Financial Performance - The company reported revenue of approximately RMB 30,172,000 for the year ended June 30, 2022, a decrease of 72.9% compared to RMB 111,168,000 in 2021[10]. - Gross profit for the same period was RMB 7,178,000, an increase of 69.7% from RMB 4,231,000 in the previous year, resulting in a gross margin of 23.8%[10][12]. - The company experienced a net loss of RMB 39,816,000, which is a 17.9% improvement from a loss of RMB 48,518,000 in 2021[10]. - EBITDA for the year was RMB 4,408,000, representing a significant increase of 147.5% from RMB 1,781,000 in the prior year[10]. - The sales revenue of Semir products decreased by 80% from approximately RMB 104,977,000 to RMB 20,969,000 due to a reduction in export business[34]. - The sales revenue of frozen concentrated orange juice and related products increased from approximately RMB 6,191,000 to RMB 9,203,000, with stable international futures prices[35]. - The net loss for the period was approximately RMB 39,816,000, compared to a net loss of RMB 48,518,000 in the same period last year[40]. - The company has developed a series of new products to support revenue growth in the catering industry[34]. - The company reported a significant increase in other income, totaling RMB 25,297,000, compared to RMB 3,794,000 in the previous year, marking an increase of approximately 566.5%[194]. - The basic and diluted loss per share improved to RMB (1.74) from RMB (2.83), indicating a reduction in loss per share of approximately 38.5%[194]. Liquidity and Financial Position - Cash and cash equivalents increased by 43.8% to RMB 5,420,000 from RMB 3,770,000 in 2021[10]. - As of June 30, 2022, the net current liabilities amounted to approximately RMB 310,936,000, an increase from RMB 263,134,000 in 2021[41]. - The group's cash and cash equivalents were approximately RMB 5,420,000 as of June 30, 2022, compared to RMB 3,770,000 in 2021[42]. - Total bank and other borrowings were approximately RMB 183,264,000, down from RMB 259,458,000 in 2021[42]. - The current ratio was 0.09 in 2022, a decrease from 0.11 in 2021[45]. - The company has entered into a loan restructuring agreement with several banks, extending the principal amount of approximately RMB 116,000,000 for a period of 5 years, with banks agreeing not to initiate legal actions for any breaches of the original agreement[158]. - The company is actively implementing measures to improve its financial condition, including controlling operational and administrative costs, optimizing production and human resources, and expanding overseas markets[160]. - The group reported a loss of RMB 39,816,000 for the year ending June 30, 2022, with net current liabilities amounting to RMB 310,936,000[184]. - The company's total assets decreased to RMB 32,518,000 from RMB 31,567,000, indicating a slight increase of approximately 3%[196]. - The company's financing costs decreased to RMB 26,599,000 from RMB 30,491,000, reflecting a reduction of about 12.3%[194]. Business Strategy and Operations - The company is focusing on expanding its business in Southeast Asia despite challenges from currency appreciation and intense competition[12][17]. - Management is exploring new locations for setting up additional facilities to diversify its business and enhance profitability[13]. - The overall strategy includes a commitment to enhancing core competitiveness to become a leading manufacturer in the Chinese juice beverage industry[15]. - The group has implemented sustainable agricultural guidelines to protect soil, conserve water, and minimize greenhouse gas emissions in its self-operated orange orchards[63]. - The group is committed to complying with environmental protection laws and regulations in China, which may lead to significant capital expenditures[67]. - The company has established a competitive compensation policy to attract and retain talent, ensuring smooth business operations[82]. Corporate Governance - The company has adopted a code of conduct for directors' securities transactions, which complies with the standards set out in the listing rules[104]. - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[114]. - The board of directors maintains a high level of independence, with over one-third of its members being independent non-executive directors[123]. - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with standard regulations[119]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[117]. - The company has adopted the Corporate Governance Code principles and all relevant provisions as per the listing rules[118]. - The company appointed Ms. Zhong Yingyi on July 11, 2022, and Mr. Yan Kangzhuo and Mr. Zheng Jingye on July 20, 2022, to comply with listing rules after the resignation of three independent non-executive directors[125]. - The board held two meetings during the reporting period, with all executive directors attending both meetings and the independent non-executive directors attending at least one meeting each[130]. - The company has purchased directors and officers liability insurance to comply with corporate governance code provisions[135]. - The company emphasizes the importance of continuous professional development for all directors, ensuring they are updated on relevant laws and governance policies[135]. Risk Management - The group faces foreign exchange risks primarily related to currencies pegged to the US dollar, with most revenues denominated in RMB[46]. - The board has established a foreign exchange risk management policy to mitigate related risks using forward contracts and various derivatives[46]. - The Audit Committee noted significant uncertainties that could affect the group's ability to continue as a going concern[151]. - The independent auditor has expressed no opinion on the financial statements due to significant uncertainties affecting the group's ability to continue as a going concern[183]. - The company has appointed an independent consultant to review significant monitoring aspects, including financial and operational controls, to reduce overall business and operational risks[169]. - The board confirmed that the risk management and internal control systems are effective and comply with corporate governance code requirements[169]. Shareholder Information - The company has established multiple channels to communicate with shareholders, including its website where annual reports and announcements are published[177]. - The company encourages shareholders to provide feedback to enhance transparency and corporate governance practices[180]. - The company has adopted a dividend policy that considers its financial performance, cash flow, and overall business conditions before declaring dividends[179]. - There were no interim dividends declared for the reporting period, consistent with the previous year[69]. - The board does not recommend the declaration of a final dividend for the reporting period, similar to the previous year[70].
森美控股(00756) - 2022 - 年度财报