Financial Performance - The group's total revenue for 2023 was RMB 2,002,406,000, a decrease of 8.1% from RMB 2,178,409,000 in 2022[14] - Revenue from the food and beverage sector was RMB 598,829,000, slightly down from RMB 601,865,000 in 2022, representing a decrease of 0.5%[18] - Revenue from the paper and packaging sector decreased by 14.5%, from RMB 297,027,000 in 2022 to RMB 254,043,000 in 2023[18] - The company recorded a revenue of approximately RMB 2,002.4 million for the year, a decrease of about RMB 176.0 million or approximately 8.1% compared to 2022[56] - Gross profit for 2023 was RMB 341,418, showing a slight increase of 1.0% from RMB 338,141 in 2022[111] - Net profit for the year was RMB 22,414, down 1.8% from RMB 22,821 in 2022[111] - Basic earnings per share for 2023 were 7 cents, compared to 8 cents in 2022, reflecting a decrease of 1.8%[111] - The net profit for the year was approximately RMB 22.4 million, a slight decrease of about 1.8% from approximately RMB 22.8 million in 2022, with a net profit margin rising from 1.0% to 1.1%[68] Costs and Expenses - The cost of goods sold for the year included raw material costs of RMB 1,141,206,000, which was lower than RMB 1,336,989,000 in 2022, indicating a reduction of 14.6%[22] - The cost of goods sold for 2023 was RMB 1,660,988, down from RMB 1,840,268 in 2022[113] - The company’s sales and distribution expenses increased by approximately 5.7% to about RMB 127.8 million, primarily due to increased sales volume[63] - The company’s administrative expenses decreased by approximately 1.5% to about RMB 154.2 million, attributed to enhanced cost control measures[64] - Financing costs increased to RMB 30,206 in 2023 from RMB 28,246 in 2022[114] Assets and Liabilities - Accounts receivable as of December 31, 2023, totaled RMB 535,425,000, down from RMB 576,224,000 in 2022, with a provision for impairment losses of RMB 5,118,000[36] - The total liabilities secured by assets amounted to RMB 335,577,000 in 2023, a decrease from RMB 348,340,000 in 2022[35] - The company reported a total of RMB 587,789,000 in receivables, which includes other receivables and prepayments, down from RMB 635,642,000 in 2022[36] - The company’s total accounts payable increased to RMB 202,234,000 in 2023 from RMB 187,549,000 in 2022[37] - Total current assets increased to $874,715,000 from $866,744,000, representing a growth of 1.1%[122] - Total liabilities decreased to $755,516,000 from $794,957,000, showing a reduction of 4.9%[122] - Total equity decreased to $585,382,000 from $602,546,000, a decline of 2.9%[122] Cash Flow - The net cash inflow from operating activities for the year was approximately RMB 167.6 million, a decrease of about RMB 70.4 million or approximately 29.6% from RMB 238.0 million in 2022, primarily due to an increase in inventory levels[75] - The net cash used in investing activities for the year was approximately RMB 22.3 million, down from RMB 70.3 million in 2022, mainly due to equipment purchases for existing production facilities[76] - The net cash used in financing activities for the year was approximately RMB 98.8 million, compared to RMB 128.4 million in 2022, primarily due to repayments of financing leases and bank loans, as well as dividend payments[77] Dividends - The company plans to distribute a final dividend of HKD 0.08 per share, subject to shareholder approval at the annual general meeting[49] - The proposed final dividend is HKD 0.08 per share, consistent with the previous year, subject to approval at the annual general meeting[91] Operational Insights - The group generated over 90% of its operating revenue and profit from operations in China, with the functional currency being RMB[8] - The group has confirmed a single operating segment, which is the manufacturing and sale of packaging materials[10] - The company established new production facilities in Xiaogan, Hubei, and Huzhou, Zhejiang, increasing total production capacity to approximately 842.4 million square meters as of December 31, 2023[55] - The company has a total of 1,752 full-time employees and has implemented measures to enhance employee productivity, linking compensation to performance evaluations[82] Financial Reporting Standards - The group expects that the adoption of the amendments to IFRS 16 will not have a significant impact on the consolidated financial statements[4] - The company adopted several new or revised International Financial Reporting Standards effective from January 1, 2023, which are expected to have no significant impact on the financial statements[127] - The implementation of IFRS 17 on insurance contracts may not affect the group’s consolidated financial statements[130] - The company anticipates that the application of the revised International Financial Reporting Standards will not have a significant impact on its consolidated financial statements[140] Risks and Uncertainties - The company has identified several risks and uncertainties that may affect its business and operations, including the ability to secure external financing and sudden increases in loan interest rates[83] - The company plans to expand its market presence in regions such as East China and South China, as well as in cities like Shenyang, Dalian, Tianjin, Shandong, Taicang, Suzhou, and Hubei to avoid overcapacity[83]
济丰包装(01820) - 2023 - 年度业绩