2024-04-29-港交所-中国储能科技发展_2023_年报_278页_6mb

2023 Annual Report Summary

Core Content

This summary provides an overview of the financial and operational performance of Link-Asia International MedTech Group Limited for the year ended 31 December 2023, highlighting key financial figures, strategic initiatives, and management insights.

Main Points

1. Corporate Information

• Executive Directors:

  • Mr. Lin Dailian (Chairman)
  • Mr. Wang Guozhen (resigned on 4 April 2023)
  • Ms. Lin Xiaoshan
  • Mr. Liu Zhiwei
  • Mr. Li Yinxiang (appointed on 3 March 2023 and resigned on 14 August 2023)
  • Ms. Bian Sulan (appointed on 12 June 2023)

• Independent Non-Executive Directors:

  • Mr. Li Huiwu
  • Mr. Yang Weidong (resigned on 12 June 2023)
  • Mr. Chak Chi Shing (resigned on 23 September 2023)
  • Mr. Wu Chi King (appointed on 6 September 2023)
  • Ms. Zhang Xiulin (appointed on 20 December 2023)

• Committees:

  • Audit Committee: Mr. Wu Chi King (Chairman), Mr. Chak Chi Shing (resigned), Mr. Li Huiwu, Mr. Yang Weidong (resigned), Ms. Zhang Xiulin (appointed)
  • Nomination Committee: Mr. Lin Dailian (Chairman), Mr. Yang Weidong (resigned), Mr. Li Huiwu, Mr. Wu Chi King (appointed)
  • Remuneration Committee: Mr. Yang Weidong (resigned), Mr. Lin Dailian, Mr. Li Huiwu (Chairman), Mr. Wu Chi King (appointed)

• Company Secretary: Ms. Tam Mei Chu

• Registered Office: PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108, Cayman Islands

• Hong Kong Office: Suites 3501&3513-14, 35th Floor, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Kowloon, Hong Kong

• Mainland Office: No. 11 Guang Cong Sixth Road, First Industrial Zone, Zhuliao, Baiyun Area, Guangzhou, Guangdong Province, PRC

• Stock Code: 1143

• Hong Kong Branch Share Registrar: Tricor Investor Services Limited

• Principal Bankers: Standard Chartered Bank (Hong Kong) Limited, Nanyang Commercial Bank, Ltd., The Hongkong and Shanghai Banking Corporation Limited

• Auditors: McMillan Woods (Hong Kong) CPA Limited

2. Financial Highlights

• Total Revenue: HK$502.0 million (2022: HK$529.3 million)
• Profit for the Year: HK$5.2 million (2022: HK$-52.0 million)
• Profit Attributable to Owners: HK$5.3 million (2022: HK$-54.0 million)
• Earnings Per Share (HK cents): 3.060 (2022: -49.961)
• Gross Profit Margin: Increased from 19.2% to 27.3%
• Total Assets: HK$776.4 million (2022: HK$659.2 million)
• Total Liabilities: HK$287.7 million (2022: HK$297.2 million)
• Cash and Bank Balances: HK$271.6 million (2022: HK$252.2 million)

3. Chairman's Statement

• The Group faced a volatile macro-environment and industry changes in 2023.
• The re-opening of China and the easing of the pandemic contributed to a recovery in many industries.
• The war in Ukraine and the Israeli-Palestinian conflict added to global uncertainty.
• The Group focused on operational integration and efficiency enhancement to achieve steady growth.
• The Company completed the subscription of new shares in 2023 to expand product portfolio and update equipment.
• The Group expressed gratitude to employees, shareholders, and partners for their support.

4. Management Discussion and Analysis

4.1 Business Overview

• The Group’s revenue decreased by HK$27.3 million due to reduced demand in the European and North American markets.
• The Group expanded into new business areas such as Energy Storage Products and Money Lending.
• The Money Lending segment is managed through Be Smart Finance Limited, a wholly-owned subsidiary.
• The Group’s loan portfolio includes unsecured loans and is composed of 4 active accounts, all of which are individual loans.

4.2 Loan Portfolio

• Loan Principal: HK$2,390,000 (2022: HK$2,390,000)
• Interest Rate: 10% per annum
• Loan Portfolio by Category:
  • 100% unsecured loans
  • 4 active accounts, all individual
  • Total overdue loans: 0%
• Top Customers:
  • Interest income from top five customers accounted for 0.05% of total revenue (2022: 0.02%)
  • Single largest customer accounted for 0.02% of total revenue (2022: 0.01%)
  • The largest and top five customers accounted for 33.4% and 100% of total loan and interest receivables respectively.

4.3 Internal Controls

• The Group maintains strict internal controls for loan approvals, credit monitoring, and compliance with AML & CTF regulations.
• Regular reviews of the internal control system, including credit policy and operational procedures, are conducted.
• Legal actions are taken on a case-by-case basis to minimize credit losses.

4.4 Interest Rates

• Interest rates are determined based on market conditions, competitor rates, and the borrower's financial strength.
• The Group charges an effective interest rate of 10% per annum on all loans.

4.5 Impairment Losses

• The Group recorded an impairment loss of approximately HK$7.5 million for the year, a decrease of HK$5.0 million from 2022.
• Main components:
  • Intangible assets: HK$2.6 million
  • Other receivables (net of reversal): HK$9.2 million
  • Trade receivables: HK$0.2 million

4.6 Geographical Analysis

• Europe (Switzerland, Belgium, France): Revenue of HK$174.6 million (34.8% of total)
• USA: Revenue of HK$122.7 million (24.4% of total)
• PRC (including Hong Kong): Revenue of HK$84.9 million (16.9% of total)
• Other Countries: Revenue of HK$119.8 million (23.9% of total)

Key Information

• The Group's strategic focus on operational integration and efficiency enhancement led to improved performance despite external challenges.
• The re-opening of China and the resumption of the supply chain contributed to cost savings and improved gross profit margin.
• The Money Lending segment, although small, is being actively developed with a focus on unsecured loans.
• The Group's financial position remains strong with a stable cash and bank balance.
• The Group is committed to compliance with AML & CTF regulations and maintains robust internal controls.
• The Group’s revenue is heavily dependent on the European and North American markets, which experienced declines in 2023.
• The Group has diversified its operations into new areas such as Energy Storage Products and Money Lending.