XC-TECH(SZ:300139)2023-04-24 16:00Financial Performance - The company's operating revenue for 2022 was ¥218,520,602.69, representing a 13.09% increase compared to ¥193,226,803.96 in 2021[24]. - The net profit attributable to shareholders was -¥82,887,781.03 in 2022, a decrease of 205.40% from ¥78,641,833.38 in 2021[24]. - The net cash flow from operating activities was -¥20,831,201.47, down 106.66% from ¥312,953,609.32 in the previous year[24]. - The basic earnings per share for 2022 was -¥0.30, compared to ¥0.29 in 2021, reflecting a decline of 203.45%[24]. - Total assets at the end of 2022 were ¥1,202,463,969.16, a decrease of 1.16% from ¥1,216,582,237.27 at the end of 2021[24]. - The company's net assets attributable to shareholders decreased by 1.24% to ¥1,024,967,304.17 at the end of 2022 from ¥1,037,858,462.98 in 2021[24]. - The company achieved total operating revenue of CNY 218,520,602.69, an increase of 13.09% year-on-year, while the net profit attributable to shareholders was CNY -82,887,781.03, a decrease of 205.40%[35]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -107,376,148.56, a decline of 576.52%, primarily due to foreign exchange losses from overseas operations and asset impairments[35]. - The company reported a total revenue of 536.1 million in 2022, maintaining a stable performance compared to previous years[141]. Subsidiaries and Acquisitions - The company has established a new subsidiary, AKROMA GOLD TRADING LIC, in December 2022, holding 80% stake, focusing on gold trading to expand its downstream industry chain[15]. - The company acquired 95% of FGM Resources Ghana Limited in February 2022, enhancing its presence in the Ghanaian market[15]. - The company has established a new subsidiary, SKYLINE TECHNOLOGY LTD, in January 2022, aimed at developing hotel apartments and real estate leasing projects in Ghana[15]. - The company has established three new subsidiaries, including a gold mining company and a real estate development company in Ghana, aimed at diversifying its business and increasing profit growth points[47]. - The company acquired 95% of AQ Ghana Gold Limited for $8 million, which holds mining rights for the Naforman-Noyem gold mine valued at approximately $13.72 million as of November 30, 2021[74][75]. Projects and Operations - The company is executing a 20MW solar power station project in Accra, Ghana, through its wholly-owned subsidiary BXC[15]. - The company is involved in various network expansion projects in Ghana, including the Central and Eastern distribution network projects[15]. - The company has a focus on reducing line losses and related grid transformation projects in Accra, Ghana, through its BXC subsidiary[15]. - The company’s solar power project in Ghana generated revenue of CNY 36,585,473.14, a decrease of 3.8% year-on-year, with plans to replace some photovoltaic equipment to improve efficiency[42]. - The company has completed the construction of multiple photovoltaic power stations for Vodafone, with a total installed capacity of approximately 1MW, and plans to deepen cooperation in 2023[43]. - The company’s gold mining operations produced 109,440.57 tons of ore, an increase of 4.68% year-on-year, with an average grade of 2.898g/t[48]. - The company’s processing plant capacity has been expanded to handle over 1,200-1,500 tons of ore per month, with expected gold production of 70-75 kg per month[49]. - In 2022, the company completed geological drilling work in the Noyem section of the FGM mining area, with a total drilling length of 8,762.5 meters and 40 effective drill holes[50]. Research and Development - The company has launched the XC7000 chip, designed for the digital electronic detonator industry, featuring low power consumption and high reliability, positioning it as a leading product in the industry[16]. - The company completed the research and development of digital electronic detonator chips, with the second version of the chip already completed and testing showing good results; mass production is planned to start in 2023[37]. - The R&D department completed the development and testing of digital electronic detonator chips, with plans to start production in 2023[55]. - The company is developing a gold mine management platform to enhance real-time data collection and analysis, improving management efficiency[58]. - The company has established a dedicated integrated circuit research and development center to enhance its technological capabilities[132]. Market and Revenue - Gold sales accounted for 64.70% of total revenue in 2022, amounting to ¥141,380,542.83, which is a 19.89% increase from ¥117,927,164.21 in 2021[66]. - The company's overseas revenue reached ¥211,720,824.55, making up 96.89% of total revenue, with an 18.37% increase from ¥178,858,198.76 in 2021[67]. - The company has successfully developed a complete industrial chain in the power sector, focusing on markets in Ghana and South Africa, which are expected to provide significant profit growth opportunities[63]. - The production volume of gold increased by 31.14% to 414,287.39 grams in 2022, compared to 315,908.98 grams in 2021[69]. - The gross profit margin for gold sales was 53.86% in 2022, with a slight increase of 7.43% compared to the previous year[68]. Governance and Compliance - The company has established a comprehensive industry chain from integrated circuit design to terminal product application, positioning itself for further market expansion[62]. - The company has a complete and independent corporate governance structure, including a board of directors and various functional departments, ensuring no interference from the controlling shareholder[132]. - The company has a performance evaluation system linking the compensation of directors and senior management to their work performance[126]. - The company has established an independent financial accounting department and a unified financial management system, ensuring no financial guarantees are provided to the controlling shareholder[133]. - The company has maintained a focus on compliance with relevant laws and regulations in its governance practices[154]. Risks and Challenges - The company emphasizes the importance of risk awareness regarding forward-looking statements and potential risks in its future development[4]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits over the last three years[24]. - The company faces risks related to accounts receivable, particularly from overseas clients, which could impact cash flow and profitability if clients experience financial difficulties[109]. - The company is exposed to exchange rate risks due to increased overseas revenue, primarily in USD and other foreign currencies, while its accounting currency is RMB[111]. - The company acknowledges the risk of fluctuations in international gold prices, which may impact revenue, and is taking measures to innovate and stabilize operations[115]. Employee and Training - The total number of employees at the end of the reporting period is 94, with 36 in the parent company and 58 in major subsidiaries[159]. - The company emphasizes employee training and development, conducting systematic professional training for new employees and management personnel, focusing on various skills and company culture[161]. - The company has established a scientific and effective salary management system to attract, motivate, and retain talent, including annual salary systems for senior management and performance-based salary systems for other employees[160]. Social Responsibility - The company invested in a 410.4KWp photovoltaic power station in Shaanxi Province, providing 72,000 RMB in poverty alleviation payments to 24 registered impoverished households, amounting to 3,000 RMB per household[176]. - The company paid 309,000 RMB in poverty alleviation funds to 103 registered impoverished households in the Qianjiahe Village, with each household receiving 3,000 RMB[177]. - The company also paid 103,284 RMB to 23 registered impoverished households in Shunxiao Village, with each household receiving 3,000 RMB, fulfilling its commitment to local government and impoverished households[177]. - The company emphasizes sustainable development, focusing on economic benefits while also considering environmental protection and energy conservation[175].