Revenue Performance - The revenue from character licensing business decreased by approximately 44.2% from HKD 123.7 million in FY2022 to HKD 69.0 million in FY2023[7]. - The total revenue from product licensing in FY2023 was HKD 47.4 million, accounting for 68.7% of the total licensing revenue, down from HKD 74.8 million (60.5%) in FY2022[2]. - In the fiscal year 2023, total revenue was approximately HKD 129,542,000, a decrease of about 32.8% from HKD 192,608,000 in fiscal year 2022[11][17]. - Revenue from mainland China accounted for 95.0% of total revenue in fiscal year 2023, totaling HKD 123,021,000, compared to 95.1% and HKD 183,144,000 in fiscal year 2022[11]. - Revenue for the fiscal year 2023 was HKD 129,542,000, a decrease of 32.8% from HKD 192,608,000 in 2022[39]. - Revenue from authorized services was HKD 56,622,000, down 34.9% from HKD 87,130,000 in the previous year[73]. Expenses and Financial Performance - Employee benefits expenses for FY2023 were approximately HKD 64.5 million, representing 35.8% of total operating expenses, down from 36.5% in FY2022[6]. - The company's total expenses for the year were HKD 40,793,000, an increase of 23.9% from HKD 32,937,000 in 2022[75]. - The company reported a decrease in trade payables from HKD 6,474,000 in fiscal year 2022 to HKD 5,646,000 in fiscal year 2023[30]. - The company recorded a loss before tax of HKD (46,162,000) in 2023 compared to a profit of HKD 79,069,000 in 2022, indicating a significant downturn in financial performance[61]. - The net loss attributable to equity holders for 2023 was HKD (46,206,000), compared to a profit of HKD 75,555,000 in 2022[39]. - The adjusted net profit margin for 2023 was (31.3%), down from 45.4% in 2022[39]. - The total comprehensive loss for 2023 was HKD (48,988,000), compared to a comprehensive income of HKD 64,906,000 in 2022[43]. Assets and Liabilities - The company's liabilities increased to HKD 99,292,000 in fiscal year 2023 from HKD 61,641,000 in fiscal year 2022, indicating a significant rise in financial obligations[30]. - As of December 31, 2023, total assets decreased to HKD 348,271,000 from HKD 412,948,000 in 2022, representing a decline of approximately 15.7%[44]. - The total equity attributable to the owners of the company fell to HKD 247,406,000 in 2023 from HKD 351,307,000 in 2022, a decrease of around 29.6%[44]. - The debt-to-equity ratio as of December 31, 2023, was 17.5, reflecting new borrowings during the fiscal year[149]. Cash Flow and Inventory - The company reported a significant decrease in cash and cash equivalents, dropping to HKD 51,723,000 in 2023 from HKD 141,677,000 in 2022, a decline of approximately 63.5%[44]. - The company’s inventory decreased to HKD 18,535,000 in 2023 from HKD 35,133,000 in 2022, a reduction of about 47.2%[44]. - Cash and cash equivalents decreased from approximately HKD 144.2 million as of December 31, 2022, to approximately HKD 91.7 million as of December 31, 2023, mainly due to operational cash outflows, dividend payments, and share buybacks[147]. Strategic Initiatives and Market Expansion - The company is focusing on expanding its e-commerce sales platforms in overseas markets, including Thailand, Indonesia, Vietnam, the Philippines, Malaysia, and Singapore[7]. - The company aims to establish a revenue scale exceeding HKD 1 billion within three years, leveraging potential investor funds and resources for accelerated growth[184]. - The company is committed to expanding its international presence and focusing on globalization strategies[199]. - The group aims to expand into the overseas market, viewing it as a significant growth opportunity, while its main revenue sources remain in mainland China and Hong Kong[179]. Legal and Compliance - The company has made provisions of RMB 1,000,000 (approximately HKD 1,103,000) for potential damages related to a legal claim regarding unfair competition[150]. - The company has not recognized deferred tax liabilities on undistributed profits due to the decision not to declare dividends from its mainland subsidiaries[77]. Employee and Talent Management - The group has established a competitive compensation package to attract and retain talent, including salaries, medical insurance, and a stock option plan[155]. - As of December 31, 2023, the group had a total of 186 full-time employees, with 66 in design, 23 in licensing, and 37 in sales[155].
小黄鸭德盈(02250) - 2023 - 年度业绩