Imperial Industrial Holdings Limited has released its annual report and financial statements for the year ended 31 December 2023. The report showed that the company's revenue grew 13.8% over the same period last year to RMB 5,7057 million. Gross profit increased by 20.5% year-on-year to RMB2,3338 million. Net profit was recorded at RMB 2487 million. The company has not declared a year-end dividend. There have been several resignations and appointments to the Board. The company operates in the artificial leather and white wine business in China, and has implemented measures to improve internal skills and efficiency and adjust production management plans to respond to market changes. Committed to the sustainable growth of China's white wine industry and artificial leather manufacturing, the Company...Show More

Imperial Industrial Holdings Limited has released its annual report and financial statements for the year ended 31 December 2023. The report showed that the company's revenue grew 13.8% over the same period last year to RMB 5,7057 million. Gross profit increased by 20.5% year-on-year to RMB2,3338 million. Net profit was recorded at RMB 2487 million. The company has not declared a year-end dividend. There have been several resignations and appointments to the Board. The company operates in the artificial leather and white wine business in China, and has implemented measures to improve internal skills and efficiency and adjust production management plans to respond to market changes. Committed to the sustainable growth of China's white wine industry and artificial leather manufacturing, the Company will continue to seize opportunities to create long-term value for shareholders. As of December 31, 2023, the Company's current assets were RMB 5,4863 million and current liabilities were RMB 9558 million. The company is in a net cash position, not counting the debt ratio. Capital expenditure during the year was RMB 1,4983 million. Corporate governance practices are detailed in the Corporate Governance Report. AUDIT HIGHLIGHTS INCLUDE THE VALUATION OF THE CORRESPONDING RECEIPTS DEPRECIATION AND THE CONFIRMATION OF A DEPRECIATION PREPARATION OF APPROXIMATELY RMB 927 MILLION. Management regularly assesses the recoverable amount of receivables and the adequacy of preparedness for depreciation. THE AUDIT PROCESS INCLUDES UNDERSTANDING CREDIT CONTROL PROCEDURES, CHECKING THE AGE DISTRIBUTION OF ACCOUNTS RECEIVABLE, AND ASSESSING THE APPROPRIATENESS OF THE METHOD OF PREPARING FOR EXPECTED CREDIT LOSSES. The Board of Directors is responsible for preparing consolidated financial statements in accordance with the International Financial Reporting Standards and the Hong Kong Companies Ordinance. The auditor's responsibilities include obtaining reasonable assurances, ensuring that the consolidated financial statements are free from material errors, and issuing audit reports.