Financial Performance - The company's revenue for the fiscal year ended December 31, 2023, was RMB 683.6 million, a decrease of 6.14% compared to RMB 728.3 million in 2022[12]. - Gross profit for the fiscal year was RMB 114.5 million, down 5.53% from RMB 121.2 million in the previous year[12]. - The net profit attributable to the owners of the parent company for the fiscal year was RMB 20.3 million, a significant decrease of 57.44% from RMB 47.7 million in 2022[12]. - Basic and diluted earnings per share were RMB 0.03, compared to RMB 0.07 in the previous year[12]. - The total comprehensive income for the year was RMB 20.2 million, down from RMB 50.8 million in 2022[6]. - Revenue from customer contracts for 2023 was RMB 683,591 thousand, a decrease of 6.1% from RMB 728,308 thousand in 2022[38]. - Revenue from the sale of food raw materials in 2023 was RMB 344,256 thousand, down from RMB 349,661 thousand in 2022, while revenue from food additives decreased from RMB 378,647 thousand to RMB 339,335 thousand[38]. - The cost of sales for the reporting year was RMB 569.1 million, down approximately 6.26% from RMB 607.1 million in the previous year, primarily due to the decrease in sales[81]. - The total tax expense for the fiscal year 2023 was RMB 11.6 million, a reduction of RMB 6.2 million from RMB 17.8 million in 2022[110]. - Other income decreased by RMB 1.1 million or 17.74% to RMB 5.1 million due to a reduction in government subsidies[131]. Assets and Liabilities - The company's total assets as of December 31, 2023, were RMB 462.8 million, an increase from RMB 451.4 million in 2022[20]. - Non-current liabilities increased to RMB 28.1 million in 2023 from RMB 3.975 million in 2022, primarily due to the addition of interest-bearing bank loans[9]. - Total non-current assets increased to RMB 260,650 thousand in 2023 from RMB 143,073 thousand in 2022, reflecting a significant growth in investments[45]. - Current assets decreased to RMB 333,004 thousand in 2023 from RMB 409,773 thousand in 2022, primarily due to a reduction in inventory and cash[45]. - The net value of current assets was RMB 230,268 thousand in 2023, down from RMB 312,325 thousand in 2022, indicating a tighter liquidity position[45]. - The total liabilities for current liabilities increased slightly to RMB 102,736 thousand in 2023 from RMB 97,448 thousand in 2022[45]. - The company's capital as of December 31, 2023, was RMB 462.8 million, an increase of RMB 11.4 million from RMB 451.4 million on December 31, 2022[165]. - The debt-to-asset ratio as of December 31, 2023, was 22.0%, compared to 18.3% on December 31, 2022[170]. Cash Flow - The company reported a net cash flow from operating activities of RMB 50.9 million in 2023, down from RMB 94.4 million in 2022[119]. - The cash and cash equivalents at the end of 2023 were RMB 157.5 million, down from RMB 182.2 million at the end of 2022[119]. - The net cash used in investing activities for the reporting year was RMB 87.8 million, primarily due to the purchase of property, plant, and equipment amounting to RMB 57.6 million and long-term deposits of RMB 30.0 million[167]. - As of December 31, 2023, the cash and cash equivalents balance was RMB 157.5 million, a decrease of RMB 24.7 million from RMB 182.2 million on December 31, 2022, mainly due to the construction and development of the Asia-Pacific Innovation Center[169]. Dividends - The company proposed a final dividend of HKD 0.015 per share, amounting to approximately RMB 9.2 million, consistent with the previous year's dividend[12]. - The board proposed a final dividend of HKD 0.015 per ordinary share, equivalent to approximately RMB 0.0136, totaling HKD 10.2 million (approximately RMB 9.2 million) based on 680,000,000 shares issued[180]. Strategic Focus - The company continues to focus on the distribution of food ingredients and additives, with plans for market expansion in the future[11]. - The company plans to strengthen its own brand and product portfolio through self-developed formula products and potential food raw materials[114]. - The company aims to explore strategic investment opportunities and seek acquisitions of quality target businesses and assets[116]. - The company is seeking partnerships with specialty brands in the food and nutrition sectors to enhance its competitive advantage[137]. - The company has established several subsidiaries in China and Vietnam focused on the distribution and R&D of food raw materials, with 100% ownership in these entities[49][51]. - The company continues to focus on expanding its market presence in mainland China, where approximately 95% of its identifiable non-current assets are located[36]. - The company plans to establish an Asia-Pacific Innovation Center with a total construction area of 40,816.13 square meters, expected to be operational by early 2025[139]. Risk Management - The company maintains strict control over its outstanding receivables to minimize credit risk, with no significant credit concentration risk identified[74]. - The company reported a single customer accounted for approximately RMB 51.77 million in sales during the year[61]. - The company has a performance obligation that is fulfilled upon delivery of goods, with payment typically due within 30 to 90 days[65]. - The company has not incurred any income tax liabilities in the Cayman Islands and British Virgin Islands due to applicable regulations[68]. - The company has not disclosed information regarding remaining performance obligations as per the practical expedient under Hong Kong Financial Reporting Standard 15[65]. - The company experienced a decrease in trade receivables impairment loss provisions, with a year-end balance of RMB 11.8 million in 2023 compared to RMB 0.7 million in 2022[99]. - Trade receivables net amount was RMB 80.5 million in 2023, compared to RMB 83.3 million in 2022[96]. - Trade receivables increased by RMB 12.1 million, while trade payables decreased by approximately RMB 20.0 million[143].
欣融国际(01587) - 2023 - 年度业绩