Financial Performance - Revenue for the year was RMB 177,400,000, while the cost of sales was RMB (190,846,000), resulting in a net loss of RMB (11,429,000) for the year ending December 31, 2022[1]. - The group reported a basic loss per share of RMB (25.65) for the year 2022, compared to a profit of RMB 62,039,000 in 2021[20]. - The company reported a loss attributable to owners of approximately RMB 165.3 million in 2022, compared to a profit of approximately RMB 62.0 million in 2021[77]. - The group reported a loss before tax of RMB 197.4 million for 2022, compared to a profit of RMB 77.0 million in 2021, indicating a significant decline in profitability[107]. - The net loss for the year was RMB 165.3 million, compared to a profit of RMB 62.0 million in the previous year, reflecting a substantial downturn in financial performance[110]. - Basic loss per share for the year was RMB (27.55), compared to earnings per share of RMB 10.34 in 2021, highlighting a negative shift in shareholder value[110]. Revenue and Sales - Sales of cold-rolled steel products decreased to RMB 4,663,563,000 in 2022 from RMB 5,293,037,000 in 2021, representing a decline of approximately 11.9%[9]. - Sales of galvanized steel products increased significantly to RMB 1,553,571,000 in 2022, up from RMB 928,363,000 in 2021, marking a growth of approximately 67.2%[9]. - The group's revenue from China (including Hong Kong) was RMB 4,642,217,000 in 2022, down from RMB 5,277,610,000 in 2021, a decrease of approximately 12.1%[10]. - The group's total revenue for the year ended December 31, 2022, was RMB 208,750,000, with a gross loss of RMB (20,132,000)[127]. - The total revenue for the group did not have any customer contributing over 10% of the total revenue for the years ended December 31, 2022, and 2021[176]. Costs and Expenses - The gross loss margin for 2022 was approximately 0.4%, compared to a gross profit margin of 3.9% in 2021[42]. - The net loss margin for 2022 was approximately 3.5%, while the net profit margin for 2021 was 1.2%[48]. - The sales expenses decreased to approximately RMB 39.4 million in 2022, down from RMB 41.7 million in 2021, representing a reduction of about RMB 2.3 million or 5.5%[45]. - Direct labor costs increased to approximately RMB 88.6 million in 2022, up by about RMB 9.8 million or 12.4% from RMB 78.8 million in 2021[40]. - The average selling price of processed steel products decreased to RMB 4,644 per ton in 2022 from RMB 5,516 per ton in 2021, while the average selling price of galvanized steel products fell to RMB 4,524 per ton from RMB 5,888 per ton[67]. - The cost of sales in 2022 decreased to approximately RMB 4,683.7 million, down RMB 400.6 million or 7.9% from RMB 5,084.3 million in 2021[69]. Assets and Liabilities - As of December 31, 2022, the total borrowings amounted to approximately RMB 1,516.1 million, an increase from RMB 1,229.6 million in 2021, resulting in a debt-to-equity ratio of approximately 3.56 times[49]. - As of December 31, 2022, the company's current liabilities net amount was approximately RMB 452.1 million, up from RMB 229.6 million in 2021, and the net asset value was approximately RMB 425.3 million, down from RMB 587.0 million in 2021[78]. - The company's liquidity ratio as of December 31, 2022, was 76.5%, compared to 83.8% on December 31, 2021[78]. - The total amount of trade payables due within 30 days was RMB 89,101,000 in 2022, a significant increase from RMB 18,387,000 in 2021[189]. - The company's total liabilities due within one year increased to RMB 950,307,000 in 2022 from RMB 683,930,000 in 2021, representing an increase of 39.0%[166]. Government Support and Financial Position - The group received government subsidies amounting to RMB 865,000 in 2022, compared to RMB 237,000 in 2021, indicating a substantial increase in financial support[12]. - The company reported a tax credit of RMB 32.1 million in 2022, compared to a tax expense of RMB 15.0 million in 2021, suggesting a change in tax position[107]. - Government subsidies increased to RMB 4,165,000 in 2022 from RMB 3,537,000 in 2021, reflecting a growth of 17.7%[149]. - The company believes it has sufficient financial resources to meet its obligations as they fall due in the foreseeable future[117]. Operational Insights - The contribution of domestic sales in the Chinese market (including Hong Kong) accounted for over 99% of total revenue, with the remainder coming from sales to Southeast Asian customers[37]. - The group’s non-current assets are primarily located in China, emphasizing its operational focus in the region[173]. - The group faced negative impacts from the economic environment related to COVID-19 in mainland China, resulting in reduced revenue and increased losses[197]. - The group recognized deferred income of RMB 33,000,000, with RMB 3,300,000 recognized in profit or loss for the year ended December 31, 2022[177]. Changes in Accounting and Governance - The group has not applied any new or revised Hong Kong Financial Reporting Standards that are not yet effective, indicating a stable accounting policy environment[2]. - The company adopted corporate governance practices in line with the applicable rules, ensuring compliance and transparency in operations[99]. - The group expects that the application of the revised accounting standards will not have a significant impact on its financial position or performance[124].
茂宸集团(00273) - 2022 - 年度业绩