Financial Performance - For the year ended December 31, 2023, the company reported a revenue of RMB 44.614 million, a decrease of 44.8% compared to RMB 45.983 million in 2022[2] - The net loss from continuing operations for the year was RMB 875.687 million, compared to a profit of RMB 532.913 million in 2022[2] - Total revenue decreased from RMB 459.83 million in 2022 to RMB 446.14 million in 2023, a decline of approximately 3.7%[9] - Investment income turned from a profit of RMB 377.23 million in 2022 to a loss of RMB 813.70 million in 2023, primarily due to unrealized fair value changes of financial assets[10] - Total income and investment income net amount shifted from a profit of RMB 423.22 million in 2022 to a loss of RMB 769.09 million in 2023[11] - Other operating expenses increased from RMB 506.21 million in 2022 to RMB 707.40 million in 2023, reflecting higher investment management-related consulting expenses[14] - Financial costs significantly decreased from RMB 1.187 billion in 2022 to RMB 696.4 million in 2023, mainly due to a reduction in bond liabilities[15] - Other income rose from RMB 84.15 million in 2022 to RMB 200.30 million in 2023, driven by increased government subsidies and interest income[16] - Share of profits from associates and joint ventures improved from a loss of RMB 29.21 million in 2022 to a profit of RMB 19.0 million in 2023[17] - The company recorded a tax credit of RMB 84.2 million in 2023, compared to a tax expense of RMB 107.3 million in 2022[18] - Loss from continuing operations for 2023 was approximately RMB 875.69 million, compared to a profit of RMB 52.16 million in 2022[19] - The net investment loss for 2023 was RMB (813,704) thousand, compared to a gain of RMB 377,234 thousand in 2022, indicating a significant decline in investment performance[27] - The company reported a pre-tax loss of RMB (959,882) thousand for 2023, compared to a pre-tax profit of RMB 159,481 thousand in 2022[27] - The net loss attributable to the owners of the company for 2023 was RMB (872,962,000), compared to a profit of RMB 559,285,000 in 2022, indicating a significant decline[38] Assets and Investments - The total assets under management as of December 31, 2023, amounted to RMB 24.4 billion, with RMB 19.2 billion contributed by funds and RMB 5.2 billion from direct investments[4] - The average internal rate of return for the company's funds as of December 31, 2023, was 11.3%[4] - The company invested approximately RMB 464.4 million in nine portfolio companies in 2023, with 45.1% allocated to consumer enterprises in service robotics, healthcare, and environmental technology[7] - The company realized approximately RMB 432.6 million in exit funds through IPOs, equity transfers, buybacks, and dividends in 2023[7] - External capital accounted for 81.3% of the total committed capital in the managed funds, while the company contributed 18.7% of its own funds[4] - The Hang Seng Index fell nearly 14% in 2023, impacting the fair value of the company's private equity investments[3] - The company established a new investment fund, TianTu XingQin Venture Capital Fund, with an investment of RMB 216.0 million, focusing on the consumer sector[24] Cash Flow and Debt - Cash and cash equivalents increased from RMB 613.6 million at the end of 2022 to RMB 1.117 billion at the end of 2023, attributed to net proceeds from global offerings and project exits[21] - As of December 31, 2023, the company's total debt decreased from RMB 1,283.9 million to RMB 1,272.9 million, primarily due to the repayment of bank loans amounting to RMB 15.2 million[22] - The company's net current assets increased to RMB 1,310,431,000 in 2023 from RMB 999,154,000 in 2022, representing a growth of approximately 31.1%[30] - Total assets minus current liabilities decreased to RMB 16,146,554,000 in 2023 from RMB 17,119,099,000 in 2022, a decline of about 5.7%[30] Shareholder and Dividend Information - The company proposed a final dividend of RMB 2 per share for the year ended December 31, 2022, totaling approximately RMB 103,955,000, which was approved by shareholders[37] - The company did not declare a final dividend for the year ending December 31, 2023, indicating a shift in dividend policy[37] - The weighted average number of ordinary shares used to calculate basic loss per share increased to 561,070,000 in 2023 from 519,773,000 in 2022, an increase of about 7.9%[38] Compliance and Governance - The company has maintained compliance with the corporate governance code since its listing on October 6, 2023[49] - The audit committee consists of three directors, with Mr. Cai Lian serving as the chairman, ensuring compliance with listing rules and corporate governance codes[52] - The group's consolidated financial statements for the year ended December 31, 2023, have been reviewed and agreed upon by Deloitte, aligning with the amounts approved by the board on March 28, 2024[53] - The company appointed Deloitte as its international auditor during the special general meeting held on January 19, 2024, with no significant post-reporting period events disclosed[54] - The financial reports are prepared in accordance with applicable accounting standards, rules, and regulations, ensuring appropriate disclosures[53] Operational Highlights - The company launched five new RMB funds in 2023, including a fund focused on the biopharmaceutical sector[4] - Approximately 30% of the portfolio companies achieved a revenue growth of over 30% year-on-year in the first three quarters of 2023[3] - The company has established a comprehensive internal control and risk management system, which is monitored by the audit committee[52] - The company expresses gratitude to all employees, shareholders, clients, banks, and business partners for their trust and support[56] - The annual general meeting is scheduled for May 23, 2024, as per the company's articles of association[57] - The company was officially listed on the Hong Kong Stock Exchange on October 6, 2023, marking its initial public offering[58] Accounts Receivable and Liabilities - Accounts receivable from private equity fund management services decreased from RMB 44,030,000 in 2022 to RMB 29,148,000 in 2023, representing a decline of approximately 33.7%[40] - The aging analysis of accounts receivable shows that RMB 1,616,000 is due within one year, while RMB 27,532,000 is overdue by more than three years as of December 31, 2023[42] - The company has no significant contingent liabilities as of December 31, 2023, indicating a stable liability position[23] - Deferred tax liabilities decreased to RMB 119,087,000 in 2023 from RMB 200,549,000 in 2022, a reduction of approximately 40.6%[30] - The company's equity attributable to owners remained relatively stable at RMB 7,301,778,000 in 2023 compared to RMB 7,296,538,000 in 2022, showing minimal change[30] - The company did not recommend the distribution of a final dividend for the reporting period[44] Use of Proceeds - The net proceeds from the global offering amounted to approximately HKD 1,008.5 million (equivalent to RMB 925.4 million) after deducting underwriting fees and related expenses[46] - The planned use of net proceeds includes 65% for private fund management business, 25% for direct investment business, and 10% for general corporate purposes[47] - As of December 31, 2023, approximately RMB 389.6 million of the net proceeds has been utilized, with the remaining funds held in short-term or current deposits[48]
天图投资(01973) - 2023 - 年度业绩