Financial Performance - Total revenue for 2023 was HKD 284.1 million, a decrease of 5.3% from HKD 300.2 million in 2022[18]. - Gross profit for 2023 was HKD 192.1 million, resulting in a gross margin of 67.6%, up from 62.2% in 2022[18][21]. - The company reported a net loss of HKD 9.5 million for 2023, compared to a profit of HKD 4.6 million in 2022[18]. - The group's revenue for the review period decreased by approximately 5.4% to HKD 284.1 million compared to HKD 300.2 million in the same period of 2022[33]. - The company reported a loss attributable to shareholders of approximately HKD 4.6 million, compared to a profit of HKD 5.4 million in the same period of 2022[33]. - Other income decreased significantly by 37.4% to HKD 4.1 million, primarily due to the absence of COVID-19 related subsidies received in 2022[73]. - The company recorded a loss of HKD 9.5 million in 2023, compared to a profit of HKD 4.6 million in 2022, attributed to increased costs and reduced other income[79]. - The company did not declare any interim or final dividends for 2023, compared to HKD 5.0 cents and HKD 10.0 cents in 2021[21]. Assets and Liabilities - Total assets decreased to HKD 466.3 million in 2023 from HKD 484.8 million in 2022[20]. - Total liabilities reduced to HKD 85.5 million in 2023 from HKD 89.1 million in 2022[20]. - Cash and cash equivalents totaled HKD 132.4 million in 2023, down from HKD 145.6 million in 2022[20]. - The group had no bank borrowings as of December 31, 2023, compared to HKD 5.3 million in 2022, indicating a stable financial position despite recording a loss this year[90]. - The current ratio decreased from 3.4 on December 31, 2022, to 3.3 on December 31, 2023, due to a larger decrease in current assets compared to current liabilities[91]. - The debt-to-equity ratio was 0% as of December 31, 2023, down from 1.3% in 2022, reflecting a net cash position for both years[92]. Sales and Market Performance - E-commerce sales revenue increased significantly by 53.9% compared to 2022, driven by promotional activities on platforms like Tmall and JD[35]. - The number of physical sales outlets decreased from 205 to 156, with a 6.3% decline in self-operated retail sales during the review period[37]. - The distribution business sales fell by 13.9% due to a challenging business environment and the elimination of weaker distributors[37]. - Revenue from Hong Kong and Macau decreased by 13.8%, while revenue from mainland China increased by 41.6%[69]. - The group experienced a 29.4% year-on-year decrease in sales to wholesale customers in Hong Kong due to the absence of large wholesale sales compared to the same period last year[39]. - Export revenue from other countries decreased by 93.9% year-on-year, impacted by global political issues and high interest rates[39]. Strategic Initiatives - The company launched a new live sales business base in Huizhou, enhancing its operational capabilities[25]. - The company aims to leverage opportunities arising from the post-COVID economic recovery in Greater China[25]. - The company plans to expand investment in live sales and technology sleep product development, opting not to declare a final dividend to maintain sufficient cash reserves[33]. - A new health research center was established in collaboration with a Chinese research institute to develop innovative sleep-related products[29]. - The group plans to open 10 to 15 new self-operated retail outlets in Shenzhen in 2024, focusing on shopping malls and suitable street shops[48]. - The group aims to enhance wholesale business contributions in mainland China by seeking opportunities to supply national enterprises with uniquely designed bedding products[48]. - The company plans to launch new products using innovative materials in the first half of 2024, capitalizing on the upcoming government waste charge implementation[53]. Employee and Operational Costs - The total employee cost for 2023 was HKD 91.6 million, up from HKD 89.6 million in 2022, driven by the expansion of the live sales business in mainland China[99]. - Selling and distribution costs rose by 13.5% to HKD 153.6 million, driven by increased employee costs and promotional expenses related to live sales in mainland China[75]. Legal and Compliance Matters - The company is currently pursuing legal action against Hunan Ant Planet for a capital contribution of RMB 1 million, which was due on September 30, 2023[109]. - The company has not experienced any significant adverse effects on its business operations or financial condition due to the legal claim[109]. - The performance targets outlined in the joint venture agreement do not trigger any obligations for Hunan Ant Planet to compensate for any shortfalls[111]. Environmental and Social Responsibility - The company emphasizes environmental conservation and has implemented internal recycling programs for office consumables such as toner and paper[136]. - The company is committed to using eco-friendly raw materials, such as milk protein and soybean protein fibers, in its products[138]. - The company has received multiple awards for its environmental contributions, including the "U Green Awards" for six consecutive years from 2016 to 2021[138]. Shareholder Information - As of December 31, 2023, the company has distributable reserves of approximately HKD 172,830,000, including share premium of HKD 166,376,000 and retained earnings of HKD 6,454,000[146]. - The company does not recommend the distribution of a final dividend for the year[144]. - The total number of issued shares as of December 31, 2023, is 257,854,000[175].
卡撒天娇(02223) - 2023 - 年度财报