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民富国际(08511) - 2023 - 年度财报
MIN FU INTLMIN FU INTL(HK:08511)2023-06-30 08:39

Financial Performance - The company achieved revenue of approximately HKD 32.0 million for the year ended March 31, 2023, representing a 1.5% increase compared to the previous year[13] - For the fiscal year ending March 31, 2023, the company recorded revenue of approximately HKD 32.0 million, an increase of about 1.5% compared to HKD 31.5 million for the fiscal year ending March 31, 2022[21] - Sales costs increased by 17.5% to HKD 22.3 million for the fiscal year ending March 31, 2023, up from HKD 18.9 million for the previous year[22] - Gross profit decreased by 22.8% to HKD 9.7 million for the fiscal year ending March 31, 2023, compared to HKD 12.6 million for the previous year, resulting in a gross margin of 30.3%[23][24] - Administrative expenses rose by 33.7% to HKD 24.5 million for the fiscal year ending March 31, 2023, up from HKD 18.3 million for the previous year[28] - The company reported a net loss of HKD 28.4 million for the fiscal year ending March 31, 2023, an increase of 207.3% from a loss of HKD 9.2 million in the previous year[30] - The company recorded a loss of HKD 3.5 million in other comprehensive income for the year ended March 31, 2023, due to exchange rate fluctuations[44] Operational Challenges - The company continues to face operational pressures due to the global pandemic and economic slowdown in China[13] - The company has no significant investment plans aside from the disclosed acquisition[48] - There were no significant acquisitions or disposals of subsidiaries or associates during the year ended March 31, 2023[49] Strategic Initiatives - The company is focusing on high-end precision 3D inspection solutions and precision machining solutions for industries such as aerospace, shipbuilding, ground transportation, and electronics[13] - The company entered into a service agreement to design and construct a digital smart tourism scenic area system, expanding its technical service business[14] - On April 13, 2023, the company signed a sale and purchase agreement to conditionally acquire a 20% stake in Huanggang Fuyuan Culture, which operates in the growing funeral services industry in China[15] - The company is increasing sales and marketing efforts to expand its sales team and coverage area to secure new contracts in the intelligent manufacturing solutions market[50] - The company plans to enhance its R&D capabilities by establishing its own R&D center and hiring more technical talent to maintain a technological edge[50] Financial Position - As of March 31, 2023, the company's cash and cash equivalents amounted to approximately HKD 4.3 million, compared to HKD 3.7 million in the previous year[31] - The company has a net debt-to-equity ratio of 15% as of March 31, 2023[32] - The company completed a placement of 80,000,000 shares at a price of HKD 0.069 per share, raising approximately HKD 5.3 million for general working capital[36][38] - As of March 31, 2023, the company held trade receivables of HKD 12.4 million, cash and bank deposits of HKD 4.3 million, and other receivables of HKD 1.5 million[47] Corporate Governance - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas of governance[78] - The company has adopted the trading standards as per GEM Listing Rules, ensuring compliance with securities trading regulations[74] - The company confirmed that all directors have adhered to the trading standards for the fiscal year ending March 31, 2023[75] - The company emphasizes the importance of corporate governance for sustainable development and asset protection[71] - The company has a responsibility insurance arrangement for directors, which is reviewed annually[79] - The company has not complied with certain GEM Listing Rules regarding the number of independent non-executive directors following the resignation of Mr. Liang Jiarong on April 24, 2023[73] - The company believes that having Mr. Zeng Weijin as both Chairman and CEO provides strong and continuous leadership[72] - The company’s board is responsible for overall leadership and strategic decision-making, delegating daily management to senior management[78] - The company has a commitment to improving corporate governance practices continuously[71] Board Composition and Diversity - The board of directors consists of nine members, including one female director[90] - The company has adhered to GEM Listing Rules regarding the independence of non-executive directors[80] - The board diversity policy aims to enhance performance quality through a balanced and stable development approach[82] - The selection of board candidates is based on various diversity criteria, including gender, age, and professional experience[84] - The nomination committee will review the diversity policy to ensure its effectiveness and propose any necessary amendments[88] - The company has established measurable targets for board diversity, which will be disclosed in the annual report[88] Risk Management - The company has implemented risk management policies to address various identified risks, including control, regulatory, operational, and credit risks[134] - The company has established and maintains an internal control system to ensure compliance with applicable laws and regulations, which is deemed sufficient and effective for current operations[135] - The company has reviewed its risk management and internal control systems and considers them adequate and effective as of the end of the fiscal year[137] Employee Relations - The company had a total of 27 employees as of March 31, 2023, an increase from 25 employees in 2022[159] - The company regularly reviews employee performance for annual bonuses, salary adjustments, and promotions[162] - The company has implemented a stock option plan to attract and retain talented employees[162] - There were no significant labor disputes or disruptions to business operations reported during the year[158] Shareholder Communication and Dividend Policy - The company will continue to enhance communication with shareholders and investors through its corporate website and other channels[139] - The company has adopted a shareholder communication policy to facilitate effective communication with shareholders since April 20, 2018[139] - The board is committed to a sustainable dividend policy, balancing shareholder expectations and prudent capital management[1] - The dividend policy allows for the declaration and payment of dividends if the group achieves profits without affecting normal operations[1] - The board will consider actual and expected financial performance, retained earnings, and capital requirements when recommending dividends[1] - The company reserves the right to review and amend the dividend policy at any time without creating a legal obligation for future dividends[189] - The board has full discretion over the declaration and payment of dividends, with no guarantee of specific amounts at any given time[192]