Revenue and Profit Performance - Revenue increased by RMB 18.4 million or 1.7% to RMB 1,078.6 million in 2023 compared to RMB 1,060.2 million in 2022[2] - Gross profit decreased by RMB 4.0 million or 2.8% to RMB 138.9 million in 2023 from RMB 142.9 million in 2022[2] - Gross profit margin decreased to 12.9% in 2023 from 13.5% in 2022[2] - Net profit decreased by RMB 15.4 million or 30.8% to RMB 34.5 million in 2023 from RMB 49.9 million in 2022[2] - Net profit for 2023 was RMB 34,534 thousand, a decrease from RMB 49,931 thousand in 2022[26] - Net profit declined by RMB 15.4 million to RMB 34.5 million in 2023 compared to RMB 49.9 million in 2022[37] - Net profit for the year decreased by RMB 15.4 million or 30.9% from RMB 49.9 million in 2022 to RMB 34.5 million in 2023[49] Dividend and Shareholder Information - The Board proposed a final dividend of 3.0 HK cents per share for the year ended December 31, 2023, subject to shareholder approval[2] - The company declared a final dividend of 3.0 HK cents per share for 2023, totaling HKD 18,000,000 (approximately RMB 16,284,000)[24] - The board has recommended a final dividend of 3.0 HK cents per share for the year ended December 31, 2023, subject to approval at the Annual General Meeting on June 28, 2024, with payment scheduled for August 19, 2024[62] - Shareholder registration will be suspended from June 25, 2024, to June 28, 2024, to determine eligibility for attending the Annual General Meeting[63] - Shareholder registration will also be suspended from July 5, 2024, to July 9, 2024, to determine eligibility for receiving the final dividend[64] Financial Position and Assets - Total assets increased to RMB 820.50 million in 2023 from RMB 768.43 million in 2022[6] - Total equity increased to RMB 276.22 million in 2023 from RMB 259.13 million in 2022[7] - Bank balances and cash increased from RMB 61.4 million in 2022 to RMB 100.2 million in 2023, with a current ratio of 1.1x[54] - Total interest-bearing bank borrowings increased from RMB 288.3 million in 2022 to RMB 313.4 million in 2023, with RMB 150.3 million of assets pledged as collateral[55] - The company's asset-liability ratio remained stable at 66.3% in both 2022 and 2023[53] Revenue by Product and Region - Revenue from plain fabric sales increased to RMB 875,010 thousand in 2023, up 7.8% from RMB 811,752 thousand in 2022[15] - Revenue from corduroy fabric sales decreased to RMB 159,476 thousand in 2023, down 21.1% from RMB 202,099 thousand in 2022[15] - Revenue from dyeing and processing services decreased to RMB 44,142 thousand in 2023, down 4.8% from RMB 46,367 thousand in 2022[15] - Total revenue from external customers in China increased to RMB 822,986 thousand in 2023, up 5.3% from RMB 781,805 thousand in 2022[17] - Revenue from external customers in Japan increased to RMB 30,976 thousand in 2023, up 68.9% from RMB 18,339 thousand in 2022[17] - Revenue from external customers in other regions decreased to RMB 224,666 thousand in 2023, down 13.6% from RMB 260,074 thousand in 2022[17] Expenses and Costs - Total employee costs increased to RMB 68,400 thousand in 2023 from RMB 64,326 thousand in 2022[23] - Inventory recognized as expenses amounted to RMB 877,949 thousand in 2023, slightly down from RMB 878,210 thousand in 2022[23] - Depreciation of property, plant, and equipment increased to RMB 15,752 thousand in 2023 from RMB 11,053 thousand in 2022[23] - Sales and distribution expenses decreased by RMB 1.0 million (3.5%) to RMB 29.1 million in 2023, primarily due to reduced marketing consulting fees[45] - Administrative expenses rose by RMB 9.2 million to RMB 55.0 million in 2023, driven by higher land amortization, rental property decoration amortization, salaries, and consulting fees[46] - Financial costs increased by RMB 3.2 million to RMB 15.2 million in 2023 due to higher average bank borrowings[47] Tax and Government Subsidies - Total tax expense decreased to RMB 9,953 thousand in 2023, down 25.6% from RMB 13,370 thousand in 2022[21] - Income tax expense decreased from RMB 13.4 million in 2022 to RMB 10.0 million in 2023, primarily due to a reduction in pre-tax profit from RMB 63.3 million to RMB 44.5 million[48] - Government subsidies decreased to RMB 733 thousand in 2023, down 32.2% from RMB 1,081 thousand in 2022[19] Trade and Receivables - Trade receivables and notes increased to RMB 274,116 thousand in 2023 from RMB 182,104 thousand in 2022[28] - Trade receivables within 30 days increased to RMB 205,476 thousand in 2023 from RMB 99,766 thousand in 2022[30] - The company's credit period for trade customers is up to 90 days, with no collateral held for trade receivables and notes[29] - Trade payables and notes increased to RMB 155,511 thousand in 2023 from RMB 139,295 thousand in 2022[32] Inventory and Contract Liabilities - Total inventory decreased to RMB 122,312 thousand in 2023 from RMB 188,961 thousand in 2022[28] - Contract liabilities increased to RMB 2,976 thousand in 2023 from RMB 1,663 thousand in 2022, reflecting prepayments from customers for fabric products[35] Strategic Plans and Market Conditions - The company plans to expand its presence in Southeast Asia to align with international clothing brands' production shifts and benefit from lower production costs[38][39] - The company aims to install automation systems in its production processes to reduce operational costs and improve efficiency and product quality[39] - China's GDP grew by 5.2% in 2023, with retail sales of clothing, footwear, and knitwear increasing by 12.9% to RMB 1,409.5 billion, reflecting a recovery in domestic demand[36] Corporate Governance and Compliance - The company adheres to the Corporate Governance Code, with the exception of the separation of Chairman and CEO roles, which is currently not in place[65][66] - No purchase, sale, or redemption of the company's listed securities occurred during the year ended December 31, 2023[68] - The Audit Committee reviewed the audited financial results, accounting principles, risk management, internal controls, and financial reporting for the year ended December 31, 2023[69] - The company's auditor confirmed that the figures in the preliminary announcement match the draft annual financial statements, but no assurance was provided[70] - The full-year results announcement and annual report are available on the Hong Kong Stock Exchange and the company's websites, with electronic or printed copies to be sent to shareholders[71] Employee and IPO Information - Full-time employees increased from 482 in 2022 to 541 in 2023, with employee costs totaling RMB 68.4 million[57] - The company utilized RMB 81.9 million of net proceeds from its IPO, with RMB 22.0 million reallocated for production machinery and general corporate purposes[60] - The company has not identified a suitable target for the proposed acquisition of a production facility in Jiangsu, China, leading to a reallocation of funds[61] Miscellaneous Financial Information - Interest income increased to RMB 1,176 thousand in 2023, up 51.4% from RMB 777 thousand in 2022[19] - Rental income from investment properties was RMB 1,690 thousand in 2023, compared to none in 2022[20] - Total comprehensive income attributable to owners of the company was RMB 33.37 million in 2023 compared to RMB 46.32 million in 2022[4] - Basic and diluted earnings per share were RMB 5.76 cents for the year ended December 31, 2023[2]
亚东集团(01795) - 2023 - 年度业绩