Financial Performance - For the year ended December 31, 2023, the Group's revenue was RMB 253.5 million, a decrease of 27.4% compared to RMB 348.9 million for the year ended December 31, 2022[3]. - The Group's gross profit for the year was RMB 60.7 million, with a gross profit margin of 24.0%, an increase of 5.6 percentage points from 18.4% in 2022[4]. - The Group recorded a net loss of RMB 1.3 million for the year, significantly improved from a net loss of RMB 78.0 million in 2022, resulting in a net loss margin of 0.5%[5]. - Profit attributable to owners of the Company was RMB 1.8 million, a turnaround from a loss of RMB 72.3 million in the previous year[6]. - Basic earnings per share attributable to owners of the Company was RMB 0.001, compared to a basic loss per share of RMB 0.054 for the year ended December 31, 2022[7]. - Total revenue for the company decreased by 27.4% to RMB 253,450,000 in 2023 from RMB 348,928,000 in 2022[59]. - Other income decreased by 38.3% to RMB 2,687,000 in 2023 from RMB 4,353,000 in 2022[62]. - Finance costs decreased by 8.2% to RMB 2,574,000 in 2023 from RMB 2,804,000 in 2022[65]. - Income tax expense decreased by 31.9% to RMB 1,954,000 in 2023 from RMB 2,869,000 in 2022[67]. Assets and Liabilities - Non-current assets increased to RMB 307.6 million as of December 31, 2023, up from RMB 241.1 million in 2022, primarily due to an increase in property, plant, and equipment[19]. - Trade and note receivables rose to RMB 223.1 million in 2023, compared to RMB 175.8 million in 2022, indicating improved collection efforts[19]. - Current liabilities increased to RMB 307.6 million as of December 31, 2023, compared to RMB 242.7 million in 2022, reflecting higher trade payables[19]. - Total assets less current liabilities increased to RMB 535,545,000 in 2023, up from RMB 501,244,000 in 2022, reflecting a growth of about 6.8%[20]. - Net assets rose to RMB 527,820,000 in 2023, compared to RMB 493,246,000 in 2022, indicating an increase of approximately 7%[20]. - Total liabilities rose to RMB 315,337,000 in 2023 from RMB 250,736,000 in 2022, with solid waste treatment segment liabilities increasing to RMB 169,807,000[52]. - The Group's total assets were approximately RMB 843.1 million, with total liabilities of approximately RMB 315.3 million, resulting in a gearing ratio of approximately 37.4%, up from 33.7% in 2022[184][187]. Segment Performance - Segment revenue for solid waste treatment decreased to RMB 127,676,000 in 2023 from RMB 284,412,000 in 2022, while oilfield auxiliary services segment revenue increased to RMB 125,774,000 from RMB 64,516,000[48]. - Total segment profit for 2023 was RMB 6,772,000, a significant improvement from a loss of RMB 70,391,000 in 2022[48]. - Revenue from hazardous waste incineration solutions decreased by 61.4% to RMB 102,693,000 in 2023 from RMB 265,895,000 in 2022[59]. - Revenue from oilfield auxiliary services increased by 95.4% to RMB 125,774,000 in 2023 from RMB 64,516,000 in 2022[59]. - Revenue from cement plant parallel kiln co-treatment services rose by 45.9% to RMB 14.3 million in 2023, compared to RMB 9.8 million in 2022[126]. Cost Management - Research and development costs decreased to RMB 11.2 million in 2023 from RMB 22.3 million in 2022, reflecting a strategic focus on cost management[14]. - Cost of services decreased by 32.3% from RMB 284.7 million in 2022 to RMB 192.7 million in 2023[128]. - Administrative expenses decreased by 5.5% to RMB 55.4 million in 2023, remaining relatively stable compared to the previous year[147]. - Directors' remuneration increased by 7.6% to RMB 4,141,000 in 2023 from RMB 3,847,000 in 2022[72]. - Total staff costs increased slightly by 1.2% to RMB 62,810,000 in 2023 from RMB 62,050,000 in 2022[72]. Impairment and Credit Quality - Impairment losses on trade receivables reversed by RMB 1,937,000 in 2023 compared to a loss of RMB 12,464,000 in 2022[72]. - The allowance for credit losses decreased to RMB 18,441,000 in 2023 from RMB 20,378,000 in 2022, indicating improved credit quality[77]. - The company recognized a reversal of impairment losses on contract assets amounting to RMB 5,776,000 in 2023, compared to a provision of RMB 1,988,000 in 2022[89]. Future Outlook and Strategy - The Chinese government's policies are expected to drive continued growth in the solid waste treatment industry, providing significant opportunities for the Group as a leading solutions provider in this sector[185][190]. - The Group aims to capitalize on opportunities from government policies supporting the environmental protection industry, particularly in solid waste treatment[194]. - The Group plans to enhance its market position in hazardous waste incineration by improving treatment techniques and expanding customer relationships both domestically and internationally[195]. - The Group will focus on industrializing pyrolysis technology to develop solutions for new solid waste treatment applications, including waste plastics and waste paper residues[198]. - The Group intends to adopt various project models to enhance competitiveness and risk management in solid waste treatment projects, including oil sludge treatment facilities[199]. - The Group will leverage its capital strength to enter the solid waste treatment sector through technology cooperation, investment, and mergers and acquisitions, aiming to build an integrated environmental industry group[200].
维港环保科技(01845) - 2023 - 年度业绩