Financial Performance - Revenue for the year ended 31 December 2024 was US$6,394,000, a decrease of 12.9% compared to US$7,338,000 in 2023[12] - Gross profit increased to US$2,904,000 in 2024, up 15% from US$2,524,000 in 2023[12] - Loss for the year narrowed to US$9,459,000 in 2024, compared to a loss of US$74,968,000 in 2023, representing an improvement of 87.4%[12] - Revenue for the year was approximately US$6.4 million, down from approximately US$7.3 million in 2023, primarily due to a decrease in trading business, particularly in AI products[38] - The Group recorded a loss of approximately $9.5 million for the year ended December 31, 2024, compared to a loss of approximately $75.0 million in 2023, resulting in a loss per share of about $0.10[41] - Gross profit increased from approximately $2.6 million in 2023 to approximately $2.9 million in 2024, mainly driven by higher broadcasting service income[44] - Administrative expenses decreased significantly from approximately $3.0 million in 2023 to approximately $0.9 million in 2024 due to cost control measures[45] - The impairment loss on intangible assets for the year was approximately $4.8 million, down from approximately $20.2 million in 2023, reflecting a reassessment of recoverable amounts[62] Assets and Liabilities - Non-current assets decreased to US$29,141,000 in 2024 from US$34,763,000 in 2023, a decline of 16.5%[12] - Total assets fell to US$36,393,000 in 2024, down 18.7% from US$44,785,000 in 2023[12] - Total liabilities increased slightly to US$12,734,000 in 2024 from US$11,666,000 in 2023, an increase of 9.1%[12] - Net assets decreased to US$23,659,000 in 2024, down 28.5% from US$33,119,000 in 2023[12] - Current assets amounted to approximately US$7.3 million as of December 31, 2024, down from approximately US$10.0 million in 2023[70] - Current liabilities increased to approximately US$3.1 million as of December 31, 2024, compared to approximately US$2.7 million in 2023, with a current ratio of approximately 2.33[71] - Convertible notes amounted to approximately US$9.6 million as of December 31, 2024, up from approximately US$8.9 million in 2023, with a gearing ratio of approximately 26.4%[77] Strategic Focus and Market Position - The company is focusing on next-generation data distribution leveraging satellite broadcasting technology, indicating a strategic shift towards digitalisation and connectivity[16] - The board expresses optimism about the transformative potential of satellite technology in global data distribution[16] - The company aims to enhance its market position through innovative solutions in the rapidly evolving digital landscape[16] - The Company is focused on leveraging satellite technology to provide high-speed internet and real-time data transmission, particularly benefiting emerging markets[21] - The integration of satellite technology with AI, 5G, and edge computing is expected to create new opportunities in sectors like agriculture and disaster management[22] - The Group aims to diversify its trading business in the technology sector to adapt to the changing marketplace[19] - The Company is exploring alternative use cases for its satellite platform, including renting out spare satellite capacity and providing satellite-related services[36] - The Group's trading business is committed to expanding its product offerings, particularly in high-tech components and connectivity devices[28] - The satellite infotainment service is expected to enhance multimedia experiences and support smart city projects[35] Corporate Governance - The Company has adopted corporate governance practices that align with or are more restrictive than the requirements set out in the Corporate Governance Code[138] - The Company aims to establish good corporate governance practices to ensure transparency and accountability to shareholders[137] - The Board monitors the development and financial performance of the Group's business and sets strategic directions[145] - Daily operations and administration are delegated to the executive Directors and management of the Company[146] - The Board reserves matters such as material investment decisions and approving financial statements for its approval[146] - The Company believes effective corporate governance is essential for creating more value for shareholders[137] - The Company has established three Board committees to assist in the execution of its duties and facilitate effective management[166] Board Composition and Meetings - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[120] - A total of 9 Board meetings were held during the year, with Mr. WONG Chau Chi attending all 9 meetings[153] - The Audit Committee held 2 meetings during the year ended December 31, 2024, with all members attending both meetings[172] - The Nomination Committee held 1 meeting during the year ended December 31, 2024, with all members attending[178] - The Nomination Committee reviewed the structure, size, and composition of the Board, including diversity policy, and made recommendations for changes to align with the Company's corporate strategy[180] Employee and Operational Insights - The average number of employees decreased to approximately 17 for the year ended December 31, 2024, down from approximately 22 in 2023, with staff costs totaling approximately US$0.6 million[90] - Employee costs for the group were approximately $0.6 million for the year ending December 31, 2024, compared to $2.3 million in 2023[96] - The group is actively exploring other business opportunities and diversifying its revenue sources to provide better returns for shareholders[98] Future Outlook - The Company expresses gratitude to its staff, shareholders, customers, and business partners for their support and aims to create greater value in 2025[20] - The Group plans to continue working on regulatory approvals and commercial service roll-out in China and other ASEAN markets to explore potential uses of unutilized satellite capacity[59] - The demand for high-quality printed circuit boards (PCBs) is increasing due to the proliferation of IoT, smart devices, and consumer electronics[102] - Emerging markets represent a promising area for growth in satellite solutions, with regulatory support fostering collaboration between public and private sectors[110]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of $6,394,000, a decrease of 12.9% compared to $7,338,000 in 2023[2] - Gross profit increased to $2,904,000, reflecting a growth of 15.1% from $2,524,000 in the previous year[2] - Operating income improved significantly to $156,000, a turnaround from an operating loss of $2,531,000 in 2023, marking a 106.2% change[2] - The company reported a net loss of $9,459,000, a substantial reduction of 87.4% from a loss of $74,968,000 in the prior year[2] - The total loss for the year was $9,459,000, compared to a loss of $74,968,000 in the previous year, indicating a significant improvement[15] - The company recorded a net loss of approximately $9.5 million for the year ending December 31, 2024, compared to a loss of about $75.0 million in 2023[40] - Revenue for the year was approximately $6.4 million, a decrease of about $0.9 million from $7.3 million in 2023, primarily due to a decline in trade business related to AI products[41] - Basic and diluted loss per share improved from $(0.80) in 2023 to $(0.10) in 2024, based on a weighted average of 89,619,494 shares[25] Assets and Liabilities - Total assets decreased by 18.7% to $36,393,000 from $44,785,000 in 2023[2] - Total liabilities increased by 9.2% to $12,734,000 compared to $11,666,000 in the previous year[2] - The company's net asset value decreased by 28.6% to $23,659,000 from $33,119,000 in 2023[2] - The CMMB business segment's assets decreased from $26,378,000 in 2023 to $19,594,000 in 2024, a decline of 25.7%[16] - The trading business segment's assets also decreased from $1,188,000 in 2023 to $892,000 in 2024, a decline of 25%[16] - The total liabilities increased from $11,666,000 in 2023 to $12,734,000 in 2024, an increase of 9.1%[16] - Current assets were approximately $7.3 million as of December 31, 2024, down from $10.0 million in 2023, including cash and bank balances of about $0.9 million[52] - The company's current liabilities increased to approximately $3.1 million as of December 31, 2024, compared to $2.7 million in 2023, with trade and other payables around $1.5 million[53] Impairment and Losses - Impairment losses on intangible assets were significantly reduced to $4,817,000, down 76.2% from $20,224,000 in the previous year[2] - The company recognized impairment losses of $4,402,000 under the expected credit loss model for the year[15] - The company reported an impairment loss of approximately $4.8 million for intangible assets for the year ended December 31, 2024, compared to $20.2 million in 2023, due to a decrease in the recoverable amount of cash-generating units[50] Revenue Segments - The CMMB business segment reported a revenue of $3,481,000, while the trading business segment generated $2,913,000[15] - Revenue from external customers in the United States was $3,468,000, up from $2,304,000 in 2023, representing a growth of 50.5%[21] - Revenue from Taiwan decreased from $3,591,000 in 2023 to $2,913,000 in 2024, a decline of 19%[21] Corporate Governance and Compliance - The company has adopted a revised code of conduct for directors' securities trading, ensuring compliance with listing rules[70] - The audit committee has reviewed the group's annual performance and financial statements for the year ending December 31, 2024, in collaboration with the auditors[71] - The group's auditors confirmed that the preliminary announcement aligns with the audited financial statements for the year ending December 31, 2024[72] - The company has adopted corporate governance codes to ensure proper oversight of business activities and decision-making processes[73] - The board believes that good corporate governance is key to protecting shareholder interests and enhancing group performance[73] - The board will regularly review the effectiveness of the current governance structure, particularly regarding the roles of the chairman and CEO[73] Operational Developments - The company is engaged in developing multimedia and interactive services through proprietary ground infrastructure, focusing on mobile television and multimedia broadcasting[7] - The company is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on the presentation and disclosure of its consolidated financial statements[12] - The company is actively exploring new business opportunities and diversifying its revenue sources to enhance shareholder returns[63] - The company plans to leverage the growing demand for high-quality printed circuit boards and AI-related products driven by the rise of IoT and smart devices[66] - The company is prepared to capitalize on the trend of increasing demand for interactive digital television content as viewer habits shift towards smartphones[66] - LPTV television stations are expanding into underserved markets, creating new revenue opportunities due to technological advancements[67] - The development of satellite multimedia services is driven by technological progress and increasing connectivity demands, particularly in remote areas with weak infrastructure[68] - The integration of satellite connectivity into automotive multimedia systems enhances safety and user experience, aligning with broader trends in connected and autonomous vehicles[69] Shareholder Matters - The company completed a share consolidation, merging every 20 existing shares into one share with a par value of HKD 4.00, effective from October 10, 2024[31] - The total issued and paid-up share capital as of December 31, 2024, was 89,619,494 shares, with a total value of $896,000[29] - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with 2023[34] - The company entered into a subscription agreement to issue 5,700,000 shares at a subscription price of HKD 0.85 per share, totaling approximately HKD 4,845,000, completed on February 24, 2025[35] Employee and Cost Management - The average number of employees decreased to approximately 17 for the year ended December 31, 2024, from 22 in 2023, with employee costs around $0.6 million[61] - Administrative expenses decreased significantly from approximately $3.0 million in 2023 to about $0.9 million in 2024 due to cost control measures[44] - Financial costs reduced from $862,000 in 2023 to $731,000 in 2024, with interest expenses on convertible bonds decreasing from $835,000 to $722,000[22]

Revenue and Profit Performance - Revenue for the period decreased by approximately $0.5 million to $3.1 million, primarily due to a $1.3 million decrease in PCB and AI materials trading, offset by an $0.8 million increase in TV rental income[4] - Gross profit increased from $1.2 million in 2023 to $1.5 million in 2024, driven by higher margins from TV rental income[4] - The Group recorded a loss of approximately $0.1 million for the six months ended 30 June 2024, compared to a loss of $2.2 million in the same period in 2023[4] - Loss per share for the period was $0.02 cents, compared to $0.19 cents in the same period in 2023[4] - Revenue for the six months ended 30 June 2024 decreased to $3,132 thousand, compared to $3,588 thousand in the same period in 2023, representing a decline of 12.7%[89] - Gross profit increased to $1,452 thousand in H1 2024, up from $1,178 thousand in H1 2023, reflecting a 23.3% growth[89] - Loss for the period improved significantly to $134 thousand in H1 2024, compared to a loss of $2,201 thousand in H1 2023[89] - Total comprehensive expense for the period was $1,557 thousand in H1 2024, down from $2,958 thousand in H1 2023[89] - Loss attributable to owners of the company was $498 thousand in H1 2024, a significant improvement from $2,059 thousand in H1 2023[90] - Net loss for the six months ended 30 June 2024 was approximately $0.1 million[96] - Revenue from major products and services for the six months ended 30 June 2024 was $3.132 million, with $1.385 million from trading of PCB and AI-related products and $1.747 million from transmission and broadcasting services[108] - Segment revenue for the six months ended 30 June 2024 was $3.132 million, with $1.385 million from the trading business and $1.747 million from the CMMB business[104] - Segment profit for the six months ended 30 June 2024 was $750,000, with a loss of $57,000 in the trading business and a profit of $807,000 in the CMMB business[104] - Revenue from major products and services for the six months ended 30 June 2023 was $3.588 million, with $2.659 million from trading of PCB and AI-related products and $929,000 from transmission and broadcasting services[108] - Segment revenue for the six months ended 30 June 2023 was $3.588 million, with $2.659 million from the trading business and $929,000 from the CMMB business[106] - Segment profit for the six months ended 30 June 2023 was $203,000, with a profit of $221,000 in the trading business and a loss of $18,000 in the CMMB business[106] Cost and Expense Management - Cost of sales decreased by approximately $0.7 million due to lower direct costs and sales costs[4] - Administrative expenses remained steady at approximately $0.5 million compared to the same period in 2023[4] - Market development and promotion expenses decreased from approximately US$0.4 million to US$0.1 million due to tighter cost control[5][10] - Finance costs for the period amounted to approximately US$0.4 million, mainly from effective interest expense on convertible notes[6][11] - Staff costs for the period amounted to approximately US$0.3 million, compared to US$0.4 million in the six months ended 30 June 2023[32] - Market development and promotion expenses for the six months ended 30 June 2024 were $41,000, compared to $450,000 for the same period in 2023[104][106] - Unallocated expenses for the six months ended 30 June 2024 were $190,000, compared to $251,000 for the same period in 2023[104][106] - Staff costs, including Directors' remuneration, were $306,000 for the six months ended 30 June 2024, down from $386,000 in the same period in 2023[115] - Legal and professional fees increased to $76,000 for the six months ended 30 June 2024, up from $25,000 in the same period in 2023[115] Financial Position and Assets - The Group recorded a net loss of approximately US$0.1 million during the period, with net current assets of approximately US$6.5 million as of 30 June 2024[15][18] - Convertible notes as of 30 June 2024 amounted to approximately US$9.2 million, with a gearing ratio of approximately 21.0%[20][26] - The Group maintained cash and cash equivalents of approximately US$0.7 million as of 30 June 2024[15][18] - Non-current assets decreased slightly to $34,313 thousand as of 30 June 2024, compared to $34,763 thousand as of 31 December 2023[91] - Current assets decreased to $9,538 thousand as of 30 June 2024, down from $10,022 thousand as of 31 December 2023[91] - Net current assets stood at $6,467 thousand as of 30 June 2024, compared to $7,281 thousand as of 31 December 2023[91] - Total equity decreased to $31,565 thousand as of 30 June 2024, down from $33,119 thousand as of 31 December 2023[92] - Equity attributable to owners of the company decreased to $25,922 thousand as of 30 June 2024, compared to $27,840 thousand as of 31 December 2023[92] - Net current assets as of 30 June 2024 were approximately $6.5 million[96] - Net cash generated from operating activities for the six months ended 30 June 2024 was $510,000, compared to a net cash used of $2.127 million in the same period in 2023[94] - Net cash used in financing activities for the six months ended 30 June 2024 was $516,000, compared to net cash generated of $688,000 in the same period in 2023[94] - Cash and cash equivalents at the end of the period were $722,000, down from $727,000 at the beginning of the period[94] - Accumulated losses as of 30 June 2024 were $266.275 million, compared to $265.777 million at the end of 2023[93] - Total comprehensive expense for the six months ended 30 June 2024 was $2.629 million, compared to $2.71 million in the same period in 2023[93] - The company's share capital remained unchanged at $46.012 million as of 30 June 2024[93] - The carrying value of spectrum usage rights was $23,807,000 as of 30 June 2024, with no impairment loss recognized for the period[117][118][119] - The recoverable amount of spectrum usage rights is determined using a VIU calculation with a discount rate of 15.26% (up from 14.16% in the previous period)[120] - The cost of equity for the year is 13.43%, calculated using a risk-free rate of 3.87%, equity beta of 0.91, and market risk premium of 7.17%[120] - The cost of debt for the year is estimated at 8.5%, based on the US Prime Lending Rate[120] - The weight of debt and equity is estimated at 72% and 28% respectively, compared to 47% and 53% in the previous period[120] - The specific risk premium for the year is 3.5%, up from 3% in the previous period[120] - Cash flow projections for spectrum usage rights beyond the three-year period use a steady growth rate of 2.18% per annum[120] - Trade receivables decreased from $3.8 million in December 2023 to $2.3 million in June 2024, with over 120 days receivables dropping from $1.7 million to $606,000[124] - Trade payables decreased from $797,000 in December 2023 to $532,000 in June 2024, while accruals increased from $767,000 to $1.5 million[126] - The liability component of 2028 Convertible Notes increased from $8.9 million in December 2023 to $9.2 million in June 2024[128] - As of 30 June 2024, the amount due from CCH, a related company controlled by the Chairman, was USD 5,867,000, compared to USD 5,509,000 as of 31 December 2023[139] Convertible Notes and Share Issuance - CCH holds convertible notes with a principal amount of US$12,000,000, convertible into 266,742,857 shares, representing 14.88% of the total issued shares as of 30 June 2024[46][52] - The company issued USD 96,000,000 convertible notes (2025 CN) on 29 May 2018, with a maturity date of 28 May 2025, convertible at HK$0.4 per share, representing 41.5% of the total issued shares on a fully diluted basis[58][59] - The 2025 CN was split into a liability component of USD 44,137,000 and an equity component of USD 51,863,000, with the liability component measured at an effective interest rate of 11.41% per annum[60][63] - The conversion price and number of shares for the 2025 CN were adjusted to HK$8 and 84,390,000 shares respectively after a share consolidation on 12 November 2019, and further adjusted to HK$8.088 and 83,471,810 shares retrospectively from 18 February 2020[60][63] - On 29 June 2021, the company entered into a subscription agreement to issue USD 65,000,000 convertible notes (2028 CN), which will mature on the seventh anniversary of the issue date, offsetting the 2025 CN[61][63] - The conversion price of HK$0.35 per share for the 2028 CN represents a premium of 22.81% to the closing price on 29 June 2021, with a maximum of 1,444,857,142 shares issuable upon full conversion[62][63] - As of 30 June 2024, the outstanding principal amount of the 2028 CN is USD 12,000,000, which, if fully converted, would increase the issued shares by 266,742,857, representing 14.88% of the issued shares as of 30 June 2024[65][68] - The conversion of the 2028 CN would dilute the equity interest of substantial shareholders, with CCH's shareholding decreasing from 56.42% to 49.93% upon full conversion[67] - The conversion of the 2028 convertible notes will not result in the number of shares held by the public falling below 25% of the issued shares[70][76] - The total number of issued shares as of 30 June 2024 is 1,792,389,888[46][50][51] - The 2023 Share Option Scheme had 103,998,988 options available for grant as of 1 January 2024, increasing to 179,238,988 by 30 June 2024[53][55] - No shares were issued under the 2023 Share Option Scheme during the period, representing 0% of the weighted average number of shares[57] - No share options were granted, exercised, lapsed, or canceled under the 2023 Share Option Scheme during the period[57] - The number of share options available for grant under the 2023 Share Option Scheme increased from 103,998,988 as of 1 January 2024 to 179,238,988 as of 30 June 2024[141] Strategic Initiatives and Partnerships - The company plans to deploy a Low-Earth-Orbit (LEO) satellite constellation to deliver low-latency voice and broadband internet services across Asia[40] - The company will utilize a geostationary satellite platform to distribute popular content, digital infotainment, enterprise data services, and essential government information with minimal data cost for users[40] - The satellite network will provide robust broadband solutions, utilizing advanced data analytics to enhance network performance and user experience[40] - Strategic partnerships with governments, technology providers, and local stakeholders will be crucial for the company's success[41] - The company aims to address the increasing demand for high-speed, reliable internet in underserved and remote areas[39] - The company holds a 20% equity interest in Silkwave Holdings Limited, with a call option to acquire an additional 31%[121] - Silkwave indirectly holds a geosynchronous L-band satellite operating platform with 40MHz spectrum frequency covering China and Asia[121][122] - The platform includes the AsiaStar satellite capacity, network solutions, terminal applications, and a Silkwave-1 satellite design under procurement[121][122] - The satellite platform aims to deliver digital multimedia and internet-based content services to vehicles and mobile devices across China and the Asia-Pacific region[121][122] - Silkwave's satellite-related assets were impaired to approximately $1.2 million due to lower value in use compared to carrying amount[123] Corporate Governance and Compliance - The company did not declare any interim dividend for the six months ended 30 June 2024[138] - The company has not purchased, sold, or redeemed any of its listed securities during the period[74][80] - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the Model Code for Securities Transactions by Directors of Listed Issuers[75][81] - The company has deviated from the CG Code provision C.2.1, as the roles of chairman and chief executive are not separate, with Mr. Wong Chau Chi holding both positions[82][84] - The Audit Committee, comprising independent non-executive directors, reviewed and recommended the adoption of the unaudited condensed consolidated financial statements for the period[83][85] - The company has a shareholder communication policy in place to facilitate efficient and sound communication with shareholders and other stakeholders[87][88] - The company's remuneration policy is reviewed annually and is in line with prevailing market practices[32] - The total compensation for key management personnel remained unchanged at USD 40,000 for the six months ended 30 June 2024 compared to the same period in 2023[143] Legal and Regulatory Matters - The group faces potential litigation in the US related to satellite assets in Asia and Africa, with claims including breach of contract and fraud[134] - The company proposed a share consolidation (20:1), capital reduction (HK$4.00 to HK$0.01), and share subdivision (1:400) on 8 August 2024[133] - The company has proposed a share consolidation, capital reduction, and share subdivision, with a ratio of 20 existing shares with a par value of HKD 0.20 each to be consolidated into 1 share with a par value of HKD 4.00, followed by a capital reduction of HKD 3.99 per share, reducing the par value to HKD 0.01, and then subdividing each unissued share into 400 new shares with a par value of HKD 0.01[136] Related Party Transactions - The company paid USD 12,000 in rental fees to CCH, a related party, during the six months ended 30 June 2024, the same amount as in the corresponding period in 2023[142] - As of 30 June 2024, the amount due from CCH, a related company controlled by the Chairman, was USD 5,867,000, compared to USD 5,509,000 as of 31 December 2023[139] Taxation - Hong Kong Profits Tax is calculated at 16.5% for the period, with the first HK$2,000,000 of assessable profit taxed at 8.25% under the two-tiered profits tax rates regime[111][112] - US Income Tax is charged at 24% on estimated assessable profits for the six months ended 30 June 2024[113][114] - Taiwan Income Tax is charged at 20% on estimated assessable profits, but no provision was made as the Group had no assessable profit in Taiwan for both periods[113][114] - PRC subsidiaries are subject to a 25% tax rate under the EIT Law, but no provision for PRC income tax was made as there was no taxable income for both periods[113][114] Employee and Management - The average number of employees for the period was approximately 23, down from 25 in the six months ended 30 June 2023[32] - Staff costs for the period amounted to approximately US$0.3 million, compared to US$0.4 million in the six months ended 30 June 2023[32] - Staff costs, including Directors' remuneration, were $306,000 for the six months ended 30 June 2024, down from $386,000 in the same period in 2023[115] - The total compensation for key management personnel remained unchanged at USD 40,000 for the six months ended 30 June 2024 compared to the same period in 2023[143] Investments and Acquisitions - The company did not make any significant investments as of 30 June 2024[38] - The company did not have any material acquisitions or disposals of subsidiaries, associates, and joint ventures during the period[34] - The company holds a 20% equity interest in Silkwave Holdings Limited, with a call option to acquire an additional 31%[121] - Silkwave indirectly holds a geosynchronous L-band satellite operating platform with 40MHz spectrum frequency covering China and Asia[121][122] - The platform includes the AsiaStar satellite capacity, network solutions, terminal applications, and a Silkwave-1 satellite design under procurement[121][122] - The satellite platform aims to deliver digital multimedia and internet-based content services to vehicles and mobile devices across China and the Asia-Pacific region[121][122] - Silkwave's satellite-related assets were impaired to approximately $1.2 million due to lower value in use compared to carrying amount

Financial Performance - Revenue decreased by approximately 12.7% to about $3.1 million[1] - Loss attributable to owners for the period was approximately $0.5 million, with a total comprehensive loss of about $1.9 million[1] - Basic and diluted loss per share was approximately $0.02[1] - Total comprehensive loss for the period was $1.557 million compared to $2.958 million in the previous year[3] - The group reported a net loss of $134,000 for the six months ended June 30, 2024, compared to a net loss of $2,201,000 in the same period of 2023[10] - Basic and diluted loss per share for the six months ended June 30, 2024, was $(0.28), compared to $(1.88) for the same period in 2023[16] - Revenue for the period was approximately $3.1 million, a decrease of about $0.5 million from $3.6 million in the same period last year, primarily due to a reduction in printed circuit board and AI material trading by approximately $1.3 million[33] Profitability and Expenses - Gross profit increased to $1.452 million from $1.178 million year-on-year, reflecting a significant improvement[2] - Administrative expenses were $548,000, slightly up from $540,000 in the previous year[2] - Financial costs decreased to $323,000 from $492,000, indicating improved cost management[2] - Employee costs, including directors' remuneration and retirement benefits, amounted to $306,000, a decrease from $386,000 in the prior year[14] - The company incurred legal and professional fees of $76,000 during the period, compared to $25,000 in the previous year[14] - The group’s financial costs for the period were approximately $0.4 million, compared to about $0.5 million in the same period last year[38] - The company incurred an impairment loss of approximately $0.6 million on intangible assets due to delays in the upgrade of certain LPTV stations[40] Assets and Liabilities - Non-current assets remained stable at approximately $34.313 million[4] - Current assets decreased to $9.538 million from $10.022 million, indicating a reduction in liquidity[4] - Total equity decreased to $31.572 million from $33.119 million, reflecting a decline in shareholder value[5] - The total trade receivables decreased to $2.326 million as of June 30, 2024, from $3.838 million as of December 31, 2023[22] - Trade payables totaled $2.003 million as of June 30, 2024, compared to $1.564 million as of December 31, 2023[23] - The group’s convertible bonds amounted to approximately $9.2 million as of June 30, 2024, compared to $8.9 million as of December 31, 2023[45] - The asset-liability ratio was approximately 21.0% as of June 30, 2024, reflecting a stable financial condition[45] Business Segments - The trading business segment generated revenue of $1,385,000, down 47.9% from $2,659,000 in the prior year[11] - The CMMB business segment saw revenue increase to $1,747,000, up 88.0% from $929,000 in the previous year[11] Future Plans and Strategies - The company plans to lease spare satellite bandwidth to other aerospace operators instead of developing satellite internet services in China[20] - The management remains confident in the regulatory approval process and is exploring the possibility of launching satellite data transmission services in the ASEAN region[21] - The company plans to deploy a Low Earth Orbit (LEO) satellite constellation to provide low-latency voice and broadband internet services across Asia, addressing the growing demand for high-speed, reliable internet in underserved and remote areas[55] - The company aims to enhance network performance and user experience through advanced data analytics in its satellite network solutions[55] - The company is actively seeking to improve its financial situation by refinancing its debts and broadening its revenue sources[43] Governance and Compliance - The board has adopted a corporate governance code and is committed to maintaining high standards of governance, although it has deviated from the code regarding the separation of the roles of Chairman and CEO[58] - The company has established a shareholder communication policy to facilitate effective communication between the company, shareholders, and other stakeholders[60] - The audit committee has reviewed and discussed the accounting principles and policies adopted by the group, recommending the board to approve the unaudited consolidated financial statements for the period[59] Miscellaneous - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[30] - The group has not engaged in any significant off-balance sheet transactions as of June 30, 2024, consistent with the previous year[48] - The company has no significant investments as of June 30, 2024, and no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[54][53] - The group believes that foreign exchange risk has minimal impact, as most assets, liabilities, and transactions are denominated in USD, and no hedging arrangements were made during the period[49]

Financial Performance - In 2023, Silkwave Inc. reported revenue of $7,338,000, a decrease of 14.2% compared to $8,551,000 in 2022[10]. - The gross profit for 2023 was $2,524,000, slightly down from $2,462,000 in the previous year, indicating a gross margin of approximately 34.4%[10]. - The loss before tax for the year was $74,448,000, compared to a loss of $29,510,000 in 2022, reflecting a significant increase in losses[10]. - The net assets of Silkwave Inc. fell to $33,119,000 in 2023, down from $97,014,000 in 2022, indicating a significant reduction in equity[10]. - For the year ended December 31, 2023, the Group recorded a loss of approximately US$75.0 million, compared to a loss of approximately US$29.5 million in 2022[33]. - Revenue for the year was approximately US$7.3 million, a decrease of approximately US$1.3 million from US$8.6 million in 2022, primarily due to sluggish economic conditions[34]. - Gross profit increased from approximately US$2.5 million in 2022 to approximately US$2.6 million in 2023, mainly driven by higher broadcasting service income[36]. - The Group's net assets per share decreased to approximately US$0.02 in 2023 from approximately US$0.06 in 2022[33]. - The Group recorded a loss of approximately US$75.0 million for the year ended December 31, 2023, compared to a loss of approximately US$29.5 million in 2022, resulting in a loss per share of approximately US$0.04[38]. - Revenue for the year was approximately US$7.3 million, a decrease of approximately US$1.3 million from US$8.6 million in 2022, primarily due to a decline in trade and CMMB business amid a sluggish economic environment[39]. - Administrative expenses decreased from approximately US$3.5 million in 2022 to approximately US$3.0 million in 2023, attributed to cost control measures implemented during the year[44]. - Finance costs decreased significantly to approximately US$0.8 million in 2023 from approximately US$2.4 million in 2022, as the Group did not incur any bank or other borrowings during the year[46]. - An impairment loss of approximately US$20.2 million was recognized on intangible assets for the year, compared to approximately US$3.6 million in 2022, due to a decline in the recoverable amount of cash-generating units[58]. - Total equity attributable to the owners of the Company decreased to approximately US$27.8 million as of December 31, 2023, from approximately US$83.6 million in 2022, mainly due to the loss incurred during the year[66]. - Current assets amounted to approximately US$10.0 million, slightly increasing from approximately US$9.9 million in 2022, with cash and cash equivalents decreasing to approximately US$0.7 million[67]. - Current liabilities decreased to approximately US$2.7 million from approximately US$3.8 million in 2022, resulting in a current ratio of approximately 3.66, up from 2.58 in 2022[68]. - The gearing ratio as of December 31, 2023, was approximately 19.9%, an increase from 11.9% in 2022, indicating a stable financial position[75]. Business Strategy and Operations - The company is exploring data connectivity projects for remote areas, anticipating a pivotal role for satellite platforms in future connectivity technology[15]. - Silkwave Inc. aims to adopt an asset-light model to enhance profitability while expanding its trading activities[16]. - The company expects ongoing challenges in the business environment due to global economic conditions and unstable monetary policies[17]. - Technological advancements, including AI and next-generation connectivity, are transforming consumer and commercial devices, which the company plans to leverage[17]. - The Trading business remains steady, with a focus on diversifying PCB trading with more sophisticated technology components used in AI applications[31]. - The Group aims to enhance profitability and margins in the Trading Business by diversifying the range of products, particularly in high-tech components and connectivity devices[32]. - The Group is optimistic about the potential use of satellite-based in-vehicle infotainment systems, especially with the transition to electric vehicles[26]. - The Group is exploring alternative use cases for its satellite platform, including renting out spare satellite capacity and providing satellite-related services[26]. - The Group is actively exploring new business opportunities to diversify its revenue streams and enhance returns for shareholders[91]. - The Group has initiated a new trading division focused on AI products and aims to expand its trading operations to other Asian cities[101]. - The development of satellite connected-car multimedia services is promising, with significant market potential driven by increasing consumer demand for in-car entertainment and connectivity[109][110]. - Satellite connectivity offers advantages such as broader coverage and reliable connectivity in remote areas, enhancing the multimedia experience within vehicles[109][114]. - The Group is adopting a cautious approach to navigate regulatory requirements and privacy concerns associated with satellite connected-car multimedia services[113][115]. - The focus on expanding trade operations into other Asian cities is part of the Group's strategy to enhance its market presence[105]. Corporate Governance - The Board of Directors consists of 10 members, including 4 executive directors, 3 non-executive directors, and 3 independent non-executive directors[117][123]. - The company emphasizes the importance of corporate governance and strategic execution in its operations[138]. - The directors collectively bring a wealth of knowledge from various sectors, enhancing the company's strategic decision-making capabilities[130][140]. - The company is committed to establishing good corporate governance practices to ensure transparency and accountability to shareholders[152]. - The Board has adopted corporate governance practices that align with or are more restrictive than the requirements set out in the Corporate Governance Code, with compliance noted for the year ended December 31, 2023[153]. - The current organizational structure allows Mr. Wong to serve as both chairman and chief executive, which the Board believes provides strong and consistent leadership[154]. - The Board comprises ten Directors, including four executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[159]. - The management is responsible for day-to-day operations, while the Board monitors financial performance and sets strategic directions for the Group's business[161]. - The Board reserves matters such as material investment decisions and approving financial statements, which are implemented by management[162]. - The company has a clear division of responsibilities between the Board and management, ensuring effective internal control and check-and-balance mechanisms[160]. - The Board will continue to review and improve corporate governance practices to optimize returns for shareholders[155]. - The Company has received confirmations of independence from all independent non-executive Directors, meeting the criteria set out in Rule 3.13 of the Listing Rules[172]. - The Audit Committee, comprising independent non-executive Directors, reviewed and discussed the annual report for the year ended December 31, 2023[182]. - The Company has established three Board committees to assist in executing its duties and facilitate effective management[180]. - The Audit Committee reviewed the effectiveness of the Group's risk management and internal control systems[189]. - The Audit Committee recommended the reappointment of the external auditor[189]. - The Company adopted a Nomination Policy to enhance board diversity and effectiveness, considering factors such as qualifications, skills, and experience[196]. - The Nomination Policy includes a succession plan to identify potential candidates for Board vacancies due to various circumstances[198]. - The Company Secretary ensures compliance with Board procedures and advises on compliance matters[165]. - Board papers are dispatched to Directors at least three days before meetings to ensure adequate preparation[164]. - The Chairman ensures equal opportunities for all Directors to express their views during meetings[165]. - All Directors confirmed they dedicated sufficient time and attention to the Company's affairs during the reporting period[175]. - The Audit Committee held 3 meetings during the year ended December 31, 2023, with all members attending all meetings except for one member who resigned[188]. - The Nomination Committee held 1 meeting during the year ended December 31, 2023, with full attendance from all members[192]. - The Nomination Committee assessed the independence of independent non-executive Directors and reviewed the structure and composition of the Board[194]. - The Company is focused on identifying potential candidates for key positions through recommendations from board members, professional search firms, and shareholders[200]. - Evaluation of candidates is based on approved selection criteria, including resume reviews and background checks[200]. - Shortlisted candidates' profiles are reviewed, and interviews are conducted as part of the selection process[200]. - Recommendations on selected candidates are made to the board for final approval[200].

Financial Performance - Revenue for the year ended December 31, 2023, was $7,338,000, a decrease of 14.2% from $8,551,000 in 2022[3] - Gross profit increased by 2.5% to $2,524,000 compared to $2,462,000 in the previous year[3] - Operating loss improved by 53.0%, reducing from $5,387,000 in 2022 to $2,531,000 in 2023[3] - The company reported a total comprehensive loss of $75,041,000 for the year, compared to $31,655,000 in 2022[7] - Basic and diluted loss per share increased to $4.0 from $2.3 in the previous year[7] - The total loss for the year was $74,968,000, compared to a loss of $29,527,000 in the previous year, indicating a significant increase in losses[23] - The group recorded a loss of approximately $75.0 million for the year ended December 31, 2023, compared to a loss of about $29.5 million in 2022[51] - Revenue for the year was approximately $7.3 million, a decrease of about $1.3 million from $8.6 million in 2022, primarily due to reduced income from printed circuit boards and AI materials trading[52] Asset and Liability Management - Total assets decreased by 61.0% to $44,785,000, down from $114,821,000 in the previous year[3] - Total liabilities decreased by 34.5% to $11,666,000 compared to $17,807,000 in 2022[3] - Net asset value fell by 65.9% to $33,119,000 from $97,014,000 in the previous year[3] - CMMB business segment assets decreased to $26,378,000 from $45,510,000, a reduction of 42%[24] - Trade business segment assets increased slightly to $1,188,000 from $947,000, a growth of 25.5%[24] - Current assets were approximately $10.0 million, slightly up from $9.9 million in 2022, with cash and cash equivalents decreasing to about $0.7 million from $1.7 million[65] - Current liabilities decreased to approximately $2.7 million from $3.8 million in 2022, resulting in a current ratio of approximately 3.66, up from 2.58 in the previous year[67] - The asset-liability ratio was approximately 19.9%, reflecting a solid financial position, with no bank borrowings reported as of December 31, 2023[69] Impairment and Losses - The company reported a significant increase in losses attributable to joint ventures, rising 144.7% to $49,599,000 from $20,269,000[3] - Impairment losses recognized on intangible assets surged by 454.4%, from $3,648,000 in 2022 to $20,224,000 in 2023[3] - The group reported an impairment loss on intangible assets of approximately $20.2 million for the year, compared to $3.6 million in 2022, due to challenges in the LPTV market[63] - The group holds a 20% stake in Silkwave Holdings, which incurred a share of losses of approximately $49.6 million, up from $20.3 million in 2022, primarily due to delays in regulatory approvals in China[59] Revenue Sources - CMMB business segment revenue was $2,352,000, down from $2,722,000, representing a decline of 13.6%[23] - Trade business segment revenue was $4,986,000, down from $5,829,000, a decrease of 14.5%[23] - Revenue from external customers in the United States was $2,304,000, down from $2,433,000, a decline of 5.3%[28] - Revenue from external customers in Taiwan was $3,591,000, down from $4,067,000, a decrease of 11.7%[28] Cost Management - The company's material costs decreased from $5,640 thousand in 2022 to $4,719 thousand in 2023, indicating a reduction in overall expenses[34] - The company reported a significant decrease in market development expenses from $1,268 thousand in 2022 to $137 thousand in 2023[34] - The company’s interest expenses on convertible bonds decreased from $2,363 thousand in 2022 to $835 thousand in 2023[5] - Administrative expenses decreased from approximately $3.5 million in 2022 to about $3.0 million in the current year, mainly due to cost control measures[55] - Employee costs for the year were approximately $2.3 million, down from $2.8 million in 2022, with an average employee count of about 22[76] Shareholder Information - The company did not recommend any final dividend for the year ended December 31, 2023[44] - The board does not recommend the declaration of a final dividend for the year ended December 31, 2023[64] - The group issued 891,714,258 new shares through the conversion of convertible bonds during the year, increasing the total issued shares to 1,792,389,888 by December 31, 2023[40] - The group issued 72,700,000 new shares through stock options and 177,828,570 new shares through convertible bonds during the year[80] Corporate Governance - The company has adopted the revised standard code for securities trading by directors, confirming compliance for the year ending December 31, 2023[86] - The audit committee, consisting of three members, has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[87] - The group's auditor confirmed that the unaudited consolidated financial statements align with the draft consolidated financial statements for the year ending December 31, 2023[88] - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[89] - The company believes that the dual role of the Chairman and CEO, held by Mr. Huang since May 19, 2008, is beneficial for overseeing operations and strategic planning[89] Business Development - The group is actively exploring new business opportunities and diversifying revenue sources to enhance shareholder returns[78] - The group established a new trading department focused on artificial intelligence products to expand its trading business into other "Belt and Road" cities in Asia[81] - The group aims to diversify its trade business product range, focusing on high-tech components and products, particularly in data connectivity devices[50] - The group is cautiously optimistic about the development of satellite-connected automotive multimedia services, recognizing significant market potential due to increasing consumer demand for in-car entertainment[83] - The group is optimistic about the potential applications of satellite-based in-car infotainment systems, despite regional limitations affecting service development[48]

INTERIM REPORT 中期報告 2023 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論及分析 | 4 | | Other Information | 其他資料 | 11 | | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益及其他全面收益表 | 25 | | Other Comprehensive Income | | | | Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況表 | 27 | | Condensed Consolidated Statement of Changes in Equity | 簡明綜合權益變動表 | 29 | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 SILKWAVE INC (cid:1117)(cid:1117) (cid:6877)(cid:6877) (cid:7080)(cid:7080) (cid:6922)(cid:6922) (cid:7481)(cid:7481) (cid:19584)(cid:19584) (cid:1948)(cid:1948) (cid:2600)(cid:2600) (cid:708)(cid:7148)(cid:19387)(cid:7468)(cid:13780)(cid:4902)(cid:16491)(cid:1978)(cid:6208)(cid:12539)(cid:1147)(cid:7481)(cid:19584)(cid:1948)(cid:2600)(cid:709) （股份代號：471） 截至二零二三年六月三十日止六個月中期業績公告 財務概要 (a) 收入增加約11.3%至約3.6百萬美 ...

ANNUAL REPORT 年報 2022 SILKWAVE INC 中播數據有限公司 ANNUAL REPORT 2022 年報 Contents |目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Five Year Financial Summary | 五年財務概要 | 4 | | Chairman's Statement | 主席報告書 | 5 | | Management Discussion and Analysis | 管理層討論及分析 | 7 | | Directors and Senior Management | 董事及高級管理層 | 20 | | Corporate Governance Report | 企業管治報告書 | 26 | | Environmental, Social and Governance Report | 環境、社會及管治報告書 | 51 | | Directors' Report | 董事會報告書 | 63 | | Independent Auditor's Report | 獨立核數師 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 SILKWAVE INC (cid:1117)(cid:1117) (cid:6877)(cid:6877) (cid:7080)(cid:7080) (cid:6922)(cid:6922) (cid:7481)(cid:7481) (cid:19584)(cid:19584) (cid:1948)(cid:1948) (cid:2600)(cid:2600) (cid:708)(cid:7148)(cid:19387)(cid:7468)(cid:13780)(cid:4902)(cid:16491)(cid:1978)(cid:6208)(cid:12539)(cid:1147)(cid:7481)(cid:19584)(cid:1948)(cid:2600)(cid:709) （股份代號：471） 截至二零二二年十二月三十一日止年度全年業績公告 業績摘要 截至十二月三十一日止年度 二零二二年 二零 ...