Revenue and Profitability - The Group recorded a revenue of approximately HK$999.4 million for the year ended 31 December 2022, representing an increase of approximately 91.2% from HK$522.6 million for the year ended 31 December 2021[14]. - The gross profit for the Group was approximately HK$47.8 million, compared to HK$37.9 million for the corresponding period, indicating a positive trend in profitability[14]. - Revenue from the Agricultural and Meat Business segment increased by approximately 91.2%, from approximately HK$522.6 million to approximately HK$999.4 million during the Reporting Period[33]. - The Agricultural and Meat Business segment recorded a gross profit of approximately HK$47.8 million, up from HK$37.9 million in the previous year[33]. - Profit attributable to owners of the company was HK$41,037,000 in 2022, compared to HK$35,711,000 in 2021, showing a growth of 7.4%[70]. - The profit and total comprehensive income for the year ended December 31, 2022, was HK$23,501,000, compared to HK$47,191,000 in 2021, reflecting a decline of approximately 50%[114]. Business Operations and Strategy - The increase in revenue was primarily driven by the Agricultural and Meat Business, which expanded its customer base by supplying produce to supermarkets and initiating online sales in the PRC[14]. - The Group entered into a service agreement with Meituan Select in January 2022, allowing the sale of agricultural and meat products through a platform covering over 90% of cities and counties in the PRC[15]. - The Group's strategy includes entering into various procurement agreements to broaden its sales channels and enhance revenue streams[16]. - The Group aims to maximize value for shareholders by reallocating resources and focusing on its core Agricultural and Meat Business[5]. - The Group is exploring potential acquisitions to increase shareholder value and expand its business operations[21]. - The Group's focus on the Agricultural and Meat Business aligns with China's post-pandemic economic recovery[33]. Financial Performance and Challenges - Loss before taxation for 2022 was HK$53,266,000, compared to a loss of HK$5,839,000 in 2021, indicating increased financial challenges[69]. - The Group's net loss of the Group's continuing operations for the Reporting Period was approximately HK$60.1 million, compared to a net loss of approximately HK$5.8 million for the Corresponding Period[165]. - The Group confirmed that the Securities Brokerage Business generated revenue of approximately HK$11 million during the reporting period, compared to a loss of HK$4.4 million in the previous year[7]. - The Group has ceased its Money Lending Business following the disposal of Golden Rich Finance Limited and the Target Company[53]. - The Group's decision to sell the Securities Brokerage Business in 2017 was based on the lack of potential for material improvement in performance under the existing operational scale[54]. Assets and Liabilities - Current assets decreased to HK$972,980,000 in 2022 from HK$1,234,427,000 in 2021, indicating a reduction in liquidity[72]. - Non-current assets decreased to HK$160,765,000 in 2022 from HK$86,099,000 in 2021, primarily due to a reduction in property, plant, and equipment[72]. - The Group's total borrowings amounted to approximately HK$266.5 million, a decrease of 14.2% from HK$310.9 million in 2021[174]. - The Group's cash and bank balances were approximately HK$9.3 million, down from HK$142.8 million in 2021, including trust accounts of approximately HK$132.7 million[173]. - The Group's lease liabilities decreased significantly from HK$30.7 million in 2021 to HK$7.9 million in 2022, a reduction of approximately 74.2%[107]. Risk Management - The Group's overall risk management program focuses on minimizing potential adverse effects on financial performance due to various financial risks[94]. - The Group's activities expose it to credit risk, interest rate risk, liquidity risk, and foreign exchange risk[98]. - The Group does not currently have a foreign currency hedging policy but will monitor foreign currency exposure closely[95]. Compliance and Governance - The company maintained compliance with regulatory requirements, with no material non-compliance reported during the reporting period[115]. - The board of directors confirmed compliance with the required standards set out in the Model Code during the reporting period[117]. - The company plans to continue focusing on employee development and providing career opportunities[120]. Discontinued Operations - The Group classified its money lending and securities brokerage operations as discontinued operations during the year, impacting overall financial performance[137]. - The Group disposed of its entire equity interests in the Securities Brokerage Business for a total consideration of HK$1.9 million after determining that there was no clear potential for material improvement in performance[101].
中国金控(00875) - 2022 - 年度财报