Financial Performance - The company recorded a revenue of approximately HKD 689 million for the year ended March 31, 2023, representing an increase of about 186% compared to HKD 240.5 million in the same period of 2022[13]. - The profit attributable to the owners of the company was approximately HKD 27.6 million, a significant increase of about 403% from HKD 5.5 million in the previous year[13]. - The group recorded revenue of approximately HKD 688,965,000 for the fiscal year ending March 31, 2023, representing an increase of about 186% compared to HKD 240,524,000 in the same period of 2022[32]. - The net profit attributable to the company's owners for the fiscal year was approximately HKD 27,633,000, compared to HKD 5,497,000 in 2022[35]. - Cash and cash equivalents, along with restricted bank deposits, totaled approximately HKD 54,617,000, an increase of about 62% from HKD 34,582,000 in 2022[38]. - The cost of sales for the fiscal year was approximately HKD 616,789,000, up from HKD 196,124,000 in 2022, primarily due to materials, subcontracting, labor, and other operational costs[33]. - The administrative and other operating expenses decreased by approximately 5% to about HKD 29,381,000 from HKD 30,774,000 in the previous year due to cost-cutting measures[34]. - The company's attributable profit before dividends was approximately HKD 27,633,000 for the year ended March 31, 2023, compared to HKD 5,497,000 in 2022, indicating a significant increase[83]. - As of March 31, 2023, the total distributable reserves amounted to approximately HKD 59,389,000, down from HKD 63,813,000 in 2022, reflecting a decrease of about 6.7%[85]. - Sales to the top five customers accounted for approximately 68% of total sales for the year, with the largest customer contributing about 35%[87]. - Purchases from the top five suppliers represented approximately 70% of total purchases, with the largest supplier accounting for about 37%[87]. Business Operations - The total installed capacity of contracts signed during the year was 1,167.77 MW[13]. - The renewable energy business generated total revenue of approximately HKD 688.97 million, compared to HKD 240.52 million in 2022, primarily from providing one-stop value-added solutions for photovoltaic power stations and selling patented photovoltaic tracking fixed bracket systems[18]. - The company signed a total of 40 new contracts during the reporting period, including significant projects such as the 100MW photovoltaic project in Guangxi and the 100MW agricultural (forest) photovoltaic project in Ganxian District[19][24][27]. - The company is focusing on developing floating photovoltaic brackets for offshore projects to meet market demand and adapt to complex marine environments[29]. - The company is committed to providing one-stop solutions for photovoltaic power stations, including EPC, maintenance support, and testing services, to promote healthy industry development[28]. - The company aims to enhance product performance and reduce electricity costs, focusing on the development of a digital and intelligent photovoltaic tracking control platform utilizing big data analysis and AI technology[28]. - The company has developed a multi-point linkage bracket system and a flexible cable bracket for complex terrain, enhancing its product competitiveness[13]. - The group employed 128 staff members as of March 31, 2023, an increase from 99 in 2022, reflecting growth in operations[47]. Corporate Governance - The board does not recommend the payment of a final dividend for the year ending March 31, 2023, compared to no dividend in 2022[74]. - The board will continue to review the dividend policy and does not guarantee the payment of any specific amount of dividends in any designated period[73]. - The company has adopted a dividend policy allowing for cash or stock dividends to shareholders, subject to compliance with applicable laws and regulations[73]. - The board consists of experienced members, including three independent non-executive directors, and will continuously review the effectiveness of corporate governance structures[132]. - The company has adopted corporate governance practices in compliance with GEM listing rules, with all applicable code provisions followed except for a specific deviation[131]. - The company has established specific committees, including the audit, remuneration, nomination, and compliance committees, to facilitate effective governance[145]. - The audit committee was established on November 2, 2013, to review significant investments, financial conditions, and accounting policies[146]. - The board is responsible for ensuring the company's ongoing operations and managing risks effectively[140]. - The company has established internal monitoring procedures for handling and disclosing inside information to comply with GEM listing rules[185]. - The company encourages shareholders to submit inquiries and suggestions in writing to the board of directors[189]. Risk Management - The board is responsible for overseeing the effectiveness of the group's risk management and internal control systems, which aim to manage risks rather than eliminate them[173]. - The company has established an enterprise risk management framework, with the board ensuring sufficient and effective risk management systems are in place[175]. - The risk management framework follows the COSO framework, allowing the board and management to effectively manage the company's risks[182]. - The company has implemented a risk management policy requiring regular assessments and confirmations of the effectiveness of the risk management system by the management team[174]. - The board has engaged an independent consulting firm to review internal controls, confirming the adequacy and effectiveness of the risk management and internal control systems[177]. - The risk register is maintained to track all identified significant risks, with annual assessments conducted to evaluate the likelihood and potential impact of these risks[178]. - The company is committed to enhancing its internal control systems and improving workflows to minimize significant business risks[173]. - The risk management activities are continuously conducted by management, with the effectiveness of the risk management framework evaluated at least annually[183]. - The board will continue to review and improve the risk management and internal control systems in light of regulatory requirements and business developments[178]. Strategic Goals and Future Prospects - The company aims to become a globally influential enterprise in the solar energy sector, focusing on creating green ecological intelligent photovoltaic power stations[14]. - The company is committed to sustainable development and corporate social responsibility, balancing business growth with environmental and social considerations[196]. - The company aims to expand its renewable energy business as part of its global development strategy, allocating more resources to this sector[195]. - The company is focused on achieving environmental sustainability and enhancing customer commitment as part of its strategic goals[198]. - The company emphasizes maintaining good relationships with stakeholders, including customers, investors, and employees, to meet their expectations[196]. Shareholder Relations - The company adopted a shareholder communication policy on November 2, 2013, to enhance communication with shareholders and investors[187]. - Major shareholders include Zhenjie Limited with 224,380,000 shares (27.43%) and Victory Stand International Limited with 206,000,000 shares (25.18%) as of March 31, 2023[106][107]. - The company has a share option plan that allows for a maximum of 40,000,000 shares to be issued, representing 4.89% of the total issued share capital as of the report date[114]. - No share options have been granted, issued, cancelled, or lapsed during the year[122]. - The company maintained sufficient public float as required by GEM listing rules throughout the year[128].
同景新能源(08326) - 2023 - 年度财报