Financial Performance - In the fiscal year ending December 31, 2023, the total sales revenue was approximately RMB 47.5 million, a decrease of 23.7% from RMB 62.3 million in 2022[5]. - The group recorded a net loss of approximately RMB 8.9 million for the year ended December 31, 2023, a decrease of RMB 11.5 million compared to a net profit of approximately RMB 2.6 million for the year ended December 31, 2022[28]. - Total revenue for the group was approximately RMB 47.5 million for the year ended December 31, 2023, a decrease of approximately RMB 14.7 million or 23.7% compared to the previous year[35]. - Revenue from the domestic market decreased by approximately 24.7% to about RMB 38.7 million, accounting for approximately 81.3% of total sales for the year ended December 31, 2023, down from 82.5% the previous year[35]. - The sales revenue from the U.S. market was RMB 454,000 in 2023, a significant decrease from RMB 2.47 million in 2022[5]. - Sales to the U.S. market decreased by approximately 81.6% to about RMB 0.5 million, primarily due to higher import tariffs imposed by the U.S. government[25]. Cost and Expenses - The total employee costs for the year were approximately RMB 8.8 million, down from RMB 10.9 million in 2022, reflecting a reduction in workforce from 65 to 60 employees[10]. - Administrative expenses decreased by approximately RMB 0.9 million or 8.1% to about RMB 10.0 million in 2023, primarily due to reduced employee costs and R&D expenses[6]. - Distribution costs decreased by approximately RMB 0.1 million or 5.3% to about RMB 2.0 million for the year ended December 31, 2023[26]. - The gross profit margin decreased from approximately 19.1% for the year ended December 31, 2022, to about 11.2% for the year ended December 31, 2023, a decline of approximately 7.9 percentage points[23]. - The average selling price of fiberglass grating products decreased by approximately RMB 19.5 per square meter or about 4.8% to RMB 386.3 per square meter for the year ended December 31, 2023[24]. - The average selling price of epoxy wedge products decreased by approximately RMB 3.8 per meter to RMB 51.7 per meter, with sales volume decreasing by approximately 18.7%[24]. Equity and Dividends - As of December 31, 2023, the total equity attributable to the company's equity holders was approximately RMB 61.95 million, down from RMB 70.86 million in 2022[8]. - The company did not declare any dividends for the fiscal year ending December 31, 2023, consistent with the previous year[11]. Cash and Assets - The company had cash and cash equivalents of RMB 1.82 million as of December 31, 2023, with no assets pledged to banks in 2022[7]. - As of December 31, 2023, the group reported inventory of RMB 1,203,000, an increase of 9.2% from RMB 1,102,000 in 2022[137]. - The company reported cash and cash equivalents held in banks with high credit ratings, indicating limited risk exposure[191]. Future Plans and Strategies - The company plans to resume trading on the GEM of the Stock Exchange on March 18, 2024, after meeting all resumption guidance[14]. - The company plans to strengthen upstream and downstream channel construction and expand market share in the fiberglass market, which is expected to grow steadily in the coming years[70][73]. - The company is focusing on expanding into emerging business areas such as new energy, casting sand, and oil fracturing sand[70]. - The company plans to start production and sales of industrial silica sand in the second half of 2024, anticipating significant economic benefits from this initiative[94]. Governance and Compliance - The company has established a risk management committee to oversee risk management and internal control systems[144]. - The company has complied with the internal control and risk management code throughout the year ending December 31, 2023[163]. - The company has adopted an anti-corruption policy and has not been aware of any violations related to bribery, extortion, fraud, or money laundering that could significantly impact its operations for the year ended December 31, 2023[164]. - The board consists of six directors, with three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[121]. Market and Industry Engagement - The company is committed to promoting its fiberglass products along the Belt and Road regions, leveraging government macroeconomic stimulus measures[92]. - The company is actively involved in drafting industry standards in China to stay updated on global fiberglass industry trends[92]. - The company continues to engage in marketing activities to strengthen customer awareness of its products and competitive advantages[93]. - The company emphasizes the importance of effective marketing to capture market share and attract potential customers[93]. Research and Development - Management aims to increase investment in research and development and enhance brand building to maintain competitiveness in cost, technology, and quality[70]. - The group plans to enhance its R&D capabilities by controlling raw materials, procuring new equipment, and hiring specialized personnel[110]. - The group aims to enhance product recognition through improved technology and effective cost control, emphasizing the importance of R&D for future growth[110].
硅鑫集团(08349) - 2023 - 年度财报