Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 365,811,000, representing a 22% increase from RMB 299,789,000 in 2022[2] - Gross profit for the same period was RMB 145,454,000, up 21% from RMB 120,244,000 in 2022[2] - The pre-tax profit increased to RMB 100,130,000, a 43% rise compared to RMB 69,829,000 in the previous year[2] - Net profit attributable to the owners of the company was RMB 83,970,000, which is a 48% increase from RMB 56,508,000 in 2022[3] - The total comprehensive income for the year was RMB 90,923,000, compared to RMB 56,690,000 in 2022, marking a 60% increase[2] - The company reported a basic and diluted earnings per share of RMB 8.80, compared to RMB 6.98 in 2022, reflecting a 26% increase[3] - The group recorded a profit of approximately RMB 84.6 million for the fiscal year, representing a 48.5% increase from RMB 57.0 million in the previous fiscal year[63] Assets and Liabilities - The company's total assets as of December 31, 2023, were RMB 468,206,000, significantly up from RMB 216,853,000 in 2022[4] - Cash and cash equivalents increased to RMB 315,696,000 from RMB 99,230,000, indicating a substantial growth in liquidity[4] - The company incurred total liabilities of RMB 109,921 thousand across its reportable segments as of December 31, 2023[13] - The company reported total interest-bearing borrowings of RMB 49,658,000 in 2023, up from RMB 39,844,000 in 2022, reflecting a growth of 24%[36] - The group's capital debt ratio improved significantly to 13.7% as of December 31, 2023, down from 31.7% a year earlier, due to a substantial increase in total equity following the IPO[65] Segment Performance - The total revenue for the biodegradable plastic products segment was RMB 346,936 thousand, while the non-biodegradable automotive plastic parts segment generated RMB 18,875 thousand, resulting in a total revenue of RMB 365,811 thousand for the year ended December 31, 2023[11] - The gross profit for the biodegradable plastic products segment was RMB 137,667 thousand, and for the non-biodegradable automotive plastic parts segment, it was RMB 7,787 thousand, leading to a total gross profit of RMB 145,454 thousand[11] - Revenue from biodegradable plastic products increased to RMB 346,936,000 in 2023 from RMB 280,484,000 in 2022, representing a growth of 23.7%[17] - Revenue from non-biodegradable automotive plastic parts decreased slightly to RMB 365,811,000 in 2023 from RMB 299,789,000 in 2022, a decline of 1.5%[17] Expenses and Costs - The sales cost for the year was approximately RMB 220.4 million, a significant increase of 22.7% from RMB 179.5 million in the previous year[55] - Administrative and other operating expenses rose significantly by 59.6% to approximately RMB 40.5 million, attributed to increased depreciation and R&D expenses[59] - Financial costs for the year were approximately RMB 4.0 million, an increase of 18.4% from RMB 3.4 million in the previous year, due to increased interest-bearing borrowings[60] - Employee costs rose to RMB 13,098,000 in 2023 from RMB 11,863,000 in 2022, an increase of 10.4%[20] Research and Development - Research and development costs amounted to RMB 17,443 thousand, reflecting the company's commitment to innovation in biodegradable products[11] - The company plans to enhance production capacity and R&D capabilities through collaboration with research institutions and expansion of production facilities in various regions[52][53] Government Support and Subsidies - The company received government subsidies totaling RMB 2,889,000 in 2023, up from RMB 489,000 in 2022, an increase of 487.4%[19] - Total other income rose significantly to RMB 7,345,000 in 2023 compared to RMB 747,000 in 2022, marking an increase of 885.5%[19] Capital Expenditures and Investments - Capital expenditures for the year were RMB 53,668 thousand, indicating ongoing investment in production capabilities[13] - The company has incurred capital expenditure commitments totaling RMB 966,000, of which RMB 487,000 has been paid as a deposit[46] - The net proceeds from the IPO, amounting to approximately HKD 155.4 million, are allocated for various purposes, including expanding production lines and enhancing R&D capabilities[74] Production Facilities and Expansion Plans - The company has established a new production facility in Dongguan, Guangdong Province, which is expected to commence full production in the first half of 2024[48] - A new production base is being set up in Anji, Zhejiang Province, with initial construction expected to be completed by the second quarter of 2024[48] - The company has terminated its lease for the Huizhou factory and redirected its expansion plans to the Dongguan facility[48] - The first phase of the new factory will be trial-operated using internal resources of the company[76] Corporate Governance and Compliance - The company has adopted the corporate governance code as of March 31, 2023, and has complied with all applicable rules since its listing[78] - The audit committee has reviewed the financial performance for the fiscal year 2023, and there were no disagreements between the board and the audit committee[82] - The company's auditor has confirmed the figures in the preliminary announcement align with the audited financial statements for the year ending December 31, 2023[83]
中宝新材(02439) - 2023 - 年度业绩