Caixing Group (00635) announced the results for the year ended December 31, 2023. The group obtained revenue during the period...
According to the Zhitong Finance App, Caixing Group (00635) announced the results for the year ended December 31, 2023. The group achieved revenue of HK$1,272 billion during the period, an increase of 76.7%; profit attributable to shareholders was HK$10.34 million, a loss due to shareholders of HK$213 million in the same period last year, turning a year-on-year loss into a profit; basic profit of HK0.5 cents per share; it plans to pay a second interim dividend of HK1.5 cents per share and a special interim dividend of HK1.5 cents per share.
According to the announcement, the toy business is basically affected by the seasonality of the industry. As a result, during the peak sales season in the second half of each year, the ratio of trade accounts receivable will rise sharply. According to industry practice, most trade accounts receivable will be collected from the latter half of the fourth quarter to the first quarter of the following year, so there will be additional requirements for working capital during the peak sales season. As at 31 December 2023, trade receivables in the toy business were HK$329 million (2022: HK$609.62 million), while inventory in the toy business was HK$58.86 million (2022: HK$23.7 million) or 5.3% of the toy business turnover (2022:4.7%). The increase in trade accounts receivable and inventory at the end of 2023 reflects an increase in shipments and customer orders in the fourth quarter of 2023.