Financial Performance - The company reported a loss of HKD 209,604,000 for the year 2023, a significant improvement from a loss of HKD 393,677,000 in 2022, representing a reduction of approximately 46.6%[2] - Total comprehensive loss for the year amounted to HKD 241,340,000, down from HKD 614,771,000 in the previous year, indicating a decrease of about 60.7%[2] - The company reported a basic loss per share of HKD 8.56 for the year ended December 31, 2023, compared to HKD 15.94 for the previous year, representing a reduction in loss per share of approximately 46.5%[40] - The group recorded a revenue of approximately HKD 686,073,000 for the year ended December 31, 2023, a decrease of 15% compared to HKD 810,413,000 in the same period last year[60] - Total revenue for the year was HKD 686,073,000, a decrease of 15.3% from HKD 810,413,000 in the previous year[40] Revenue Breakdown - Revenue from rare earth products was HKD 469,423,000 in 2023, down 14.1% from HKD 546,615,000 in 2022[11] - Revenue from refractory products was HKD 216,650,000 in 2023, a decrease of 18% compared to HKD 263,798,000 in 2022[11] - The rare earth segment recorded sales of approximately HKD 469,423,000, a decline of 14% year-over-year, with a segment loss of approximately HKD 162 million, reduced by 56% compared to the previous year[31] - The refractory materials segment generated sales of approximately HKD 216,650,000, down 18% year-on-year, contributing about 32% to total revenue[60] - The sales volume of refractory materials decreased by 10% to approximately 22,150 tons compared to the full year of 2022[45] Assets and Liabilities - The company’s net assets decreased to HKD 2,044,156,000 in 2023 from HKD 2,276,436,000 in 2022, reflecting a decline of approximately 10.2%[6] - The company’s cash and cash equivalents stood at HKD 1,299,449,000 in 2023, down from HKD 1,452,386,000 in 2022, a decrease of about 10.5%[6] - The company’s equity attributable to owners decreased to HKD 2,064,374,000 in 2023 from HKD 2,287,821,000 in 2022, a decline of about 9.8%[6] - The company’s total liabilities included accounts payable of HKD 74,792,000, down from HKD 84,631,000 in the previous year, indicating a decrease of approximately 11.5%[28] - The net current assets of the company were approximately HKD 1,823,383,000, a decrease of about HKD 194,246,000 compared to the end of the previous year[67] Operational Highlights - The company incurred a financial cost of approximately HKD 248,000,000 in 2023, compared to HKD 218,000,000 in 2022, indicating an increase of around 13.8%[11] - The group reported a gross loss of approximately HKD 151,315,000, primarily from the rare earth segment due to insufficient demand and increased supply leading to significant price declines[60] - The company completed the sale of its 100% stake in Suhai Magnesium Mine for approximately HKD 32,785,000, resulting in a gain of HKD 5,719,000 recognized in profit or loss[28][34] - The group sold approximately 20,800 tons of magnesia products after resuming production at Suhai Magnesite Mine in March 2023[45] - The company completed the sale of its 100% equity interest in the Suhai Magnesium Mine for a cash consideration of RMB 29,500,000 (approximately HKD 32,785,000) on December 27, 2023[76] Market and Future Outlook - The domestic market accounted for approximately 98% of total revenue from rare earth products, with Japan making up the remaining 2%[49] - The group aims to enhance product quality and strengthen market marketing in 2024, following a year with zero customer complaints[52] - The company continues to adopt prudent financial arrangements and retains ample liquidity for future investments and business development[67] - There were no significant investments, acquisitions, or future capital asset plans as of December 31, 2023[70] Corporate Governance - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[24] - The board does not recommend a final dividend for the year ending December 31, 2023, compared to no dividend in 2022[87] - The company is currently seeking suitable candidates to fill the vacancies on the board following the passing of Mr. Dou Xuehong on December 30, 2023[84] - The annual general meeting will be held on June 21, 2024, with a suspension of share transfer registration from June 18 to June 21, 2024[90][91] Employee and Shareholder Information - The total employee cost, including directors' remuneration, amounted to approximately HKD 39,060,000, an increase compared to the previous year, primarily due to share-based payment expenses of about HKD 9,060,000[63] - As of December 31, 2023, the company has issued a total of 2,341,700,281 shares with a par value of HKD 0.1 each, all fully paid[62] - The total number of unexercised share options as of December 31, 2023, was 87,500,000, down from 100,000,000 at the beginning of the year[72] - The company maintained a total liabilities to total assets ratio of approximately 5%[67] - The company has no significant contingent liabilities as of December 31, 2023[65]
中国稀土(00769) - 2023 - 年度业绩