Financial Performance - The company reported sales of RMB 3,110 million for the year, an increase from RMB 2,829 million in the previous year[60]. - The company recognized revenue of RMB 2,829 million from contracts that were recorded as contract liabilities at the beginning of the year, down from RMB 3,744 million[61]. - The company reported a total comprehensive income of RMB 49,455,000 for the year 2023, compared to RMB 60,758,000 in 2022, showing a decrease of about 18.5%[75]. - The company paid dividends totaling RMB 43,087,000 in 2023, compared to RMB 40,637,000 in 2022, reflecting an increase of approximately 6.0%[75]. Assets and Liabilities - The net book value of right-of-use assets as of December 31, 2023, is RMB 300,065,000, an increase of 4.8% from RMB 286,644,000 in 2022[1]. - The net book value of properties, plants, and equipment as of December 31, 2023, is RMB 31,456,000, down from RMB 34,847,000 in 2022, a decrease of 6.9%[5]. - As of December 31, 2023, accounts payable amounted to RMB 202,234,000, an increase of 7.4% from RMB 187,549,000 in 2022[18]. - The total liabilities, including bank loans and other borrowings, decreased from RMB 348,340,000 in 2022 to RMB 335,577,000 in 2023, reflecting a reduction of 3.7%[24]. - The company’s total current liabilities were RMB 307,608,000, down from RMB 348,340,000 in the previous year, indicating a decrease of 11.7%[24]. Cash Flow and Financing - The total cash outflow for leases during the year was RMB 44,656,000, down 48.3% from RMB 86,318,000 in 2022[1]. - The group reported financing cash flow changes totaling RMB (55,738,000) for the year, with significant repayments of bank loans amounting to RMB 415,339,000[91]. - The total cash flow from financing activities showed a net outflow, indicating a strategic focus on debt repayment and financial management[91]. - The company reported a financing cash flow change total of RMB (87.7 million) for the year ending December 31, 2023[122]. Tax and Deferred Tax - The group has unutilized tax losses of approximately RMB 89,368,000 as of December 31, 2023, compared to RMB 76,404,000 in 2022, indicating an increase of 16.5%[7]. - The group has confirmed deferred tax assets of RMB 66,995,000 as of December 31, 2023, up from RMB 55,224,000 in 2022, reflecting an increase of 21.1%[8]. Credit Risk and Receivables - The credit risk associated with accounts receivable from the top five customers accounts for 16% of total receivables, an increase from 14% in 2022[137]. - The expected credit loss rate for accounts receivable overdue by 1 to 90 days is 0.25%, while for those overdue by 91 to 180 days, it is 3.84%[139]. - The total expected credit loss for the group as of December 31, 2023, is RMB 5,118 thousand, with a total carrying value of RMB 535,425 thousand[139]. - The total amount of accounts receivable without credit impairment at the end of the reporting period was RMB 576,224 thousand, with a credit loss of RMB 5,879 thousand[178]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[169]. - The board is responsible for reviewing and monitoring the company's governance and compliance policies[174]. - The company will continue to review and enhance its corporate governance practices to ensure compliance with the governance code[169]. Management and Remuneration - The total remuneration for key management personnel increased to RMB 6,750,000 in 2023, up from RMB 4,931,000 in 2022, reflecting a growth of approximately 37%[86]. - The company has established a remuneration committee to review and recommend compensation policies for directors and senior management based on performance and market practices[54]. Shareholder Information - As of December 31, 2023, PMHC holds a beneficial ownership of 198,522,200 shares, representing 66.03% of the total shares[99]. - Jinfu Investment Limited and its controlled entities collectively hold 200,752,200 shares, accounting for 66.78% of the total shares[99]. - The company has not entered into any equity-linked agreements that would lead to the issuance of shares during the year[103]. Lease Liabilities - The lease liabilities as of December 31, 2023, amounted to RMB 329,352,000, an increase from RMB 315,166,000 in 2022, reflecting a growth of approximately 4%[68]. - The minimum lease payments for the next year are RMB 51,998,000, compared to RMB 45,606,000 in the previous year, indicating an increase of about 14%[68]. Interest Expenses - The interest expense for lease liabilities in 2023 was RMB 16,715,000, up from RMB 14,722,000 in 2022, representing an increase of approximately 13.5%[70]. - The interest expenses for bank loans amounted to RMB 12,169,000 during the year[91]. Future Commitments - As of December 31, 2023, the total capital commitment for the acquisition of property, plant, and equipment amounted to RMB 50,345,000, a significant increase from RMB 1,115,000 in 2022[87]. - The group entered into a financing lease agreement for property and machinery with a total value of RMB 30,420,000, which remains undelivered as of December 31, 2023[85].
济丰包装(01820) - 2023 - 年度财报