Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue was approximately RMB 1,239.5 million, a decrease of 19.2% compared to RMB 1,534.5 million for the fiscal year ending December 31, 2022[5]. - The gross profit for the fiscal year ending December 31, 2023, was approximately RMB 57.9 million, down 20.6% from RMB 72.9 million for the fiscal year ending December 31, 2022[5]. - The net loss for the fiscal year ending December 31, 2023, was approximately RMB 1.5 million, a significant improvement from a loss of RMB 31.7 million for the fiscal year ending December 31, 2022[5]. - The adjusted net profit for the fiscal year ending December 31, 2023, was approximately RMB 20.3 million, a decrease of 42.0% compared to RMB 35.0 million for the fiscal year ending December 31, 2022[5]. - The company’s operating profit for the fiscal year ending December 31, 2023, was RMB 4.8 million, a decrease from RMB 48.1 million for the fiscal year ending December 31, 2022[14]. - The company reported a net loss of approximately RMB 13,243,000 for the year ended December 31, 2023, compared to a net income of RMB 3,095,000 in 2022, primarily due to litigation losses[76]. - The adjusted profit for the year ended December 31, 2023, was approximately RMB 20,333,000, down from RMB 35,029,000 for the year ended December 31, 2022[87]. Assets and Liabilities - The total assets as of December 31, 2023, were approximately RMB 496.7 million, an increase of 3.1% from RMB 491.2 million as of December 31, 2022[16]. - Total equity increased to 431,499 from 418,384, representing a growth of approximately 2.67%[19]. - Total liabilities decreased to 65,248 from 72,818, indicating a reduction of about 10.43%[20]. - Total assets rose to 496,747 from 491,202, reflecting an increase of approximately 1.12%[21]. - As of December 31, 2023, the net current assets were approximately RMB 431,072,000, an increase of approximately RMB 14,448,000 from RMB 416,624,000 as of December 31, 2022[91]. - As of December 31, 2023, the group had no borrowings, maintaining a cash surplus[92]. Revenue Sources - The service revenue for the fiscal year ending December 31, 2023, was RMB 46.2 million, compared to RMB 12.6 million for the fiscal year ending December 31, 2022[5]. - The company reported a significant increase in sales of finished oil products, amounting to RMB 894.1 million for the fiscal year ending December 31, 2023, compared to RMB 590.9 million for the fiscal year ending December 31, 2022[5]. - Revenue from external customer transactions accounted for approximately 10% of total revenue, with Customer A contributing RMB 610,360,000[35]. - The total sales volume of refined oil products for the year ended December 31, 2023, was 130,591 tons, compared to 75,726 tons in 2022, representing an increase of approximately 72.5%[67]. Expenses and Costs - Total expenses for the year ending December 31, 2023, amounted to RMB 1,221,434,000, a decrease from RMB 1,489,504,000 in the previous year[37]. - The total cost of purchased fuel, oil, and other petrochemical products was RMB 1,099,607,000, a decrease from RMB 1,539,919,000 in the previous year[37]. - Administrative expenses increased by approximately RMB 9,993,000 or 73.4% to about RMB 23,615,000 for the year ended December 31, 2023, mainly due to professional fees related to the transfer to the main board listing[78]. - Distribution expenses rose by approximately RMB 1,931,000 or 13.5% to about RMB 16,200,000 for the year ended December 31, 2023, attributed to increased short-term operating lease costs for oil storage facilities[77]. Taxation and Financial Income - The company incurred a tax expense of RMB 7,326,000 for the year ending December 31, 2023, down from RMB 14,145,000 in the previous year[51]. - The effective corporate income tax rate for the company in mainland China remains at 25%[48]. - Financial income for the year was RMB 1,080,000, a decrease from RMB 1,187,000 in the previous year[40]. - The income tax expense decreased from approximately RMB 17,350,000 for the year ended December 31, 2022, to approximately RMB 7,243,000 for the year ended December 31, 2023, mainly due to a reduction in taxable profits from operations in China[82]. Market Conditions and Operations - The company experienced a cautious market atmosphere due to oil price fluctuations and slower-than-expected economic recovery post-COVID-19[64]. - The company operates mainly in the sale of refined oil and other petrochemical products in China, with all revenue sourced from this market[32]. - The average price of refined oil products sold in 2023 was RMB 6,847 per ton, down from RMB 7,803 per ton in 2022, reflecting a decrease of about 12.2%[67]. Corporate Governance and Compliance - The company has complied with the GEM Listing Rules and the Corporate Governance Code during the year ending December 31, 2023[126]. - The audit committee has reviewed the accounting principles and internal controls for the financial reporting matters, including the consolidated financial statements for the year ending December 31, 2023[128]. - The annual report for the year ending December 31, 2023, will be sent to shareholders and published on the stock exchange and the company's website[129]. Employee and Welfare - The total employee cost for the group was approximately RMB 4,958,000, down from RMB 5,825,000 in 2022, indicating a decrease of about 14.9%[101]. - The group currently employs 23 full-time employees in China as of December 31, 2023[101]. - The group has established various welfare plans for its employees in accordance with local laws and regulations, including basic medical insurance and unemployment insurance[103].
金泰丰国际控股(09689) - 2023 - 年度业绩