Financial Performance - For the year ended December 31, 2023, total revenue from customer contracts was RMB 47,546 thousand, a decrease of 23.6% from RMB 62,287 thousand in 2022[33]. - The company reported a net loss of RMB 8,910 thousand for the year ended December 31, 2023, compared to a profit of RMB 2,615 thousand in 2022[20]. - The company reported a basic loss per share of RMB 2.23 for the year ending December 31, 2023, compared to a basic earnings per share of RMB 0.65 in 2022[47]. - The gross profit for the year was RMB 9,502,000, down from RMB 15,622,000 in the previous year, indicating a decrease of about 39.5%[197]. - The company reported a net loss attributable to the owners of the company for the year was RMB 8,910,000, compared to a profit of RMB 2,615,000 in 2022, marking a significant turnaround[197]. - Total revenue for 2023 was RMB 33,929,000, compared to RMB 33,550,000 in 2022, representing a year-over-year increase of 1.13%[65]. - The company incurred a total of RMB 8,094,000 in impairment losses on contract assets and trade and other receivables, an increase from RMB 5,269,000 in the previous year[197]. Assets and Liabilities - The company's current assets decreased to RMB 32,981 thousand in 2023 from RMB 46,653 thousand in 2022, reflecting a decline of 29.3%[5]. - The total assets less current liabilities decreased from RMB 83,039 thousand in 2022 to RMB 69,746 thousand in 2023, a decline of 16.0%[18]. - The company's net assets decreased to RMB 61,951 thousand in 2023 from RMB 70,861 thousand in 2022, representing a decrease of 12.6%[19]. - The total non-current assets increased by RMB 28,677,000 during the year, with RMB 8,568,000 attributed to the fiberglass segment[36]. - The company’s total liabilities decreased to RMB 58,362,000 in 2023 from RMB 59,024,000 in 2022, a reduction of approximately 1.12%[85]. - The total assets reported were RMB 93,807,000, while total liabilities amounted to RMB 31,856,000, resulting in a net asset position[192]. Revenue Breakdown - Revenue from local customers in mainland China was RMB 38,658,000, a decrease from RMB 51,366,000 in the previous year, indicating a decline of approximately 25%[36]. - Domestic market sales decreased by approximately 24.7% from about RMB 51.4 million for the year ended December 31, 2022, to approximately RMB 38.7 million for the year ended December 31, 2023, accounting for about 81.3% of total sales[132]. - The revenue from fiberglass grating products decreased by approximately RMB 6.6 million or 22.9% to about RMB 22.3 million for the year ended December 31, 2023, compared to approximately RMB 28.9 million for the year ended December 31, 2022[157]. - The average selling price of fiberglass grating products decreased by approximately RMB 19.5 per square meter or about 4.8% to RMB 386.3 per square meter for the year ended December 31, 2023[136]. - The average selling price of epoxy wedge products decreased from RMB 55.5 per meter for the year ended December 31, 2022, to RMB 51.7 per meter for the year ended December 31, 2023, a reduction of approximately RMB 3.8 per meter[160]. Expenses and Costs - Employee benefits expenses decreased to RMB 8,215,000 in 2023 from RMB 10,020,000 in 2022, a reduction of approximately 18%[66]. - Administrative expenses decreased by approximately RMB 0.9 million or 8.1% to about RMB 10.0 million for the year ended December 31, 2023, mainly due to reduced employee costs and R&D expenses[139]. - The cost of inventories included employee benefits expenses of RMB 3,531,000 and depreciation of property, plant, and equipment of RMB 718,000 for 2023[68]. Inventory and Receivables - Inventory levels dropped significantly from RMB 9,058 thousand in 2022 to RMB 4,081 thousand in 2023, a decrease of 55.0%[3]. - Trade and other receivables decreased from RMB 51,584 thousand in 2022 to RMB 42,676 thousand in 2023, a decline of 17.3%[3]. - Trade receivables decreased to RMB 36,443,000 in 2023 from RMB 41,161,000 in 2022, reflecting a decline of about 11%[85]. - The net amount of trade receivables and bills receivable was RMB 41,638,000 in 2023, down from RMB 50,315,000 in 2022, indicating a decrease of approximately 17%[85]. - The aging analysis of trade receivables showed that amounts overdue by 0-30 days decreased from RMB 31,323,000 in 2022 to RMB 6,471,000 in 2023, a decline of approximately 79.3%[114]. Research and Development - The company incurred research and development costs of RMB 1,872,000, which is a decrease from RMB 1,448,000 in the previous year[42][43]. - The company plans to enhance its R&D capabilities by controlling raw materials, procuring new equipment, and hiring professional R&D personnel to develop more competitive high-quality products[127]. Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1, ensuring compliance throughout the year[182]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[185]. - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[182]. Future Outlook - The company anticipates steady growth in the overall fiberglass market in China in the coming years, driven by the material's superior performance and potential applications in various industries[113]. - The construction of the factory in Inner Mongolia is progressing as planned and is expected to be completed in the first half of 2024, with production and sales of industrial silica sand materials anticipated to start in the second half of 2024[155]. - The company plans to enhance its marketing efforts through online advertising and industry journals to capture market share and attract potential customers[154].
硅鑫集团(08349) - 2023 - 年度业绩