GRACEWINE(08146)

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怡园酒业(08146) - 2023 - 年度财报
2024-03-27 11:04
Financial Performance - The company's revenue for 2023 reached RMB 650 million, representing a moderate growth of 4.6% compared to the previous year[9] - In the fiscal year 2023, the company's revenue increased by RMB 2.9 million or 4.6% to RMB 65.0 million, primarily due to the growth in high-end wine sales[19] - The net profit for fiscal year 2023 was RMB 10.2 million, a turnaround from a net loss of RMB 0.6 million in fiscal year 2022[27] - The company sold 738,000 bottles in fiscal year 2023, down from 827,000 bottles in fiscal year 2022, while the average selling price rose from RMB 75.1 to RMB 88.1 per bottle[19] - Overall gross profit increased by RMB 11.1 million or 30.7% to RMB 47.6 million, with the gross profit margin rising from 58.7% to 73.3%[21] Market Trends - Per capita disposable income in urban areas of China increased by 5.1% to RMB 51,821 in 2023, indicating a positive trend in consumer spending[13] - Per capita consumption expenditure on food, tobacco, and alcohol rose by 6.0% to RMB 9,495, accounting for 18.3% of total per capita consumption expenditure[13] - The overall wine market in China is expected to gain recognition due to improved quality and the easing of pandemic-related restrictions[13] Production and Operations - The company has completed trial production of whiskey before the Chinese New Year and has begun regular production, with the distillery set to open to the public in June[10] - The company reported a significant increase in production capacity, with a 20% rise in output compared to the previous year[61] - The company has completed preparations for its whiskey and gin projects and will begin producing single malt whiskey, enhancing its product offerings[145] Sustainability and Corporate Responsibility - The company emphasizes sustainable wine production practices, including responsible sales and distribution, and sustainable sourcing of grapes[173] - The company aims to strengthen climate resilience and reduce the ecological footprint of its wine production business[185] - The company is committed to making meaningful and sustainable positive impacts on the community[185] - The company has established and reviewed sustainability strategies, priorities, goals, and indicators[180] Governance and Compliance - The company has maintained a strong compliance record, adhering to all applicable corporate governance codes[68] - The board of directors has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee, to ensure effective governance[109] - The company is committed to maintaining a robust governance framework to ensure accountability and transparency in its operations[129] Marketing and Brand Strategy - The company emphasizes the importance of brand storytelling and consumer relationships, particularly through social media platforms like Xiaohongshu and WeChat[10] - The company aims to strengthen its brand presence and market share through enhanced promotion on social media platforms[16] - A new marketing strategy has been implemented, projected to increase brand awareness by 40% within the next year[66] Employee and Management - Employee costs for the fiscal year 2023 amounted to RMB 15.4 million, slightly down from RMB 15.6 million in the fiscal year 2022[35] - The company has 170 employees as of December 31, 2023, down from 176 employees the previous year[35] - The company invests in the continuous development of its employees to attract and retain talent[196] Risk Management - The group has identified major risks including economic recovery in key sales locations, which could impact sales and revenue if consumer spending decreases[143] - The risk management process involves identifying, assessing, responding to, and monitoring risks, with a focus on enhancing understanding across all employees[141] - The company has adopted a cautious cash management strategy to maintain liquidity in the event of economic downturns, ensuring sufficient working capital[143] Shareholder Engagement - The company encourages shareholder participation in meetings and has established procedures for shareholders to request special meetings, requiring at least 10% of the paid-up capital to initiate such requests[152] - The company has adopted a shareholder communication policy to enhance effective communication with shareholders and investors regarding business performance and strategies[159] - The company has established multiple communication channels with shareholders, including quarterly, interim, and annual reports, as well as annual general meetings for direct engagement[160]
怡园酒业(08146) - 2023 - 年度业绩
2024-03-12 14:47
Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 564,985,000, an increase of 4.5% compared to RMB 62,119,000 in 2022[5] - Gross profit for the same period was RMB 47,645,000, representing a significant increase of 30.7% from RMB 36,460,000 in the previous year[5] - The company achieved a profit before tax of RMB 11,461,000, a substantial increase from RMB 887,000 in 2022, marking a growth of 1,292%[5] - Net profit for the year was RMB 10,220,000, compared to a loss of RMB 598,000 in the previous year, indicating a turnaround in profitability[5] - Basic and diluted earnings per share were RMB 1.28, a significant improvement from a loss per share of RMB 0.07 in 2022[5] - The total comprehensive income for the year ended December 31, 2023, was RMB 10,306,000, which includes a profit of RMB 10,220,000[12] - The company reported a loss of RMB 598,000 for the previous year, indicating a turnaround in performance[12] - The company's retained earnings increased to RMB 113,738,000 as of December 31, 2023, up from RMB 105,363,000 the previous year, reflecting a growth of approximately 8%[12] - The total equity as of December 31, 2023, was RMB 266,820,000, compared to RMB 260,104,000 at the beginning of the year, representing an increase of about 2.6%[12] - The company recognized a foreign exchange gain of RMB 2,977,000 in the current year, contributing positively to the overall income[12] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 305,541,000, up from RMB 279,056,000 in 2022, reflecting a growth of 9.5%[9] - The company's non-current assets increased to RMB 191,140,000 from RMB 170,366,000, representing a growth of 12.1%[9] - Current liabilities decreased significantly to RMB 25,656,000 from RMB 51,779,000, a reduction of 50.5%[9] - The company reported cash and cash equivalents of RMB 41,870,000, down from RMB 73,367,000 in the previous year, indicating a decrease of 43%[9] - The group's total liabilities decreased to RMB 64,377,000 in 2023 from RMB 74,564,000 in 2022, indicating a reduction of 13.7%[20] Revenue Breakdown - In 2023, total revenue from wine production was RMB 64,985,000, an increase from RMB 62,119,000 in 2022, representing a growth of 4.5%[20] - Revenue from mainland China accounted for RMB 63,861,000 in 2023, up from RMB 61,669,000 in 2022, marking a growth of 3.5%[23] - Revenue from sales of goods for 2023 reached RMB 12,517,000, compared to RMB 4,852,000 in 2022, representing a significant increase[28] - Major customer 1 generated revenue of RMB 13,611,000 in 2023, compared to RMB 13,263,000 in 2022, showing a growth of 2.6%[24] Cost and Expenses - Sales cost decreased from RMB 25.7 million in FY2022 to RMB 17.3 million in FY2023, a reduction of RMB 8.3 million or 32.4%[50] - Overall gross profit increased by RMB 11.1 million or 30.7% from RMB 36.5 million in FY2022 to RMB 47.6 million in FY2023, with gross margin rising from 58.7% to 73.3%[51] - Selling and distribution expenses decreased by RMB 1.1 million or 7.8% to RMB 12.4 million in FY2023[53] - Administrative expenses increased by RMB 0.8 million or 3.6% to RMB 24.4 million in FY2023[54] - The group's profit before tax for 2023 was impacted by a cost of sold inventory amounting to RMB 6,635,000, down from RMB 10,359,000 in 2022, indicating a reduction of approximately 36%[30] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[3] - The domestic restaurant market gradually recovered in 2023, driving an increase in national wine sales, with the company strengthening its high-end wine strategy and improving cost control, resulting in a turnaround from loss to profit[45] - The company anticipates stable recovery growth in overall consumption due to domestic economic activities post-pandemic, with confidence in achieving higher growth than pre-pandemic levels[47] - The company plans to enhance brand promotion and diversify sales channels, including increased marketing on social media platforms to improve market share and brand value[45] Investments and Acquisitions - The company has acquired a wine and liquor factory in Fujian Province as part of its product repositioning and diversification plan[69] - The company signed contracts for interior renovation projects for its restaurant and hotel, with a total contract amount of approximately RMB 4,053,000 (including VAT) for the second floor and RMB 6,144,000 (including VAT) for the first floor[68][69] Compliance and Audit - The audit committee has reviewed the annual performance for the fiscal year 2023 and confirmed compliance with applicable accounting standards and regulations[79] - The financial statements for the fiscal year 2023 have been approved by Ernst & Young, ensuring consistency with the draft financial statements[80]
怡园酒业(08146) - 2023 Q3 - 季度财报
2023-11-10 09:07
Financial Performance - For the nine months ended September 30, 2023, total revenue was RMB 48,556,000, a decrease of 6.9% compared to RMB 51,957,000 for the same period in 2022[10] - Gross profit for the nine months ended September 30, 2023, was RMB 35,594,000, representing an increase of 12.6% from RMB 31,606,000 in the previous year[10] - The net profit for the three months ended September 30, 2023, was RMB 4,823,000, a decrease of 5.3% compared to RMB 5,090,000 for the same period in 2022[12] - The basic and diluted earnings per share for the nine months ended September 30, 2023, was RMB 0.60, compared to RMB 0.64 for the same period in 2022[10] - Revenue from mainland China was RMB 47,497,000, down 7.3% from RMB 51,449,000 in the previous year[19] - The company reported a net profit of RMB 4,823,000 for the nine months ended September 30, 2023, compared to RMB 5,090,000 for the same period in 2022, reflecting a decrease of 5.3%[18] - The total comprehensive income for the nine months ended September 30, 2023, was RMB 5,037,000, down from RMB 5,636,000 in the previous year[12] - The total comprehensive income for the period was RMB 5,037,000, compared to RMB 5,636,000 for the same period in 2022, indicating a decrease of 10.6%[18] Expenses - The company reported a financing cost of RMB 867,000 for the nine months ended September 30, 2023, significantly higher than RMB 112,000 in the previous year[10] - Sales and distribution expenses increased to RMB 10,539,000 for the nine months ended September 30, 2023, compared to RMB 8,688,000 in the same period of 2022[10] - Administrative expenses rose to RMB 18,208,000 for the nine months ended September 30, 2023, from RMB 15,417,000 in the previous year[10] - Selling and distribution expenses rose by RMB 1.8 million or 21.3% to RMB 10.5 million in Q3 2023, attributed to increased marketing activities[48] - Administrative expenses increased by RMB 2.8 million or 18.1% to RMB 18.2 million in Q3 2023, mainly due to general administrative costs related to the construction of distilleries[49] Taxation - The total tax expense for the nine months ended September 30, 2023, was RMB 2,320,000, representing an effective tax rate of 23.2%[26] - The total tax expense for the three months ended September 30, 2023, was RMB (459,000), with an effective tax rate of 32.5%[26] - The weighted average applicable tax rate for the nine months ended September 30, 2023, was 28.4%[26] - The deferred tax expense for the nine months ended September 30, 2023, was RMB 1,310,000, compared to RMB 581,000 for the same period in 2022[24] - Income tax expenses decreased by RMB 0.8 million or 25.9% to RMB 2.3 million in Q3 2023, due to a reduction in pre-tax profits from the Chinese subsidiary[52] Share Options and Equity - The company confirmed an expense of RMB 199,000 (approximately HKD 220,000) related to the share option plan for the nine months ended September 30, 2023[39] - As of September 30, 2023, there were 12,400,000 unexercised share options, which could lead to the issuance of an additional 12,400,000 ordinary shares if fully exercised[39] - The total number of share options granted and not exercised under the share option scheme was 13,000,000 shares, representing approximately 1.62% of the issued shares[64] - The total number of shares available for issuance under the share option scheme is 67,000,000 shares, accounting for about 8.37% of the issued shares as of September 30, 2023[64] - The company has a share option plan that allows for the issuance of options not exceeding 10% of the total issued shares at the time of the plan's adoption, which equates to 80,000,000 shares[61] Corporate Governance - The audit committee reviewed the unaudited consolidated financial performance for the nine months ended September 30, 2023, and found it compliant with applicable accounting standards and GEM listing rules[79] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors for the nine months ended September 30, 2023[72] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[75] - The chairman and CEO roles are held by the same individual, Chen Fang, which the board believes is appropriate for the company's interests[76] - The audit committee consists of two independent non-executive directors and one non-executive director, with Lin Liangyou serving as the chairman[77] Market Strategy and Operations - The company is focused on expanding its market presence and enhancing product offerings to drive future growth[9] - The company has completed preparations for the whiskey and gin facilities acquired in 2019, with whiskey production having commenced in April 2023[42] - The company obtained a production license for gin in September 2023, preparing to launch it in the market[42] - The company aims to maintain high-quality wine production while actively developing its spirits business to expand its customer base and sales channels[43] - The company anticipates recording sales revenue from gin and whiskey starting in Q1 2024[50] Other Financial Metrics - The company’s total equity as of September 30, 2023, was RMB 261,507,000, up from RMB 260,104,000 at the beginning of the year[14] - The company’s cash and cash equivalents increased to RMB 108,456,000 as of September 30, 2023, compared to RMB 105,363,000 at the same time last year[14] - The company reported a loss attributable to the owners of RMB 577,000 for the three months ended September 30, 2023, compared to a profit of RMB 4,254,000 for the same period in 2022[29] - The company had no issued potential diluted ordinary shares during the periods ended September 30, 2023, and 2022[29] - The company did not declare any dividends for the nine months ended September 30, 2023, consistent with the previous year[31]
怡园酒业(08146) - 2023 Q3 - 季度业绩
2023-11-06 13:45
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的內容概不 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倚賴該等內容而引致的任何損失承擔任何責任。 Grace Wine Holdings Limited 怡園酒業控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8146) 截 至 二 零 二 三 年 九 月 三 十 日 止 九 個 月 的 第 三 季 度 業 績 香港聯合交易所有限公司(「聯交所」)GEM的特色 GEM的定位,乃為較其他於聯交所上市的公司可能帶有更高投資風險的中小 型公司提供一個上市市場。有意投資者應了解投資於該等公司的潛在風險,並 應經過審慎周詳考慮後方作出投資決定。 鑒於在GEM上市的公司一般為中小型公司,於GEM買賣的證券可能會較於聯 交所主板買賣的證券承受較高的市場波動風險,同時無法保證於GEM買賣的 證券將會存在高流通性市場。 本公告乃遵照聯交所GEM證券上市規則(「GEM上市規則」)而刊載,旨在提供有 關怡園酒業控股有限公司(「怡園酒業」或「本公司」,連同其附屬公司統稱為「本 ...
怡园酒业(08146) - 2023 - 中期财报
2023-08-10 09:27
Financial Performance - The company's revenue for the first half of 2023 reached RMB 365 million, representing a significant increase of 29% compared to the same period in 2022[8]. - Revenue for the six months ended June 30, 2023, was RMB 36,471,000, an increase of 29.3% compared to RMB 28,184,000 for the same period in 2022[13]. - The company reported a profit before tax of RMB 8,179,000 for the six months ended June 30, 2023, compared to a profit of RMB 1,690,000 in the same period last year[13]. - Net profit for the six months ended June 30, 2023, was RMB 5,400,000, a significant increase from RMB 836,000 in 2022[15]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 5,577,000, compared to RMB 1,318,000 in the same period of 2022[15]. - The adjusted profit before tax for the total operations was RMB 8,179 thousand, compared to RMB 1,690 thousand in the previous year, indicating a significant improvement in profitability[27]. - The group reported a profit before tax of RMB 10,319,000 for the six months ended June 30, 2023, compared to a loss of RMB 2,140,000 in the same period of 2022[41]. - For the six months ended June 30, 2023, the company reported a profit attributable to owners of RMB 5,400,000, compared to a profit of RMB 836,000 for the same period in 2022, indicating a significant increase in profitability[45]. Sales and Market Trends - High-end wine sales surged by 81% and 88% respectively compared to the same period last year, although the overall sales volume showed a decline in the second quarter[8]. - The company aims to improve consumer promotion strategies in response to declining wine consumption trends in China over the past 12 years[8]. - The third quarter sales performance is expected to provide valuable insights into the overall sales outlook for the remainder of the year[8]. - Revenue from wine production for the six months ended June 30, 2023, was RMB 36,471 thousand, an increase of 29.5% from RMB 28,184 thousand in 2022[27]. - Revenue from mainland China reached RMB 35,842,000, up 29.2% from RMB 27,747,000 in the previous year[32]. - The average selling price per bottle rose from RMB 66.9 in the first half of 2022 to RMB 101.4 in the first half of 2023[87]. - The wine production in China from January to May 2023 was 51,000 kiloliters, a decrease of 22.7% year-on-year[80]. - The group anticipates a recovery in the wine market as international travel restrictions ease and the overall quality of Chinese wine improves[80]. Product Development and Expansion - The company successfully distilled whiskey in April 2023, with the first batch currently maturing in barrels, and plans to launch its first whiskey in 2026[9]. - The gin product is ready for launch pending production licensing in September 2023, with a public opening of the distillery expected in October 2023[9]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[20]. - The company completed the construction of its gin and whiskey distillery, which is set to begin production in the second half of 2023, expanding its business into the spirits sector[84]. Financial Position and Assets - Non-current assets as of June 30, 2023, totaled RMB 168,895,000, slightly down from RMB 170,366,000 as of December 31, 2022[17]. - Current assets decreased to RMB 145,199,000 as of June 30, 2023, from RMB 160,469,000 at the end of 2022[17]. - The company’s total liabilities decreased to RMB 29,382,000 as of June 30, 2023, from RMB 51,779,000 at the end of 2022[17]. - The company’s equity increased to RMB 262,001,000 as of June 30, 2023, compared to RMB 256,271,000 at the end of 2022[18]. - The total assets of the group as of June 30, 2023, amounted to RMB 330,835,000, an increase from RMB 314,094,000 as of December 31, 2022[29]. - The total liabilities increased to RMB 74,564,000 as of June 30, 2023, compared to RMB 52,093,000 at the end of the previous year[29]. Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2023, was a net outflow of RMB 13,598 thousand, compared to a net outflow of RMB 1,235 thousand for the same period in 2022[21]. - Total cash flow used in investing activities was RMB 3,776 thousand, significantly reduced from RMB 21,183 thousand in the previous year[21]. - Financing activities generated a net cash inflow of RMB 1,738 thousand, down from RMB 25,039 thousand in the prior year, primarily due to a decrease in new bank loans from RMB 25,320 thousand to RMB 11,000 thousand[21]. - Cash and cash equivalents decreased by RMB 15,636 thousand, compared to an increase of RMB 2,621 thousand in the same period last year[21]. - Cash and cash equivalents at the end of the period were RMB 57,590 thousand, down from RMB 70,775 thousand at the end of June 2022[21]. - Cash and cash equivalents decreased by 21.5% to RMB 57.6 million as of June 30, 2023, from RMB 73.4 million at the end of 2022[96]. Corporate Governance and Compliance - The audit committee reviewed the unaudited consolidated financial performance for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[133]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance by all directors for the six months ended June 30, 2023[128]. - The company maintains high standards of corporate governance to protect shareholder interests and enhance corporate value[130]. - The roles of the chairman and CEO are held by the same individual, which the board believes is appropriate for the company's interests[131]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring oversight of financial reporting and risk management[133]. Employee and Management Information - The employee count increased to 182 as of June 30, 2023, compared to 176 on December 31, 2022, with total employee costs amounting to RMB 6.2 million in the first half of 2023, up from RMB 5.9 million in the same period of 2022[103]. - The total compensation for key management personnel was RMB 1,040,000, an increase of 19.4% compared to RMB 871,000 in the previous year[74]. Share Options and Capital Commitments - The company has a stock option plan effective from June 1, 2018, with a maximum issuance of stock options not exceeding 10% of the total shares issued as of June 27, 2018[57]. - The total number of unexercised stock options as of the reporting date is 12,400,000, which could lead to the issuance of an additional 12,400,000 ordinary shares if fully exercised[68]. - The company has capital commitments of RMB 5,014,000 as of June 30, 2023, compared to RMB 4,421,000 as of December 31, 2022[69]. - The total number of shares available for issuance under the share option scheme is 67,000,000 shares, representing approximately 8.37% of the issued shares[123].
怡园酒业(08146) - 2023 Q1 - 季度财报
2023-05-09 08:49
Financial Performance - Revenue for the first quarter of 2023 reached RMB 25,369,000, a significant increase of 61.2% compared to RMB 15,736,000 in the same period of 2022[12] - Gross profit for the first quarter was RMB 17,790,000, representing a gross margin of 70% compared to 58.7% in the previous year[12] - Profit before tax increased to RMB 9,439,000, up from RMB 2,463,000, marking a growth of 283.5% year-over-year[12] - Net profit attributable to the company's owners for the quarter was RMB 6,763,000, compared to RMB 1,789,000 in the same quarter last year, reflecting a growth of 276.5%[12] - Basic and diluted earnings per share for the first quarter were RMB 0.84, compared to RMB 0.22 in the previous year, indicating a substantial increase[12] - Total comprehensive income for the period was RMB 6,723,000, significantly higher than RMB 1,660,000 in the same quarter of 2022[14] - The company reported a net profit of RMB 6,763,000 for the period, compared to RMB 1,789,000 in the previous year, representing a significant increase of 277.5%[19] - Total comprehensive income for the period was RMB 6,723,000, compared to RMB 1,660,000 in the same period last year, marking an increase of 304.5%[19] - The net profit for the first quarter of 2023 was RMB 68 million, compared to RMB 18 million in the first quarter of 2022[40] Expenses and Costs - The company reported a financing cost of RMB 294,000, which increased from RMB 12,000 in the previous year, indicating higher borrowing costs[12] - Sales and distribution expenses rose to RMB 2,889,000 from RMB 2,289,000, reflecting increased marketing efforts[12] - Administrative expenses increased to RMB 5,474,000 from RMB 4,934,000, indicating higher operational costs[12] - Income tax expense for the first quarter of 2023 was RMB 27.6 million, a significant increase of RMB 20 million or 297.0% from RMB 6.7 million in the first quarter of 2022[39] Market Performance - Revenue from the mainland China market reached RMB 25,312,000, up from RMB 15,340,000, indicating a growth of 64.9%[20] - The total sales volume for the first quarter of 2023 was 226,000 bottles, slightly up from 222,000 bottles in the first quarter of 2022[31] - The average selling price per bottle increased from RMB 71.0 in the first quarter of 2022 to RMB 112.3 in the first quarter of 2023, attributed to a higher proportion of premium wine sales[31] Shareholder Information - As of March 31, 2023, the company's major shareholder Macmillan Equity holds 411,350,000 shares, representing 51.38% of the total shares[46] - Palgrave Enterprises owns 173,180,000 shares, accounting for 21.63% of the total shares[46] - As of March 31, 2023, the beneficial owner Chen Fang holds 411,350,000 shares through Macmillan Equity, which she fully owns[43] Stock Option Plan - The company has a stock option plan that allows for the issuance of up to 80,000,000 shares, which is 10% of the total shares issued as of June 27, 2018[48] - As of March 31, 2023, a total of 13,000,000 stock options have been granted and not exercised, representing approximately 1.62% of the total shares issued[51] - The total number of shares available for issuance under the stock option plan is 67,000,000, which is about 8.37% of the total shares issued as of March 31, 2023[51] - The company’s stock option plan requires participants to pay HKD 1.00 for the grant of stock options[51] - As of March 31, 2023, the total number of stock options granted was 1,400,000 for employees and 8,000,000 for the director Chen Fang, with exercise prices of HKD 0.186 and HKD 0.186 respectively[53][54] - The stock options granted in 2022 totaled 3,000,000 with an exercise price of HKD 0.17, valid until May 16, 2032[53][54] - The maximum percentage of exercisable stock options is 30% for the periods from May 17, 2022, to May 16, 2031, and from May 17, 2023, to May 16, 2031, and 40% from May 17, 2024, to May 16, 2031[54] Corporate Governance - The company has adhered to all applicable provisions of the corporate governance code as outlined in the GEM Listing Rules during the three months ended March 31, 2023[62] - The audit committee has been established and consists of two independent non-executive directors and one non-executive director, ensuring compliance with GEM listing rules[65] - The audit committee reviewed the unaudited consolidated financial performance for the three months ending March 31, 2023, confirming compliance with applicable accounting standards and GEM listing regulations[65] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[66] - Chen Fang holds both the positions of Chairperson and CEO, which the board believes is suitable for the company's overall interests[63] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[62] Other Information - The company received government subsidies totaling RMB 95,000, down from RMB 331,000 in the previous year, reflecting a decrease of 71.3%[19] - The company has not disclosed any other significant interests or holdings by directors or senior management as of March 31, 2023[47] - There were no interests or potential conflicts of interest reported by directors or major shareholders in any competing businesses as of March 31, 2023[57] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2023[61]
怡园酒业(08146) - 2023 Q1 - 季度业绩
2023-05-04 13:19
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的內容概不 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倚賴該等內容而引致的任何損失承擔任何責任。 Grace Wine Holdings Limited 怡園酒業控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8146) 截 至 二 零 二 三 年 三 月 三 十 一 日 止 三 個 月 的 第 一 季 度 業 績 香港聯合交易所有限公司(「聯交所」)GEM的特色 GEM的定位,乃為較其他於聯交所上市的公司可能帶有更高投資風險的中小 型公司提供一個上市市場。有意投資者應瞭解投資於該等公司的潛在風險,並 應經過審慎周詳考慮後方作出投資決定。 鑒於在GEM上市的公司一般為中小型公司,於GEM買賣的證券可能會較於聯 交所主板買賣的證券承受較高的市場波動風險,同時無法保證於GEM買賣的 證券將會存在高流通性市場。 本公告乃遵照聯交所的GEM證券上市規則(「GEM上市規則」)而刊載,旨在提供 有關怡園酒業控股有限公司(「怡園酒業」或「本公司」,連同其附屬公司統稱為 ...
怡园酒业(08146) - 2022 - 年度财报
2023-03-30 08:55
Financial Performance - The company's revenue for the fiscal year 2022 decreased by RMB 22.6 million or 26.7% to RMB 62.1 million, compared to RMB 84.7 million in fiscal year 2021, primarily due to a reduction in total sales volume[21]. - Total sales volume dropped from 1,092,000 bottles in fiscal year 2021 to 827,000 bottles in fiscal year 2022, with the average selling price per bottle decreasing from RMB 77.5 to RMB 75.1[21]. - The overall gross profit decreased by RMB 9.3 million or 20.3% to RMB 36.5 million in fiscal year 2022, while the gross profit margin increased from 54.0% to 58.7%[24]. - Other income and net gains slightly decreased by RMB 0.3 million or 13.0% to RMB 1.9 million, primarily from government subsidies and bank interest income[25]. - Selling and distribution expenses increased by RMB 1.0 million or 7.5% to RMB 13.5 million, mainly due to marketing and promotional activities[26]. - The company reported a net loss of RMB 0.6 million for fiscal year 2022, compared to a profit of RMB 7.7 million in fiscal year 2021[30]. - Income tax expenses decreased by RMB 2.7 million or 64.3% to RMB 1.5 million, mainly due to a reduction in pre-tax profits from subsidiaries in China[29]. - As of December 31, 2022, the company's cash and cash equivalents amounted to RMB 73.4 million, an increase of 8.4% from RMB 67.7 million as of December 31, 2021[31]. - The company's capital debt ratio as of December 31, 2022, was 9.9%, compared to 0% as of December 31, 2021[32]. - Employee costs for the fiscal year 2022 were RMB 15.6 million, down from RMB 16.3 million in the fiscal year 2021[37]. Market Conditions and Challenges - In the fiscal year 2022, the company faced significant challenges due to lockdown measures in major markets, particularly in Shanxi, which was under lockdown for nine months, severely impacting sales[9]. - The total wine production in China for 2022 was approximately 214,000 kiloliters, representing a year-on-year decline of 21.9%[14]. - The Chinese government is implementing policies to stimulate economic growth and stabilize prices, which is expected to support the recovery of domestic economic activities[13]. - The wine industry in China is projected to have significant growth potential, as per capita consumption remains below the global average[14]. - The company anticipates benefiting from the recovery of the domestic economy in 2023, which is expected to boost sales volume and performance[20]. - Sales in Shanxi province represent a substantial portion of total revenue, and the company is actively developing new products and distribution channels to mitigate risks associated with market fluctuations[143]. Strategic Initiatives and Future Plans - The company anticipates the opening of its gin and whiskey distillery in Fujian by mid-2023, which is expected to bring new opportunities[10]. - The company plans to launch a new gin series and several new products with the expected commissioning of the distillery in mid-2023, marking its entry into the spirits market[19]. - The company aims to develop into a leading premium alcoholic beverage enterprise in China, focusing on long-term value creation for shareholders[11]. - The company is focusing on operational integration to enhance efficiency and establish a strong platform for future growth[10]. - The company aims to enhance brand awareness for "怡園酒莊" and improve market coverage through increased distribution channels and integrated online and offline sales strategies[17]. - The company continues to invest in the development of alcoholic beverage production projects, including whiskey and gin production[107]. - The company aims to become a leader in the Chinese wine production market and plans to optimize its operations in major cities including Shanxi, Shanghai, Beijing, Guangdong, and Zhejiang[107]. Governance and Management - The company has adopted a prudent financial management policy to ensure liquidity for daily operations and capital expenditures[33]. - The company has no foreign currency hedging policy and does not use any financial instruments for hedging[34]. - The board consists of 3 independent non-executive directors, exceeding one-third of the total board members, ensuring compliance with GEM Listing Rules[73]. - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee to oversee specific matters[74]. - The board is responsible for overall leadership and strategic decision-making, ensuring effective management of the company[74]. - The company has maintained a high level of corporate governance to protect shareholder interests and enhance corporate value[69]. - The management team has extensive experience in the wine industry, with key personnel having over 11 years of relevant experience[61]. - The company has established a mechanism for the board to seek independent professional opinions, with costs borne by the company, to ensure independent judgment in decision-making[78]. Risk Management - The company has implemented a comprehensive risk management process that includes identifying, assessing, responding to, and monitoring risks across various operational functions[138]. - The internal audit function is established to review the effectiveness of the risk management and internal control systems, with direct communication to the audit committee[137]. - The company has identified COVID-19 as a significant risk, impacting sales due to economic and social conditions, leading to a cautious cash management strategy to ensure sufficient liquidity[140]. - The risk management system is designed to provide reasonable assurance against significant misstatements or losses, rather than absolute guarantees[132]. - The company is continuously improving its risk management system to cover a broader range of risk factors, including environmental, social, and governance risks[132]. - The board is responsible for managing ESG risks and has established a robust risk management framework to address climate-related risks, including extreme weather events[190]. Corporate Culture and Employee Welfare - The company emphasizes the importance of corporate culture as a foundation for long-term business development and economic achievement[98]. - The company has a strong commitment to employee welfare, creating a harmonious and supportive work environment[176]. - The gender ratio of employees, including senior management, is 1.28:1 (male to female) for the fiscal year 2022, indicating a balanced gender diversity within the group[94]. - The company values stakeholder feedback as a driving force for sustainable development and encourages communication through their contact email[168]. Environmental, Social, and Governance (ESG) Initiatives - The company’s environmental, social, and governance (ESG) report highlights its sustainable development strategies and performance during the reporting period from January 1, 2022, to December 31, 2022[162][163]. - The company aims to reduce greenhouse gas emissions and promote energy-saving practices across its operations and supply chain[190]. - The company has implemented policies for sustainable wine production, including responsible irrigation and the use of fertilizers and pesticides[179]. - The company actively promotes community engagement through volunteer activities and charitable donations[187]. - The company has established standard processes to ensure the quality of grape cultivation, complying with the Agricultural Law of the People's Republic of China[199]. - Multiple tests and inspections are conducted on grapes to maintain the highest quality of wine, including measurements of sugar content, acidity, and chemical residue levels[199].
怡园酒业(08146) - 2022 - 年度业绩
2023-03-16 13:10
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 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Grace Wine Holdings Limited 怡園酒業控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號:8146) 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 香港聯合交易所有限公司(「聯交所」)GEM的特色 GEM的定位,乃為較其他於聯交所上市的公司可能帶有更高投資風險的中小 型公司提供一個上市市場。有意投資者應瞭解投資於該等公司的潛在風險,並 應經過審慎周詳考慮後方作出投資決定。 鑒於在GEM上市的公司一般為中小型公司,於GEM買賣的證券可能會較於聯 交所主板買賣的證券承受較高的市場波動風險,同時無法保證於GEM買賣的 證券將會存在高流通性市場。 本公告乃遵照GEM證券上市規則(「GEM上市規則」)而刊載,旨在提供有關怡園 酒業控股有限公司(「怡園酒業」或「本公司」,連同其附屬公司統稱為「本集團」 或「我們」)的資料,本公司董事( ...
怡园酒业(08146) - 2022 Q3 - 季度财报
2022-11-11 08:43
Financial Performance - For the nine months ended September 30, 2022, the company reported revenue of RMB 51,957,000, a decrease of 21.6% compared to RMB 66,314,000 for the same period in 2021[17] - The gross profit for the nine months ended September 30, 2022, was RMB 31,606,000, down 15.8% from RMB 37,542,000 in the previous year[17] - The profit before tax for the nine months ended September 30, 2022, was RMB 8,219,000, a decrease of 25.5% compared to RMB 11,011,000 in 2021[17] - The net profit attributable to the owners of the company for the nine months ended September 30, 2022, was RMB 5,090,000, down 22.5% from RMB 6,564,000 in the same period last year[17] - The basic and diluted earnings per share for the nine months ended September 30, 2022, were RMB 0.64, compared to RMB 0.82 for the same period in 2021[17] - The total comprehensive income for the nine months ended September 30, 2022, was RMB 5,636,000, compared to RMB 5,932,000 in the previous year[19] - The company reported a foreign exchange gain of RMB 546,000 for the nine months ended September 30, 2022, compared to a loss of RMB 632,000 in the same period last year[19] - The revenue from the mainland China market for the nine months ended September 30, 2022, was RMB 51,449,000, down from RMB 65,269,000 in the previous year, indicating a decrease of about 21.1%[31] - The net profit for the nine months ended September 30, 2022, was RMB 6,564,000, compared to RMB 5,932,000 for the same period in 2021, reflecting an increase of approximately 10.7%[30] - The company recognized other income and net gains of RMB 1,272,000 for the nine months ended September 30, 2022, slightly down from RMB 1,374,000 in the same period of 2021[33] Taxation - The total tax expense for the nine months ended September 30, 2022, was RMB 3,129,000, representing an effective tax rate of 28.3% in mainland China[36] - The total tax expense for the three months ended September 30, 2022, was RMB 2,275,000, with an effective tax rate of 28.3% in mainland China[36] - The weighted average applicable tax rate for the nine months ended September 30, 2022, was 27.9%[36] - The pre-tax profit for the nine months ended September 30, 2021, was RMB 15,502,000, with a total tax expense of RMB 4,447,000[38] Shareholder Information - As of September 30, 2022, Macmillan Equity holds 411,350,000 shares, representing 51.38% of the company's equity[79] - Palgrave Enterprises Limited, owned by Ms. Wang Suiying, holds 173,180,000 shares, accounting for 21.63% of the company's equity[79] - The total number of stock options granted under the stock option plan as of September 30, 2022, is 13,000,000, which is approximately 1.62% of the issued shares[85] - The total number of shares available for issuance under the stock option plan is 67,000,000, representing about 8.37% of the issued shares as of September 30, 2022[85] Corporate Governance - The audit committee reviewed the unaudited consolidated financial performance for the nine months ended September 30, 2022, and found it compliant with applicable accounting standards and GEM listing rules[102] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors for the nine months ended September 30, 2022[95] - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[98] - The chairman and CEO roles are held by the same individual, which the board believes is appropriate for the company's overall interests[99] - There were no interests held by directors or major shareholders in any competing businesses as of September 30, 2022[93] Operational Insights - The company remains optimistic about future business recovery due to the gradual rebound in consumer demand driven by government economic recovery policies[58] - The company plans to continue its operations in wine production and distribution in Ningxia and Shanxi provinces, China[57] - The company experienced a slight decline in gross profit for the nine months ended September 30, 2022, due to the impact of COVID-19, but the average cost per bottle of wine decreased, leading to a slight increase in gross profit margin[57] Stock Options - The stock options granted during the nine months ended September 30, 2022, include 3,000,000 options granted on May 17, 2022[87] - The maximum percentage of stock options that can be exercised is 30% during specified vesting periods[89] - The exercise price for stock options granted is determined by the board but cannot be lower than the highest of the closing price on the grant date or the average closing price over the preceding five trading days[85] Dividend Information - The company declared a special final dividend of HKD 0.62 per share for the year 2021, amounting to RMB 4,000,000[41] - The company did not recommend any dividend for the nine months ended September 30, 2022[41] - The company did not recommend any dividend for Q3 2022, consistent with Q3 2021[70]