Financial Performance - The company's revenue for the year ended December 31, 2023, increased to approximately RMB 926.45 million, representing a 252% increase compared to the previous year[7]. - The net profit attributable to equity shareholders was approximately RMB 89 million, a significant turnaround from a net loss of approximately RMB 185 million in the previous year[7]. - Revenue from overseas customers increased to over 60% in 2023, with significant growth in day tours, hotel operations, and travel group sales, which rose by approximately 9,538%, 225%, and 345% respectively compared to 2022[8]. - The hotel business achieved a gross profit margin of approximately 56%, a substantial increase of about 26% from the previous year, with an occupancy rate exceeding 90%[8]. - Revenue from local tours and travel packages in Japan increased by approximately 9,538% and 345% respectively compared to 2022, with overseas customer revenue exceeding 60% in 2023[15]. - Hotel business revenue rose from approximately RMB 6.1 million in 2022 to about RMB 19.8 million in 2023, with a gross margin increase from around 30% to approximately 56%[16]. - The duty-free shop business revenue decreased by about 66%, attributed to customers preferring in-store shopping in Japan over online purchases[17]. - Other income and gains/losses netted approximately RMB 2.0 million in 2023, compared to a loss of RMB 2.3 million in 2022, with interest income from loans to third parties at approximately RMB 1.7 million[19]. - Administrative and other expenses increased by approximately RMB 9.0 million due to a focus on developing overseas markets[22]. Business Strategy and Development - The company plans to achieve a balanced development in overseas and Chinese markets in 2024, aiming for overseas customer revenue to reach 80%[9]. - The company aims to diversify business risks by collaborating with more overseas partners and enhancing product offerings in the Chinese market[9]. - The company plans to acquire hotel assets in Kyoto, with an expected unutilized net proceeds of RMB 17.6 million for this purpose[24]. - The company will focus on enhancing service quality in the hotel business through facility upgrades and sustainable practices to align with global trends[9]. Corporate Governance - The company has a strong commitment to corporate governance, adhering to all applicable code provisions except for C.2.1, which states that the roles of Chairman and CEO should be separate[53]. - The board consists of four executive directors and three independent non-executive directors, bringing diverse industry experience to enhance decision-making[59]. - The company has implemented a standard code for securities trading by directors and relevant employees, ensuring compliance with regulations[55]. - The Chairman, Mr. Yu Dingxin, has been leading the board since February 27, 2018, and is responsible for promoting effective corporate governance practices[60]. - The company has established a three-year service contract for each executive and independent non-executive director, ensuring stability in leadership[64]. - All independent non-executive directors have confirmed their independence according to the listing rules, contributing to the board's integrity[61]. - The company has a structured approach to board meetings, regularly reviewing the contributions of directors to ensure accountability[57]. - The company has a clear framework for the appointment and re-election of directors, with one-third of the board required to retire at each annual general meeting[64]. - The company emphasizes the importance of internal control measures to enhance transparency and accountability to shareholders[53]. - The company has a dedicated company secretary with over 20 years of experience in compliance and corporate governance, supporting effective board operations[50]. Risk Management and Internal Controls - The company has established a risk management and internal control system aimed at managing risks rather than eliminating them, providing reasonable assurance against significant misstatements or losses[108]. - The external professional firm responsible for internal audit functions has been engaged to conduct an annual review of the risk management and internal control system, ensuring its effectiveness and adequacy[114]. - The board and audit committee found no significant internal control deficiencies during their review of the risk management and internal control systems[114]. - The company has developed risk management policies to identify and mitigate climate-related risks, including acute and chronic physical risks from extreme weather events[196]. - The company is monitoring legal and regulatory changes related to climate change to avoid increased costs and reputational risks, while also implementing greenhouse gas reduction measures[198]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability for the year 2023[139]. - The ESG report covers operations in China and Japan, including the company's offices in Hangzhou and Shanghai, and its hotels in Japan[140]. - The report period for the ESG initiatives spans from January 1, 2023, to December 31, 2023[141]. - The company aims to enhance ESG data disclosure and welcomes feedback from stakeholders regarding its sustainability performance[148]. - The company aims to reduce electricity, water, greenhouse gas emissions, and waste generation density by 5% by 2030, using 2023 as the baseline year[164]. - The board actively integrates sustainability principles into daily management and operations, ensuring alignment with growth strategies[150]. - The company emphasizes stakeholder engagement to identify significant environmental, social, and governance issues, including product quality and supply chain management[154]. - The company is committed to achieving carbon neutrality by 2050 and has set specific environmental key performance indicators[163]. - The company prioritizes responsible tourism, employee rights and welfare, and waste management as key issues in its sustainability strategy[160]. - The company implements green management measures to reduce carbon emissions and mitigate negative environmental impacts[162]. Shareholder Communication and Rights - The board is responsible for maintaining ongoing dialogue with shareholders, particularly during annual general meetings[106]. - The company ensures shareholder rights by presenting independent resolutions for significant matters at shareholder meetings, with voting results published post-meeting[127]. - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of their request[128]. - The company maintains effective communication with shareholders through various channels, emphasizing the importance of dialogue during annual general meetings[133]. - The company has implemented a shareholder communication policy to address shareholder concerns and ensure timely information disclosure[134].
途屹控股(01701) - 2023 - 年度财报