Financial Performance - Revenue for 2023 reached HKD 266,548,000, an increase of 23.6% compared to HKD 215,578,000 in 2022[1] - Gross profit for 2023 was HKD 110,540,000, representing a significant increase of 58.6% from HKD 69,710,000 in 2022[4] - The company reported a net loss of HKD 79,869,000 for 2023, a drastic decline from a profit of HKD 658,000 in 2022, marking a change of (12,238.1%)[8] - The operating profit for the reportable segments was HKD 25,293,000 for 2023, compared to HKD 5,814,000 in 2022, reflecting a significant increase of 335.5%[45][47] - The pre-tax loss for the year ended December 31, 2023, was approximately HKD 70,600,000, a decline from a pre-tax profit of HKD 540,000 in 2022, marking a turnaround of about HKD 71,140,000[100] - The gross profit for the group increased by approximately 58.6% to about HKD 110,500,000 for the year ended December 31, 2023, with a gross profit margin rising from approximately 32.3% in 2022 to 41.5% in 2023[108] - The group’s equity return rate attributable to equity shareholders was approximately -56.0% for the year ended December 31, 2023, compared to approximately -1.0% in 2022[193] Assets and Liabilities - Total assets decreased by 9.0% to HKD 278,103,000 in 2023 from HKD 305,712,000 in 2022[1] - Cash and cash equivalents fell by 39.8% to HKD 63,332,000 in 2023, down from HKD 105,266,000 in 2022[1] - Equity attributable to shareholders decreased by 33.3% to HKD 123,378,000 in 2023 from HKD 184,913,000 in 2022[1] - The total liabilities for the reportable segments increased to HKD 134,120,000 in 2023 from HKD 87,936,000 in 2022, indicating a rise of 52.1%[49] - The net current asset value increased from approximately HKD 105,030,000 in 2022 to about HKD 107,680,000 in 2023[131] Revenue Streams - The company generated HKD 246,810,000 in revenue from mainland China, representing 92.9% of total revenue for 2023[51] - Revenue from the zipper business for the year ended December 31, 2023, was approximately HKD 233,680,000, an increase of about 8.4% compared to the previous year[101] - A major customer accounted for over 10% of the group's revenue, contributing HKD 32,871,000 from property management services in 2023[52] - The increase in revenue was mainly attributed to the expansion of new property management services, contributing significantly to the group's income[187] Expenses and Costs - Employee costs increased to HKD 93,763,000 in 2023 from HKD 83,066,000 in 2022, reflecting a growth of 13%[61] - Distribution costs for the year ended December 31, 2023, were approximately HKD 23,170,000, accounting for about 8.7% of total revenue, compared to 6.0% in 2022[111] - Administrative expenses for the year ended December 31, 2023, were approximately HKD 93,740,000, representing about 35.2% of total revenue, up from 31.2% in 2022[111] - The company recognized impairment losses on certain assets in the supply chain division, contributing to the increased losses for the year[113] New Business Initiatives - The company began providing property management services in September 2023, indicating a strategic expansion into new service areas[25] - A new business segment for property management services in mainland China was initiated in September 2023, leading to a restructuring of the internal reporting framework[42] - The company aims to diversify its business by introducing short-cycle, cash flow-stable, and light-asset property management services[156] Governance and Compliance - The board of directors includes four independent non-executive directors out of nine, ensuring adherence to good corporate governance principles[164] - The company has complied with all corporate governance code provisions except for a deviation regarding the roles of the chairman and CEO, which is justified by the board due to the small size of the management team[165] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[169] Future Outlook - The company anticipates challenges in business development due to rising costs of raw materials, energy, and labor, influenced by geopolitical factors and high interest rates[154] - The company is adopting a cautious approach towards future macroeconomic improvements and will implement measures to enhance automation, improve production processes, and control costs[162] Shareholder Matters - The company does not recommend any dividend payment for the year ended December 31, 2023, consistent with 2022[95] - The company plans to change its name from "China Apex Group Limited" to "Gilston Group Limited," pending shareholder approval[175] - The net proceeds from the general placement of new shares amounted to approximately HKD 68.6 million, with HKD 38.6 million allocated for general working capital and investments[173]
中国恒泰集团(02011) - 2023 - 年度业绩