Financial Performance - For the nine months ended September 30, 2023, total revenue was RMB 48,556,000, a decrease of 6.9% compared to RMB 51,957,000 for the same period in 2022[10] - Gross profit for the nine months ended September 30, 2023, was RMB 35,594,000, representing an increase of 12.6% from RMB 31,606,000 in the previous year[10] - The net profit for the three months ended September 30, 2023, was RMB 4,823,000, a decrease of 5.3% compared to RMB 5,090,000 for the same period in 2022[12] - The basic and diluted earnings per share for the nine months ended September 30, 2023, was RMB 0.60, compared to RMB 0.64 for the same period in 2022[10] - Revenue from mainland China was RMB 47,497,000, down 7.3% from RMB 51,449,000 in the previous year[19] - The company reported a net profit of RMB 4,823,000 for the nine months ended September 30, 2023, compared to RMB 5,090,000 for the same period in 2022, reflecting a decrease of 5.3%[18] - The total comprehensive income for the nine months ended September 30, 2023, was RMB 5,037,000, down from RMB 5,636,000 in the previous year[12] - The total comprehensive income for the period was RMB 5,037,000, compared to RMB 5,636,000 for the same period in 2022, indicating a decrease of 10.6%[18] Expenses - The company reported a financing cost of RMB 867,000 for the nine months ended September 30, 2023, significantly higher than RMB 112,000 in the previous year[10] - Sales and distribution expenses increased to RMB 10,539,000 for the nine months ended September 30, 2023, compared to RMB 8,688,000 in the same period of 2022[10] - Administrative expenses rose to RMB 18,208,000 for the nine months ended September 30, 2023, from RMB 15,417,000 in the previous year[10] - Selling and distribution expenses rose by RMB 1.8 million or 21.3% to RMB 10.5 million in Q3 2023, attributed to increased marketing activities[48] - Administrative expenses increased by RMB 2.8 million or 18.1% to RMB 18.2 million in Q3 2023, mainly due to general administrative costs related to the construction of distilleries[49] Taxation - The total tax expense for the nine months ended September 30, 2023, was RMB 2,320,000, representing an effective tax rate of 23.2%[26] - The total tax expense for the three months ended September 30, 2023, was RMB (459,000), with an effective tax rate of 32.5%[26] - The weighted average applicable tax rate for the nine months ended September 30, 2023, was 28.4%[26] - The deferred tax expense for the nine months ended September 30, 2023, was RMB 1,310,000, compared to RMB 581,000 for the same period in 2022[24] - Income tax expenses decreased by RMB 0.8 million or 25.9% to RMB 2.3 million in Q3 2023, due to a reduction in pre-tax profits from the Chinese subsidiary[52] Share Options and Equity - The company confirmed an expense of RMB 199,000 (approximately HKD 220,000) related to the share option plan for the nine months ended September 30, 2023[39] - As of September 30, 2023, there were 12,400,000 unexercised share options, which could lead to the issuance of an additional 12,400,000 ordinary shares if fully exercised[39] - The total number of share options granted and not exercised under the share option scheme was 13,000,000 shares, representing approximately 1.62% of the issued shares[64] - The total number of shares available for issuance under the share option scheme is 67,000,000 shares, accounting for about 8.37% of the issued shares as of September 30, 2023[64] - The company has a share option plan that allows for the issuance of options not exceeding 10% of the total issued shares at the time of the plan's adoption, which equates to 80,000,000 shares[61] Corporate Governance - The audit committee reviewed the unaudited consolidated financial performance for the nine months ended September 30, 2023, and found it compliant with applicable accounting standards and GEM listing rules[79] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors for the nine months ended September 30, 2023[72] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[75] - The chairman and CEO roles are held by the same individual, Chen Fang, which the board believes is appropriate for the company's interests[76] - The audit committee consists of two independent non-executive directors and one non-executive director, with Lin Liangyou serving as the chairman[77] Market Strategy and Operations - The company is focused on expanding its market presence and enhancing product offerings to drive future growth[9] - The company has completed preparations for the whiskey and gin facilities acquired in 2019, with whiskey production having commenced in April 2023[42] - The company obtained a production license for gin in September 2023, preparing to launch it in the market[42] - The company aims to maintain high-quality wine production while actively developing its spirits business to expand its customer base and sales channels[43] - The company anticipates recording sales revenue from gin and whiskey starting in Q1 2024[50] Other Financial Metrics - The company’s total equity as of September 30, 2023, was RMB 261,507,000, up from RMB 260,104,000 at the beginning of the year[14] - The company’s cash and cash equivalents increased to RMB 108,456,000 as of September 30, 2023, compared to RMB 105,363,000 at the same time last year[14] - The company reported a loss attributable to the owners of RMB 577,000 for the three months ended September 30, 2023, compared to a profit of RMB 4,254,000 for the same period in 2022[29] - The company had no issued potential diluted ordinary shares during the periods ended September 30, 2023, and 2022[29] - The company did not declare any dividends for the nine months ended September 30, 2023, consistent with the previous year[31]
怡园酒业(08146) - 2023 Q3 - 季度财报