Financial Performance - For the first quarter of 2023, Zhejiang Ruiyuan Intelligent Control Technology Co., Ltd. reported revenue of RMB 6,815,000, a decrease of 19.6% compared to RMB 8,475,000 in the same period of 2022[4] - The gross profit for the first quarter of 2023 was RMB 403,000, down from RMB 512,000 in the first quarter of 2022, reflecting a decline in gross margin[4] - The company recorded a pre-tax loss of RMB 2,125,000 for the first quarter of 2023, compared to a pre-tax loss of RMB 1,785,000 in the same period of 2022, indicating a worsening financial performance[4] - Basic loss per share for the first quarter of 2023 was RMB 0.43, compared to RMB 0.36 in the first quarter of 2022[4] - The company reported a loss attributable to shareholders of approximately RMB 2,125,000 for the three months ended March 31, 2023, an increase of about RMB 338,000 from RMB 1,787,000 for the same period in 2022, primarily due to increased financing costs[26] - Financing costs for the three months ended March 31, 2023, were approximately RMB 1,945,000, up from RMB 1,613,000 for the same period in 2022, mainly arising from estimated interest on loans from a major shareholder[16] - The gross profit margin for the three months ended March 31, 2023, was 5.9%, slightly down from 6.0% for the same period in 2022, attributed to lower sales costs[26] Current Financial Position - As of March 31, 2023, the company had a net current liability of approximately RMB 48,834,000 and a capital deficit of approximately RMB 48,633,000, raising significant doubts about the company's ability to continue as a going concern[11] - The financial statements are prepared on a going concern basis, contingent on the successful implementation of financing plans and support from major shareholders[12] Shareholder Support and Governance - A major shareholder and a director have confirmed their intention to provide sufficient financial support to ensure the company can continue operating for at least the next twelve months[11] - The company has complied with the GEM listing rules regarding corporate governance, except for the absence of a CEO position[48] - The board of directors consists of experienced individuals ensuring operational oversight despite the lack of a CEO[48] - The company has not disclosed any conflicts of interest among its directors and management during the reporting period[46] Operational Strategies - The board of directors plans to implement measures to enhance the company's working capital and cash flow, including close monitoring of administrative expenses and operating costs[11] - The company has signed letters of intent with multiple trading agents, primarily in the metal casting and precision machinery sectors, to expand its market presence[23] - The company plans to continue purchasing a series of processing equipment to develop new products and enhance its product innovation and market expansion[23] - The company emphasizes the importance of product innovation and quality for future sales growth, actively expanding its product and sales markets through strategic partnerships[30] - The company is committed to improving operational processes and advancing towards realistic goals[30] Market and Product Information - The company primarily engages in the sale of electronic devices and components, as well as the manufacturing and sale of CNC machine tools and optical products in China[8] - The company has been actively engaged in the industrial electronic intelligent control equipment and CNC systems business, aiming to enhance its competitiveness in the market[22] - The company’s products, including industrial electronic intelligent control systems and CNC machine tools, are gradually gaining market recognition[30] Dividends and Taxation - No dividends were declared for the three months ended March 31, 2023, consistent with the previous year[20] - The company has not generated any taxable profits in Hong Kong during the reporting period, thus no provisions for Hong Kong profits tax were made[18] - No dividends were declared during the reporting period, and the board does not recommend any dividend payment for the three months ending March 31, 2023[31] Audit and Compliance - The audit committee has reviewed the financial statements for the three months ending March 31, 2023[51] - There were no significant contingent liabilities disclosed apart from those mentioned[29] - The company has not reported any significant events after the reporting period[32] - The company did not repurchase any shares during the reporting period[45] - There were no purchases or sales of the company's shares by any subsidiary during the reporting period[45]
瑞远智控(08249) - 2023 Q1 - 季度财报