Financial Performance - For the year ended December 31, 2023, total revenue reached HKD 42,708,861, an increase of 9.3% compared to HKD 42,478,380 in 2022[4] - Gross profit for 2023 was HKD 398,718, a decrease of 8.2% from HKD 434,092 in 2022[4] - The company reported a net loss of HKD 55,320 for 2023, compared to a loss of HKD 4,885 in 2022, indicating a significant decline in profitability[4] - Basic and diluted loss per share for 2023 was HKD 9.63, compared to HKD 0.85 in 2022, reflecting a deterioration in earnings per share[4] - The group's operating income before tax for 2023 was a loss of HKD 87,539,000, compared to a profit of HKD 10,171,000 in 2022[36] - The group reported a loss attributable to owners of approximately HKD 55.3 million for the year ended December 31, 2023, compared to a loss of HKD 4.9 million in 2022[69] Revenue Breakdown - In 2023, the company reported revenue of HKD 2,708,861,000, an increase of 9.3% from HKD 2,478,380,000 in 2022[22] - Sales of industrial products reached HKD 2,509,036,000 in 2023, up from HKD 2,283,267,000 in 2022, reflecting a growth of 9.9%[22] - The company’s technical service income was HKD 199,825,000 in 2023, slightly increasing from HKD 195,113,000 in 2022[22] - Revenue from Germany increased to HKD 723,242,000 in 2023 from HKD 597,648,000 in 2022, representing a growth of 21.0%[23] - The company’s major customers contributed over 10% of total revenue, with Customer A generating HKD 480,532,000 in 2023, up from HKD 439,346,000 in 2022[26] Expenses and Costs - Research and development expenses increased to HKD 275,546, up 15.9% from HKD 237,437 in the previous year[4] - The group’s employee benefits expenses, including salaries and wages, increased to HKD 520,757,000 in 2023, up from HKD 442,545,000 in 2022, marking a 17.67% increase[32] - Administrative expenses increased by 11.4% to HKD 172.2 million for the year ended December 31, 2023, up from HKD 154.5 million in 2022, driven by increased hiring and salary adjustments[60] - Sales and distribution expenses decreased by 22.7% to HKD 38.9 million for the year ended December 31, 2023, compared to HKD 50.4 million in 2022, mainly due to reduced special freight costs[59] - The total financial costs for 2023 were HKD 12,032,000, down 20.06% from HKD 15,054,000 in 2022[33] Assets and Liabilities - Total assets decreased to HKD 1,264,094 in 2023 from HKD 1,312,965 in 2022, reflecting a reduction in overall asset base[8] - Current liabilities rose to HKD 688,225, an increase from HKD 623,623 in 2022, indicating a growing short-term financial obligation[8] - Trade receivables from third parties increased to HKD 348,872,000 in 2023 from HKD 342,705,000 in 2022, with a net impairment of HKD 4,834,000[39] - Trade payables to third parties rose to HKD 362,667,000 in 2023, compared to HKD 322,777,000 in 2022, reflecting a 12.36% increase[44] - The group’s total liabilities increased, with trade payables to related parties rising to HKD 133,833,000 in 2023 from HKD 97,549,000 in 2022[45] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to HKD 135,964, up from HKD 122,780 in the previous year, showing improved liquidity[8] - The group recorded a net cash inflow from operating activities of HKD 70.7 million for the year ended December 31, 2023, compared to HKD 114.0 million in 2022[70] - As of December 31, 2023, the group had no bank borrowings, maintaining an asset-liability ratio of 0%[71] - The group confirmed a tax credit of HKD 21.6 million for the year due to double tax deduction benefits on qualifying R&D expenses[67] Foreign Exchange and Other Income - The foreign exchange difference from overseas operations contributed HKD 71,794 to other comprehensive income in 2023, compared to a loss of HKD 55,159 in 2022[6] - The net loss from foreign exchange differences was HKD (26,411,000) in 2023, compared to a gain of HKD 17,008,000 in 2022[31] - Other income, including bank interest and government grants, totaled HKD 30,627,000 in 2023, compared to HKD 23,863,000 in 2022[29] - Other income rose by 28.3% to HKD 30.6 million for the year ended December 31, 2023, up from HKD 23.9 million in 2022, primarily due to increased profits from the sale of waste and prototypes[62] Strategic Outlook and Operations - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming year[11] - The group’s future outlook remains positive with ongoing investments and strategic partnerships aimed at market expansion and technological advancements[12] - The operational performance in the Czech Republic is expected to improve due to increased orders following the closure of the UK factory, leading to economies of scale and enhanced production efficiency[57] - The group plans to expand its production of automotive braking products at its Czech facility, aiming to inject new momentum into its operations[82] - The group emphasizes continuous investment in R&D and engineering activities to maintain and enhance its competitive position in the industry[85] Corporate Governance and Acknowledgments - The board expressed gratitude to customers, suppliers, and shareholders for their ongoing support[92] - The management team and employees were commended for their hard work and collaboration over the past year[92] - The board is composed of key members including the chairman and several executive and independent directors[94]
京西国际(02339) - 2023 - 年度业绩