Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of approximately $72.3 million, a decrease of about 37.4% compared to $115.5 million in the fiscal year 2022[2]. - The gross profit for the fiscal year 2023 was $841,000, resulting in a gross margin of 1.2%, down from 22.5% in the previous year[2][4]. - The company recorded a net loss attributable to owners of approximately $15.5 million in FY2023, primarily due to reduced gross profit, increased administrative expenses, and financial costs[14]. - Adjusted net loss was approximately $10.8 million in FY2023, compared to a profit of $8.7 million in FY2022, reflecting the impact of listing expenses and employee bonuses[15]. - Revenue decreased from approximately $115.5 million in FY2022 to about $72.3 million in FY2023, primarily due to a drop in sales volume from approximately 24,184 tons to about 17,015 tons and a decrease in average selling price per ton from $4,777 to $4,249[8]. - Gross profit significantly declined from approximately $26.0 million in FY2022 to about $0.8 million in FY2023, with gross margin dropping from approximately 22.5% to about 1.2%[10]. - The company reported a pre-tax loss of $68,160,000 in 2023, compared to a loss of $89,493,000 in 2022, reflecting a 23.8% improvement[45]. - The company reported a significant increase in financial costs, rising to $3,653,000 in 2023 from $2,626,000 in 2022[28]. Operational Highlights - The sales volume of the company's products decreased by 29.6% in fiscal year 2023 due to soft customer demand and downstream supply chain destocking[3]. - The company plans to enhance its annual production capacity in the core graphite anode business to prepare for market recovery[5]. - The company has initiated a brownfield GAM project in Europe, with a planned annual production capacity of 20,000 tons[6]. - The investment in Hubei Haoyang Technology Co., Ltd. aims to further expand the company's presence in the GAM market in Europe[6]. - The company plans to actively execute measures to provide attractive value propositions to customers and drive downstream industry transformation into sustainable value chains[7]. - The company remains confident in its ability to navigate the current market situation and is optimistic about the long-term prospects of its core businesses[7]. Cash Flow and Financial Position - Cash flow from operating activities was a net amount of $6.1 million in FY2023, compared to $5.4 million in FY2022[17]. - As of December 31, 2023, the group's cash and cash equivalents amounted to approximately $29.6 million, up from $11.7 million on December 31, 2022[18]. - The total interest-bearing bank and other borrowings as of December 31, 2023, were approximately $38.7 million, an increase from $30.2 million on December 31, 2022[18]. - The group's equity and liabilities as of December 31, 2023, were approximately $148.5 million and $77.6 million, respectively, compared to $132.9 million and $72.9 million on December 31, 2022[18]. - The debt-to-equity ratio increased from approximately 22.7% on December 31, 2022, to approximately 26.1% on December 31, 2023, primarily due to the increase in interest-bearing borrowings[19]. - Capital expenditures for the fiscal year 2023 were approximately $13.6 million, primarily for the acquisition of properties, plants, and equipment[21]. Taxation and Liabilities - The group reported a tax expense of approximately $6,850,000 for the year ended December 31, 2023, compared to $1,692,000 in 2022, reflecting a significant increase in tax liabilities[52]. - The group has a deferred tax asset of approximately $4,610,000 resulting from the carryforward of net operating losses in the U.S. for the year ended December 31, 2022[52]. - The group did not declare any dividends to shareholders for the years ended December 31, 2023, and 2022, indicating a focus on retaining earnings[53]. - As of December 31, 2023, trade payables amounted to $7,200 thousand, a decrease from $12,314 thousand in 2022, with overdue amounts significantly reduced[59]. Corporate Governance and Compliance - The company has adhered to corporate governance rules since its listing on January 17, 2023, ensuring a clear separation of roles between the chairman and the CEO[64]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group for the fiscal year 2023[66]. - The group has not experienced significant changes in its main business operations as of December 31, 2023[33]. - The financial statements are presented in US dollars, which is also the functional currency of the company[33]. Market and Future Outlook - The company anticipates continued pressure on the global economy in the short term, but remains optimistic about long-term growth driven by global carbon neutrality initiatives[5]. - The company expects that the global steel production capacity will significantly increase over the next three years, with electric arc furnace projects accounting for approximately 50.5% of the total[5].

Company Overview - The company ranks seventh globally in the production of ultra-high power graphite electrodes with a market share of approximately 1.4% as of 2021[11]. - The company has production facilities in Italy and China with actual annual production capacities of 21,000 tons and 14,000 tons respectively[11]. - The company aims to support the transition from blast furnace steelmaking to electric arc furnace steelmaking, which currently dominates steel production globally at 70%[11]. - The company is committed to providing high-quality ultra-high power graphite electrodes as a key industrial material for electric arc furnace steel manufacturers[11]. - The company has established a strong sales and distribution network to ensure product availability across various regions including the Americas, EMEA, Asia-Pacific, and China[12]. - The company has a diverse customer base spanning over 25 countries, including major electric arc furnace steel manufacturers[11]. - The company is actively engaged in research and development for new products and technologies to enhance its market position[11]. - The company is exploring market expansion opportunities to strengthen its global presence[11]. Financial Performance - The company's revenue decreased from approximately $59.7 million in the first half of 2022 to about $43.7 million in the first half of 2023, a decline of approximately 26.8%[22]. - Sales volume dropped from around 12,456 tons in the first half of 2022 to 9,603 tons in the first half of 2023, a decrease of about 22.9%[22]. - The average selling price slightly decreased from approximately $4,793 per ton in the first half of 2022 to about $4,549 per ton in the first half of 2023[22]. - Gross profit fell from approximately $15.6 million in the first half of 2022 to about $5.3 million in the first half of 2023, with the gross margin decreasing from about 26.1% to 12.1%[24]. - The total sales cost reduced from approximately $44.1 million in the first half of 2022 to $38.4 million in the first half of 2023[19]. - The company recorded a loss attributable to owners of approximately $4.2 million in the first half of 2023, compared to a profit of about $6.5 million in the same period of 2022[19]. - The company's profit attributable to owners decreased from approximately $6.5 million in the first half of 2022 to a loss of approximately $4.2 million in the first half of 2023, primarily due to a decline in gross profit and increases in administrative and financing costs[27]. - Adjusted net profit (loss) under non-Hong Kong Financial Reporting Standards was $476 thousand for the first half of 2023, compared to $7.1 million for the same period in 2022[28]. - The company reported a loss before tax of $9,063 thousand, compared to a profit of $7,930 thousand in the previous year[60]. - The company reported a net cash flow from operating activities of $(4,746) thousand for the six months ended June 30, 2023, compared to $(9,063) thousand in the same period of 2022[71]. Production Capacity and Expansion - The company plans to expand its production capacity from the current 35,000 tons to 46,000 tons through acquisitions in Shanxi Province, and aims to further increase it to 68,000 tons through a joint venture in Henan Province[20]. - A joint venture agreement was established on May 16, 2023, with a registered capital of RMB 100 million, where the company will hold a 37% stake[36]. - The joint venture aims to expand the annual production capacity of ultra-high power graphite electrodes to 40,000 tons in Huixian City, Henan Province[37]. - On July 6, 2023, the company’s subsidiary signed an asset purchase agreement to acquire assets for approximately RMB 80.5 million, which is expected to increase the annual production capacity of graphite electrodes from 35,000 tons to 46,000 tons[45]. Cash Flow and Financial Position - As of June 30, 2023, the company's cash and cash equivalents were approximately $28.3 million, up from $11.7 million as of December 31, 2022[30]. - Total interest-bearing bank and other borrowings amounted to approximately $30.0 million as of June 30, 2023, compared to $30.2 million as of December 31, 2022[31]. - The company's debt-to-equity ratio improved from approximately 22.7% as of December 31, 2022, to approximately 18.8% as of June 30, 2023[32]. - Capital expenditures during the reporting period were approximately $2.7 million, primarily for the expansion of operations[34]. - The company reported total liabilities decreased to $70,224 thousand from $73,934 thousand at the end of 2022, reflecting a reduction in interest-bearing bank borrowings[66]. - The company's equity attributable to owners increased to $159,304 thousand from $132,917 thousand at the end of 2022[67]. Corporate Governance and Compliance - The company has complied with the corporate governance code since its listing on January 17, 2023, ensuring a clear division of roles between the chairman and the CEO[51]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and found no issues with the accounting principles and practices adopted[54]. - The interim financial statements have been reviewed by Deloitte, confirming compliance with applicable accounting standards[58]. Employee and Management Costs - Employee costs for the period amounted to approximately USD 8.3 million, compared to USD 4.5 million for the same period last year, indicating a 84.4% increase[50]. - Total remuneration for key management personnel increased to $2,526,000 in the first half of 2023, up from $446,000 in the same period last year, driven by higher short-term employee benefits and discretionary bonuses[126]. Share Capital and Ownership - As of June 30, 2023, the company has issued a total of 1,000,000,000 shares, with Mr. Hou Haomeng holding 750,000,000 shares, representing 75% ownership[40]. - Otautahi Capital Inc., Otautahi Holdings Limited, and Otautahi Enterprises Trust collectively hold 750,000,000 shares, representing 75% ownership, indicating a concentrated ownership structure[42]. - The group issued 172,400,000 ordinary shares at $0.21 each, raising a total of $35,364,000, which increased the share capital and share premium by $1,724,000 and $33,640,000 respectively[116]. Market and Revenue Analysis - Revenue for the six months ended June 30, 2023, was $43,685,000, a decrease of 26.9% from $59,706,000 in the same period of 2022[81]. - Revenue from the Americas increased to $13,578,000 in 2023 from $12,989,000 in 2022, reflecting a growth of 4.5%[79]. - Revenue from EMEA decreased to $23,272,000 in 2023 from $28,752,000 in 2022, a decline of 19.0%[79]. - Revenue from China dropped significantly to $6,771,000 in 2023 from $15,698,000 in 2022, a decrease of 56.9%[79].

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of approximately $43.7 million, a decrease of 26.8% compared to $59.7 million in the same period of 2022[2]. - Gross profit for the same period was $5.3 million, down 65.9% from $15.6 million year-on-year, resulting in a gross margin of 12.1%, down from 26.1%[2]. - The company recorded a loss attributable to owners of approximately $4.2 million, compared to a profit of $6.5 million in the previous year, marking a 164.7% decline[4]. - Revenue decreased from approximately $59.7 million in the first half of 2022 to about $43.7 million in the first half of 2023, primarily due to a drop in sales volume from approximately 12,456 tons to 9,603 tons[8]. - The group reported a revenue of $43.685 million for the six months ended June 30, 2023, compared to $59.706 million for the same period in 2022[24]. - The gross profit for the same period was $5.301 million, down from $15.564 million in the previous year[24]. - The net loss attributable to the company's owners for the six months ended June 30, 2023, was $4.224 million, compared to a profit of $6.533 million for the same period in 2022[24]. - Total comprehensive expenses for the six months ended June 30, 2023, amounted to $(5,015) thousand, compared to $(3,088) thousand for the same period in 2022, reflecting an increase in expenses[25]. Sales and Market Conditions - The company observed a 22.9% decrease in sales volume of its products in the first half of 2023 compared to the same period in 2022, attributed to suppressed customer demand and inventory destocking[3]. - The global economic growth rate is projected to slow to about 3.0% in 2023, down from approximately 3.5% in 2022, impacting demand in the steel industry[3]. - Revenue from the Americas for the six months ended June 30, 2023, was $13,578,000, compared to $12,989,000 in 2022, showing an increase of about 4.5%[36]. - Revenue from EMEA for the six months ended June 30, 2023, was $23,272,000, down from $28,752,000 in 2022, indicating a decrease of approximately 19.0%[36]. - Revenue from China for the six months ended June 30, 2023, was $6,771,000, a significant drop from $15,698,000 in 2022, reflecting a decline of about 56.9%[36]. Cost and Expenses - The company’s total sales cost decreased from $44.1 million in the first half of 2022 to $38.4 million in the first half of 2023, reflecting adjustments in production plans[3]. - Total employee benefit expenses increased to $5,667,000 in 2023 from $2,374,000 in 2022, reflecting a significant rise of approximately 138%[44]. - The cost of goods sold was $38,384,000 for the six months ended June 30, 2023, down from $44,142,000 in 2022, indicating a decrease of about 13%[42]. - Depreciation expenses for property, plant, and equipment amounted to $2,020,000 in 2023, compared to $2,209,000 in 2022, showing a decrease of about 9%[42]. Financial Position - As of June 30, 2023, the group's cash and cash equivalents amounted to approximately $28.3 million, up from $11.7 million as of December 31, 2022[16]. - The total interest-bearing bank and other borrowings were approximately $30.0 million as of June 30, 2023, slightly down from $30.2 million as of December 31, 2022[16]. - The equity and liabilities as of June 30, 2023, were approximately $159.3 million and $70.2 million, respectively, compared to $132.9 million and $72.9 million as of December 31, 2022[16]. - The debt-to-equity ratio decreased from approximately 22.7% as of December 31, 2022, to about 18.8% as of June 30, 2023, primarily due to an increase in total equity following the company's listing in January 2023[17]. - Current assets increased to $117,921 thousand as of June 30, 2023, compared to $98,814 thousand at the end of 2022, representing a significant rise of about 19.3%[26]. - The company's equity attributable to owners increased to $159,304 thousand as of June 30, 2023, from $132,917 thousand at the end of 2022, showing a growth of approximately 19.9%[28]. Investments and Expansion Plans - The company plans to expand its production capacity from the current 35,000 tons to 46,000 tons through acquisitions in Shanxi Province, China, and aims to further increase capacity to 68,000 tons through a joint venture agreement[6]. - The group entered into a joint venture agreement on May 16, 2023, to establish a limited partnership in China with a registered capital of RMB 100 million, where the group will contribute RMB 37 million[21]. - The joint venture aims to expand the group's production capacity in Henan Province to 40,000 tons of ultra-high power graphite electrodes annually[21]. - The company has invested its own funds in a Chinese company specializing in synthetic graphite anode materials, which has a strong customer base and R&D capabilities[7]. - The company aims to contribute to the global lithium-ion battery supply chain through its advancements in synthetic graphite anode materials[7]. Corporate Governance and Compliance - The company has complied with the corporate governance code since its listing on January 17, 2023, ensuring clear separation of roles between the chairman and the CEO[63]. - The company has adopted the Listing Rules Appendix 10 for the conduct of securities trading by directors, confirming compliance from the listing date until June 30, 2023[64]. - The Audit Committee consists of three independent non-executive directors, including Mr. Zheng Dajun as Chairman, Ms. Chen Chuwen, and Mr. Wei Mingde[65]. - The company's financial statements for the first half of 2023 have been reviewed and agreed upon by the auditors, Deloitte, in accordance with the relevant auditing standards[66]. Share Capital and Securities - The company issued an additional 172,400,000 ordinary shares at $0.21 per share, raising a total of $35,364,000[56]. - The company’s authorized share capital increased from $300,000 to $50,000,000 following a resolution passed on December 19, 2022[54]. - The net proceeds from the global offering amount to approximately HKD 186.7 million after deducting underwriting fees and related expenses[59]. - The intended use of proceeds includes paying for the acquisition of Tai Gu assets, which accounts for 34.8% of the total proceeds, amounting to HKD 65.0 million[60]. - The company plans to upgrade its facilities and systems, which will utilize 55.2% of the proceeds, totaling HKD 103.0 million[60].

Company Overview - The company ranks seventh globally in ultra-high power graphite electrode manufacturing with a market share of approximately 1.4% as of 2021[5]. - In China, the company ranks fourth among ultra-high power graphite electrode manufacturers with a market share of about 7.1%[5]. - The production capacity in Italy and China is 16,500 tons and 14,000 tons respectively, allowing the company to flexibly meet global customer demand[5]. - The company is committed to providing high-quality ultra-high power graphite electrodes as a key industrial material for electric arc furnace steel manufacturers[5]. - The company has a regional sales team focused on the Americas, EMEA, Asia-Pacific, and China markets to support various customer needs[5]. - The company has established a strong sales and distribution network to ensure product availability for customers[5]. Environmental Commitment - The transition from blast furnace steelmaking to electric arc furnace steelmaking is driven by global carbon neutrality goals, with electric arc furnaces being more environmentally friendly[5]. - The company aims to reduce emissions and waste while striving for cleaner production processes[5]. - The company is actively working on new strategies to contribute to a long-term green sustainable economy[5]. - The company emphasizes compliance with environmental regulations and aims to align its policies with local and international standards[46]. Financial Performance - The company recorded revenue of approximately $115.5 million for the fiscal year 2022, representing a growth of about 6.3% compared to the previous year[9]. - The average selling price of graphite electrodes increased by 21.6% from approximately $3,928 per ton in fiscal year 2021 to approximately $4,777 per ton in fiscal year 2022[13]. - Gross profit for the fiscal year 2022 was $26.0 million, up 14.0% from $22.8 million in the previous year, with a gross margin of 22.5%[12]. - Net profit attributable to shareholders was $7.5 million, a significant increase of 70.8% from $4.4 million in the previous year, resulting in a net profit margin of 6.5%[12]. - The total sales volume of graphite electrodes decreased from approximately 27,669 tons in fiscal year 2021 to approximately 24,184 tons in fiscal year 2022, primarily due to reduced sales in the Americas[13]. - The company reported a total equity of $132,917,000 in 2022, slightly down from $134,989,000 in 2021[141]. Strategic Initiatives - The company is exploring opportunities in the lithium battery anode market, indicating a strategic move towards diversification and growth[10]. - The company is in the process of acquiring Taigu assets to further enhance its production capacity in support of its expansion plans[9]. - The company plans to explore the production of graphite anode materials outside of its graphite electrode business, driven by the rapid growth of the global lithium-ion battery industry[16]. - The company anticipates leveraging diverse financing options post-listing to facilitate business growth and expand its customer base[10]. Corporate Governance - The company is listed on the stock exchange with the stock code 2459[4]. - The board includes members with diverse backgrounds in finance, management, and industry-specific expertise, which strengthens the company's governance[33][34][35][36][37]. - The company is committed to providing independent opinions to the board through its independent non-executive directors, ensuring transparency and accountability[34][35][36][37]. - The recent appointments of independent directors reflect the company's strategy to enhance its corporate governance and align with best practices in the industry[34][35][36][37]. - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[86]. Risk Management - The company has established a policy for insider information disclosure, ensuring compliance with relevant laws and regulations[119]. - The company has committed to maintaining effective risk management and internal control systems to protect shareholder investments[118]. - The internal audit team has evaluated the effectiveness of the internal control system for the fiscal year 2022, concluding that the system is adequate and effective[118]. - The company conducted a comprehensive risk assessment in December 2022, identifying multiple key risks that could impact strategic objectives[116]. Human Resources - The group employed approximately 210 staff members as of December 31, 2022, with total employee costs (including director remuneration) amounting to about $9.6 million, a decrease from $10.3 million in 2021[79]. - The gender ratio of the company's employees as of December 31, 2022, is approximately 77:23 (male: female)[106]. - The company has established a defined contribution retirement benefit plan for eligible employees, with contributions based on a percentage of basic salary[190]. Shareholder Engagement - The company emphasizes shareholder privacy and has multiple communication channels for shareholder engagement, including an annual general meeting[122]. - The company plans to hold its annual general meeting on May 16, 2023, with share transfer procedures suspended from May 10 to May 19, 2023[78]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022[128]. - The total fees paid/ payable to Ernst & Young for the fiscal year 2022 are $340,000 for audit services and $315,000 for non-audit services, totaling $655,000[108]. - The audit report was issued by Ernst & Young, with the audit engagement partner being Zhou Xuefeng[136]. Financial Reporting Standards - The group adopted revised Hong Kong Financial Reporting Standards for the fiscal year, including HKFRS 3, HKAS 16, and HKAS 37, with no significant impact on financial performance due to the absence of business combinations during the year[150]. - The financial statements are presented in Hong Kong dollars, with the US dollar being the functional currency of the company[194]. - The group continues to monitor and evaluate its accounting policies to ensure compliance with the latest financial reporting standards[152].

Financial Performance - Revenue for the fiscal year 2022 reached approximately $115.5 million, an increase of 6.3% compared to $108.7 million in fiscal year 2021[2] - Gross profit for fiscal year 2022 was $26.0 million, representing a 14.0% increase from $22.8 million in fiscal year 2021[2] - The net profit attributable to shareholders was $7.5 million, a significant increase of 70.8% from $4.4 million in the previous year[2] - The gross profit margin improved to 22.5% in fiscal year 2022, up from 21.0% in fiscal year 2021, reflecting better pricing strategies[2] - The net profit margin increased to 6.5% in fiscal year 2022, compared to 4.0% in fiscal year 2021, indicating improved profitability[2] - Excluding listing expenses, the profit attributable to shareholders for fiscal year 2022 was approximately $8.7 million, representing an increase of about 36.9% from the previous year[6] - Total revenue for the fiscal year 2022 was $115,521 thousand, an increase of 6.8% compared to $108,694 thousand in 2021[21] - Gross profit for the fiscal year 2022 was $26,028 thousand, up from $22,830 thousand in 2021, reflecting a growth of 14.4%[21] - Net profit attributable to the company's owners for the fiscal year 2022 was $7,496 thousand, compared to $4,388 thousand in 2021, representing a significant increase of 70.5%[22] - The basic earnings per share for 2022 were $9.05, up from $5.00 in 2021, reflecting a significant increase in profitability[49] Sales and Revenue Breakdown - The average selling price of graphite electrodes increased by 21.6% from approximately $3,928 per ton in fiscal year 2021 to approximately $4,777 per ton in fiscal year 2022[3] - Total sales volume decreased from approximately 27,669 tons in fiscal year 2021 to approximately 24,184 tons in fiscal year 2022, primarily due to reduced sales to the Americas[3] - Revenue from the Americas in 2022 was $33.484 million, a decrease of 2.5% from $34.358 million in 2021[35] - Revenue from EMEA (Europe, Middle East, and Africa) increased significantly to $51.664 million in 2022, up 23.8% from $41.734 million in 2021[35] - Revenue from China was $27.871 million in 2022, slightly down from $28.602 million in 2021, reflecting a decrease of 2.5%[35] - Revenue from the Asia-Pacific region (excluding China) dropped to $2.502 million in 2022, down 37.5% from $4.000 million in 2021[35] - Total revenue from external customers in 2022 reached $115.521 million, an increase of 6.8% compared to $108.694 million in 2021[35] - Sales of graphite electrodes amounted to $115,521,000 in 2022, an increase from $108,694,000 in 2021, reflecting a growth of approximately 7.5%[38] Cost and Expenses - The total financial costs for the group were approximately $2.6 million in fiscal year 2022, an increase of about $0.6 million compared to approximately $2.0 million in fiscal year 2021[11] - The average selling cost of graphite electrodes increased from $3,103 per ton in fiscal year 2021 to $3,701 per ton in fiscal year 2022[9] - The cost of goods sold for the year was $89,493,000, up from $85,864,000 in the previous year, representing an increase of approximately 1.9%[42] - Financial costs for 2022 totaled $2,626 million, an increase of 32.2% from $1,988 million in 2021[44] - Employee costs for the fiscal year 2022 amounted to approximately USD 9.6 million, a decrease from USD 10.3 million in 2021[57] Assets and Liabilities - As of December 31, 2022, the group had cash and cash equivalents of approximately $11.7 million, primarily denominated in USD, EUR, RMB, and HKD[14] - The total value of non-current assets decreased from $116,034 thousand in 2021 to $107,037 thousand in 2022[23] - The company's total equity as of December 31, 2022, was $132,917 thousand, down from $134,989 thousand in 2021[24] - The group maintained a balance between equity and debt, with total equity and liabilities as of December 31, 2022, being approximately $132.9 million and $72.9 million, respectively[15] - The group's debt-to-asset ratio decreased from approximately 25% on December 31, 2021, to about 23% on December 31, 2022, primarily due to a reduction in total debt by approximately 10.1%[16] Corporate Governance and Compliance - The company has adhered to corporate governance standards since its listing on January 17, 2023, with the exception of the separation of roles between the Chairman and CEO[59] - The Audit Committee consists of four independent non-executive directors who reviewed the Group's accounting principles and financial reporting for the fiscal year 2022[61] - The Group's auditor, Ernst & Young, confirmed that the financial statements for the year ended December 31, 2022, are consistent with the preliminary announcement[62] - The annual performance announcement and annual report for the fiscal year 2022 have been published on the Hong Kong Stock Exchange website and the company's website[64] - The annual report contains all information required by the Listing Rules Appendix 16, which will be sent to shareholders at the appropriate time[64] Future Outlook and Strategic Initiatives - The company expects that the U.S.-China trade conflict will not have a significant adverse impact on its business and outlook[5] - The company has utilized its Italian manufacturing capacity to produce products for U.S. customers, thereby avoiding additional tariffs[5] - The group is exploring the development of graphite negative materials to meet the growing demand driven by the rapid growth of the lithium-ion battery industry[7] - The company successfully listed its shares in January 2023, marking a significant milestone in its history and providing diversified funding options for business expansion[6] Miscellaneous - The company did not engage in any significant acquisitions or disposals of subsidiaries during the fiscal year 2022[20] - As of December 31, 2022, the company had no significant contingent liabilities[19] - The company did not declare any dividends for the year, compared to $14 million in dividends paid in the previous year[47] - No significant events affecting the group occurred after the fiscal year 2022, aside from the successful listing on the Hong Kong Stock Exchange on January 17, 2023[54] - The net proceeds from the global offering amount to approximately HKD 186.7 million after deducting underwriting fees and related expenses[55] - 34.8% of the net proceeds (HKD 65.0 million) is allocated for the acquisition of Taigu assets, with the remaining HKD 65.0 million yet to be utilized[56] - 55.2% of the net proceeds (HKD 103.0 million) is designated for upgrading production systems in the Group's facilities, with HKD 26.9 million already used and HKD 76.1 million remaining[56]