Financial Performance - For the fiscal year 2022, the company's revenue was approximately RMB 142.4 million, representing a 4.2% increase from RMB 136.7 million in 2021[7]. - The company reported a pre-tax net loss of approximately RMB 10.3 million for 2022, compared to a loss of RMB 25.0 million in 2021[7]. - Sales to distributors accounted for 100% of total revenue in 2022, amounting to RMB 142.4 million, up from RMB 130.1 million or 95.1% in 2021[21]. - The average wholesale price increased by 52.8% from RMB 36 in 2021 to RMB 55 in 2022, despite a 31.6% decrease in sales volume from 3.8 million units to 2.6 million units[16]. - The apparel segment remained the primary revenue contributor, generating RMB 142.4 million in 2022, which was 100% of total revenue[20]. Cost Management - The company has maintained strict management of operating expenses, marketing costs, and financing costs in response to the challenging economic environment[7]. - Sales cost increased by approximately RMB 10.0 million or about 9.5% from approximately RMB 105.2 million in FY2021 to approximately RMB 115.2 million in FY2022[22]. - Gross profit decreased by approximately RMB 4.3 million or about 13.7% from approximately RMB 31.5 million in FY2021 to approximately RMB 27.2 million in FY2022, with gross margin dropping from 23.0% to 19.1%[23]. - Selling and distribution expenses decreased by approximately 32.4% from approximately RMB 25.3 million in FY2021 to approximately RMB 17.1 million in FY2022, representing 12.0% of revenue compared to 18.5% in FY2021[26]. - Administrative and other operating expenses were approximately RMB 19.7 million in FY2022, a slight decrease of about 0.5% from approximately RMB 19.8 million in FY2021[27]. Future Outlook - The company plans to expand its business by launching a new supply chain management subsidiary in mainland China, aiming to enhance revenue sources and profitability[8]. - The outlook for 2023 is optimistic, with expectations of growth in the consumer market due to government measures to stimulate the economy[10]. - The company remains open to sustainable growth investment opportunities for long-term business prospects[11]. Employee Management - The total employee cost for the fiscal year 2022 was approximately RMB 26.0 million, a decrease from RMB 29.1 million in the fiscal year 2021[57]. - The company employed approximately 290 full-time employees as of December 31, 2022[57]. - The employee turnover rate for the reporting period was 7.42%, with 22 employees voluntarily leaving for career development reasons[113]. - The company invests in employee training and development, providing on-the-job training for new production staff lasting one to three months[123]. - All employee benefits and salaries were settled on time during the reporting period, with no labor disputes recorded[113]. Environmental, Social, and Governance (ESG) - The company has been actively monitoring and assessing its environmental, social, and governance (ESG) obligations since 2017[60]. - The company continues to adhere to environmental, social, and governance (ESG) guidelines, aiming to minimize risks related to these areas[64]. - The company aims to reduce the use of non-renewable energy and resources, and minimize harmful emissions and wastewater discharge[68]. - The total indirect carbon dioxide emissions from the company's operations during the 2022 reporting period were approximately 1,150.75 tons, a decrease of about 169.51 tons or 12.84% compared to the 2021 reporting period[81]. - The company has not received any complaints or warnings regarding emissions from local communities or relevant environmental agencies in the past three years[81]. Corporate Governance - The board of directors consists of three executive directors and three independent non-executive directors, adhering to corporate governance codes[145]. - The company deviated from the corporate governance code by having the same individual serve as both the CEO and chairman, which it believes ensures consistent leadership direction[145]. - The audit committee held three meetings during the year, with all members attending, demonstrating active oversight of financial reporting and internal controls[164]. - The board regularly reviews its delegated functions and powers to ensure appropriateness and compliance with governance standards[149]. - The company has established clear written terms of reference for its committees, outlining their responsibilities and powers[158].
米格国际控股(01247) - 2022 - 年度财报