Employee Compensation and Management - For the fiscal year ending June 30, 2023, the total employee compensation for the top five highest-paid employees was RMB 1,907,000, a decrease of 6.7% from RMB 2,044,000 in the previous year[16] - The company has a competitive compensation policy to attract and retain talent, reflecting market conditions and individual qualifications[127] - The board of directors and senior management have established service contracts with a fixed term of three years, subject to re-election and other relevant regulations[125] - The company has not paid any compensation to directors for joining or leaving the group during the fiscal year ending June 30, 2023[13] Financial Performance - Total revenue for the year 2023 was RMB 21,366,000, a decrease of 29.2% compared to RMB 30,172,000 in 2022[81] - Gross profit for 2023 was RMB 6,608,000, down 7.9% from RMB 7,178,000 in the previous year[81] - The company reported a net loss of RMB 26,998,000 for 2023, which is a 32.2% improvement from a loss of RMB 39,816,000 in 2022[81] - EBITDA for the year increased significantly to RMB 19,373,000, a 339.5% increase from RMB 4,408,000 in 2022[81] - The revenue from frozen concentrated orange juice decreased to RMB 11,735,000 in 2023 from RMB 14,212,000 in 2022, representing a decline of approximately 17.4%[46] - The revenue from freshly squeezed orange juice also saw a significant drop, falling to RMB 4,233,000 in 2023 from RMB 7,653,000 in 2022, a decrease of about 44.5%[46] Assets and Liabilities - The depreciation expense for the fiscal year ending June 30, 2023, was RMB 885,000, an increase of 28.5% compared to RMB 689,000 for the previous year[28] - The total cash outflow for leases was RMB 399,000, which is a significant increase of 103.6% from RMB 196,000 in the previous year[28] - The total lease liabilities as of June 30, 2023, amounted to RMB 1,334,000, an increase of 21.9% from RMB 1,095,000 in the previous year[34] - As of June 30, 2023, the carrying amount of right-of-use assets was approximately RMB 11,975,000, up from RMB 6,762,000 in the previous year, indicating a growth of 77.5%[28] - Trade payables decreased to RMB 73,475,000 in 2023 from RMB 100,847,000 in 2022, indicating a reduction of approximately 27.2%[58] - Trade receivables decreased by 76.6% to RMB 1,018,000 from RMB 4,351,000 in the previous year[81] - Inventory increased by 10.1% to RMB 6,619,000 compared to RMB 6,013,000 in 2022[81] Impairment and Losses - The company did not recognize any impairment losses for the fiscal year ending June 30, 2023, compared to an impairment reversal of RMB 1,500,000 in the previous year[24] - The company has not confirmed any impairment losses for right-of-use assets as the recoverable amount exceeded the carrying amount for both fiscal years[40] - For the fiscal year ending June 30, 2023, the group did not recognize any impairment losses on its properties, plants, and equipment, while an impairment loss of RMB 1,500,000 was reversed for the fiscal year ending June 30, 2022[45] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[154] - The company is committed to maintaining high standards of corporate governance to protect shareholders' interests[158] - The board composition includes a balance of executive and independent non-executive directors, maintaining high levels of independence[168] - The company has confirmed that all independent non-executive directors meet the independence criteria as per listing rules[168] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set out in the listing rules[148] Future Plans and Challenges - The company plans to develop new products, including bottled Chinese tea drinks and zero-sugar sodas, to support revenue growth[84] - The company faces significant challenges in the upcoming year due to an uncertain global economic outlook[87] - The company is exploring new locations in Hong Kong for establishing new production facilities[84] Committees and Meetings - The Audit Committee held three meetings during the reporting period, with attendance recorded as follows: Mr. Ma Youheng (Chairman) attended 2 out of 2 meetings, Ms. Zhong Yingyi attended 2 out of 3 meetings, and Mr. Zhong Shui Rong attended 2 out of 2 meetings[200] - The Audit Committee discussed and reviewed the group's interim and final performance, as well as the effectiveness of internal controls during the reporting period[199] - The Remuneration Committee has reviewed the group's remuneration policy and assessed the performance and remuneration of directors and senior management during the reporting period[186] - The Nomination Committee has evaluated the existing structure, composition, and diversity of the board, ensuring it meets governance standards and the group's requirements[190]
森美控股(00756) - 2023 - 年度财报