Financial Performance - The company's revenue from e-commerce and other businesses decreased from approximately HKD 68.9 million in the fiscal year 2022 to about HKD 60.6 million in the fiscal year 2023, representing a decline of approximately 12.0%[3]. - The operating loss for the company increased significantly from an operating profit of approximately HKD 79.9 million in the fiscal year 2022 to an operating loss of about HKD 43.7 million in the fiscal year 2023, indicating a decline of approximately 155%[26]. - The adjusted net profit for the fiscal year 2023 decreased by approximately 161.8% to a loss of about HKD 46.7 million, compared to a profit of approximately HKD 75.6 million in fiscal year 2022[37]. - The net loss for the fiscal year 2023 was HKD 46,691 thousand, compared to a profit of HKD 75,555 thousand in fiscal year 2022[63]. - The total revenue for the company in the fiscal year 2023 was approximately HKD 129.542 million, a decrease from HKD 192.608 million in the fiscal year 2022, reflecting a decline of about 32.8%[171]. - The company's licensing revenue decreased from approximately HKD 123.7 million in the fiscal year 2022 to about HKD 69.0 million in the fiscal year 2023, representing a decline of approximately 44.2%[181]. - Revenue from the character licensing business for the fiscal year 2023 was approximately HKD 68.966 million, down from HKD 123.745 million in the fiscal year 2022, indicating a significant drop[171]. - The adjusted profit attributable to equity holders for fiscal year 2023 was HKD -40,588 thousand, compared to HKD 87,369 thousand in fiscal year 2022[63]. Revenue Sources - The total revenue from licensing fees decreased from HKD 74.814 million in the fiscal year 2022 to HKD 47.384 million in the fiscal year 2023, a decline of approximately 36.5%[21]. - Revenue from Mainland China for the fiscal year 2023 was HKD 123,021,000, accounting for 95.0% of total revenue, compared to HKD 183,144,000 and 95.1% in fiscal year 2022[183]. - Revenue from B.Duck products accounted for 79.0% of the company's total licensing revenue in the fiscal year 2023, down from 85.9% in the previous year[175]. - The group's self-created intellectual property revenue reached HKD 123.745 million, a significant increase from HKD 68.966 million in the previous year, representing a year-on-year growth of approximately 79.5%[89]. Expenses and Costs - The company's promotional costs increased slightly from approximately HKD 15.8 million in the fiscal year 2022 to about HKD 16.2 million in the fiscal year 2023[10]. - The financial cost net amount increased from approximately HKD 0.8 million in the fiscal year 2022 to about HKD 2.5 million in the fiscal year 2023, representing an increase of approximately 212.5%[28]. - Legal, audit, and professional fees increased to HKD 23,435,000 in fiscal year 2023, accounting for 57.4% of total operating expenses, up from HKD 12,227,000 and 37.1% in fiscal year 2022[200]. - Employee benefit expenses for fiscal year 2023 were approximately HKD 64.5 million, representing 35.8% of total operating expenses, compared to HKD 65.9 million and 36.5% in fiscal year 2022[198]. - The total operating expenses for fiscal year 2023 amounted to HKD 40,793,000, compared to HKD 32,937,000 in fiscal year 2022[200]. Assets and Liabilities - Cash and cash equivalents decreased from approximately HKD 144.2 million on December 31, 2022, to approximately HKD 91.7 million on December 31, 2023, primarily due to operating and investment cash outflows and dividend payments[34]. - The company's asset-liability ratio as of December 31, 2023, was 17.5%, attributed to new borrowings during the fiscal year[54]. - The group's net current assets decreased from approximately HKD 265.6 million to HKD 145.7 million, primarily due to cash outflows from operations and investments[92]. - The company has no interest-bearing borrowings, making the debt-to-equity ratio not applicable[63]. Market Expansion and Strategy - The company is focusing on expanding its e-commerce sales platforms in overseas markets, including Thailand, Indonesia, Vietnam, the Philippines, Malaysia, and Singapore, which are still in the growth stage[3]. - The company is exploring the potential for designing and selling its own products on e-commerce platforms, leveraging synergies from its licensing business[169]. - The company has engaged in various brand collaborations, including partnerships with Tangle Teezer and other brands to expand its product offerings[125]. - The company aims to expand its quality IP portfolio through internal development, incubation, acquisitions, and partnerships with licensing agents[85]. - The company signed strategic cooperation agreements with several entities in Suzhou, China, to explore non-organic growth and investment opportunities[85]. Product Development and Innovation - The launch of the new product line, including the first "B.Duck" trendy toy, aims to attract a younger demographic and enhance brand appeal[97]. - The company has established an AI design team to enhance creativity in game development and derivative product sales[198]. - The company has established a joint venture with Shenzhen Dream Workshop Technology Co., Ltd. to focus on game development and distribution, targeting Gen Z fans[103]. Awards and Recognition - The company received multiple awards in 2023, including "Top 10 IP Licensing Agents" and "Best Listed Company ESG Responsibility Award" in the capital market[84].
小黄鸭德盈(02250) - 2023 - 年度财报