Financial Performance - Revenue for the first quarter of 2023 reached RMB 25,369,000, a significant increase of 61.2% compared to RMB 15,736,000 in the same period of 2022[12] - Gross profit for the first quarter was RMB 17,790,000, representing a gross margin of 70% compared to 58.7% in the previous year[12] - Profit before tax increased to RMB 9,439,000, up from RMB 2,463,000, marking a growth of 283.5% year-over-year[12] - Net profit attributable to the company's owners for the quarter was RMB 6,763,000, compared to RMB 1,789,000 in the same quarter last year, reflecting a growth of 276.5%[12] - Basic and diluted earnings per share for the first quarter were RMB 0.84, compared to RMB 0.22 in the previous year, indicating a substantial increase[12] - Total comprehensive income for the period was RMB 6,723,000, significantly higher than RMB 1,660,000 in the same quarter of 2022[14] - The company reported a net profit of RMB 6,763,000 for the period, compared to RMB 1,789,000 in the previous year, representing a significant increase of 277.5%[19] - Total comprehensive income for the period was RMB 6,723,000, compared to RMB 1,660,000 in the same period last year, marking an increase of 304.5%[19] - The net profit for the first quarter of 2023 was RMB 68 million, compared to RMB 18 million in the first quarter of 2022[40] Expenses and Costs - The company reported a financing cost of RMB 294,000, which increased from RMB 12,000 in the previous year, indicating higher borrowing costs[12] - Sales and distribution expenses rose to RMB 2,889,000 from RMB 2,289,000, reflecting increased marketing efforts[12] - Administrative expenses increased to RMB 5,474,000 from RMB 4,934,000, indicating higher operational costs[12] - Income tax expense for the first quarter of 2023 was RMB 27.6 million, a significant increase of RMB 20 million or 297.0% from RMB 6.7 million in the first quarter of 2022[39] Market Performance - Revenue from the mainland China market reached RMB 25,312,000, up from RMB 15,340,000, indicating a growth of 64.9%[20] - The total sales volume for the first quarter of 2023 was 226,000 bottles, slightly up from 222,000 bottles in the first quarter of 2022[31] - The average selling price per bottle increased from RMB 71.0 in the first quarter of 2022 to RMB 112.3 in the first quarter of 2023, attributed to a higher proportion of premium wine sales[31] Shareholder Information - As of March 31, 2023, the company's major shareholder Macmillan Equity holds 411,350,000 shares, representing 51.38% of the total shares[46] - Palgrave Enterprises owns 173,180,000 shares, accounting for 21.63% of the total shares[46] - As of March 31, 2023, the beneficial owner Chen Fang holds 411,350,000 shares through Macmillan Equity, which she fully owns[43] Stock Option Plan - The company has a stock option plan that allows for the issuance of up to 80,000,000 shares, which is 10% of the total shares issued as of June 27, 2018[48] - As of March 31, 2023, a total of 13,000,000 stock options have been granted and not exercised, representing approximately 1.62% of the total shares issued[51] - The total number of shares available for issuance under the stock option plan is 67,000,000, which is about 8.37% of the total shares issued as of March 31, 2023[51] - The company’s stock option plan requires participants to pay HKD 1.00 for the grant of stock options[51] - As of March 31, 2023, the total number of stock options granted was 1,400,000 for employees and 8,000,000 for the director Chen Fang, with exercise prices of HKD 0.186 and HKD 0.186 respectively[53][54] - The stock options granted in 2022 totaled 3,000,000 with an exercise price of HKD 0.17, valid until May 16, 2032[53][54] - The maximum percentage of exercisable stock options is 30% for the periods from May 17, 2022, to May 16, 2031, and from May 17, 2023, to May 16, 2031, and 40% from May 17, 2024, to May 16, 2031[54] Corporate Governance - The company has adhered to all applicable provisions of the corporate governance code as outlined in the GEM Listing Rules during the three months ended March 31, 2023[62] - The audit committee has been established and consists of two independent non-executive directors and one non-executive director, ensuring compliance with GEM listing rules[65] - The audit committee reviewed the unaudited consolidated financial performance for the three months ending March 31, 2023, confirming compliance with applicable accounting standards and GEM listing regulations[65] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[66] - Chen Fang holds both the positions of Chairperson and CEO, which the board believes is suitable for the company's overall interests[63] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[62] Other Information - The company received government subsidies totaling RMB 95,000, down from RMB 331,000 in the previous year, reflecting a decrease of 71.3%[19] - The company has not disclosed any other significant interests or holdings by directors or senior management as of March 31, 2023[47] - There were no interests or potential conflicts of interest reported by directors or major shareholders in any competing businesses as of March 31, 2023[57] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2023[61]
怡园酒业(08146) - 2023 Q1 - 季度财报