Financial Performance - The company's revenue for the fiscal year ending March 31, 2023, was HKD 787,078,000, a decrease of 33.2% compared to HKD 1,177,271,000 in the previous year[10]. - Gross profit for the same period was HKD 118,289,000, resulting in a gross margin of approximately 15.0%[10]. - The company recorded a net loss of HKD 67,236,000 for the fiscal year, compared to a net profit of HKD 39,882,000 in the previous year[10]. - Total assets decreased to HKD 1,068,862,000 from HKD 1,299,264,000 in the previous year, reflecting a decline of 17.7%[11]. - The company's revenue decreased by approximately 33.1% to about HKD 787.1 million in the current year, compared to HKD 1,177.3 million in the previous year[30]. - Gross profit for the year fell by about 35.1% to approximately HKD 118.3 million, down from HKD 182.3 million in the previous year[30]. - The overall gross margin slightly decreased to about 15.0%, compared to 15.5% in the previous year[31]. - The company recorded a net loss of approximately HKD 67.2 million, compared to a net loss of HKD 39.9 million in the previous year[32]. - Revenue from Guangdong operations decreased to approximately HKD 773.3 million in 2023, down from HKD 1,096.1 million in 2022, a decline of about 29.5%[40]. - The gross profit margin for the group was maintained at approximately 15.0% in 2023, compared to 15.5% in 2022[42]. - Other income for the year was approximately HKD 10.4 million, significantly down from HKD 63.6 million in 2022, primarily due to a one-time relocation compensation received in the previous year[45]. - Sales and administrative expenses decreased to approximately HKD 68.1 million in 2023, down from HKD 89.8 million in 2022[49]. - The net loss for the year was approximately HKD 67.2 million, compared to a net loss of HKD 39.9 million in 2022, resulting in a net loss margin of 8.5%[53]. Business Strategy and Development - The company has diversified its product mix and customer base, focusing on the production of cardboard and semi-finished products to meet changing logistics demands[14]. - The company successfully expanded its customer base in the medical industry, which is expected to contribute significantly to future growth[14]. - The company plans to continue adjusting its business development strategies to enhance resilience and establish a solid foundation for long-term sustainable financial performance[15]. - The company plans to invest further resources to support long-term business expansion in China, leveraging its production capacity in Dongguan[20]. - The company aims to maintain strict cost control while expanding its customer base and product offerings in the domestic market[30]. - The group aims to expand and diversify its customer base, particularly in industries with growth potential such as healthcare, in response to declining demand in the home appliance sector[77]. - The group plans to allocate more resources to semi-finished packaging products, such as cardboard production, which typically have a shorter cash cycle[77]. - The group will maintain long-term relationships with existing suppliers and implement a diversified procurement strategy for domestic and imported raw materials to ensure stable and quality supply[77]. Corporate Governance - The board of directors is committed to maintaining appropriate corporate governance practices to safeguard shareholder interests and ensure compliance with statutory regulations[82]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a strong independent element for effective decision-making[90]. - The board meets at least four times a year, with additional special meetings as necessary to address any concerns[92]. - The board held four meetings during the year to review operational performance and market conditions, and to approve overall strategies and annual/interim results[96]. - The audit committee held three meetings to consider the reappointment of external auditors and reviewed the audited consolidated financial statements for the year[109]. - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Executive Committee, each with defined responsibilities[106]. - The nomination committee is responsible for reviewing the board's structure and composition to ensure it meets the company's development needs[102]. - The audit committee monitors the completeness of the company's financial statements and reviews significant financial reporting judgments[110]. - The company encourages directors to participate in relevant professional development courses to continuously improve their skills[96]. Risk Management and Internal Control - The group has established effective risk management and internal control systems, complying with Code Principle D.2, with no significant risks identified during the annual risk assessment[135]. - The internal control system aligns with the COSO 2013 framework, ensuring operational effectiveness, reliability of financial reporting, and compliance with applicable laws[136]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, considering changes in significant risks and the group's ability to respond to business and external environment changes[142]. Environmental and Social Responsibility - The company is committed to corporate social responsibility and adheres to high environmental standards in its production processes[20]. - The group is committed to minimizing environmental impact through energy conservation and encouraging the recycling of office supplies[199]. - The group operates its facilities in strict compliance with relevant environmental regulations and possesses all necessary permits issued by Chinese regulatory authorities[199]. Shareholder Engagement - The company encourages shareholders to attend the annual general meeting to provide feedback and engage with the board[146]. - The annual general meeting is scheduled for September 1, 2023, with notices and relevant information to be sent to shareholders at least 21 days prior to the meeting[146]. - The company emphasizes transparency and values shareholder feedback, encouraging communication with the investor relations team[157].
锦胜集团(控股)(00794) - 2023 - 年度财报