Financial Performance - For the year ended December 31, 2023, the company reported total revenue of HKD 961,291,000, a decrease of 51.0% compared to HKD 1,961,704,000 in the previous year[2] - The cost of sales for the year was HKD 996,894,000, resulting in a gross loss of HKD 35,603,000, compared to a gross profit of HKD 76,482,000 in the previous year[2] - The net loss attributable to the owners of the company for the year was HKD 52,705,000, significantly improved from a loss of HKD 233,703,000 in the previous year, representing a reduction of 77.5%[2] - The basic and diluted loss per share for the year was HKD 3.11, compared to HKD 13.79 in the previous year[2] - The group reported a loss before tax of HKD 52.705 million for the year ended December 31, 2023, compared to a loss of HKD 233.703 million in 2022[24] - The group recognized other income of HKD 69, down from HKD 452 in 2022, indicating a decline of about 84.7%[29] - The group had a net loss from other (losses)/gains of HKD 548 in 2023, compared to a net loss of HKD 308.176 million in 2022, showing a significant improvement[30] - The company recorded a loss attributable to shareholders of approximately HKD 52.7 million for the year, compared to a loss of approximately HKD 233.7 million in the previous year[58] Assets and Equity - Total assets decreased to HKD 478,117,000 from HKD 534,434,000, a decline of 10.5% year-over-year[5] - Total equity attributable to the owners of the company decreased to HKD 384,114,000 from HKD 436,705,000, a decrease of 12.0%[5] - Non-current assets in Hong Kong decreased to HKD 26.465 million in 2023 from HKD 28.898 million in 2022, a decline of approximately 8.4%[27] - As of December 31, 2023, the company's total assets were approximately HKD 478.1 million, down from approximately HKD 534.4 million in 2022[62] Liquidity and Cash Flow - Cash and cash equivalents increased significantly to HKD 19,525,000 from HKD 1,642,000, indicating improved liquidity[5] - The current ratio as of December 31, 2023, was approximately 4.8 times, compared to 5.2 times in 2022[62] - The company’s cash and cash equivalents were approximately HKD 19.5 million as of December 31, 2023, compared to approximately HKD 1.6 million in 2022[68] - The company has no borrowings as of December 31, 2023[69] Revenue Breakdown - Revenue from health products was HKD 7.157 million, down from HKD 9.482 million in 2022, a decrease of about 24.5%[22] - Revenue from electronic components was HKD 954.134 million, down from HKD 1,952.222 million in 2022, a decrease of approximately 51.1%[22] - Health product sales generated only about HKD 7.2 million in revenue for the year, indicating a focus shift towards the electronic components business[55] - Revenue from the electronic components business decreased by approximately 51.1% to about HKD 954.1 million in 2023, down from HKD 1,952.2 million in the previous year[53] Inventory and Receivables - Inventory decreased to HKD 329,785,000 from HKD 380,461,000, a reduction of 13.3%[5] - Trade and other receivables totaled HKD 102.3 million in 2023, a decrease from HKD 123.4 million in 2022, reflecting a decline of about 17.1%[41] - The company’s trade receivables aged 91 to 180 days were zero in 2023, down from HKD 2.53 million in 2022[44] - The company has no trade receivables as of December 31, 2023, and wrote off bad debts of approximately HKD 2.5 million during the year[67] Corporate Governance and Future Plans - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[80] - The company plans to invest in factories in China to provide additional value-added services, including support, modification, assembly, packaging, and testing services[60] - The company aims to expand its product portfolio and improve profitability by obtaining additional distribution rights from upstream manufacturers[60] Dividends and Shareholder Information - The company did not declare any dividends for the years ended December 31, 2023, and December 31, 2022[40] - The board of directors does not recommend a final dividend for the year, consistent with the previous year[77] - The annual general meeting is scheduled for June 20, 2024, with a suspension of share transfer registration from June 17 to June 20, 2024[85] - The annual performance announcement will be published on the stock exchange and the company's website, with a full annual report to be sent to shareholders[86] Legal and Compliance - The company is facing a legal claim from a supplier for approximately CAD 2.8 million (approximately HKD 16.8 million), but management believes the claim lacks evidence and does not expect a significant adverse impact on the overall financial position[72] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements and confirmed compliance with applicable accounting standards[82]
前海健康(00911) - 2023 - 年度业绩