Financial Performance - For the fiscal year 2023, the group's revenue decreased to approximately HKD 232.9 million, down 8.5% from HKD 254.5 million in the previous year[11]. - Gross profit for the fiscal year 2023 was HKD 63.7 million, a decrease of 9.0% compared to HKD 70.0 million in the previous year, resulting in a gross margin of 27.3%[11]. - Profit attributable to owners of the company was HKD 20.8 million, down 7.1% from HKD 22.4 million in the previous year[4]. - Profit before tax decreased to HKD 24,479,000 in 2023 from HKD 29,184,000 in 2022, representing a decline of 16.5%[188]. - Net profit attributable to owners of the company for 2023 was HKD 20,773,000, compared to HKD 22,370,000 in 2022, a decrease of 7.1%[188]. - Basic and diluted earnings per share for 2023 were HKD 1.039, down from HKD 1.119 in 2022, a decline of 7.1%[188]. - Other income increased to HKD 7,201,000 in 2023 from HKD 4,128,000 in 2022, an increase of 74.8%[188]. - Administrative and other operating expenses increased to HKD 44,986,000 in 2023 from HKD 42,458,000 in 2022, an increase of 5.7%[188]. - The company reported a profit of HKD 20,773,000 for the year, down from HKD 22,370,000 in the previous year, reflecting a decrease of about 6.7%[193]. - The company paid dividends totaling HKD 30,000,000 in 2023, compared to HKD 46,000,000 in 2022, a decrease of about 34.8%[195]. Cash Flow and Assets - The group maintained a cash and bank balance of approximately HKD 82.2 million as of December 31, 2023, compared to HKD 89.3 million in the previous year[13]. - Cash and cash equivalents at year-end decreased from HKD 89,297,000 in 2022 to HKD 82,158,000 in 2023, a reduction of approximately 8%[195]. - Total assets decreased from HKD 172,428,000 in 2022 to HKD 169,214,000 in 2023, a decline of approximately 1.3%[190]. - The company’s total equity decreased from HKD 138,720,000 in 2022 to HKD 129,261,000 in 2023, a decline of about 6.8%[193]. - The company’s retained earnings at the end of 2023 were HKD 49,484,000, down from HKD 50,814,000 in 2022, a decrease of about 2.6%[193]. Operational Challenges - The group faced challenges due to global uncertainties and currency fluctuations, leading to cautious customer purchasing behavior[7]. - Future outlook for 2024 remains challenging, with plans to expand new customer bases to achieve stable returns[10]. Employee and Management - As of December 31, 2023, the total number of employees in the group was 112, an increase from 106 in 2022[20]. - The management regularly reviews employee compensation and benefits based on market practices and individual performance[20]. - The management team has extensive experience in the industry, with key members having over 40 years of experience in export and manufacturing sectors[35][39][41]. Corporate Governance - The company has maintained a high standard of corporate governance since its listing on June 2, 2020, on the Hong Kong Stock Exchange[43]. - The company emphasizes the importance of good corporate governance practices for effective operations and sustainable development, aiming to protect and enhance shareholder interests[43]. - The board includes independent non-executive directors with diverse backgrounds and expertise, enhancing the company's strategic decision-making[34][37][38]. - The company has adopted the Corporate Governance Code as its standard governance guideline, ensuring compliance with applicable rules as of December 31, 2023[44]. - The board has confirmed the effectiveness of its corporate governance policies and has reviewed compliance with these policies throughout the year[50]. Risk Management - The company has implemented a risk management and internal control system to protect shareholder investments and group assets, which is reviewed annually by the board[94]. - The risk management system includes identifying significant risks, assessing risk levels, and monitoring the effectiveness of control procedures[95]. - The company has adopted an anti-corruption policy to limit employees from receiving benefits and a whistleblowing policy for reporting concerns about misconduct[98]. Shareholder Information - The company has established various channels for communication with shareholders, including printed communications and timely updates on the company website[91]. - The board has reviewed the effectiveness of the shareholder communication policy, finding it effective in maintaining timely and transparent communication with shareholders[91]. - The company has a significant ownership structure, with Mr. Ong holding 80.5% of the shares through Red Dynasty Investments Limited[32]. - Major shareholders include Shell Holdings with 1,500,000,000 shares (75.00%), Red Dynasty, and Mr. Wong, all holding the same percentage[131]. Future Plans and Investments - The revised allocation of the unutilized proceeds includes approximately HKD 34.0 million for improving efficiency, expanding manufacturing capacity, and investing in new products[22]. - The company has a strategic focus on improving operational efficiency and expanding its manufacturing capabilities[22]. - The company has been actively involved in property investment and development in both Hong Kong and the United States[33]. Compliance and Legal - The company has complied with all relevant laws and regulations in all material respects for the year ending December 31, 2023, without any significant adverse impact on its business or financial condition[167]. - The company has complied with the disclosure requirements for related party transactions as per the listing rules[163].
蚬壳电业(02381) - 2023 - 年度财报