Financial Performance - Total revenue for the year ended March 31, 2023, was RMB 4,046,902 thousand, a decrease of 8.4% compared to RMB 4,419,887 thousand in 2022[2] - Gross profit for the year was RMB 1,036,121 thousand, down from RMB 1,173,029 thousand in the previous year, reflecting a gross margin of approximately 25.6%[2] - Profit before tax decreased to RMB 841,019 thousand from RMB 973,834 thousand, representing a decline of 13.6%[2] - Net profit for the year was RMB 579,188 thousand, a decrease of 13.2% compared to RMB 667,404 thousand in 2022[2] - Basic and diluted earnings per share for the year were RMB 1.52, down from RMB 1.75 in the previous year[3] - Revenue from sales of goods was RMB 4,040,837 thousand, down from RMB 4,413,862 thousand in the previous year, representing a decline of 8.4%[20] - Other income and gains totaled RMB 68,357 thousand, down from RMB 180,334 thousand in the previous year[24] - The total income tax expense for the year ended March 31, 2023, was RMB 261,831,000, a decrease of 14.6% from RMB 306,430,000 in 2022[29] - The current tax expense for the year was RMB 241,653,000, down from RMB 284,411,000 in the previous year, reflecting a reduction of 15.0%[29] - The group reported a financing cost of RMB 674 thousand, a decrease from RMB 2,141 thousand in 2022[25] Assets and Liabilities - Total current assets increased slightly to RMB 2,870,410 thousand from RMB 2,868,088 thousand in 2022[4] - Cash and cash equivalents at the end of the year rose to RMB 638,572 thousand, compared to RMB 555,433 thousand at the end of 2022[9] - Total liabilities decreased significantly, with current liabilities dropping to RMB 872,409 thousand from RMB 1,212,735 thousand in the previous year[4] - The company's total equity increased to RMB 2,528,893 thousand from RMB 2,221,342 thousand in 2022, reflecting a growth of 13.8%[6] - The accounts receivable as of March 31, 2023, amounted to RMB 217,953,000, significantly lower than RMB 401,917,000 in 2022, representing a decrease of 45.8%[32] - The provision for impairment losses on accounts receivable decreased to RMB 1,461,000 from RMB 2,400,000 in the previous year, a reduction of 39.1%[35] - The total amount of receivables discounted was RMB 110,514,000, an increase from RMB 82,707,000 in 2022, reflecting a growth of 33.6%[33] - The aging analysis of accounts receivable showed that RMB 214,469,000 was within 3 months, down from RMB 286,091,000 in the previous year, a decrease of 25.0%[35] Operational Highlights - Operating cash flow for the year was RMB 763,403 thousand, significantly higher than RMB 429,514 thousand in the previous year[7] - The average inventory turnover days increased to approximately 127 days, up 31 days from the previous year, due to a decline in orders and sales[54] - The current ratio improved to approximately 3.3 from 2.4 in the previous year, attributed to a reduction in current liabilities by about 28%[57] - The total employee cost for the group is approximately RMB 328,315,000, accounting for a significant portion of the group's expenses[62] Investments and Future Plans - The company has invested approximately RMB 78,308,000 in fixed assets, including RMB 48,061,000 for factory buildings and RMB 30,247,000 for land use rights, with a planned production capacity of 4,000-4,500 units and an expected annual output value of RMB 1 billion[61] - The company plans to invest approximately RMB 130 million to construct an additional factory to ensure future production capacity[61] - The company is committed to expanding its product line and production capacity while strengthening marketing and after-sales service systems[63] - The company aims to enhance product performance and service quality while reducing costs to address potential market fluctuations and intensified competition[64] Corporate Governance - The company was established in the Cayman Islands on July 2, 2013, and its shares have been listed on the Hong Kong Stock Exchange since September 25, 2017[10] - The company's ultimate holding company is Tsugami Corporation, which is registered in Japan and listed on the Tokyo Stock Exchange[10] - The board of directors includes both executive and independent non-executive members, with Dr. Tang Donglei serving as the chairman and CEO[75] - The audit committee has reviewed the group's audited consolidated financial statements for the year, ensuring compliance with accounting principles and internal controls[69] Shareholder Information - The company declared a final dividend of HKD 0.40 per share, totaling HKD 152,321,600, subject to shareholder approval[40] - The board has proposed a final dividend of HKD 0.40 per share, totaling HKD 152,321,600, subject to shareholder approval[65] - The annual general meeting is scheduled for August 18, 2023, in Hong Kong[72] - Share transfer registration will be suspended from August 15 to August 18, 2023, to determine shareholder eligibility for the annual general meeting[73] - Share transfer registration will also be suspended from August 24 to August 25, 2023, to determine eligibility for the proposed final dividend[73] Compliance and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented in Renminbi, with all values rounded to the nearest thousand[13] - The consolidated financial statements include the financial results of the company and its subsidiaries for the year ended March 31, 2023[14] - The company assesses control over subsidiaries based on voting rights and contractual arrangements, ensuring compliance with IFRS guidelines[15] - The company has adopted revised IFRS standards, which have no impact on its financial position or performance during the reporting period[16] - The preliminary performance announcement has been verified by Ernst & Young, ensuring consistency with the audited financial statements[74] - The annual report for the year ending March 31, 2023, will be sent to shareholders and published on the company's website at an appropriate time[75]
津上机床中国(01651) - 2023 - 年度业绩