Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 835,605,000, a decrease of 23.5% compared to RMB 1,092,200,000 in 2022[4] - Gross profit for the same period was RMB 3,007,000, down 36.0% from RMB 4,701,000 in 2022[4] - The company reported a loss before tax of RMB 20,846,000, compared to a loss of RMB 17,557,000 in the previous year, representing an increase in loss of 18.0%[4] - Basic and diluted loss per share for 2023 was RMB 2.45, compared to RMB 2.06 in 2022, indicating a 19.0% increase in loss per share[4] - The total loss before tax for 2023 was RMB 20,846 thousand, compared to a loss of RMB 17,557 thousand in 2022[20] - The pre-tax loss for 2023 was RMB 20,839,000, compared to a loss of RMB 17,547,000 in 2022, indicating an increase in losses of approximately 13% year-over-year[39] - The company faced an operating loss of RMB 20.8 million in 2023, up from RMB 17.6 million in 2022, mainly due to poor domestic sales performance[60] Assets and Liabilities - Total current assets as of December 31, 2023, were RMB 628,296,000, slightly up from RMB 618,617,000 in 2022[6] - Total assets increased to RMB 628,862 thousand in 2023 from RMB 620,411 thousand in 2022, representing a growth of 1.8%[23] - Total liabilities rose to RMB 125,613 thousand in 2023, up from RMB 96,316 thousand in 2022, indicating a 30.5% increase[23] - The company’s cash and bank balances decreased to RMB 24,349,000 from RMB 37,583,000, a decline of 35.2%[6] - The company's bank loans increased from RMB 7.2 million on December 31, 2022, to RMB 24.4 million on December 31, 2023, due to increased financing for mobile and smart devices[78] - The current ratio of the company was 5.0 as of December 31, 2023, down from 6.5 as of December 31, 2022, indicating a decrease in liquidity[81] Revenue Segmentation - Revenue from the mobile and smart devices segment was RMB 834,407 thousand, down 23.6% from RMB 1,092,200 thousand in the previous year[20] - The AI and other equipment segment generated revenue of RMB 1,198 thousand, compared to no revenue in 2022[20] - Major customer A1 contributed RMB 167,179 thousand in 2023, down 71.1% from RMB 578,347 thousand in 2022[31] - The company reported a segment loss of RMB 3,033 thousand for the mobile and smart devices segment in 2023, compared to a profit of RMB 431 thousand in 2022[20] - Revenue from mobile and smart devices dropped to RMB 834.4 million in 2023 from RMB 1,092.2 million in 2022, primarily due to the lack of revenue from sales of top-tier smartphones in China[70] - The company's revenue from Hong Kong increased to RMB 832.6 million (99.6% of total revenue) in 2023, compared to RMB 726.8 million (66.5%) in 2022, while revenue from China fell to RMB 3.0 million (0.4%) from RMB 365.4 million (33.5%)[71] Inventory and Receivables - Inventory decreased significantly to RMB 1,211,000 from RMB 8,014,000, reflecting a reduction of 84.9%[6] - Trade receivables decreased to RMB 11,000 in 2023 from RMB 40,000 in 2022, representing a decline of 72.5%[41] - The total amount of trade and other receivables was RMB 2,919,000 in 2023, down from RMB 3,017,000 in 2022, a decrease of approximately 3.3%[41] Employee and Operational Costs - Total employee costs for 2023 were RMB 11,557,000, slightly down from RMB 11,582,000 in 2022, reflecting a marginal decrease of about 0.2%[35] - The company is adopting a defensive strategy by strictly controlling operating expenses while seeking new sales growth opportunities amid a challenging global economic environment[60] Corporate Governance and Compliance - The company has adopted new international financial reporting standards, which did not have a significant impact on the financial statements for the year[9] - The company has complied with the corporate governance code throughout the review year[92] - There were no major litigations or arbitrations during the year ending December 31, 2023[96] Market Trends and Future Outlook - Global smartphone shipments in 2023 totaled 1.14 billion units, a decrease of 4% from the previous year, with market saturation and intensified competition being the main causes[57] - The global smartphone market is expected to grow by 4% in 2024, reaching 1.17 billion units, with a compound annual growth rate (CAGR) of 2.6% projected from 2023 to 2027[61] - Emerging markets, particularly in the Middle East, Africa, and Latin America, are expected to drive growth in the smartphone sector, with growth rates of 9%, 3%, and 2% respectively in 2023[61] - The company expects a stronger economic growth in 2024, driven by government support and a focus on international and domestic trade[66] Strategic Initiatives - The company plans to leverage AI and technology innovations, focusing on integrating advanced AI features into smartphones and exploring AI applications in supply chain management[67] - The company aims to expand its market presence by introducing more Chinese brand smartphones and AIoT devices in regions such as Russia, Africa, Central Asia, and the Middle East[67]
维太创科(06133) - 2023 - 年度业绩