Financial Performance - For the year ended December 31, 2023, the total profit was RMB 359,338,000, a significant increase from RMB 86,914,000 in 2022, representing a growth of 313%[7] - The profit from discontinued operations related to the Suiyue Expressway business was RMB 325,092,000, up from RMB 22,629,000 in 2022, marking an increase of 1,360%[3] - Basic earnings per share for the year were RMB 79.84, compared to RMB 11.88 in 2022, reflecting a growth of 572%[3] - The total comprehensive income for the year was RMB 359,331,000, compared to RMB 83,470,000 in the previous year, an increase of 331%[8] - The company reported a pre-tax consolidated profit of RMB 39,092,000 for 2023, down from RMB 68,496,000 in 2022, indicating a decline of approximately 42.9%[78] - The company’s total assets and liabilities were monitored based on the performance of the reported segments, with a focus on sales and expenses generated by each segment[72] Revenue and Operations - The revenue from continuing operations was RMB 4,340,000, compared to RMB 26,399,000 in the previous year, indicating a decline of 83.6%[3] - The total revenue for the year 2023 was RMB 407,104 thousand, a slight decrease of 0.7% compared to RMB 409,886 thousand in 2022[53] - Total reported segment revenue for the year ended December 31, 2023, was RMB 476,773,000, a decrease from RMB 586,730,000 in 2022[74] - Revenue from the liquor segment was RMB 329,186,000 for 2023, a decrease from RMB 341,080,000 in 2022, reflecting a decline of approximately 3.4%[74] - The company continues to focus on liquor trade and the construction, operation, and management of the Qingping Expressway as its main business[43] Assets and Liabilities - The net asset value increased to RMB 1,124,022,000 from RMB 803,030,000, representing a growth of 40%[13] - The total liabilities decreased from RMB 1,152,659,000 in 2022 to RMB 720,013,000 in 2023, a reduction of 37.5%[30] - Total equity rose to RMB 1,124,022 thousand, compared to RMB 803,030 thousand in the previous year[35] - Cash and cash equivalents increased to RMB 313,720 thousand from RMB 205,659 thousand[doc id='31'] Expenses and Costs - The company reported a gross profit of RMB 115,014,000 from continuing operations, down from RMB 119,685,000 in 2022, a decrease of 4.4%[27] - Operating profit decreased to RMB 40,730,000 from RMB 65,826,000, a decline of 38.2%[27] - The total sales cost for the liquor trading business was approximately RMB 222,900,000, with a gross margin of about 32.3%[124] - Administrative expenses for the fiscal year ending December 31, 2023, were approximately RMB 58,900,000, an increase of about 52.3% from RMB 38,700,000 in the previous year, primarily due to one-time bonuses paid to senior management following the sale of the Suiyue Expressway[137] Discontinued Operations - The company reported a loss from discontinued operations related to the Suizhou-Yueyang Expressway business, with toll revenue dropping to RMB 69,669 thousand from RMB 176,844 thousand[45] - The company reported a loss from discontinued operations related to the Suizhou-Yue Highway business of RMB 69,669,000 in 2023, compared to RMB 176,844,000 in 2022[76] - The gross profit from the discontinued operation of the Suiyue Expressway was RMB 63,441,000, compared to RMB 115,825,000 in the previous year[116] Investments and Acquisitions - The company completed the sale of its entire stake in Daoyue for RMB 555,700,000 on April 25, 2023[115] - The company acquired an additional 21% stake in Guizhou Renhuai for RMB 1,000,000, making it an indirect non-wholly owned subsidiary[118] - The company acquired 28% of Huayu Liquor for a total consideration of RMB 140,000,000, completing the acquisition on December 1, 2023[130] - The company acquired a 21% stake in Guizhou Renhuai for a total cost of RMB 105,001,000, increasing its ownership to 51% and allowing for consolidation of financial results[153] - The acquisition of 28% of Huajia for approximately RMB 140,000,000 will enable the company to enter the production segment of the liquor supply chain[154] Cash Flow and Dividends - Following the sale of 60% of the equity in Suizhou Expressway, the company experienced a cash inflow exceeding RMB 400,000,000, significantly improving liquidity and reducing leverage[158] - A special interim dividend of HKD 0.121 per share was declared and paid on May 18, 2023, reflecting the company's strong financial and cash flow situation[152] - No final dividend has been recommended for the year ending December 31, 2023[171] Compliance and Governance - The company has not adopted any new accounting standards that are not yet effective for the current accounting period, ensuring compliance with the latest financial reporting standards[23] - The company has not applied the initial recognition exemption to leasing transactions prior to the recent amendments, impacting the recognition of deferred tax assets and liabilities[66] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal controls, affirming that the consolidated performance for the year ending December 31, 2023, complies with relevant accounting standards[170] - The company maintains compliance with the public float requirement of at least 25% of its issued share capital as per the listing rules[166] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance by all directors for the year ending December 31, 2023[169] Future Plans - The company plans to enhance its competitiveness by investing in distilleries, brewing, warehousing, logistics, and operational centers to expand its liquor business upstream[165] - Guizhou Renhuai is expected to become the company's main production and logistics base, with plans to develop proprietary liquor brands[166] Meetings and Reports - The annual general meeting is scheduled for June 5, 2024, with a suspension of shareholder registration from May 31 to June 5, 2024[172] - The annual report for the year 2023 will be published on the company's website and the Hong Kong Stock Exchange website, containing all required information as per listing rules[174] - The company expresses gratitude to management, employees, shareholders, suppliers, and banks for their continuous support[175]
华昱高速(01823) - 2023 - 年度业绩