Financial Performance - For the year ended December 31, 2023, revenue decreased by approximately 33.9% to about RMB 190.9 million, compared to RMB 289.0 million in 2022[3] - For the same period, gross profit fell by approximately 70.9% to about RMB 17.6 million, down from RMB 60.4 million in 2022[3] - The company recorded a loss attributable to shareholders of approximately RMB 2.6 million, compared to a profit of RMB 25.0 million in 2022[3] - Basic loss per share for the year was approximately RMB 0.3 cents, compared to basic earnings of RMB 3.6 cents per share in 2022[3] - The total revenue for the year ended December 31, 2023, was RMB 190,944 thousand, a decrease from RMB 288,962 thousand in 2022, representing a decline of approximately 34%[29] - Revenue from the sale of cigarette packaging paper and raw materials was RMB 190,752 thousand, down from RMB 288,726 thousand in the previous year, indicating a significant drop of about 34%[29] - The group recorded a net loss of approximately RMB 2.6 million in FY2023, compared to a profit of about RMB 25.0 million in FY2022, mainly due to the decrease in revenue and gross profit[72] Dividends and Shareholder Returns - The board has resolved not to recommend the payment of a final dividend for the year ended December 31, 2023[3] - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[46] - The board has resolved not to recommend the payment of final dividends for fiscal years 2022 and 2023[87] Assets and Liabilities - Total assets increased to RMB 365.1 million in 2023 from RMB 322.8 million in 2022[12] - Total liabilities rose to RMB 144.9 million in 2023 from RMB 100.0 million in 2022[12] - The net current assets decreased to RMB 175.7 million in 2023 from RMB 198.6 million in 2022[12] - As of December 31, 2023, the net book value of property, plant, and equipment is RMB 21,941,000, a decrease from RMB 24,362,000 in 2022, reflecting a reduction of approximately 10%[47] - The total inventory as of December 31, 2023, is RMB 57,726,000, compared to RMB 55,718,000 in 2022, indicating an increase of about 3.6%[49] - Trade receivables as of December 31, 2023, amount to RMB 137,694,000, an increase from RMB 111,346,000 in 2022, which is an increase of about 23.6%[52] - Trade payables as of December 31, 2023, are RMB 69,599,000, up from RMB 62,221,000 in 2022, reflecting an increase of approximately 11.5%[54] Expenses and Cost Management - The company reported a significant reduction in administrative expenses, which decreased to RMB 17.7 million from RMB 30.0 million in 2022[5] - Total expenses for the year 2023 amounted to RMB 199,244 thousand, a decrease of 25.5% from RMB 267,595 thousand in 2022[33] - Research and development expenses decreased to RMB 7,267 thousand in 2023 from RMB 12,045 thousand in 2022, reflecting a reduction of 39.5%[33] - The company recorded a decrease in material and goods costs to RMB 166,123 thousand in 2023 from RMB 226,471 thousand in 2022, a reduction of 26.7%[33] - The cost of sales for the year ended December 31, 2023, is RMB 169,245,000, down from RMB 227,756,000 in 2022, representing a decrease of approximately 25.7%[50] Operational Insights - The company operates primarily in China, with all business activities conducted within this market during the reporting period[28] - The company has a single operating segment for strategic decision-making purposes, focusing on the manufacturing and sales of cigarette packaging paper[28] - The company anticipates stable demand for tobacco products despite government smoking control policies, with an expected increase in demand for mid-to-high-end cigarette packaging materials[58] - The company plans to continue optimizing resources and developing effective strategies to increase market share in the future[58] - The company has experienced a temporary decrease in orders for transfer paper and composite paper due to regulatory changes in cigarette packaging policies[57] Financial Position and Commitments - As of December 31, 2023, the group had cash and cash equivalents totaling approximately RMB 95.1 million, down from RMB 110.3 million as of December 31, 2022[73] - The group's bank borrowings amounted to RMB 30.0 million as of December 31, 2023, compared to zero on December 31, 2022[73] - The capital debt ratio as of December 31, 2023, was approximately 13.6%, compared to zero on December 31, 2022[74] - The group has no significant future investment or capital asset plans as of December 31, 2023[82] - The group has not made any significant investments, acquisitions, or sales involving subsidiaries or joint ventures during fiscal year 2023[83] Employee and Operational Metrics - The group had a total of 113 employees as of December 31, 2023, a decrease from 117 employees on December 31, 2022[88] - Total employee costs for fiscal year 2023 were approximately RMB 12.4 million, compared to RMB 13.7 million in fiscal year 2022, reflecting a decrease of about 9.5%[88] Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[18] - The Group's annual performance for the fiscal year 2023 has been reviewed by the Audit Committee, confirming compliance with applicable accounting standards and listing rules[97] - The annual general meeting is scheduled for May 24, 2024, with a suspension of share transfer registration from May 21 to May 24, 2024[98] - There have been no purchases, sales, or redemptions of the company's listed securities as of December 31, 2023[99] - The financial figures in the preliminary announcement for the year ending December 31, 2023, have been agreed upon by the Group's auditor, consistent with the audited consolidated financial statements[102]
伟立控股(02372) - 2023 - 年度业绩