Financial Performance - The company recorded total revenue of approximately RMB 445.2 million for the fiscal year 2023, an increase of 24.8% compared to RMB 356.8 million in fiscal year 2022[9]. - Gross profit for fiscal year 2023 was approximately RMB 147.3 million, up 23.5% from RMB 119.3 million in fiscal year 2022, driven by increased sales and higher average selling prices[9]. - The company's profit for fiscal year 2023 was approximately RMB 67.5 million, representing a 44.6% increase from RMB 46.7 million in fiscal year 2022[9]. - The increase in revenue was primarily due to a rise in sales of snacks and dried food products, contributing approximately RMB 85.9 million to the revenue growth[9]. - The cost of sales for the fiscal year 2023 was approximately RMB 298.0 million, representing an increase of about 25.4% from RMB 237.6 million in fiscal year 2022[26]. - Other income increased from approximately RMB 775,000 in fiscal year 2022 to approximately RMB 6.4 million in fiscal year 2023, mainly due to increased government subsidies[28]. - The company's administrative expenses rose from approximately RMB 27.7 million in fiscal year 2022 to approximately RMB 36.6 million in fiscal year 2023[33]. - The net current assets increased from approximately RMB 209.0 million in fiscal year 2022 to approximately RMB 311.8 million in fiscal year 2023[37]. Strategic Initiatives - The company plans to continuously develop and introduce new snack products to align with consumer trends[12]. - Marketing efforts will be intensified to expand sales channels and enhance brand awareness across various regions in China[12]. - The company aims to capture business opportunities and achieve sustainable competitive advantages through strategic initiatives[10]. - The company plans to expand its marketing efforts and sales channels, particularly in the southwestern region of China, including Sichuan Province[24]. - The company aims to introduce new snack products, including vegetable snacks like mushrooms and meat snacks such as boneless chicken feet and beef jerky[22]. Corporate Governance - The company successfully listed on the Hong Kong Stock Exchange on January 13, 2023, enhancing its capital strength and corporate governance[8]. - The board emphasizes the importance of employee, customer, and business partner relationships for sustainable development[77]. - The board comprises experienced directors with extensive backgrounds in finance, management, and business development[68][66]. - The board does not recommend the payment of a final dividend for the fiscal year 2023, consistent with the previous year where no dividend was paid[83]. - The company has not established any stock-linked agreements during the fiscal year 2023[105]. - The board is committed to considering dividend payments at least twice a year, based on various factors including operational performance and financial condition[84]. - The company has maintained high standards of corporate governance, ensuring shareholder rights and enhancing corporate value[146]. - The roles of the chairman and CEO are held by the same individual, Yang, which the board believes is in the best interest of the company[147]. - The company has adopted the standard code of conduct for directors and supervisors regarding securities trading, confirming compliance since the listing date[148]. - The board has established mechanisms to ensure independent opinions and advice are available for decision-making[152]. - The board composition includes sufficient independent elements, providing a balance of skills and perspectives[153]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of governance[160]. - The company has committed to seeking independent professional advice when necessary, with costs covered by the company[161]. Workforce and Employment - The group employed 755 employees as of December 31, 2023, up from 640 employees a year earlier, reflecting a 17.9% increase in workforce due to increased sales and production needs[48]. - As of the report date, 29.41% of senior management and 70.73% of the total workforce are women, reflecting the company's commitment to gender diversity[170]. - The board has established a diversity policy aimed at enhancing effectiveness and maintaining high corporate governance standards, with a focus on various factors including gender, age, and professional experience[169]. Risk Management - The company faces various operational risks, including quality control, product liability claims, and raw material supply stability[134]. - The company has purchased directors' liability insurance to provide appropriate protection for its directors[132]. - The board believes that the risk management and internal control systems are effective and robust, based on discussions with management and the internal audit department[195]. Audit and Compliance - The audit committee reviewed the financial statements for the fiscal year 2023 and confirmed compliance with applicable accounting standards and regulations[144]. - The internal audit and compliance department was established to conduct regular internal audits and report findings directly to the audit committee, ensuring proper implementation of internal controls[195]. - The audit committee discussed key internal audit issues and risk management, including environmental, social, and governance risks[179]. - The audit committee has also reviewed the effectiveness of the internal control systems[179]. Shareholder Information - In the fiscal year 2023, the top five customers accounted for approximately 79% of total revenue, with sales to the largest customer representing about 41% of total revenue[95]. - As of December 31, 2023, the company's distributable reserves amount to RMB 55.6 million, subject to statutory regulations in the Cayman Islands[92]. - The company has not made any acquisitions or significant investments during the fiscal year 2023[94]. - The company has not made any charitable donations during the fiscal year 2023[101]. - The company has not disclosed any major interests or positions held by individuals outside of the board as of December 31, 2023[125]. Future Plans - The group allocated 74.1% of the net proceeds for establishing a new production facility, with expected completion by June 30, 2024[51]. - 15.9% of the net proceeds are designated for enhancing marketing efforts and expanding sales channels, with a target completion date of December 31, 2024[51]. - 10.0% of the net proceeds are reserved for working capital and other general corporate purposes, also expected to be utilized by December 31, 2024[51].
正味集团(02147) - 2023 - 年度财报