Financial Performance - For the year ended December 31, 2023, revenue decreased to approximately RMB 367.1 million from RMB 440.3 million in 2022, representing a decline of 16.6%[4] - Gross profit for the same period was RMB 73.1 million, down 15.8% from RMB 86.8 million in 2022[4] - Profit before tax fell to RMB 57.1 million, a decrease of 20.6% compared to RMB 71.9 million in the previous year[4] - Net profit for the year was RMB 41.3 million, down 23.5% from RMB 54.0 million in 2022, with a net profit margin decreasing from 12.3% to 11.3%[4][5] - The total comprehensive income for the year was RMB 40.7 million, a decline of 24.7% from RMB 54.1 million in the prior year[5] - Basic and diluted earnings per share were RMB 0.04, a decrease of 42.9% from RMB 0.07 in 2022[5] - Total revenue for the group was RMB 367,053,000 in 2023, down from RMB 440,329,000 in 2022, indicating a decrease of about 16.6%[18] - Revenue for aluminum alloy turbine sales decreased to RMB 356,673,000 in 2023 from RMB 432,409,000 in 2022, representing a decline of approximately 17.5%[18] - Revenue from Asian customers fell to RMB 191,063,000 in 2023, down 33.3% from RMB 286,475,000 in 2022[22] Costs and Expenses - Employee costs rose to RMB 48,167,000 in 2023 from RMB 47,449,000 in 2022, an increase of approximately 1.5%[26] - Research and development costs for the year amounted to RMB 9.1 million, indicating a focus on innovation despite overall revenue decline[7] - Research and development costs were RMB 9,106,000 in 2023, indicating a commitment to innovation despite overall revenue decline[27] - The effective tax expense for 2023 was RMB 15,830,000, down from RMB 17,936,000 in 2022, reflecting a decrease of about 11.7%[30] Assets and Liabilities - Total assets decreased slightly to RMB 409.4 million from RMB 421.9 million in 2022, while total liabilities also saw a reduction[8] - Trade receivables from third parties decreased to RMB 71,254,000 in 2023 from RMB 79,502,000 in 2022[43] - Trade payables to third parties decreased to RMB 26,666,000 in 2023 from RMB 54,173,000 in 2022[45] - Total liabilities decreased by 6.3% from approximately RMB 126.1 million in 2022 to approximately RMB 118.2 million in 2023, primarily due to a reduction in trade and other payables[71] - As of December 31, 2023, current assets were approximately RMB 409.4 million, a decrease of 3.0% from RMB 421.9 million as of December 31, 2022[72] - Cash and cash equivalents decreased by 17.4% to approximately RMB 223.7 million as of December 31, 2023, from RMB 270.7 million as of December 31, 2022, primarily due to increased inventory purchases[75] Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[6] - The company declared a special dividend of HKD 0.03 per ordinary share, amounting to RMB 27,314,000, payable on January 19, 2024[41] - A special dividend of RMB 27.19 million was declared and approved during the reporting period, payable on January 19, 2024[110] Market and Business Operations - The company continues to engage in the research, design, manufacturing, and sales of various aluminum alloy products, indicating ongoing commitment to its core business[9] - The company participated in several international automotive parts exhibitions to expand its overseas market presence[49] - The company’s five largest customers in 2023 were wholesale traders and aftermarket retailers in the aftermarket sector[49] - Overseas market sales accounted for 66.9% of total revenue, with revenue from overseas markets increasing by 6.5% to approximately RMB 245.5 million in 2023[57] - Sales revenue from aluminum alloy wheels decreased from approximately RMB 432.4 million in 2022 to approximately RMB 356.7 million in 2023, attributed to a slowdown in global economic growth and increased price competition among foreign trade companies[55] Governance and Compliance - The company has maintained compliance with corporate governance codes and standards throughout the reporting period[114] - The audit committee consists of three independent non-executive directors, with Mr. Yang Min serving as the chairman, who possesses appropriate professional qualifications and accounting knowledge[120] - The external auditor, KPMG, confirmed that the financial figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2023[121] - The board of directors includes three executive directors and four independent non-executive directors, ensuring a diverse governance structure[126] Future Outlook and Strategy - The company plans to continue developing new products, expanding multi-channel sales and distribution networks, and investing in human capital to drive sustainable long-term growth[98] - The group aims to diversify its revenue sources and explore potential business opportunities, including expanding into live e-commerce and establishing a new subsidiary for this purpose[100] Financial Risks - The company faces various financial risks, including market risk, credit risk, and liquidity risk, which are actively managed[91] - The group faced minimal interest rate risk as floating rate financial instruments were limited to bank cash balances, with fixed rate instruments being lease liabilities and loans to related parties[96] - Currency risk primarily stemmed from receivables and cash balances denominated in currencies other than the functional currency, mainly involving USD[97]
步阳国际(02457) - 2023 - 年度业绩