Financial Performance - For the year ended December 31, 2022, the group's gross profit was HKD 447.5 million, representing a 65.5% increase compared to HKD 270.4 million in 2021[3]. - The overall gross profit margin for the year was 27.2%, an increase of 4.0 percentage points from the previous year[3]. - Total revenue for 2022 reached HKD 1,643.8 million, a 41.3% increase from HKD 1,163.1 million in 2021[115]. - Net profit increased by HKD 129.0 million to HKD 232.9 million, driven by stable sales volume of agar and carrageenan products and a gross margin increase of 4.0 percentage points to 27.2%[115]. - Sales revenue from agar and carrageenan products increased by 28.8% and 60.3% respectively, while konjac product sales revenue decreased by 22.6%[135]. - The income tax expense for the year was HKD 71.9 million, a significant increase of 113.4% from HKD 33.7 million in 2021, primarily due to an increase in taxable profits[5]. Sales and Market Performance - The average selling prices for agar, carrageenan, and blended products increased by 12.7%, 67.6%, and 33.3% respectively during the year[3]. - Sales revenue from the Chinese market accounted for 41.3% of total sales, while overseas markets contributed 58.7%, with significant growth in Europe (48.1%), North America (110.5%), South America (45.4%), and Asia (excluding China) (83.2%)[116]. - Agar and carrageenan products accounted for approximately 89.7% of total sales revenue, an increase of 5.7 percentage points from the previous year[133]. Expenses and Costs - The group's sales cost for the year ended December 31, 2022, was HKD 1,196.3 million, an increase of 34.0% compared to HKD 892.7 million in 2021[145]. - Administrative expenses increased by 14.4% to HKD 106.2 million, primarily due to rising salary costs and increased R&D expenses[137]. - The net financing cost increased by 43.8% to HKD 32.2 million for the year ended December 31, 2022, from HKD 22.4 million in 2021, primarily due to rising loan interest rates in Hong Kong[147]. Investments and Acquisitions - The group acquired an additional 39% stake in Green Qi (Shanghai) for a cash consideration of approximately HKD 1.846 million, making it a wholly-owned subsidiary[11]. - The company completed the acquisition of 82% of Hongtai Shun International Trading Co., which holds 99.83% of PT Hongxin Algae International, enhancing its production capacity by 4,300 tons per year[104]. - The company completed the acquisition of a majority stake in PT Hongxin, enhancing operational efficiency and reducing costs[134]. Employee and Compensation - The total employee cost for the year was HKD 128.3 million, an increase from HKD 119.2 million in 2021, with a total of 1,234 full-time employees[12]. - The company is committed to providing competitive compensation to attract and motivate employees, regularly reviewing and adjusting salaries to meet market standards[47]. Research and Development - The company has a research and development team of 63 personnel as of December 31, 2022, down from 65 in the previous year[83]. - The company launched the production of agarose microspheres in 2022, which are widely used as separation media in the biopharmaceutical field[86]. - The company has established a product innovation team to closely collaborate with production teams for ongoing improvements[195]. Environmental and Regulatory Compliance - The company has not recorded any environmental violations or exceeded environmental standards as of December 31, 2022[55]. - The company has complied with all relevant laws and regulations that significantly impact its business and operations during the review period, with no major violations reported[57]. Future Outlook and Strategy - The company anticipates substantial long-term growth in global food demand following the full recovery from COVID-19 and the easing of restrictions in China by the end of 2022[71]. - The management expects that the market potential for instant agar products and processed carrageenan products will significantly enhance profit margins in the foreseeable future[131]. - The company aims to leverage its industry leadership and ongoing product development to enhance performance and investment returns despite global economic uncertainties[122]. Shareholder Returns - The company plans to pay a final cash dividend of HKD 0.03 per share, totaling HKD 24.7 million, reflecting its commitment to shareholder returns[120]. - The company proposed a final dividend of HKD 0.03 per share, totaling HKD 24.7 million for the year ended December 31, 2022, up from HKD 20.5 million in 2021[168].
绿新生物科技(01084) - 2022 - 年度财报