Financial Performance - Revenue for the year ended December 31, 2022, decreased by 13.9% to HKD 5,481.4 million[2] - Gross profit for the same period decreased by 13.6% to HKD 915.8 million, maintaining a gross margin of 16.7%[2] - Profit before tax decreased by 23.0% to HKD 351.8 million for the year ended December 31, 2022[2] - Profit attributable to owners of the company decreased by 21.6% to HKD 296.9 million[2] - The company reported a basic and diluted earnings per share of HKD 0.293 for the year ended December 31, 2022, compared to HKD 0.378 in the previous year[3] - The company's basic earnings per share decreased by 22.4% to 29.3 HK cents in 2022 from 37.8 HK cents in 2021[104] - The group reported a pre-tax profit of HKD 456,977 thousand for the year ended December 31, 2022[46] - The company's gross profit before tax was HKD 351,778 in 2022, down from HKD 456,977 in 2021, indicating a decrease of approximately 23%[103] Dividends - The board proposed a final dividend of HKD 0.033 per share, subject to shareholder approval at the 2023 annual general meeting[2] - The company proposed a final dividend of HKD 3.3 per share for the year ending December 31, 2022, down from 5.6 HKD in 2021, resulting in a total annual dividend of 6.1 HKD per share with a payout ratio of 20.8%[126] - Cash dividends paid in 2022 totaled 47,940,000 HKD, compared to 112,051,000 HKD in 2021[106] - The anticipated final dividend payment will be mailed to shareholders on July 5, 2023[188] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 3,890.4 million, down from HKD 4,165.7 million in the previous year[5] - Current assets decreased to HKD 2,536.3 million from HKD 2,803.2 million year-on-year[5] - The total liabilities of Ten Pao Group Holdings Limited decreased from HKD 2,857,179 thousand in 2021 to HKD 2,477,312 thousand in 2022, representing a reduction of approximately 13.3%[22] - Non-current bank borrowings decreased from HKD 237,787 thousand in 2021 to HKD 202,884 thousand in 2022, a decline of about 14.7%[22] - Current liabilities, specifically trade and other payables, decreased from HKD 2,017,929 thousand in 2021 to HKD 1,743,631 thousand in 2022, a reduction of approximately 13.6%[22] - The total equity and liabilities of the group decreased from HKD 4,165,694 thousand in 2021 to HKD 3,890,424 thousand in 2022, reflecting a decrease of about 6.6%[22] - The company's total equity increased to HKD 172,730 by the end of 2022, up from HKD 135,793 at the end of 2021, reflecting a growth of about 27.2%[91] Expenses - Employee benefits expenses (excluding R&D expenses) decreased to HKD 573,126 from HKD 731,242, a decline of about 21.6%[47] - Total sales costs, selling expenses, and administrative expenses amounted to HKD 5,174,286, down from HKD 5,936,771, indicating a decrease of approximately 12.9%[47] - Sales costs decreased by 13.9%, aligning with a 13.9% reduction in revenue for the year ended December 31, 2022[195] - Administrative expenses slightly increased by 0.03% from HKD 414.2 million for the year ended December 31, 2021, to HKD 414.4 million for the year ended December 31, 2022[173] - Sales and marketing expenses decreased by 11.7% from HKD 220.2 million for the year ended December 31, 2021, to HKD 194.3 million for the year ended December 31, 2022[198] - The reduction in sales expenses was primarily due to decreased employee benefits paid to the sales team as revenues declined[198] Revenue Segments - The revenue from external customers for the year ended December 31, 2022, was HKD 6,362,670 thousand, compared to HKD 6,362,670 thousand in 2021, indicating stable performance[46] - The group recorded a gross profit of HKD 915.8 million, a decrease of 13.6% compared to the previous year[196] - Revenue from the Consumer Power segment, mainly from mobile phone customers, was HKD 3,153.0 million, a decrease of 18.8%, accounting for 57.5% of total revenue[151] - Revenue from the Industrial Power segment was HKD 2,328.4 million, a decrease of 6.2%, accounting for 42.5% of total revenue[151] - The "Other" segment experienced a revenue growth of 131.7%, primarily due to increased orders from new energy business customers[138] New Energy Business - The new energy business showed significant growth, with performance doubling during the year[118] - The company is focusing on high-power charging technology and related applications for future product development[119] - The company plans to continue developing its new energy business to become a leading provider of intelligent power solutions[123] - The new energy business segment reported significant revenue growth, with orders for production and delivery expected to double, indicating strong future growth potential[128] - The company is actively developing new energy products, focusing on charging modules, energy storage, and automotive electronics, to enhance its competitive advantage in the industry[128] - The company has established a production line in Sichuan for 30KW charging modules to meet the growing global market demand for electric vehicle charging solutions[128] - The demand for charging piles and modules is expected to continue to grow as the market for new energy vehicles expands[157] - The group aims to develop its new energy business as a key growth driver, investing more resources in R&D and market expansion[162] Strategic Initiatives - A strategic partnership was established with a leading high-power charging module customer to enhance collaboration and investment opportunities[121] - The company aims to strengthen its competitive advantage by restructuring supply chain management and utilizing big data technology[120] - The company plans to enhance its global production layout in response to customer demand and continue optimizing its revenue structure[132] - The company is exploring the feasibility of establishing a production base in Mexico to enhance its global production footprint[148] - The company has expanded its production capacity globally, with facilities in Guangdong, Sichuan, Hungary, and Vietnam to meet diverse regional customer needs[148] - The company aims to accelerate its operations in automotive power research and development, electronic manufacturing solutions, and digital production reforms to improve profit margins[134] - The company is focusing on automation and intelligent production management to reduce labor costs and improve product quality, while also implementing cost-reduction measures in its supply chain[134] Market Conditions - The group plans to enhance its production capacity for charging modules, including a new 40KW charging module production line, to capture market share in the new energy vehicle sector[162] - In 2022, China's new energy vehicle production reached 7.058 million units, and sales reached 6.887 million units, representing year-on-year growth of 96.9% and 93.4% respectively, maintaining the global leading position for eight consecutive years[157] - The group is actively upgrading its production capabilities in various locations, including Guangdong, Sichuan, Hungary, and Vietnam, to meet customer demand[160] - The company has implemented cost-reduction measures and improved efficiency through data analytics in its logistics system[152] - The company anticipates continued demand for portable energy storage solutions as outdoor activities increase post-pandemic[150] Foreign Exchange and Risks - The company faced foreign currency risk primarily due to its operations in China and export sales to overseas markets[180] - The group did not enter into any new forward foreign exchange contracts as of December 31, 2022[181] - Other income increased due to a net foreign exchange gain of HKD 12.5 million, compared to a net loss of HKD 27.9 million in the previous year[172]
天宝集团(01979) - 2022 - 年度业绩