> **来源：[研报客](https://pc.yanbaoke.cn)** # 2022 Annual Report Summary ## Core Content This summary provides an overview of the **DeTai New Energy Group Limited** (the "Company") for the year ended **30 June 2022**, highlighting the **core business segments**, **financial performance**, **management discussion and analysis**, and **key assumptions** used in financial reporting. --- ## Main Business Segments The Group operates in four core business segments: 1. **Hotel Hospitality Business** 2. **Money Lending Services** 3. **Trading and Distribution of Liquor and Wine** 4. **Investments in Listed Securities and Funds** --- ## Financial Overview ### Revenue and Loss - **Total Revenue**: Approximately **HK$41.1 million** (2021: HK$24.1 million) - **Net Loss**: Approximately **HK$135.8 million** (2021: HK$36.9 million) - **Loss attributable to owners**: Approximately **HK$135.8 million** (2021: HK$35.4 million) - **Basic loss per share**: Approximately **0.87 HK cents** (2021: 0.23 HK cents) ### Key Loss Drivers 1. **Liquor and Wine Business**: - Gross loss and inventory write-down: **HK$27 million** - Bulk sales to distributors for cash inflow and working capital 2. **Financial Assets at Fair Value through Profit or Loss**: - Fair value loss: **HK$70 million** 3. **Loans Receivable**: - Impairment loss: **HK$13 million** --- ## Business Review ### Hotel Hospitality Business - **Revenue**: Approximately **HK$15.9 million** (2021: HK$18.8 million) - **Segment Loss**: Approximately **HK$9.1 million** (2021: HK$22.6 million) - **Key Factors**: - Strict cost control reduced segment loss - **One Niseko Resort Towers** is the core asset, located in Niseko, Japan, a famous ski destination - The resort has **110 high-end units** and an **onsen** (hot spring) - **2022 Revenue**: **HK$15.9 million** (down from 2021 due to pandemic impact) - **Contribution to Group Revenue**: **39%** ### Money Lending Services - **Segment Loss**: Approximately **HK$10.9 million** (2021: Profit of HK$13.3 million) - **Key Factors**: - Impairment loss on loans receivable - Loan portfolio includes loans to independent third-party borrowers - Loan terms: 8–40 months, interest rates: 5.5%–20% per annum - Credit risk assessment includes financial review, collateral evaluation, and legal actions for overdue loans --- ## Investment Activities ### Investments in Listed Securities and Funds - **Total Investment Value**: Approximately **HK$75.8 million** (2021: HK$59.8 million) - **Key Investments**: - **TAR High Value Fund SP**: - Value: **HK$75.8 million** - Represents **10.5%** of Group's total assets - Average return: **26.73%** (2022) and **0.95%** (2021) - **Other Listed Securities**: - **CLP Holdings Limited** (2%): Investment cost HK$17,023k, market value HK$14,192k - **Shenzhen International Holdings Limited** (0.027%): Investment cost HK$5,020k, market value HK$5,003k - **Hong Kong Exchanges and Clearing Limited** (0.007%): Investment cost HK$30,386k, market value HK$33,968k - **Shenzhen Expressway Corporation Limited** (0.086%): Investment cost HK$5,037k, market value HK$5,216k - **Techtronic Industries Company Limited** (0.001%): Investment cost HK$927k, market value HK$818k - **Tencent Holdings Limited** (0.000%): Investment cost HK$1,653k, market value HK$1,701k - **China Construction Bank Corporation** (0.001%): Investment cost HK$16,946k, market value HK$15,810k - **China Mobile Limited** (0.002%): Investment cost HK$16,898k, market value HK$16,170k - **AIA Group Limited** (0.000%): Investment cost HK$2,517k, market value HK$2,722k - **Hong Kong Aerospace Technology Group Limited** (1.226%): Investment cost HK$113,881k, market value HK$67,491k - **B & D Strategic Holdings Limited** (0.454%): Investment cost HK$6,957k, market value HK$3,125k - **Diwang Industrial Holdings Limited** (0.768%): Investment cost HK$2,073k, market value HK$1,677k - **BOC Hong Kong (Holdings) Limited** (0.009%): Investment cost HK$25,291k, market value HK$29,450k - **Tracker Fund of Hong Kong** (0.005%): Investment cost HK$4,859k, market value HK$5,303k - **Meituan** (0.000%): Investment cost HK$782k, market value HK$971k - **JD.com, Inc.** (0.000%): Investment cost HK$2,073k, market value HK$1,677k --- ## Key Financial Assumptions - **Discount Rate**: Pre-tax discount rate of **17%** (2021: 18%) used for value-in-use calculation - **Growth Rate**: - 5-year revenue growth rate: **16.0%** (2021: 4.23%) - Post-pandemic growth expectations: - **2023**: Increase by **28%** - **2024**: Increase by **40%** - **Long-term Growth Rate**: **2%** for cash flow projections beyond 5 years - **Impairment Assumptions**: - **Fair Value Less Cost of Disposal**: **3.5%** of market value - Includes average market brokerage fees and other administrative/legal costs - The recoverable amount of the hotel CGU was lower than its carrying amount, leading to impairment recognition --- ## Governance and Regulatory Information - **Independent Valuers**: Engaged for impairment assessments - **Audit and Legal Advisors**: - **Audit**: BDO Limited (Hong Kong) - **Legal**: Michael Li & Co. (Hong Kong) - **Share Registrars**: - **Bermuda**: MUFG Fund Services (Bermuda) Limited - **Hong Kong**: Tricor Tengis Limited - **Principal Banks**: - Bank of Communications Co., Ltd. - China CITIC Bank International Limited - Sumitomo Mitsui Banking Corporation --- ## Key Contacts - **Chairman**: **Cheng Chi Kin (鄭子堅)** - **Company Secretary**: **Wong Siu Keung Joe (黄兆強)** - **Directors**: - **Executive Directors**: Cheng Chi Kin, Wong Siu Keung Joe - **Independent Non-executive Directors**: Chiu Wai On, Man Kwok Leung, Sheung Kwong Cho - **Committees**: - **Audit Committee**: Chiu Wai On (Chairman), Man Kwok Leung, Sheung Kwong Cho - **Remuneration Committee**: Chiu Wai On (Chairman), Man Kwok Leung, Sheung Kwong Cho - **Nomination Committee**: Chiu Wai On (Chairman), Man Kwok Leung, Sheung Kwong Cho - **Investment Committee**: Cheng Chi Kin (Chairman), Wong Siu Keung Joe --- ## Conclusion The Group faced significant financial challenges in 2022, primarily due to the **impact of the pandemic**, leading to **revenue declines** and **impairment losses** in multiple segments. However, management has implemented **prudent financial policies** and **cost control measures** to mitigate these effects. The Group also continues to **diversify its investment portfolio** across various sectors, including **financial services**, **real estate**, and **listed securities**, with a focus on **capital appreciation** and **long-term growth**. The outlook for 2023 and 2024 is **positive**, with expectations of **revenue recovery** and **growth** driven by **vaccination programs** and **economic normalization**.