Financial Performance - The company reported a profit of HKD 4,224,593,000 for the year, compared to a loss of HKD 1,519,565,000 in the previous year[3]. - Revenue from continuing operations was HKD 1,373,938,000, an increase from HKD 1,330,301,000, representing a growth of approximately 3.8%[2]. - The gross profit for the year was HKD 43,637,000, compared to HKD 7,330,000, indicating a significant improvement in profitability[2]. - The company achieved a pre-tax profit from continuing operations of HKD 3,701,045,000, a turnaround from a loss of HKD 1,424,946,000[2]. - The company reported a total non-current asset value of HKD 440,813 in 2023, up from HKD 359,567 in 2022[31]. - The group recorded a profit from continuing operations of HKD 3,743,100,000 for the year, compared to a loss of HKD 1,378,200,000 in 2022, with an EBITDA of approximately HKD 4,695,000,000, up from a loss of HKD 467,300,000 in 2022[157]. - The group reported a net profit attributable to the owners of approximately HKD 4,224,600,000 for the year, a significant recovery from a net loss of approximately HKD 1,443,100,000 in 2022[197]. Revenue and Sales - The revenue from continuing operations in China for 2023 was HKD 1,019,736, significantly up from HKD 12,711 in 2022[31]. - Total revenue from continuing operations reached HKD 1,373,938 in 2023, compared to HKD 12,711 in 2022, indicating a substantial growth[33]. - The amino acids segment generated revenue of HKD 1,156,700,000, a substantial increase from HKD 5,400,000 in 2022, with a sales volume of 185,000 tons[160]. - Revenue from upstream products increased to HKD 217,200,000, a significant rise from HKD 800,000 in 2022, while the gross loss was HKD 14,300,000, compared to a gross profit of HKD 100,000 in the previous year[159]. - Export sales accounted for 25.8% of total revenue, amounting to approximately HKD 354,200,000, primarily driven by the resumption of operations at Changchun Daho[162]. Costs and Expenses - The cost of goods sold for 2023 was HKD 1,330,301, a significant increase from HKD 5,381 in 2022[35]. - The group’s administrative expenses decreased to HKD 62,427,000 in 2023 from HKD 69,899,000 in 2022, indicating a reduction of about 10.6%[105]. - Sales and distribution costs surged by approximately 618.5% to about HKD 66,100,000, representing 4.8% of total revenue, attributed to increased sales volume following the resumption of operations[164]. - Administrative expenses rose by approximately 17.7% to about HKD 304,100,000, primarily due to professional fees related to the sale of Dazheng Sugar and the issuance of convertible preference shares[165]. - Other expenses decreased by approximately 48.4% to about HKD 256,300,000, down from HKD 496,400,000 in 2022, primarily due to the resumption of operations at Changchun Dahe[194]. Cash Flow and Liabilities - The net current liabilities decreased to approximately HKD 7,426,100,000 from HKD 12,818,500,000 in the previous year, showing a reduction of about 42.5%[11]. - The company expects to maintain sufficient working capital to meet its financial obligations over the next 12 months[15]. - Cash and cash equivalents at the end of the reporting period were HKD 75,945,000, up from HKD 34,617,000 in 2022[68]. - The group’s total liabilities decreased to HKD 381,855,000, reflecting a reduction in net liabilities[112]. - As of December 31, 2023, the company had total liabilities of approximately HKD 7,426,100,000, raising significant uncertainty regarding its ability to continue as a going concern[141]. Market Conditions and Future Outlook - The overall economic recovery in China post-COVID-19 has been uneven, with retail sales increasing by 7.2% year-on-year, but consumer confidence remains low due to various internal and external pressures[116]. - The company plans to launch several high-margin amino acid products in 2024 to enhance competitiveness and better meet changing customer demands[119]. - The company anticipates significant improvement in its financial condition and cash flow due to effective resource allocation towards the lysine segment[146]. - The group anticipates launching high-value-added products in 2024 as part of its strategy to simplify production processes and reduce costs[198]. Debt and Financial Support - The company has received a financial support confirmation letter valid until February 29, 2024, ensuring continued operational funding[13]. - The company reported a one-time gain of HKD 4,284,800,000 from a debt restructuring agreement, resulting in a significant financial impact[78]. - The group has agreed to issue convertible bonds worth RMB 120,000,000 (approximately HKD 138,000,000) with a conversion price of HKD 0.10 per share[183]. Production and Inventory - The company's lysine production volume increased significantly by 3,400% to 245,000 tons in the current year, compared to 7,000 tons in 2022[155]. - The average production cost of amino acids decreased by 15.5% by the end of 2023, while the average selling price increased by 11.2% due to a temporary supply shortage in the Chinese market[188]. - The company’s inventory levels remain high due to decreased overseas market demand, impacting feed producers in China[117].
大成生化科技(00809) - 2023 - 年度业绩