Financial Performance - The total revenue for the fiscal year 2023 was approximately RMB 1.909 billion, a decrease of approximately RMB 981 million or 33.9% compared to RMB 2.890 billion in fiscal year 2022[10]. - Gross profit fell from approximately RMB 604 million in fiscal year 2022 to about RMB 176 million in fiscal year 2023, a decrease of approximately RMB 428 million or 70.9%[10]. - The gross profit margin decreased from approximately 20.9% in fiscal year 2022 to about 9.2% in fiscal year 2023[10]. - The company recorded a net loss attributable to shareholders of approximately RMB 26 million in fiscal year 2023, compared to a profit of approximately RMB 250 million in fiscal year 2022[10]. - The group reported a total comprehensive loss of approximately RMB 2.6 million in FY2023, compared to a profit of approximately RMB 25.0 million in FY2022, mainly due to the decrease in revenue and gross profit[27]. Cost Management - Sales costs decreased from approximately RMB 2.285 billion in fiscal year 2022 to about RMB 1.733 billion in fiscal year 2023, a reduction of approximately RMB 552 million or 24.1%[18]. - Sales expenses decreased from approximately RMB 9.1 million in FY2022 to approximately RMB 8.2 million in FY2023, primarily due to reduced shipping costs from lower sales volume and increased marketing expenses related to new tenders[20]. - Administrative expenses decreased from approximately RMB 30.0 million in FY2022 to approximately RMB 17.7 million in FY2023, mainly due to a reduction in listing expenses of about RMB 7.1 million and a decrease in R&D expenses of about RMB 4.8 million[21]. Market Outlook - The decline in orders was primarily due to a temporary reduction in orders from several major customers, attributed to the National Tobacco Monopoly Administration's revision of cigarette packaging policies[17]. - The company anticipates stable demand for tobacco products in the foreseeable future, despite government smoking control policies[11]. - There is an expected increase in demand for mid-to-high-end cigarettes due to rising purchasing power among Chinese citizens[11]. - The company aims to develop effective strategies to increase market share in the evolving tobacco packaging industry[14]. Capital Expenditures and Financial Position - Capital expenditures for FY2023 amounted to approximately RMB 22.4 million, significantly up from approximately RMB 0.7 million in FY2022, primarily for the purchase of property, plant, and equipment[34]. - As of December 31, 2023, the group had cash and cash equivalents totaling approximately RMB 95.1 million, down from approximately RMB 110.3 million as of December 31, 2022[31]. - The group recorded a net provision for financial asset losses of approximately RMB 2.0 million in FY2023, compared to a reversal of approximately RMB 0.9 million in FY2022, primarily due to an increase in the total value of trade receivables and a rise in expected loss rates[22]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules, ensuring compliance as of December 31, 2023[69]. - The board of directors consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[72]. - The company provides ongoing professional development for directors to ensure they are informed and compliant with corporate governance codes[88]. - The board has established mechanisms to ensure strong independence, including appointing at least three independent non-executive directors[81]. Employee and Remuneration Policies - The company has 113 employees as of December 31, 2023, a decrease from 117 employees in the previous year[46]. - The remuneration range for senior management members (excluding directors) for the year ending December 31, 2023, includes three individuals earning up to RMB 1,000,000[106]. - The company is committed to providing competitive and fair remuneration to attract and retain high-quality employees[109]. Shareholder Communication and Dividend Policy - The company emphasizes effective communication with shareholders to enhance investor relations and transparency[127]. - The board of directors has proposed not to declare a final dividend for the year ending December 31, 2023[161]. - The company has adopted a dividend policy aimed at balancing shareholder interests with prudent capital management, with no predetermined dividend payout ratio[160]. Risk Management and Compliance - The company has implemented sufficient and effective risk management and internal control systems to ensure effective business operations[121]. - The audit committee is responsible for reviewing the integrity of the company's financial statements and the effectiveness of its internal controls[97]. - The company has no significant or systemic non-compliance issues with relevant laws and regulations as of December 31, 2023[152].
伟立控股(02372) - 2023 - 年度财报