Financial Performance - Revenue for the year ended December 31, 2023, was RMB 297,530,000, a decrease of 36% compared to RMB 465,037,000 in 2022[10] - Gross profit for 2023 was RMB 20,178,000, down 62.6% from RMB 53,873,000 in 2022[10] - Loss before tax from continuing operations was RMB 1,898,000, an improvement from a loss of RMB 7,143,000 in 2022[10] - Loss for the year from continuing operations was RMB 2,364,000, compared to a loss of RMB 6,784,000 in 2022[12] - Basic loss per share for the year was RMB 0.03, consistent with the loss per share of RMB 0.08 in 2022[12] - Revenue from wooden products decreased by 36.0% to RMB295.1 million in 2023, down from RMB460.7 million in 2022, contributing 99.2% of total revenue[24] - Revenue from renewable energy products fell by 43.1% to RMB2.4 million in 2023, compared to RMB4.3 million in 2022[25] - Gross profit dropped to approximately RMB20.2 million in 2023, down from RMB53.9 million in 2022, with a gross margin decline to 6.8% from 11.6%[30] - Other revenue increased to RMB 24,775,000 in 2023, up from RMB 15,826,000 in 2022, representing a growth of 56.5%[10] Expenses and Liabilities - Selling and distribution expenses decreased to RMB 14,650,000, down 58.8% from RMB 35,533,000 in 2022[10] - Administrative expenses were reduced to RMB 31,836,000, a decrease of 33.5% compared to RMB 48,028,000 in 2022[10] - Finance costs increased to approximately RMB1.4 million in 2023 from RMB1.0 million in 2022, primarily due to interest on bank borrowings[40] - Total liabilities rose to RMB182.4 million in 2023, compared to RMB136.2 million in 2022, marking an increase of 33.9%[16] Assets and Financial Position - Total assets increased to RMB1,054.7 million in 2023, up from RMB1,016.6 million in 2022, representing a growth of 3.3%[16] - As of December 31, 2023, current assets were RMB515.1 million, down from RMB562.6 million in 2022, with cash and cash equivalents decreasing to RMB32.5 million from RMB113.8 million[42] - The current ratio and quick ratio as of December 31, 2023, were 3.1:1 and 2.4:1, respectively, down from 4.3:1 and 3.6:1 in 2022[44] Corporate Governance - The Board is committed to high standards of corporate governance, which includes effective internal control procedures to manage and lower associated risks[67] - The company has complied with all applicable code provisions in the Corporate Governance Code throughout the year, except for certain disclosed deviations[68] - The Board held only two regular meetings during the year, which is below the recommended minimum of four meetings[80] - The company has maintained a Board composition of two executive Directors and three independent non-executive Directors, ensuring adequate checks and balances[90] - The company emphasizes transparency and accountability to its shareholders and creditors through its governance practices[67] Risk Management - The Company has established a comprehensive risk management framework to evaluate and manage various risks, including market, credit, operational, and liquidity risks[27] - The Board is responsible for maintaining effective risk management and internal control systems to achieve strategic objectives[174] - The management has implemented policies and procedures to safeguard assets and ensure the reliability of financial information[175] - The Company has established effective risk management and internal control systems, reviewed annually, ensuring adequate protection against significant misstatements or losses[176] Future Outlook - The Group anticipates a weak global economic outlook, with global trade growth projected at only 3.3% in 2024, lower than the historical average of 4.9%[62] - The global economic outlook remains uncertain due to factors such as high inflation and financial instability, with the IMF predicting global trade growth of only 3.3% in 2024, below the historical average of 4.9%[65] - The company plans to adopt a cautious approach while attempting to expand its business footprint to stabilize shareholder returns[65] Environmental Responsibility - The Group is committed to minimizing its carbon footprint, implementing practices such as duplex printing and efficient paper usage[189] - The Group's energy consumption practices aim to reduce unnecessary electricity usage, contributing to its environmental responsibility[193] Third-Party Services - The group relies on third-party service providers to enhance performance and efficiency[200] - Management acknowledges that dependence on external services may expose the group to risks such as service quality issues and potential financial losses[200] - The group only engages reputable third-party service providers to mitigate uncertainties[200] - Performance of third-party providers is closely monitored by the management[200]
中科生物(01237) - 2023 - 年度财报