Financial Performance - For the three months ended March 31, 2023, the group recorded revenue of approximately HKD 11,410,000, representing a significant increase of about 81.8% compared to HKD 6,275,000 for the same period in 2022[7] - Gross profit for the same period was approximately HKD 1,539,000, which is an increase of about 136.8% from HKD 650,000 in the previous year[7] - The gross profit margin increased by approximately 3.1 percentage points to about 13.5% from 10.4% in the prior year[7] - The group reported a net loss of HKD 4,052,000 for the three months ended March 31, 2023, compared to a net loss of HKD 4,475,000 for the same period in 2022[8] - Other income for the three months ended March 31, 2023, was HKD 515,000, compared to HKD 572,000 in the previous year[10] - The group recorded a foreign exchange gain of HKD 2,687,000 from overseas operations for the three months ended March 31, 2023[10] - The company incurred a loss of HKD 4,052,000 during the period, compared to a loss of HKD 4,475,000 in the prior year[18] - The company reported a loss attributable to owners of the company of HKD 4,052,000 for the three months ended March 31, 2023, compared to a loss of HKD 4,475,000 for the same period in 2022[32] - The company reported a loss attributable to owners of approximately HKD 4,052,000 for the three months ended March 31, 2023, compared to a loss of approximately HKD 4,475,000 for the same period in 2022[51] Revenue Breakdown - For the three months ended March 31, 2023, the company reported total revenue of HKD 11,410,000, a 82% increase from HKD 6,275,000 in the same period of 2022[23] - Functional knitted fabric sales contributed HKD 3,677,000, up 34% from HKD 2,738,000 year-over-year[23] - Yarn sales surged to HKD 6,327,000, a significant increase from HKD 1,026,000 in the previous year, reflecting a 517% growth[23] - Sales of yarn significantly contributed to the revenue increase, rising by approximately HKD 5,301,000, although the gross margin for yarn sales was less than 3%[41] - Functional knitted fabric sales increased by HKD 939,000 or 34.3%, while clothing sales decreased by HKD 1,105,000 or 44.0% compared to the same period in 2022[45] Expenses and Costs - Sales and distribution expenses significantly increased due to salary increases and discretionary bonus payments[7] - Travel and entertainment expenses also rose significantly as the group increased in-person meetings with clients to maintain business relationships and explore potential collaborations[8] - Employee costs, excluding directors' remuneration, increased from HKD 3,226,000 in 2022 to HKD 3,329,000 in 2023[31] - The total employee costs for the three months ended March 31, 2023, were approximately HKD 4,206,000, compared to HKD 4,094,000 for the same period in 2022[58] - Sales and distribution expenses rose by approximately HKD 524,000 or 60.4% from about HKD 867,000 for the three months ended March 31, 2022, to approximately HKD 1,391,000 for the three months ended March 31, 2023, primarily due to increased sales personnel and related costs[48] - Administrative and other expenses decreased by approximately HKD 76,000 or 1.7% from about HKD 4,394,000 for the three months ended March 31, 2022, to approximately HKD 4,318,000 for the three months ended March 31, 2023[49] Dividends and Equity - The board does not recommend the payment of dividends for the three months ended March 31, 2023[8] - The company did not declare or propose any dividends for the three months ended March 31, 2023[34] - As of March 31, 2023, total equity attributable to owners decreased to HKD 126,385,000 from HKD 127,750,000 at the beginning of the year[18] - No dividends were recommended for the three months ended March 31, 2023, consistent with the same period in 2022[53] Taxation - The company did not recognize any taxable profits for the three months ended March 31, 2023, and therefore did not provide for Hong Kong profits tax[29] - The effective tax rate for the three months ended March 31, 2023, was 0%, as the company did not record any taxable profits[50] - The company has been recognized as a small micro-profit enterprise in China, qualifying for a 5% corporate income tax rate on taxable income below RMB 1,000,000[29] Corporate Governance - Cosmic Bliss holds 360,000,000 shares, representing a 75.00% equity interest in the company[65] - No directors or major shareholders have interests in any competing businesses as of March 31, 2023[66] - The Audit Committee has been established in compliance with GEM Listing Rules, consisting of three independent non-executive directors[67] - The company has adopted a set of guidelines for directors' securities transactions, confirming compliance by all directors for the period ending March 31, 2023[70] - The company has adhered to all applicable provisions of the Corporate Governance Code during the review period[72] Future Plans - The company aims to continue securing sales orders with existing customers while actively seeking new customers to expand its customer base[8] - The company plans to strengthen its R&D position and upgrade the quality standards of new functional fabrics while expanding its marketing efforts[42] Other Information - The company had no significant investment plans or capital asset plans as of the report date[54] - There were no significant acquisitions or disposals of subsidiaries or associates during the three months ended March 31, 2023[55] - No repurchase of listed securities occurred during the three months ended March 31, 2023[71]
智云国际控股(08521) - 2023 Q1 - 季度财报