Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 150,614,000, representing an increase of 5.5% compared to RMB 142,415,000 in 2022[4] - The gross profit for 2023 was RMB 25,534,000, a decrease of 6.1% from RMB 27,203,000 in 2022[4] - The operating loss for 2023 was RMB 10,687,000, compared to an operating loss of RMB 6,347,000 in 2022, indicating a worsening of 68.5%[4] - The net loss attributable to shareholders for 2023 was RMB 12,716,000, an increase of 23.2% from RMB 10,321,000 in 2022[4] - The basic and diluted loss per share for 2023 was RMB 8.45, compared to RMB 7.75 in 2022, indicating a deterioration of 9.0%[4] - The pre-tax net loss for 2023 was approximately RMB 12.7 million, compared to a loss of RMB 10.3 million in 2022[34] - The company recorded a pre-tax loss of approximately RMB 12.7 million in FY2023, compared to a loss of RMB 10.3 million in FY2022[52] Cash and Liquidity - The company's cash and cash equivalents increased to RMB 39,721,000 in 2023 from RMB 36,739,000 in 2022, reflecting a growth of 5.4%[6] - The company maintains a cash and cash equivalents balance of approximately RMB 39.7 million as of December 31, 2023, representing 22.8% of total current assets[53] - In the fiscal year 2023, the net cash used in operating activities was RMB (4,647) thousand, an improvement from RMB (10,961) thousand in 2022[60] - The net cash used in investing activities was RMB (2,493) thousand, a significant decrease from RMB 45,477 thousand in the previous year[60] - The net cash generated from financing activities was RMB 10,161 thousand, compared to a net cash used of RMB (17,692) thousand in 2022[60] - The debt-to-equity ratio as of December 31, 2023, was 11.8%, slightly down from 12.1% in 2022[60] - The company maintained a treasury policy to effectively manage cash and reduce borrowing costs, ensuring sufficient liquidity for operations[62] Assets and Liabilities - The total assets decreased to RMB 173,963,000 in 2023 from RMB 150,867,000 in 2022, a decline of 15.3%[7] - The company's equity increased to RMB 143,836,000 in 2023, up from RMB 140,870,000 in 2022, representing a growth of 2.1%[7] - Trade payables at the end of the reporting year were approximately RMB 32.99 million, a significant increase from RMB 3.84 million in 2022[29] - Trade payables increased significantly to approximately RMB 33.0 million as of December 31, 2023, with a turnover period of 54 days[59] - As of December 31, 2023, the company had no capital commitments or significant contingent liabilities[65][66] Inventory and Receivables - Inventory levels rose significantly to RMB 31,067,000 in 2023, up 35.8% from RMB 22,889,000 in 2022[6] - Trade receivables increased to RMB 93,866,000 in 2023, compared to RMB 85,375,000 in 2022, marking a rise of 10.5%[6] - Trade receivables aged within 90 days were RMB 55.1 million in 2023, compared to RMB 45.0 million in 2022[28] - Trade receivables increased by approximately RMB 8.5 million to RMB 93.9 million as of December 31, 2023, with a turnover period of 217 days[57] - Inventory increased by approximately RMB 8.2 million to RMB 31.1 million as of December 31, 2023, with a turnover period of 79 days[54] Revenue Sources and Customer Contributions - Major customers contributing over 10% of revenue included Customer B with RMB 25.2 million and Customer D with RMB 19.6 million in 2023[18] - The total sales of goods amounted to RMB 150.6 million in 2023, up from RMB 142.4 million in 2022[19] - Revenue increased by approximately 5.8% from RMB 142.4 million in FY2022 to RMB 150.6 million in FY2023[37] Operating Expenses - Selling and distribution expenses rose by approximately 7.0% to RMB 18.3 million in FY2023, accounting for 12.1% of revenue[45] - Administrative and other operating expenses decreased by approximately 21.3% to RMB 15.6 million in FY2023, representing 10.3% of revenue[46] - The gross profit margin was impacted by market conditions and pricing strategies for goods sold in 2023[34] - Gross profit decreased by approximately 6.3% from RMB 27.2 million in FY2022 to RMB 25.5 million in FY2023, with a gross margin decline of 2.1 percentage points to 17.0%[41] Future Plans and Management Strategies - The company plans to launch a new supply chain management business in mainland China, which is expected to enhance revenue sources and profitability in the coming years[34] - The company has implemented strict management of operating expenses, marketing, and financing costs to preserve cash and enhance liquidity amid market uncertainties[34] Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2023 (2022: none) [79] - The audited annual results have been published on the company's website and the Hong Kong Stock Exchange [79] - The 2023 annual report contains all information required by the Listing Rules Appendix 16 and the Companies Ordinance (Cap. 622) [79] - The annual report will be sent to shareholders at the appropriate time and published on the company's and the Stock Exchange's websites [79] - The board expresses sincere gratitude to shareholders, customers, suppliers, management team, and employees for their continued support [81]
米格国际控股(01247) - 2023 - 年度业绩