Financial Performance - The company reported unaudited total revenue of RMB 86,426,000 for the year ended December 31, 2021, compared to RMB 474,835,000 for the year ended December 31, 2020, representing a decrease of approximately 81.8%[3]. - The gross profit for the year ended December 31, 2021, was RMB 12,955,000, down from RMB 17,697,000 in 2020, indicating a decline of about 26.8%[3]. - The net loss for the year ended December 31, 2021, was RMB 54,383,000, significantly improved from a net loss of RMB 419,189,000 in 2020, reflecting a reduction of approximately 87.0%[3]. - The total comprehensive loss for the year ended December 31, 2021, was RMB 60,990,000, compared to RMB 405,519,000 in 2020, showing an improvement of approximately 85.0%[12]. - The company generated a loss before tax of RMB 53,975,000 for the year ended December 31, 2021, compared to a loss before tax of RMB 425,761,000 in 2020, reflecting a significant improvement of approximately 87.3%[3]. - The group did not declare or recommend any dividends for the year ended December 31, 2021, consistent with 2020[41]. - The company recorded total revenue of RMB 864 million for the year ended December 31, 2021, a decrease of approximately 81.8% compared to RMB 4,748 million in 2020[49]. - Gross profit decreased to RMB 130 million in 2021 from RMB 177 million in 2020, while the gross margin increased to 15.0% from 3.7%[50]. - The net loss attributable to equity holders decreased to RMB 544 million in 2021 from RMB 4,185 million in 2020, representing a reduction of approximately 87.0%[60]. - Other net losses amounted to RMB 401 million in 2021, a significant decrease of about 90.3% from RMB 4,146 million in 2020[55]. Assets and Liabilities - The company's total assets decreased to RMB 301,371,000 as of December 31, 2021, from RMB 305,093,000 as of December 31, 2020, a decline of about 1.4%[18]. - Current liabilities increased to RMB 227,734,000 as of December 31, 2021, compared to RMB 200,259,000 as of December 31, 2020, an increase of approximately 13.7%[18]. - The company's net current liabilities were RMB 60,519,000 as of December 31, 2021, compared to RMB 2,167,000 as of December 31, 2020, indicating a significant increase in financial pressure[18]. - As of December 31, 2021, the total cash and cash equivalents amounted to RMB 2.3 million, a decrease from RMB 15.3 million as of December 31, 2020[63]. - The current liabilities net amount was RMB 60.5 million as of December 31, 2021, compared to RMB 2.2 million as of December 31, 2020, resulting in a current ratio of 0.73[63]. - The total bank loans were RMB 7.9 million as of December 31, 2021, slightly down from RMB 8.0 million as of December 31, 2020[63]. Revenue Breakdown - The group's revenue from pharmaceutical distribution in 2021 was RMB 62,402 thousand, a significant decrease of 86% compared to RMB 447,106 thousand in 2020[37]. - Revenue from pharmaceutical production in 2021 was RMB 24,024 thousand, down from RMB 27,729 thousand in 2020, representing a decline of approximately 6%[37]. - Total revenue for the group in 2021 was RMB 86,426 thousand, a decrease of 82% from RMB 474,835 thousand in 2020[37]. - Other income for 2021 amounted to RMB 13,466 thousand, down from RMB 16,991 thousand in 2020, reflecting a decline of about 21%[38]. - Bank interest income increased to RMB 103 thousand in 2021 from RMB 45 thousand in 2020, showing a growth of 129%[38]. Corporate Governance - The board of directors currently consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a strong independent element[87]. - The audit committee is composed of three independent non-executive directors, with the chair being a qualified professional, overseeing financial policies and internal controls[89]. - The company has appointed new directors, including a new CEO and independent non-executive directors, to comply with corporate governance codes and listing rules[85]. - The company has no independent non-executive directors or members of the audit committee following recent resignations, which is below the minimum requirements set by listing rules[84]. - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance for the year ending December 31, 2021[90]. - The company will continue to review and enhance its corporate governance practices to ensure compliance with governance codes[88]. - The audit committee's responsibilities include independent review and supervision of the group's financial and accounting policies, as well as risk management systems[89]. - The company has established a remuneration committee chaired by an independent non-executive director, in line with listing rules[85]. - The board must include at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or finance[80]. - The company has made several board appointments effective from October 29, 2021, to ensure compliance with governance standards[85]. Audit and Compliance - The audit procedures for the full-year results as of December 31, 2021, were not completed due to COVID-19 restrictions affecting travel and logistics in mainland China and Hong Kong[92]. - The announcement of the audited full-year results and annual report is expected to be published by April 29, 2022[93]. - There is uncertainty regarding the valuation and audit of accounts receivable, other receivables, prepayments, and property development projects, which may lead to impairment[96]. - The financial information disclosed is unaudited and has not been agreed upon by the auditors, advising caution for shareholders and potential investors[96]. - The company’s annual results announcement will be available on the Hong Kong Stock Exchange and the company’s website[97]. Future Plans and Investments - The company plans to explore various alternatives for funding, including obtaining new long-term debt secured by property development assets and issuing new shares[22]. - The company plans to hold properties acquired in Malaysia for investment purposes, aiming to generate rental income post-construction, which may be delayed until 2023 due to the pandemic[62]. - The company has outstanding interest payable on corporate bonds amounting to approximately HKD 13.4 million as of December 31, 2021, which has not been repaid[66]. - The company has not engaged in any significant investments, acquisitions, or disposals that require disclosure under Chapter 14 of the Listing Rules as of December 31, 2021[72].
百信国际(00574) - 2021 Q4 - 年度财报