Financial Performance - For the fiscal year ended December 31, 2023, the company's revenue was approximately RMB 351.77 million, a decrease of 6.5% compared to RMB 376.41 million in 2022[2]. - The gross profit for the same period was approximately RMB 99.51 million, reflecting a decline of 11.0% from RMB 111.85 million in 2022[2]. - The net profit attributable to the company's shareholders was approximately RMB 4.92 million, down 69.4% from RMB 16.07 million in 2022[2]. - Basic and diluted earnings per share for the fiscal year were RMB 0.6, compared to RMB 2.0 in 2022[2]. - The group reported total revenue of RMB 351,767,000 in 2023, a decrease from RMB 376,411,000 in 2022, reflecting a decline of about 6.5%[22]. - The revenue from OEM products was RMB 143,523,000 in 2023, compared to RMB 137,846,000 in 2022, indicating a growth of approximately 4.9%[22]. - The net income from government subsidies decreased to RMB 1,314,000 in 2023 from RMB 2,092,000 in 2022, a decline of about 37.2%[23]. - The pre-tax profit before deductions was RMB 194,176,000 in 2023, down from RMB 202,322,000 in 2022, representing a decrease of about 4.0%[25]. - The total tax expenses for 2023 were RMB 6,144,000, compared to RMB 9,373,000 in 2022, indicating a reduction of approximately 34.4%[26]. - The company incurred employee benefit expenses of RMB 35,119,000 in 2023, down from RMB 42,658,000 in 2022, reflecting a decrease of about 17.6%[25]. - The company reported a foreign exchange loss of RMB (501,000) in 2023, contrasting with a gain of RMB 1,584,000 in 2022, indicating a significant shift in foreign exchange performance[23]. - The company recorded a profit of approximately RMB 4.9 million for the year ended December 31, 2023, compared to RMB 16.1 million for the same period in 2022, a decrease primarily due to a reduction in gross profit of approximately RMB 12.3 million[43]. Assets and Liabilities - Total assets decreased from RMB 358,864,000 to RMB 344,538,000, a decline of approximately 4.0% year-over-year[6]. - Current assets increased from RMB 304,081,000 to RMB 363,335,000, representing a growth of about 19.4%[6]. - Cash and cash equivalents rose from RMB 27,496,000 to RMB 35,064,000, an increase of approximately 27.5%[6]. - Total liabilities decreased from RMB 257,298,000 to RMB 164,195,000, a reduction of about 36.3%[6]. - Long-term bank loans decreased significantly from RMB 201,556,000 to RMB 117,100,000, a decline of approximately 41.9%[6]. - Net assets increased slightly from RMB 395,266,000 to RMB 399,960,000, reflecting a growth of about 1.8%[6]. - Trade payables as of December 31, 2023, totaled RMB 31,102,000, a decrease from RMB 35,637,000 in 2022[38]. - Total borrowings as of December 31, 2023, were approximately RMB 256.1 million, up from RMB 201.6 million as of December 31, 2022[68]. - The company's debt-to-asset ratio increased to approximately 68.6% as of December 31, 2023, compared to approximately 57.6% as of December 31, 2022[70]. Dividends and Shareholder Returns - The board of directors has resolved not to declare any final dividend for the fiscal year ended December 31, 2023[3]. - The company has no plans to declare any dividends for the year ending December 31, 2023, consistent with 2022[31]. - The board does not recommend the payment of any dividends for the year ended December 31, 2023[86]. Operational Focus and Market Strategy - The company is primarily engaged in the manufacturing and sale of confectionery products, indicating a focus on expanding its product offerings in the sweet food sector[7]. - The company aims to achieve sustainable growth and further solidify its position as a confectionery manufacturer in China[44]. - The company plans to enhance marketing efforts to strengthen its market position in the Chinese confectionery industry and increase brand awareness through e-commerce channels[47]. - The company aims to expand into new markets in China with significant growth potential, focusing on business development to provide stable returns and growth prospects for shareholders[47]. - The company has implemented various measures to respond to the COVID-19 pandemic, ensuring that product and raw material supply has not been significantly affected[41]. - The company operates production facilities in Fujian Province, Jinjiang City, which allows for direct control over product quality, production costs, and production pace[42]. Risk Management and Compliance - The company is committed to ensuring its business plans are flexible to address various risks and uncertainties[63]. - The company faces risks related to raw material price fluctuations, which could lead to significant production delays and increased sales costs[64]. - The group has implemented measures to minimize credit risk associated with trade receivables and has established regulatory procedures for overdue debts[81]. - The group has no significant foreign exchange risk and does not engage in foreign exchange contracts or other financial derivatives[78]. - The group continues to follow a prudent policy to manage cash and maintain strong liquidity to seize future growth opportunities[79]. Corporate Governance - The Audit Committee has been established in accordance with listing rules, consisting of three independent non-executive directors[94]. - The Group's auditor confirmed that the financial statements for the year ending December 31, 2023, are consistent with the draft financial statements[95]. - The Annual General Meeting is scheduled for May 31, 2024[98]. - Share registration will be suspended from May 28 to May 31, 2024, to determine eligibility for the upcoming Annual General Meeting[99]. - The Chairman and Executive Director is Zheng Zhenzhong, with other directors including Zheng Guosi and Chen Kan[100].
久久王(01927) - 2023 - 年度业绩