Financial Performance - In 2023, the company faced a net loss of approximately RMB 870 million due to significant valuation adjustments in its investment portfolio[22]. - Total revenue for 2023 was RMB 44,614,000, a decrease of 3% from RMB 45,983,000 in 2022[36]. - Net investment loss for 2023 was RMB (813,704,000), compared to a gain of RMB 377,234,000 in 2022[36]. - Total income and net investment loss amounted to RMB (769,090,000) in 2023, down from RMB 423,217,000 in 2022[36]. - The company reported a pre-tax loss of RMB (959,882,000) for 2023, compared to a profit of RMB 159,481,000 in 2022[36]. - The total comprehensive loss for the year amounted to RMB (839,581,000), compared to a comprehensive income of RMB 748,678,000 in the previous year[200]. - The company recognized an impairment loss of RMB (28,314,000) under the expected credit loss model, compared to RMB (44,000) in the previous year[200]. - The foreign exchange difference from overseas operations resulted in a gain of RMB 36,106,000, down from RMB 215,765,000 in 2022[200]. Investment Activities - The company successfully launched five new RMB funds in 2023, raising approximately RMB 1.16 billion in new capital[23]. - The company invested in nine portfolio companies in 2023, focusing on enhancing investments in biomedicine and technology sectors[23]. - Investment capital for 2023 amounted to RMB 464.4 million, with exit amounts and dividend returns totaling RMB 432.6 million[17]. - The company achieved an exit capital of approximately RMB 432.6 million through various methods including IPOs and share transfers in 2023[34]. - Approximately 30% of the portfolio companies achieved a year-on-year revenue growth of over 30% in the first three quarters of 2023, indicating resilience despite market challenges[26]. - The company invested approximately RMB 464.4 million in nine portfolio companies in 2023, with about 45.1% allocated to consumer enterprises in sectors like service robots, healthcare, and environmental technology[32]. Assets and Liabilities - Total assets under management reached RMB 24.4 billion, with a compound annual growth rate of 16.5% from 2015 to 2023[15]. - As of December 31, 2023, the total assets under management amounted to RMB 24.4 billion, with funds contributing approximately RMB 19.2 billion and direct investments contributing about RMB 5.2 billion[27]. - The company’s total liabilities decreased to RMB 8,820,714,000 in 2023 from RMB 9,791,999,000 in 2022[38]. - The debt-to-asset ratio as of December 31, 2023, was 56.20%, down from 58.26% as of December 31, 2022[64]. - The net cash balance increased to RMB 1,117,230,000 in 2023 from RMB 613,612,000 in 2022[37]. Corporate Governance - The company has adopted a corporate governance code to enhance shareholder value and accountability, effective from October 6, 2023, when its H shares were listed on the Stock Exchange[89]. - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[91]. - The company emphasizes the importance of a balanced board composition to meet business requirements and enhance governance standards[104]. - The company has implemented a mechanism to maintain the independence of the board and conducts annual assessments of this independence[93]. - The company has established an internal control system to mitigate risks and enhance risk management levels[113]. Risk Management - The company is focused on enhancing its risk management capabilities and ensuring compliance with regulatory standards[81]. - The board has established a comprehensive risk management and internal control system, ensuring compliance with corporate governance codes[111]. - The risk management process includes five steps: risk identification, assessment, analysis, control, and reporting[112]. - The company maintains a zero-tolerance policy towards bribery and corruption, providing 92 hours of anti-corruption training to directors and employees in 2023[116]. Employee and Management - The total salary cost for employees in 2023 was RMB 61.2 million, relatively stable compared to RMB 61.4 million in 2022[72]. - The company has a total of 87 employees as of December 31, 2023[72]. - The management team includes experienced individuals with over 28 years and 20 years in the investment industry, respectively[73][74]. - The management team is committed to maintaining high standards of corporate governance and oversight of executive performance[82]. Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and ensure timely information disclosure[127]. - The company has established a dedicated investor relations section on its website for public access to communication documents and reports[127]. - Shareholders holding more than 10% of the company's shares can request the Board to convene an extraordinary general meeting[123]. - The company currently has no dividend policy in place and will regularly review its performance to determine if dividends are appropriate[128]. Market Outlook - The company plans to continue exploring investment opportunities despite uncertainties in the macroeconomic environment in 2024[24]. - The company plans to explore market-oriented investment strategies that do not rely on IPO exits in 2024[35]. - The company aims to consolidate its leading position in the Chinese consumer sector while expanding into selected investment areas such as biomedicine[35].
天图投资(01973) - 2023 - 年度财报