Financial Performance - Revenue for the three months ended March 31, 2023, was approximately RMB 7.5 million, a decrease of about 22.7% compared to RMB 9.7 million for the same period in 2022[5] - Loss attributable to owners of the company for the three months ended March 31, 2023, was approximately RMB 3.9 million, consistent with the loss of RMB 3.9 million for the same period in 2022[5] - Basic loss per share for the three months ended March 31, 2023, was approximately RMB 2.43, compared to RMB 2.44 for the same period in 2022 (restated)[6] - Total comprehensive loss for the three months ended March 31, 2023, was RMB 3.5 million, compared to RMB 3.8 million for the same period in 2022[6] - The company reported a loss attributable to owners of approximately RMB 3.883 million for the three months ended March 31, 2023, compared to a loss of approximately RMB 3.898 million for the same period in 2022[17] - The net loss for the period remained at approximately RMB 3.9 million, primarily due to increased gross profit and the net effect of reduced administrative and other expenses[32] Profitability and Costs - Gross profit for the three months ended March 31, 2023, was RMB 821,000, compared to RMB 685,000 for the same period in 2022[6] - Gross profit slightly increased from approximately RMB 0.7 million for the three months ended March 31, 2022, to approximately RMB 0.8 million for the same period in 2023[27] - Gross margin improved from approximately 7.1% for the three months ended March 31, 2022, to 11.0% for the same period in 2023[27] - Sales cost decreased by approximately RMB 2.4 million or 26.7% to approximately RMB 6.6 million for the three months ended March 31, 2023, compared to approximately RMB 9.0 million for the same period in 2022[26] - Financing costs for the three months ended March 31, 2023, were RMB 383,000, significantly reduced from RMB 1.6 million for the same period in 2022[6] - Financing costs decreased from approximately RMB 1.6 million for the three months ended March 31, 2022, to approximately RMB 400,000 for the three months ended March 31, 2023, mainly due to lower interest-bearing loan balances[31] - Administrative and other expenses decreased by approximately RMB 500,000 or about 20.8%, from approximately RMB 2.4 million for the three months ended March 31, 2022, to approximately RMB 1.9 million for the three months ended March 31, 2023, primarily due to a reduction in confirmed professional fees[30] - Sales expenses decreased from approximately RMB 556,000 for the three months ended March 31, 2022, to approximately RMB 420,000 for the three months ended March 31, 2023, mainly due to reduced transportation costs in line with decreased sales orders[29] Equity and Shareholder Information - The company’s total equity attributable to owners as of March 31, 2023, was RMB 14.5 million, down from RMB 18.3 million as of March 31, 2022[8] - The board of directors did not recommend the distribution of dividends for the three months ended March 31, 2023, consistent with the previous year[16] - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2023[33] - The weighted average number of ordinary shares for calculating loss per share was 160 million for both the three months ended March 31, 2023, and 2022[19] Market Strategy and Operations - The company operates primarily in the manufacturing and sales of tinplate packaging products in China and Hong Kong[9] - Revenue from tinplate packaging products decreased by approximately RMB 2.2 million or 22.7% to approximately RMB 7.5 million for the three months ended March 31, 2023, compared to RMB 9.7 million for the same period in 2022[23] - The company plans to expand its sales team with experienced staff to seek new customers as part of its market share expansion strategy[24] - The company aims to achieve stable growth and reduce concentration risk by expanding its customer base despite uncertainties from the US-China trade war and the COVID-19 pandemic[24] - The company will participate in several exhibitions related to paints and coatings to further consolidate its market share in the tinplate packaging industry[24] Other Financial Information - The company reported a foreign exchange gain of RMB 387,000 for the three months ended March 31, 2023, compared to a gain of RMB 120,000 for the same period in 2022[6] - Other income and net loss shifted from a profit of approximately RMB 6,000 for the three months ended March 31, 2022, to a loss of approximately RMB 1,988,000 for the three months ended March 31, 2023, primarily due to fair value changes in listed equity investments[28] - As of March 31, 2023, the group had no significant contingent liabilities[34] - The group did not hold any significant investments other than those in subsidiaries as of March 31, 2023[35] - The group faced minimal foreign exchange risk, with most transactions settled in RMB, and had no hedging against any foreign exchange risks as of March 31, 2023[36] Corporate Governance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and GEM Listing Rules[9] - The company has established an audit committee to review and supervise the financial reporting process and internal control procedures[50] - The audit committee consists of independent non-executive directors, ensuring compliance with GEM Listing Rules[50] - The financial results for the three months ended March 31, 2023, were unaudited but reviewed by the audit committee[50] - The company has adopted the principles of the Corporate Governance Code as per GEM Listing Rules[49] - The company has adopted written guidelines regarding securities trading by directors, in compliance with GEM Listing Rules[48] Directors and Management - The executive directors as of the report date are Wang Yun and Zou Yonggang, with independent non-executive directors including Huang Ruichi, Xia Yilan, and Hu Zijing[51] - There were no significant contracts in which the directors had a direct or indirect substantial interest as of March 31, 2023[46] - The directors were not aware of any competing businesses or interests that could conflict with the company's operations as of March 31, 2023[47] - The company has granted a total of 15,988,552 options under the share option scheme as of March 31, 2023[41] - As of March 31, 2023, the company had a total of 15,988,552 unexercised stock options granted to various employees and consultants[44] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2023[45]
万成金属包装(08291) - 2023 Q1 - 季度财报