Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 326,713,000, a decrease of 17.3% compared to HKD 394,867,000 in 2022[5] - Gross profit for the year was HKD 50,656,000, down from HKD 57,742,000 in the previous year, reflecting a gross margin of 15.5%[5] - Operating profit decreased to HKD 21,606,000 from HKD 23,919,000, representing a decline of 9.7%[5] - Net profit for the year was HKD 17,174,000, slightly up from HKD 16,798,000 in 2022, indicating a growth of 2.2%[5] - Basic and diluted earnings per share increased to HKD 8.59 from HKD 8.40, reflecting a growth of 2.3%[5] - The group reported a total revenue of HKD 19,021 for 2023, a decrease from HKD 21,009 in 2022, indicating a decline of approximately 9.5%[20] - The company reported a profit of approximately HKD 17.2 million for the year ended December 31, 2023, compared to approximately HKD 16.8 million for the year ended December 31, 2022[60] Revenue Breakdown - Revenue from transformer sales was HKD 146,176,000, down 33.3% from HKD 219,390,000 in 2022[12] - Revenue from electronic components sales increased to HKD 174,750,000, up 2.9% from HKD 171,260,000 in the previous year[12] - Sales of transformers accounted for approximately 44.8% of total sales for the year ended December 31, 2023, compared to 55.6% for the year ended December 31, 2022[50] - Sales of electronic components and other products accounted for approximately 53.5% of total sales for the year ended December 31, 2023, up from 43.4% for the year ended December 31, 2022[50] Cost and Expenses - The total cost of goods sold, including depreciation and direct labor costs, was HKD 274,067 in 2023, down from HKD 336,371 in 2022, a decrease of approximately 18.5%[23] - Sales costs decreased by approximately HKD 61.0 million or 18.1% to about HKD 276.1 million for the year ended December 31, 2023, consistent with the decline in revenue[55] - The company’s administrative expenses decreased by approximately HKD 0.1 million or 0.3% to about HKD 30.0 million for the year ended December 31, 2023[59] - Financing costs decreased by approximately HKD 0.3 million or 10.3% to about HKD 2.6 million for the year ended December 31, 2023, due to improved cash collection from receivables[59] Assets and Liabilities - The company reported a significant reduction in inventory, with current assets decreasing to HKD 175,507,000 from HKD 223,197,000[6] - Non-current assets increased to HKD 34,967,000 from HKD 15,025,000, primarily due to investments in property and equipment[6] - The total equity attributable to the owners of the company rose to HKD 98,158,000 from HKD 81,819,000, marking an increase of 20%[7] - Trade receivables decreased to HKD 29,644 in 2023 from HKD 74,290 in 2022, representing a reduction of about 60%[29] - The total trade receivables balance as of December 31, 2023, was HKD 3,038,000, down from HKD 7,104,000 in 2022, indicating a reduction of about 57.3%[30] - Bank loans and overdrafts totaled HKD 37,050,000 in 2023, down from HKD 52,534,000 in 2022, a decrease of approximately 29.4%[38] - The total assets pledged for bank financing increased to HKD 32,979,000 in 2023 from HKD 14,841,000 in 2022, marking a significant increase of approximately 121.5%[40] Tax and Compliance - The income tax expense for 2023 was HKD 1,847, significantly lower than HKD 4,211 in 2022, reflecting a reduction of about 56%[19] - The group’s applicable tax rate for its subsidiary in China was reduced to 15% in 2023 from 25% in 2022 due to its qualification as a "high-tech enterprise"[19] - The company has complied with the corporate governance code during the year ending December 31, 2023[86] Management and Governance - The management is closely monitoring the impact of geopolitical conflicts and U.S. export restrictions on its financial performance, assessing the effects as minimal[65] - The risk management committee oversees the risk governance structure and hedging policies[94] - The audit committee has reviewed the audited annual results for the year ending December 31, 2023[93] Future Outlook and Plans - The company has no significant future investment or capital asset plans disclosed as of the announcement date[80] - The company has reallocated resources for electronic healthcare products to meet changing customer demands, while anticipating a slowdown in demand for transformer products[62] - A purchase agreement was established for the acquisition of 126,000,000 ordinary shares, representing 63.0% of the company's issued share capital[81] Shareholder Information - The group did not declare any dividends for the years ended December 31, 2023, and 2022[24] - The board does not recommend a final dividend for the year ending December 31, 2023, consistent with the previous year[84] - The annual general meeting is scheduled for June 13, 2024[91] - The company will suspend the transfer of shares from June 6, 2024, to June 13, 2024[92]
侨洋国际控股(08070) - 2023 - 年度业绩