Though our other online stores, product listings and brands on Amazon were not affected, including our popular furniture and home furnishing brands such as ALLEWIE, IRONCK, LIKIMIO and SHA CERLIN and although we have incubated new popular furniture and home furnishing brands such as HOSTACK and FOTOSOK, our GMV from Amazon decreased by 44.1% from RMB8,793.7 million in 2021 to RMB4,911.4 million in 2022.
Business · p. 253
Our revenue decreased by 21.7% from RMB9,071.2 million in 2021 to RMB7,100.2 million in 2022.
Business · p. 253
Our revenue from sales of goods decreased by 26.3% from RMB8,581.5 million in 2021 to RMB6,325.6 million in 2022, then increased by 11.1% to RMB7,030.4 million in 2023.
For the years ended December 31, 2021, 2022 and 2023 and the four months ended April 30, 2023 and 2024, we generated revenue of US$1,837.4 million, US$2,443.5 million, US$874.6 million, US$318.2 million and US$318.0 million with gross profit margin of 50.7%, 44.7%, negative 3.9%, negative 0.7% and 2.2%, respectively.
Summary · p. 1
We recorded a gross loss of US$33.8 million for the year ended December 31, 2023, with a negative gross profit margin of 3.9%, primarily attributable to the decreases in (i) our average freight rates that declined at a pace faster than the decreases in our cost of sales and (ii) our shipping volume mainly as a result of our shipping capacity management.
Summary · p. 2
It was mainly because the average cost of key components of cost of sales such as container handling expenses, bunker costs, and container rental and yard expenses, which by their natures were not charged based on or referring to market freight rate, did not fluctuate in line with the movement of our freight rate, and the resulting decrease in revenue did not lead to the same level of decrease in our cost of sales in 2023.
We recorded a 44.8% year-on-year decrease in revenue from sales of LFP cathode materials in 2023, mainly attributable to a significant decrease in average selling price of LFP cathode materials which closely follows the prevailing lithium carbonate market price which experienced sharp decreases during the year.
Summary · p. 3
For the six months ended June 30, 2024, we recorded a total revenue of RMB3,568.6 million, representing a decrease from RMB3,814.2 million for the same period in 2023.
In the clinical trials business line, our digital clinical research services recorded negative gross profit and gross profit margin.
Summary · p. 19
Specifically, in 2022, the gross profit margin of the digital clinical research services in clinical trials business line decreased significantly from -5.9% in 2021 to -16.8% in 2022, mainly because (i) we hired more talents in 2022 to support our development of these services.
Summary · p. 20
In marketing activities business line, our digital clinical research services recorded negative gross profit and gross profit margin in 2022 and 2023.
Our Group’s revenue decreased by approximately 30.6% from approximately HK$520.4 million for FY2021/22 to approximately HK$361.2 million for FY2022/23, which was mainly attributable to the decrease in our service revenue derived from site formation works, from approximately HK$263.0 million for FY2021/22 to approximately HK$114.6 million for FY2022/23, caused mainly by the completion of Project No. #01 towards the end of FY2021/22 whilst Project No. #07 (with contract sum of approximately HK$577.1 million) and Project No. #08 (with contract sum of approximately HK$189.2 million) only commenced in December 2022 and July 2022, respectively.
Summary · p. 4
Consequently a significant portion of the revenue from these two projects had not yet been recognised in FY2022/23 but in FY2023/24.
As a result of the foregoing, our profit before tax decreased by 83.3% from RMB23.7 million in FY2021 to RMB4.0 million in FY2022.
Financial Information · p. 316
The decrease in revenue generated from foundation testing service in FY2022 was due to the impact of the COVID-19 pandemic, as a result, the number of foundation service orders completed by us in FY2022 decreased.
Summary · p. 2
As a result of the foregoing, our profit before tax substantially increased by 348.9% from RMB4.0 million in FY2022 to a profit of RMB17.7 million in FY2023.
Our gross profit margin was 36.1%, 29.4%, 24.7%, 18.7% and 60.9% in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively.
Summary · p. 26
The decrease in gross profit margin from 2021 to 2022 was due to the increased revenue contribution of autonomous driving products and solutions, which involves more hardware components and generally entails comparatively lower gross profit margin.
Summary · p. 26
our revenue slightly decreased from RMB29.3 million in the three months ended March 31, 2023 to RMB27.5 million in the three months ended March 31, 2024.
During the Track Record Period, commission income generated from distribution of insurance products to our household insurance clients were RMB74.6 million, RMB80.5 million, RMB91.5 million and RMB28.5 million, respectively, representing approximately 64.3%, 61.6%. 58.7% and 52.0% of the revenue generated from our insurance agency business during the same periods.
Business · p. 186
However, the number of our in-house sales executives decreased to 53 as at 31 December 2023, and further dropped to 45 as at 30 April 2024 as we began to optimise our in-house sales executive team for our household insurance business since 2023 due to the declining performance of the distribution of life and health insurance products.
Business · p. 213
Despite these challenges, we maintain a positive outlook on potential increase in commission income from the distribution of life and health insurance products in the near future, taking into account the resumption of sales activities of our insurance agents and the gradual economic recovery following the impact of the COVID-19.
Our gross profit margin decreased from 47.6% in 2021 to 40.8% in 2022, primarily due to the decrease in gross profit margin for our digital precision marketing services, as the growth of referral fees in 2022 in connection with our marketing agents outpaced that of revenue in the same period.
Summary · p. 14
However, the gross profit margin of our digital precision marketing services decreased from 30.7% in 2021 to 8.4% in 2022 and further to 7.0% in 2023, primarily because we incurred substantial referral fees to expand the business scale of our digital precision marketing services and to continue to engage marketing agents.
Business · p. 271
To improve our profitability of digital precision marketing services, we have implemented the following measures: (1) deepening collaboration with financial service providers,
Besides, during FY2022, COVID-19 restrictions led to reduced demand for automotive aftermarket services and new hardware in vehicles which was primarily due to reduced vehicle usage and economic uncertainties.
Summary · p. 3
From FY2022 to FY2023, we achieved an increase in our sales of in-vehicle hardware products from approximately RMB172.7 million to RMB226.1 million, which was driven by, among other factors, (i) the market rebound as a result of the relaxation of the travel restrictions to cope with COVID-19; and (ii) favourable policies rolled out in the PRC in FY2023, including the subsidies and incentives to boost automotive consumption.
During the Track Record Period, revenue generated from leads services was in a decreasing trend primarily attributable to: (i) shifting market dynamics, characterised by a rising penetration rate of new energy vehicles equipped with in-vehicle hardware products from the factory, resulting in a decrease in the hardware demand upon which our lead services connected to; and (ii) alterations in the SaaS subscription product portfolio, with a gradual increase in revenue derived from member benefits services.
Our overall gross profit margin decreased from 14.3% in 2022 to 13.7% in 2023, primarily due to the decrease in gross profit margin of (i) our residential property management services from 16.8% in 2022 to 14.7% in 2023, and (ii) our commercial property management services from 25.3% in 2022 to 21.8% in 2023.
Summary · p. 6
In response, we endeavor to maintain or raise our property management fee rates when renewing the expiring property management service agreements to maintain or improve our profit margin.
Revenue from precision machining services decreased from approximately S$22.9 million for the year ended 31 December 2022 to approximately S$15.5 million for the year ended 31 December 2023.
Summary · p. 11
To the best knowledge of the Company, the postponed delivery requests in the precision machining parts and components by our customers was primarily due to their de-stocking of the then existing inventories on hand.
Summary · p. 11
The decrease in the gross profit margin for our precision machining services was mainly attributable to the decrease in sales for our precision machining services by approximately 32.2% while the cost of sales for our precision machining services decreased by approximately 18.2% only during the year as the cost of sales of our precision machining services comprised a portion of overhead costs such as staff costs and depreciation of property, plant and equipment and right-of-use assets which were relatively static regardless of sales performance.
The decrease was primarily due to the completion of a substantial portion of the provincial transmission pipeline construction engineering project in 2021.
Business · p. 202
Also, the COVID-19 pandemic presented challenges for the Group as its customer placed fewer work orders, which impacted the Group’s revenue from the Central Region during the same year.
Business · p. 202
Such increase was mainly due to the decrease in revenue as a result of (i) the prioritisation of Software Solution Services over Integrated Solution Services projects in 2022; and (ii) the decrease in work orders placed by the customer for a sizable provincial transmission pipeline engineering construction project.
Our revenue was RMB780.6 million, RMB569.1 million and RMB815.1 million in 2021, 2022 and 2023, respectively.
Business · p. 211
In addition, while our total subsidies and user incentives decreased in absolute amount from RMB154.9 million in 2021 to RMB135.1 million in 2022, its proportion of our total revenue increased from 19.9% in 2021 to 23.7% in 2022, as although we took measures to incentivize user activity on our platform, the business volume of our carpooling marketplace and taxi online-hailing services were nevertheless adversely affected by the resurgence of COVID-19 and the noticeable uptick in infections at the end of 2022.
Business · p. 262
For instance, we facilitated approximately 130.3 million carpooling rides in 2023, representing an increase of 38.3% from approximately 94.2 million in 2022.
Our gross profit margin for data management solutions was 44.6%, 34.2% and 28.0% for 2021, 2022 and 2023, respectively.
Financial Information · p. 316
For example, projects with more standardized components generally have higher gross profit margins than those with more customized components as we generally incur higher labor costs and other costs to develop customized components tailored to the customers’ specific needs.
We recorded a net profit of RMB113.9 million, RMB94.5 million and RMB416.3 million in 2021, 2022 and 2023, respectively.
Summary · p. 3
For 2021 and 2022, we had 18 same stores, whose sales decreased by 17.6% from RMB1,107.3 million in 2021 to RMB911.9 million in 2022, which was primarily due to the temporary closure of some of our boutiques as a result of the impact of the COVID-19.
Business · p. 198
Specifically, in 2022, 16 of the 18 same stores were temporarily closed for a period ranging from three days to 42 days under the COVID-19 pandemic.
For the years ended December 31, 2021, 2022 and 2023, we generated revenue of RMB2,789.5 million, RMB3,133.8 million and RMB2,677.1 million, respectively, and generated RMB309.1 million, RMB340.5 million and RMB72.9 million, respectively, in net profits for the corresponding periods.
Summary · p. 2
Our total revenue decreased by 14.6% from RMB3,133.8 million in 2022 to RMB2,677.1 million in 2023 due the general decline in market demands for our products coupled with the increase in market supply of toluene oxidation products, resulting in the drop in both sales volume and average selling price of our products.
Summary · p. 2
In particular, based on the unaudited management accounts of the Company as of March 31, 2024, our revenue and sales volume for the three months ended March 31, 2024 increased by 15.0% and 6.7%, respectively, as compared to the same period in 2023.
Our adjusted net profit (non-IFRS measure) for the year decreased by 34.9% from RMB20.9 million for the year ended 31 December 2021 to RMB13.6 million for the year ended 31 December 2022, mainly as a result of the increase in the research and development expenses, which was attributable to (i) the hiring of new and qualified research and development staff and (ii) the testing fee of RMB5.7 million incurred for testing the performance of edge nodes at the edge computing infrastructure in Shandong Province, and the increase in the administrative expenses attributable to the increase of salaries and benefits of our administration employees.
Financial Information · p. 354
Our adjusted net profit (non-IFRS measure) amounted to RMB20.9 million, RMB13.6 million and RMB23.6 million for the years ended 31 December 2021, 2022 and 2023, respectively.
The revenue generated from Client A dropped significantly from RMB35.8 million for the year ended 31 December 2021 to RMB8.4 million for the year ended 31 December 2022, primarily attributable to Client A’s business adjustment and cost optimisation after its listing, which resulted in a mismatch between Client A’s expectation of lower price of data centre resources from us and our strategy to focus on our major clients who could generate sizeable and profitable businesses to us.
Business · p. 232
Our Directors believe that this example is a one-off incident that was closely related to Client A’s special business consideration, hence, the circumstance with Client A cannot be generally applicable to all the other major clients.
Business · p. 232
Revenue generated by Client A for the three years ended 31 December 2023 were approximately RMB35.8 million, RMB8.4 million and RMB21.4 million, respectively.