.70 cents, compared to a loss per share of RMB 0.23 cents in the prior year[16]. - The Board has resolved not to declare a final dividend for the year[17]. Business Segments - Revenue from the Faux Leather Chemicals Business increased by approximately RMB 26,300,000 or 11.2%, from approximately RMB 233,945,000 to approximately RMB 260,245,000 for the Year[36]. - The gross profit margin for the Faux Leather Chemicals Business decreased from approximately 16.6% to approximately 15.7% due to rising raw material prices[37]. - The segment profit for the Faux Leather Chemicals Business was approximately RMB 11,679,000, a decrease from RMB 12,249,000 in the previous year[41]. - The Chinese Liquor Business generated segment revenue of approximately RMB 241,192,000, with a gross profit of approximately RMB 152,938,000[47]. - Selling and distribution expenses for the Chinese Liquor Business accounted for approximately 28.06% of the segment revenue[47]. - The revenue from the liquor business for the year was approximately RMB 241,192,000, with a gross profit of about RMB 152,938,000[49]. - The segment profit for the liquor business was approximately RMB 82,813,000, with sales and distribution expenses accounting for about 28.06% of the segment revenue[49]. Market Conditions - The year 2022 faced significant global uncertainty due to the COVID-19 pandemic and geopolitical tensions, which are expected to continue impacting the global economy in 2023[22]. - The ongoing national epidemic negatively impacted local economies and business operations[25]. - The fluctuation in industry development significantly impacted the group's business performance during the reporting period[145]. Strategic Initiatives - The Company launched a Chinese liquor business in the second quarter to diversify income sources[25]. - The Company plans to enhance competitiveness and market share by strengthening customer relationships and expanding product offerings[29]. - The Group plans to diversify product and market segmentation for the Chinese liquor business, including launching large advertising campaigns and setting up ancient-Chinese-style bistros[54]. - The Group aims to improve production efficiency and product competitiveness through further investment in automation systems and research and development[54]. Financial Position - As of December 31, 2022, the Group's current assets were approximately RMB 307,921,000, an increase from RMB 194,073,000 as of December 31, 2021[61]. - The current liabilities as of December 31, 2022, were approximately RMB 95,585,000, compared to RMB 43,048,000 as of December 31, 2021[61]. - The current ratio decreased from approximately 4.51 times as of December 31, 2021, to approximately 3.22 times as of December 31, 2022[61]. - Capital expenditure for the year was approximately RMB 27,593,000, a decrease of RMB 7,701,000 compared to RMB 35,294,000 in the prior year[64]. - The Group's capital commitments not provided for in the financial statements as of December 31, 2022, were RMB 1,044,000, down from RMB 7,213,000 in the previous year[70]. Shareholder Information - The number of issued ordinary shares increased to 1,440,000,000 shares as of December 31, 2022, from 1,200,000,000 shares as of December 31, 2021[66]. - The Company proposed a rights issue to raise up to approximately HK$289,440,000 by issuing up to 432,000,000 Rights Shares at a subscription price of HK$0.67 per Rights Share[98]. - The company plans to implement a share consolidation, merging every five shares into one, increasing the nominal value from USD 0.0005 to USD 0.0025 per share[100]. - The authorized share capital will be increased from USD 1,000,000 to USD 5,000,000, allowing for a total of 10 billion shares post-consolidation[100]. Management and Governance - The company has maintained a competitive compensation structure for its 200 employees as of December 31, 2022, up from 180 in 2021[99]. - The company has a diverse board with expertise in finance, law, and business management, enhancing its strategic decision-making capabilities[130]. - The management team for the Chinese Liquor Business includes experienced professionals in sales, market management, and alcohol-related research[124]. - Each executive director did not receive a director's fee for the year ended 2022[192]. - Independent non-executive directors are entitled to an annual director's fee of HK$120,000[191]. Risk Management - The company has a strong focus on risk management to address both business and financial risks[151]. - Financial risks include interest rate, exchange rate, equity price, credit, and liquidity risks, with management policies detailed in note 5 of the consolidated financial statements[146]. - The Group's internal control and risk management policies are in place to monitor ongoing compliance with relevant laws and regulations[155]. Compliance and Social Responsibility - The Group has complied with all applicable laws and regulations in the PRC, with no incidents of material non-compliance reported[155]. - The Group's environmental policies emphasize sustainability and societal development, as detailed in the Environmental, Social and Governance Report[154]. - Charitable donations made by the Group during the Reporting Period were approximately RMB 418,000, a decrease from RMB 1,025,000 in the previous year[175].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致之任何損失承擔任何責任。 DIWANG INDUSTRIAL HOLDINGS LIMITED 帝 王 實 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1950 （股份代號： ） 2022 12 31 截至 年 月 日止年度之全年業績公告 財務摘要 截至2022年12月31日止年度，收益約為人民幣501,437,000元（2021年：約人民幣233,945,000 元），較上年同期增加114.3%。 截至2022年12月31日止年度，毛利約為人民幣193,698,000元（2021年：約人民幣38,875,000 元），較上年同期增加398.3%。 截至2022年12月31日止年度，本公司擁有人應佔年內溢利為約人民幣21,851,000元，而本集團 於上一年度錄得本公司擁有人應佔年內虧損約人民幣2,600,000元。 截至2022年12月31日止年度，本公司每股基本盈利為人民幣1.70分（2021年：每股基本虧 ...

Financial Performance - The company reported a revenue of HKD 500 million for the first half of 2022, representing a 15% increase compared to the same period last year[20]. - For the six months ended June 30, 2022, the Group's revenue was approximately RMB199,737,000, representing an increase of approximately RMB106,219,000 or 113.6% compared to the prior period[21]. - Revenue for the six months ended June 30, 2022, was RMB 199,737,000, a 113% increase from RMB 93,518,000 in the same period of 2021[117]. - The Group's total revenue for the six months ended June 30, 2022, was RMB 199,737,000, a significant increase of 113.4% compared to RMB 93,518,000 for the same period in 2021[164]. - The Group recorded a net profit of approximately RMB6,655,000, a decrease of approximately RMB2,324,000 or 25.9% compared to the prior period, primarily due to losses on investments in financial assets[21]. - Profit before tax for the period was RMB 14,527,000, up from RMB 9,413,000 in the previous year, indicating a 54% growth[117]. - The Group's profit for the period attributable to owners of the Company was RMB 257,000, a decrease of 97.1% from RMB 8,979,000 in the same period of 2021[184]. - Basic earnings per share for the six months ended June 30, 2022, was 0.02 RMB cents, down from 0.82 RMB cents in the same period of 2021[185]. Growth and Outlook - The company has provided a positive outlook for the second half of 2022, projecting a revenue growth of 20% year-on-year[20]. - User data showed a growth in active users by 25%, reaching a total of 1.2 million users by the end of June 2022[20]. - New product launches are expected to contribute an additional HKD 100 million in revenue by the end of 2022[20]. - Market expansion plans include entering two new regions in Southeast Asia by Q4 2022, targeting a market share increase of 10%[20]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of HKD 200 million allocated for potential deals[20]. Cost Management and Profitability - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management[20]. - The gross profit for the same period was approximately RMB57,054,000, reflecting an increase of approximately RMB40,768,000 or 250.3% compared to the prior period[21]. - The gross profit margin for the faux leather chemicals business decreased from approximately 17.4% to approximately 13.9% due to rising raw material prices and a shift in demand to lower-priced products[26]. - The Group aims to reduce operational costs by 10% through efficiency improvements in the supply chain[20]. Investments and Capital Expenditure - The Group's capital expenditure during the period was approximately RMB 15,874,000, representing an increase of RMB 3,847,000 compared to RMB 12,027,000 in the prior period[43]. - The net proceeds from the placing of 240,000,000 shares were approximately HK$ 42,580,000 (equivalent to approximately RMB 36,947,000) intended for the development of the Chinese Liquor Business[46]. - The establishment of a new production plant utilized RMB 43.3 million of the proceeds from the Initial Public Offering[76]. - The enhancement of the automation system at the existing Jiande Production Plant accounted for RMB 11.9 million of the proceeds[76]. - The strengthening of research and development capabilities used RMB 15.8 million from the proceeds[76]. Financial Position - As of June 30, 2022, the Group's current assets were approximately RMB 215,890,000, an increase from RMB 194,073,000 as of December 31, 2021, while current liabilities rose to approximately RMB 67,221,000 from RMB 43,048,000[43]. - The current ratio decreased from approximately 4.51 times as of December 31, 2021, to approximately 3.21 times as of June 30, 2022[43]. - Total assets less current liabilities as of June 30, 2022, were RMB 279,849,000, compared to RMB 270,126,000 as of December 31, 2021[120]. - Non-current assets increased to RMB 131,180,000 as of June 30, 2022, from RMB 119,101,000 at the end of 2021[120]. - Total liabilities increased to RMB 67,768,000 as of June 30, 2022, from RMB 43,595,000 as of December 31, 2021, reflecting a rise of approximately 55%[158]. Governance and Compliance - The Company has strictly complied with the Corporate Governance Code since the Listing Date, with exceptions noted regarding the absence of a Chairman since May 25, 2022[83]. - The Company has a structured governance framework with an established Audit Committee to oversee financial reporting[109]. - The Audit Committee, comprising independent non-executive Directors, reviewed the interim financial report and discussed internal control and financial reporting matters[109]. - The interim financial report for the period is unaudited[110]. Employee and Shareholder Information - As of June 30, 2022, the Group had a total of 330 employees, offering competitive remuneration packages and potential discretionary bonuses[64]. - The Company’s substantial shareholders include key individuals with significant shareholdings, indicating potential influence over corporate decisions[103]. - Mr. Wong Wai Yip holds a long position of 260,000,000 shares, representing approximately 21.67% of the Company's shareholding[105]. - The Board did not recommend the payment of any interim dividend for the period[38].

Financial Performance - For the six months ended June 30, 2021, the Group's revenue was approximately RMB 93,518,000, representing an increase of approximately RMB 43,606,000 or 87.4% compared to the same period in 2020[13]. - The gross profit for the Period was approximately RMB 16,286,000, reflecting an increase of approximately RMB 4,119,000 or 33.9% compared to the Prior Period[14]. - The Group recorded a net profit of approximately RMB 8,979,000, a turnaround from a net loss of RMB 6,668,000 in the Prior Period, representing an increase of approximately RMB 15,647,000[14]. - Basic and diluted earnings per share for the Period were RMB 0.82, compared to a loss of RMB 0.74 per share in the Prior Period[13]. - The absence of listing expenses in 2021 contributed significantly to the increase in net profit[14]. - The Group's financial performance indicates a strong recovery and growth trajectory following the previous year's losses[15]. - The increase in revenue was primarily driven by enhanced operational efficiency and market demand[15]. - Revenue increased by approximately RMB 43,606,000 or 87.4% from approximately RMB 49,912,000 for the Prior Period to approximately RMB 93,518,000 for the Period, primarily due to the gradual recovery of downstream and consumer demands from COVID-19[28]. - Gross profit increased by approximately RMB 4,119,000 or 33.9% to approximately RMB 16,286,000 for the Period, while gross profit margin decreased to 17.4% from 24.4% for the Prior Period due to increased raw material costs[32]. Operational Strategies - The company plans to continue focusing on expanding its market presence and improving product offerings in the upcoming periods[15]. - Future strategies may include exploring new technologies and potential acquisitions to bolster growth[15]. - The Group aims to enhance competitiveness and market share by strengthening relationships with existing customers and developing new customers[20]. - The Group plans to expand its research and development center and improve the professionalism of its technical team[20]. - The Group is actively promoting production automation and informatization to lay a foundation for long-term development[20]. - The Group is increasing efforts in product development, particularly in finishes, synthetic resins, and water-based resins[20]. - The Group is adjusting production and operation plans in response to market changes and expanding the production and sales of color chips products[17]. Economic Environment - The Group expects the operating environment to remain severely challenging due to the ongoing global epidemic and economic volatility[21]. - The Group will closely monitor economic changes to evaluate business strategies and ensure sustainable development[23]. Cash Flow and Financial Position - As of June 30, 2021, the Group's current assets were approximately RMB 214.4 million, with a current ratio decreasing from approximately 6.6 times to 6.0 times[37]. - Cash and bank balances decreased by approximately 5.2% from RMB 79.6 million as of December 31, 2020, to RMB 75.5 million as of June 30, 2021[37]. - The Group's capital expenditure for the period was approximately RMB 12.0 million, an increase of RMB 11.0 million compared to RMB 978,000 in the prior period[37]. - Net cash used in operating activities was approximately RMB 7.5 million, lower than the RMB 11.9 million used in the prior period[41]. - Net cash used in investing activities increased to approximately RMB 35.2 million from RMB 52,000 in the prior period, mainly due to increased purchases of property, plant, and equipment[41]. - The net cash from financing activities was approximately RMB 39.0 million, compared to RMB 87.7 million in the prior period[41]. - Cash and cash equivalents at the end of the period were RMB 75.5 million, down from RMB 90.6 million in the prior period[41]. - The Group maintained a net cash position as of June 30, 2021, due to a reduction in bank borrowings and an increase in cash from listing and placing proceeds[44]. Shareholder Information - The total number of shares issued by the Company as of June 30, 2021, was 1,200,000,000, with 250,000,000 shares issued at a price of HK$0.52 per share during the global offering[44]. - Net proceeds from the Global Offering were approximately RMB 72.4 million, with 60.0% allocated for the construction of a new production plant and purchase of new machinery[49]. - As of June 30, 2021, approximately RMB 35 million had been utilized from the net proceeds, with RMB 37.4 million remaining unutilized[56]. - Approximately 21.8% of the proceeds from the Global Offering will be used to enhance research and development capabilities, including hiring experts and acquiring equipment[49]. - The Group had a total of 155 employees in the PRC as of June 30, 2021, offering competitive remuneration packages[47]. Corporate Governance - The company has adopted the Corporate Governance Code to ensure transparency and accountability to shareholders[63]. - The company is committed to improving corporate governance practices to optimize returns for shareholders[63]. - The interim consolidated financial statements for the six months ended June 30, 2021, have not been audited or reviewed by the company's auditor[96]. - The Audit Committee reviewed and approved the interim results, ensuring compliance with applicable accounting standards[97]. - The company aims to maintain effective internal controls and efficient audits as part of its governance strategy[91]. - The board of directors includes both executive and independent non-executive members, ensuring diverse oversight[99]. Taxation and Compliance - The total tax charge for the period was RMB 434,000, significantly lower than RMB 865,000 in the previous year[165]. - The Group's PRC operations are subject to a corporate income tax rate of 25%, while Zhejiang Sunlight Material Co., Ltd. benefits from a reduced rate of 15% as a high-tech enterprise[165]. - The withholding tax on profit distributions to foreign investors in Mainland China is subject to rates of 5% or 10% depending on the investor's country of incorporation[165]. - The Group has not recognized any deferred income tax liability for the retained earnings in the PRC, indicating control over the timing of potential tax liabilities[166]. Employee and Remuneration - Directors' remuneration for the six months ended June 30, 2021, was RMB 406,000, slightly down from RMB 434,000 in 2020[160]. - Total staff costs (excluding directors' remuneration) for the six months ended June 30, 2021, were RMB 7,630,000, an increase from RMB 6,413,000 in 2020[160].