Financial Performance - For the year ended December 31, 2022, the company recorded revenue of $9,254,000, an increase of 26.6% compared to $7,308,000 in 2021[17] - The company achieved a profit before tax of $1,833,000, a significant increase of $2,995,000 from a loss of $1,162,000 in the previous year[17] - The net profit after tax for the year was $1,683,000, compared to a loss of $957,000 in 2021, resulting in a basic earnings per share of $0.23, up from a loss of $0.13 per share[17] - The gross profit margin improved to 48.9% for the year[17] Liquidity and Cash Flow - The company maintained a current ratio of 3.0, up from 2.3 in the previous year, reflecting a strong liquidity position[19] - Cash and cash equivalents at year-end were $8,588,000, slightly down from $8,780,000 in 2021[19] - The company has successfully rented out several idle properties, contributing to stable cash flow[21] - The company plans to continue seeking suitable tenants to enhance revenue from property leasing[21] - The order volume for shoe exports has increased compared to the previous year, indicating a positive trend in sales[21] Corporate Governance - The company has adopted and fully complied with the corporate governance code as per the listing rules throughout the year ending December 31, 2022[51] - The board of directors held four meetings during the year, adhering to the requirement of at least four meetings annually[40] - The company aims to create value for shareholders and become a trusted leader in the footwear industry, focusing on sustainable development[52] - All directors have received insurance coverage for legal proceedings they may face[49] - The company has established a competitive compensation package for employees, linking promotions and salary increases to performance[28] Board Structure and Responsibilities - The board is responsible for monitoring all significant matters, including policy formulation and risk management systems[54] - The company has a clear separation of powers and authority between the board's management and daily operations[60] - The board has reviewed its composition to ensure a balanced mix of expertise, skills, independence, and diverse perspectives[69] - The chairman is responsible for ensuring effective corporate governance practices and encouraging active contributions from all directors[65] - The company has established a nomination committee composed entirely of independent non-executive directors, chaired by Mr. Liu Zhonggang[95] Board Diversity and Inclusion - The company emphasizes the importance of board diversity as a key element in achieving strategic goals and sustainable development[100] - The board diversity policy prohibits the formation of a board consisting solely of one gender[102] - The company will continue to encourage female employees to participate in organizational activities and express their opinions in various employee groups[103] - The board of directors currently consists solely of male members, with a commitment to appoint at least one female director by the end of 2024[103] Director Training and Development - All directors are required to participate in ongoing professional development to enhance their knowledge and skills[135] - The company is committed to providing appropriate training for all directors and covering related expenses[135] - The attendance rate for board meetings and committee meetings is considered satisfactory[126] - The company aims to ensure that all directors are well-informed about their responsibilities and the company's operations[143] Compensation and Risk Management - The compensation committee is currently composed of all independent non-executive directors, chaired by Mr. Lai Zhenyang[149] - The company has established a specific written authority for the compensation committee, which reviews the compensation of all directors annually[195] - The board is responsible for evaluating the nature and extent of risks acceptable in achieving strategic goals and ensuring effective risk management systems[178] - The company has established a risk management and internal control system, with management responsible for providing timely information to the board[190] Communication and Reporting - The board aims to present a balanced, clear, and accurate assessment of the company's situation to shareholders and the public[177] - The company has effective communication channels with shareholders to convey their views to the board[88] - Monthly updates on the issuer's performance, condition, and prospects are provided to all board members for fair and understandable evaluations[198] - The annual report includes discussions and analyses regarding the group's performance and the basis for long-term value generation or retention[199]
创信国际(00676) - 2022 - 年度财报