Financial Performance - The company's net profit attributable to owners was HK54,042 thousand in the previous year[2] - Total comprehensive expenses for the year amounted to HK52,148 thousand[12] - The company's operating profit for 2023 was HK44.366 million in 2022[76] - The company's net profit for 2023 was HK52.009 million in 2022[76] - Annual profit (loss) for 2023 was HKD 5,165,000, compared to a loss of HKD 52,009,000 in the previous year[90] - The company's profit attributable to owners for the year ended December 31, 2023, was approximately HKD 5,300,000, compared to a loss of HKD 54,000,000 in 2022, with a net profit margin of 1.0% (2022: loss margin of 10.2%)[114] - Non-controlling interests recorded a loss of HKD 92,000 for the year ended December 31, 2023, compared to a profit of HKD 2,000,000 in 2022[190] Revenue and Sales - Revenue from external customers in the Electronics Manufacturing Services segment was HK502.606 million in 2022[29] - Total revenue for 2023 was HK529.251 million in 2022[28] - Revenue from the Distribution of Communication Products segment dropped to HK18.489 million in 2022[29] - Revenue from the Real Estate Supply Chain Services and Energy Storage Products segment grew to HK7.388 million in 2022[29] - Sales of goods accounted for HK521.750 million in 2022[30] - Revenue from real estate supply chain services increased to HK7.388 million in 2022[30] - The group's revenue from real estate supply chain services and energy storage products reached approximately HKD 19,800,000 in 2023, up from HKD 7,400,000 in 2022[40] - Revenue from securities and other asset investments and other businesses contributed approximately HKD 27,300,000 in 2023, compared to HKD 700,000 in 2022[41] - Revenue from electronic manufacturing services decreased by 11.6% to HKD 444,200,000 in 2023, compared to HKD 502,600,000 in 2022[107] - Revenue from the distribution segment decreased by 43.7% to HKD 10,400,000 in 2023, compared to HKD 18,500,000 in 2022[107] - Total revenue for the year ended December 31, 2023, was approximately HKD 502,000,000, a decrease of HKD 27,300,000 compared to the previous year[127] - The electronic manufacturing services and distribution of communication products contributed revenues of approximately HKD 444,200,000 and HKD 10,400,000, respectively, for the year ended December 31, 2023[128] - Revenue from China (including Hong Kong) increased to 84,928 thousand HKD in 2023 from 57,186 thousand HKD in 2022, representing a growth of approximately 48.5%[139] - Revenue from the United States increased to 122,685 thousand HKD in 2023 from 102,579 thousand HKD in 2022, representing a growth of approximately 19.6%[139] - Revenue from Switzerland decreased to 55,882 thousand HKD in 2023 from 94,436 thousand HKD in 2022, representing a decline of approximately 40.8%[139] - The lending business, a new division, generated revenue of approximately 200,000 HKD in 2023, accounting for 0.04% of total revenue, with an operating loss of 1,100,000 HKD[156] - The real estate supply chain services business contributed approximately 19,800,000 HKD in 2023, up from 7,400,000 HKD in 2022, driven by the launch of ESP business[155] - The company's total revenue for 2023 was 501,999 thousand HKD, a decrease from 529,251 thousand HKD in 2022, representing a decline of approximately 5.1%[139] - Revenue from the electronic manufacturing services division for Customer A increased to 235,380 thousand HKD in 2023 from 234,176 thousand HKD in 2022, while Customer B decreased to 68,880 thousand HKD from 85,418 thousand HKD[158] - Total revenue from major European countries (Switzerland, Belgium, and France) decreased to 174,600 thousand HKD in 2023 from 228,300 thousand HKD in 2022, accounting for 34.8% of the group's revenue (2022: 43.1%)[166] - Revenue from the US market increased to 122,700 thousand HKD in 2023 from 102,600 thousand HKD in 2022, representing 24.4% of the group's revenue (2022: 19.4%)[166] - Revenue from China (including Hong Kong) increased to 84,900 thousand HKD in 2023 from 57,200 thousand HKD in 2022, accounting for 16.9% of the group's revenue (2022: 10.8%)[166] - Total revenue for the year ended December 31, 2023, was HKD 502,000,000, down from HKD 529,300,000 in 2022[178] - Revenue from electronic manufacturing services and communication product distribution decreased from HKD 521,100,000 in 2022 to HKD 454,600,000 in 2023[175] - The decline in electronic manufacturing services revenue was primarily due to reduced business in the European market[183] Assets and Liabilities - Non-current assets decreased to HK123,835 thousand in the previous year[5] - Total assets increased to HK659,233 thousand, with current assets rising to HK535,398 thousand[16] - The company's equity attributable to owners increased to HK359,862 thousand in the previous year[17] - The company's total equity increased to HK362,016 thousand in the previous year[17] - Total current liabilities decreased slightly to HK276.303 million in 2022[27] - Non-current liabilities decreased to HK20.914 million in 2022[27] - Bank and cash balances as of December 31, 2023, were approximately HKD 271,600,000, an increase of HKD 19,400,000 compared to 2022, with 25.9%, 68.1%, and 6.0% denominated in RMB, USD, and HKD, respectively[115] - The company's borrowings as of December 31, 2023, were approximately HKD 4,800,000, consisting of loans from financial institutions (HKD 4,300,000) and an independent third party (HKD 500,000)[116] - The company's trade receivables (net of provisions) increased to 145,309 thousand HKD in 2023 from 115,354 thousand HKD in 2022, representing a growth of approximately 26%[150] - Non-current assets in China (including Hong Kong) decreased to 70,487 thousand HKD in 2023 from 123,835 thousand HKD in 2022[158] - The group's bank and cash balances totaled approximately 271,600 thousand HKD as of December 31, 2023, compared to 252,200 thousand HKD in 2022[164] - The group's current ratio remained at a healthy level of 2.6 times as of December 31, 2023, compared to 1.9 times in 2022[169] - The company holds a contingent liability of USD 2,600,000 (approximately HKD 20,300,000) related to a dispute with a supplier of a sold subsidiary[191] Expenses and Costs - Gross profit increased to HK101.396 million in 2022[28] - Gross profit increased by 35.0% to HKD 136,900,000 in 2023 from HKD 101,400,000 in 2022, with the gross profit margin rising by 8.1% due to reduced costs from automation and lower material costs post-COVID-19[44] - Sales and distribution expenses increased to HKD 38,000,000 in 2023, up from HKD 30,000,000 in 2022, primarily due to an increase in employee costs of HKD 8,300,000[111] - Administrative expenses decreased to HKD 88,800,000 in 2023, down from HKD 105,000,000 in 2022, mainly due to a reduction in employee costs of HKD 8,200,000[112] - Research and development expenses slightly decreased by HKD 1,300,000 to HKD 13,200,000 in 2023, compared to HKD 14,500,000 in 2022[113] - Financing costs decreased to HKD 3,100,000 in 2023, down from HKD 4,100,000 in 2022, primarily due to a reduction in finance lease liabilities[113] - Cost of sales decreased by 14.7% from HKD 427,900,000 in 2022 to HKD 365,100,000 in 2023, driven by lower sales and reduced material costs post-COVID[179] - The company's sales and distribution expenses, administrative expenses, R&D expenditures, and financing costs are detailed but not quantified[180] Impairment and Losses - The group recorded an overall impairment loss of approximately HKD 7,500,000 in 2023, a decrease of HKD 5,000,000 from HKD 12,500,000 in 2022, mainly due to intangible asset impairment losses and trade receivables impairment losses[44] - The company's loan portfolio had an annual interest rate of 10%, with impairment losses on loans and receivables of approximately 700,000 HKD in 2023[157] Foreign Exchange and Risk Management - Exchange differences on translation of foreign operations resulted in a loss of HK139 thousand in the previous year[11] - The group's foreign exchange risk is minimal as most business transactions, assets, and liabilities are denominated in the functional currencies of the relevant group entities (RMB and USD) or USD for entities with HKD as the functional currency[56] Corporate Governance and Compliance - The company adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, with no significant impact on financial statements[19] - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective as of January 1, 2023[135] - The company appointed Ms. Zhang Xiulin as an independent non-executive director and audit committee member to comply with listing rules[187] - The company continues to evaluate compliance with corporate governance codes and will nominate suitable candidates for chairman and CEO roles if necessary[184] Shareholder and Equity Information - The weighted average number of ordinary shares for calculating basic and diluted earnings per share (loss) for the years ended December 31, 2023, and 2022, showed no diluted earnings per share due to the exercise price of share options being higher than the average market price of the shares[38] - The company completed a share consolidation on March 30, 2023, with every 10 shares consolidated into 1 share[64] - The company's share price before the grant of share options on January 28, 2021, was HK650,000 (approximately HK650,000 as of December 31, 2023[77] - The company plans to expand its new energy charging and storage equipment production, supply chain services, energy storage system integration, and new energy storage technology businesses to align with China's green development policies[102] - The group's lending business, managed through Be Smart Finance Limited, focused on unsecured loans in 2023 and plans to explore further lending opportunities[165] - The company relies on internally generated cash flows to fund its business operations and capital expenditures[181] Employee and Operational Details - The company employed approximately 930 employees across its operations in Hong Kong, the US, and China as of December 31, 2023[95] - The company has implemented strict credit policies and control measures to mitigate credit risks, including identity verification, repayment capacity assessment, and legal actions to minimize potential credit losses[130] - The company has revised its accounting policy related to long-service payment liabilities following the abolition of the offsetting mechanism, with no significant impact on the financial statements as of December 31, 2022, and December 31, 2023[124] Other Income and Expenses - Loan interest income rose to HK89,000 in 2022[30] - Other income increased to 13,100 thousand HKD in 2023 from 9,600 thousand HKD in 2022, primarily due to an increase in bank deposit interest income from 2,700 thousand HKD to 8,900 thousand HKD[168] Trade Receivables and Credit Risk - Trade receivables aged 0 to 90 days increased to HKD 125,406 thousand in 2023 from HKD 96,702 thousand in 2022, while those aged 91 to 180 days rose to HKD 18,436 thousand from HKD 17,704 thousand[39] - The company had 4 active loan accounts as of December 31, 2023, with loans and receivables ranging from 5.1% to 8.3% of total loans and receivables[156] Capital Commitments and Investments - Capital commitments as of December 31, 2023, were approximately HKD 300,000, down from HKD 600,000 in 2022[91]
中国储能科技发展(01143) - 2023 - 年度业绩