Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Core Insights - The National Medical Products Administration (NMPA) has announced measures to optimize the lifecycle regulation of high-end medical devices, focusing on areas such as medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] - The global high-end medical device market is projected to exceed $1.8 trillion by 2030, with China's market expected to reach 2.8 trillion RMB [1] Industry Focus Areas - **Brain-Computer Interface (BCI)**: The BCI market in China is expected to reach 3.2 billion RMB in 2024, growing at 18.8%, and is projected to reach 5.58 billion RMB by 2027 with a growth rate of 20%. Challenges include technical bottlenecks and ethical controversies [2] - **High-End Medical Imaging Equipment**: The domestic market has seen rapid development, with increasing localization in mid-to-low-end products. However, high-end imaging equipment still faces challenges, particularly in the localization of key components [2] - **Surgical Robots**: The market for surgical robots is dominated by laparoscopic surgical robots, with the Da Vinci system currently leading. Domestic products are entering the market, which may disrupt the current landscape [3] - **High-Value Consumables**: These account for about 20% of the medical device market. While some segments have achieved domestic substitution, others, particularly in cardiac and neurological devices, still rely heavily on imports [3] - **In Vitro Diagnostics (IVD)**: The IVD industry has seen significant domestic advancement in low-end technologies, but high-end segments remain largely dominated by foreign brands [3] Market Trends - The medical device industry is characterized by a dual focus on technology-driven innovation and domestic substitution. Key components for high-end devices are being developed domestically, with some products nearing international standards [4] Related Companies - **MicroPort Scientific Corporation (微创机器人)**: Reported over 130 core product orders, with significant growth in laparoscopic surgical robots [5] - **Yimai Sunshine (一脉阳光)**: Engaged in building medical imaging centers and has launched an AI medical imaging model, marking a transition in the industry [6] - **Yongsheng Medical (永胜医疗)**: Focuses on rehabilitation robotics and has secured agreements for health care product procurement [6] - **Kangji Medical (康基医疗)**: Recently received regulatory approval for a four-arm laparoscopic surgical robot, expanding its clinical application range [7]

Financial Performance - The company reported a revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[7]. - Revenue for the year ended December 31, 2024, increased by 11.6% to HKD 800.963 million, compared to HKD 717.973 million in 2023[12]. - Total revenue for the year reached HKD 801.0 million, an increase of 11.6% compared to HKD 718.0 million in 2023, driven by increased orders in the imaging disposable products segment and growth in health care and wellness products[35]. - Profit attributable to owners increased by 20.8% to HKD 69.167 million, compared to HKD 57.275 million in 2023[12]. - Basic earnings per share increased to HKD 10.75 from HKD 8.87 in 2023[12]. - Total dividend per share for 2024 is HKD 3.30, up from HKD 2.75 in 2023[20]. - The company reported a net profit margin of 12%, up from 10% in the previous year, indicating improved operational efficiency[7]. User Growth and Market Expansion - User data showed a growth of 25% in active users, reaching 500,000 by the end of 2024[7]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2026[7]. Product Development and Innovation - New product launches included a state-of-the-art medical device that is expected to generate an additional HKD 200 million in revenue in 2025[7]. - Research and development expenses increased by 20%, totaling HKD 150 million, to support innovation and new technology[7]. - The company continues to invest in product quality control and compliance, having passed FDA reviews and received EU MDR certification for several respiratory medical devices[25]. - The company has a dedicated R&D department located in Dongguan, focusing on innovative and reliable medical technologies[84]. Strategic Initiatives - The company completed an acquisition of a competitor for HKD 300 million, enhancing its product portfolio and market reach[7]. - The company plans to accelerate digitalization, automation, and operational optimization, with new production facilities expected to commence trial operations by the end of 2025[34]. - The focus will remain on diversified growth strategies, particularly in imaging disposable products and respiratory products, while exploring AI opportunities in rehabilitation and healthcare products[23]. Financial Management and Capital Expenditure - Capital expenditure for the year was HKD 142.4 million, significantly up from HKD 21.3 million in 2023, mainly for the construction of new production facilities[44]. - The company had unutilized bank financing of HKD 487.0 million as of December 31, 2024, compared to HKD 93.9 million in 2023[54]. - Total interest-bearing borrowings rose to HKD 80.2 million from HKD 21.0 million in 2023, primarily to fund new production facilities[53]. Governance and Management - The company has a robust governance structure with independent directors overseeing compensation and audit committees, ensuring transparency and accountability[72]. - The board includes independent directors with over 40 years of experience in medical device management, marketing, and R&D, ensuring diverse expertise[73]. - The company’s executive team includes members with extensive backgrounds in biomedical engineering and risk management, enhancing operational oversight[67][69]. Risk Management - The company faces significant risks from global economic conditions, including trade protectionism, currency fluctuations, and geopolitical tensions, which may impact financial performance[87]. - Labor shortages and rising labor costs have become a challenge, potentially affecting the company's operational capacity[91]. - The company is subject to stringent regulatory requirements in the medical device industry, and changes in laws or regulations could hinder its ability to operate effectively[94]. Shareholder Engagement and Dividends - The proposed final dividend for the year ending December 31, 2024, is HKD 0.017 per share, an increase from HKD 0.015 in 2023[108]. - The company aims to distribute a total dividend of no less than 30% of the consolidated profit attributable to shareholders for each financial year[109]. Corporate Social Responsibility - The board of directors emphasized a commitment to environmental, social, and governance (ESG) initiatives, with a budget of HKD 50 million allocated for sustainability projects in 2025[7]. - The group made charitable donations of RMB 130,000 in the current year, compared to zero in 2023[119]. Employee Welfare and Culture - Employee welfare is prioritized through competitive compensation, benefits, and professional training programs[103]. - The company emphasizes a culture of integrity and ethical standards across all business activities, with training provided to employees[185].

Group 1: Regulatory Developments - The National Medical Products Administration (NMPA) is seeking public opinion on measures to optimize lifecycle regulation supporting high-end medical device innovation [1] - The draft emphasizes strengthening standards to lead innovation and improving the high-end medical device standard system [1] - Accelerated publication of standards for medical exoskeleton robots and radioactive nuclide imaging devices is planned [1] Group 2: Industry Trends - AI in healthcare is highlighted as a significant innovation direction, enhancing medical device functionality and clinical decision-making [1] - Companies are expected to leverage AI to improve product competitiveness and customer loyalty, solidifying their market position [1] Group 3: Company Performance - MicroPort Robotics (02252) is experiencing strong order trends, with sales contribution from robotics expected to rise from approximately 3% in 2024 to about 40% by 2033 [2] - Yimaitong (02522) is advancing in medical imaging services and has launched an AI company that released a global first full-modal medical imaging model [2] - Yongsheng Medical (01612) reported a revenue of approximately HKD 801 million for 2024, a year-on-year increase of 11.6%, driven by increased orders in imaging disposable products [3] - Kangji Medical (09997) is set to launch its surgical robot business, with significant investments in its subsidiary Weijing Medical, which has completed clinical trials for its four-arm surgical robot system [4]

Financial Performance - The company recorded a revenue growth of 11.6%, reaching HKD 801.0 million for the year ended December 31, 2024[4] - Profit for the year increased by 21.8% to HKD 70.9 million, with a net profit margin rising to 8.9% from 8.1% in 2023[4] - Operating profit for the year was HKD 79.7 million, up from HKD 65.8 million in 2023[5] - The group's revenue for 2024 reached HKD 800,963,000, an increase from HKD 717,973,000 in 2023, representing an increase of approximately 11.5%[22] - The total profit for the reporting segment rose to HKD 100,401,000 in 2024, compared to HKD 90,548,000 in 2023, marking an increase of 10.2%[32] - The company reported a basic and diluted earnings per share of HKD 69,167,000 for 2024, compared to HKD 57,275,000 in 2023, reflecting a significant increase in profitability[43] Revenue Segmentation - Revenue from the imaging disposable products segment increased by 37.7% to HKD 393.3 million, attributed to strengthened collaboration with major clients and growth in the global medical imaging diagnostic services market[4] - Revenue from OEM products was HKD 631,477,000 in 2024, up from HKD 505,520,000 in 2023, reflecting a growth of about 24.9%[22] - Revenue from external customers in the United States reached HKD 292,736,000 in 2024, up from HKD 259,719,000 in 2023, reflecting a growth of 12.7%[33] - Revenue from external customers in Spain surged to HKD 256,594,000 in 2024, compared to HKD 168,738,000 in 2023, indicating a significant increase of 52.0%[33] - Revenue from the imaging disposable products segment reached HKD 393.3 million in 2024, a 37.7% increase from HKD 285.6 million in 2023, accounting for 49.1% of total revenue[48] - The respiratory products segment experienced a revenue decline of 10.7% to HKD 245.5 million in 2024, down from HKD 274.9 million in 2023, primarily due to reduced demand[50] - Revenue from orthopedic support and rehabilitation products decreased by 14.4% to HKD 50.2 million in 2024, down from HKD 58.7 million in 2023, reflecting pressures from macroeconomic uncertainties[51] - Other products revenue increased by 13.2% to HKD 111.9 million in 2024, up from HKD 98.8 million in 2023, representing 14.0% of total revenue[52] Dividends - The board proposed a final dividend of HKD 0.017 per share, totaling HKD 0.033 per share for 2024, compared to HKD 0.0275 per share in 2023[4] - The company has approved a final dividend of HKD 1.5 per share for 2023, totaling approximately HKD 9,800,000, and a mid-term dividend of HKD 1.6 per share for 2024, totaling approximately HKD 10,453,000[10] - The board has declared a final dividend of 1.7 HKD cents per share for the year, up from 1.5 HKD cents in 2023, bringing the total dividend for 2024 to 3.3 HKD cents per share[87] Assets and Liabilities - Total assets increased to HKD 919.7 million from HKD 786.6 million in 2023[8] - Non-current assets rose significantly to HKD 332.0 million from HKD 214.0 million in 2023, driven by investments in property, plant, and equipment[8] - The company’s total equity increased to HKD 583.4 million from HKD 543.1 million in 2023[9] - Contract assets increased to HKD 31,613,000 in 2024 from HKD 14,820,000 in 2023, indicating a significant rise of approximately 113%[24] - The group reported a decrease in trade receivables to HKD 169,332,000 in 2024 from HKD 172,394,000 in 2023, a decline of approximately 1.8%[24] - Trade receivables amounted to HKD 169.3 million, with the quality of receivables being satisfactory and credit risk management continuing to be a focus[69] - The company’s inventory as of December 31, 2024, was HKD 162.7 million, down from HKD 173.8 million in 2023, reflecting strict inventory policies[68] Operational Efficiency - The company focused on quality and compliance management, obtaining certification under the EU Medical Device Regulation for its quality management system and respiratory product series[4] - The company implemented efficiency-enhancing measures, including optimizing procurement channels and upgrading its ERP system[4] - The company is focused on digitalization, automation, and operational optimization to improve workflow and efficiency across its business management systems[47] - The new production facility in Jiangmen, Guangdong Province, is on track to commence trial operations by the end of 2025, aimed at enhancing operational efficiency[47] - Capital expenditure for the year was HKD 142.4 million, significantly up from HKD 21.3 million in 2023, primarily for the construction of new production facilities[65] - The company plans to continue building new production facilities, expected to commence trial operations by the end of 2025[56] Research and Development - Research and development expenditure was HKD 30.6 million, representing 3.8% of total revenue, down from 5.0% in 2023[62] - The company plans to continue investing in R&D and seek strategic partnerships to accelerate business development, particularly in the context of its collaboration with Inovytec Medical Solutions Limited[53] Financial Standards and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which includes changes in the classification of liabilities[14] - The group has not made any retrospective adjustments due to the adoption of the revised standards, and there was no significant impact on previously recognized amounts[15] - The group is currently evaluating the expected impact of new standards and interpretations that will become effective in the future, including those effective from January 1, 2025, and beyond[18][19] Miscellaneous - The company has not made any significant acquisitions or disposals of subsidiaries or associates during the year[80] - As of December 31, 2024, the company has no contingent liabilities reported[85] - The company has pledged assets including properties and equipment valued at 132.7 million HKD and right-of-use assets at 30.4 million HKD to secure loans for new production facilities[82] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year[96] - There are no significant events reported after the reporting period up to the date of this announcement[81] - The company has not established a foreign currency hedging policy despite exposure to currency risks, particularly with costs denominated in RMB and sales in USD and JPY[83] - The annual general meeting is scheduled for May 21, 2025, with a record date for the final dividend on June 2, 2025[86]

Vincent Medical 永 勝 醫 療 控 股 有 限 公 司 力： 200 - 100 - 0 ● Al Reliability 可靠 B o 中期報号 | --- | --- | --- | |-------|-------|------------------------------| | | | | | | | | | | 目 | 錄 | | | | | | 2 | | 公司資料 | | 3 | | 財務摘要 | | 4 | | 管理層討論及分析 | | | 10 | 其他資料 | | | 23 | 獨立審閱報告 | | | 24 | 簡明綜合損益表 | | | 25 | 簡明綜合損益及其他全面收益表 | | | 26 | 簡明綜合財務狀況表 | | | 27 | 簡明綜合權益變動表 | | | 28 | 簡明綜合現金流量表 | | | 29 | 簡明綜合財務報表附註 | 公司資料 | --- | --- | --- | |-------------------------------------------------------------------|------------------ ...

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 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Vincent Medical Holdings Limited 永勝醫療控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1612） 截至2024年6月30日止六個月之 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 500 million, representing a growth of 25% year-over-year[2]. - Revenue for the year ended December 31, 2023, increased by 14.1% to HKD 717.973 million compared to HKD 629.242 million in 2022[15]. - The company reported a profit attributable to owners of HKD 57.275 million, a turnaround from a loss of HKD 17.398 million in 2022[15][24]. - Basic earnings per share improved to HKD 8.87 from a loss of HKD 2.66 in the previous year[15]. - The total dividend for 2023 was HKD 2.75 per share, an increase from HKD 2.50 in 2022, with a payout ratio of 31.4%[24]. - The group recorded a profit attributable to owners of HKD 57.3 million, a significant recovery from a loss of HKD 17.4 million in 2022[52]. - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[3]. Revenue Segmentation - Revenue from disposable imaging products grew by 20.0% to HKD 285.6 million, up from HKD 238.0 million in 2022[27]. - The imaging disposable products segment reported a revenue increase of 20.0% to HKD 285.6 million, accounting for 39.8% of total revenue[35]. - The respiratory products segment generated revenue of HKD 274.9 million, a 9.6% increase, representing 38.3% of total revenue, primarily due to a 10.2% increase in sales of inspiredTM respiratory devices and consumables[32]. - The healthcare and wellness products segment saw a significant revenue increase of 195.6% to HKD 26.9 million, reflecting the expansion of the product portfolio[37]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[3]. - New product launches included the O2FLO respiratory humidification device, which is expected to contribute an additional HKD 50 million in revenue[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[3]. - A strategic acquisition of a local medical device company was completed, enhancing the company's product portfolio and expected to generate HKD 30 million in synergies[3]. - The company plans to upgrade its operational systems and enhance marketing capabilities in 2024, alongside increased investment in technology and product innovation[29]. - The strategic focus includes expanding into health care and wellness devices, enhancing product offerings and business sustainability[25]. Research and Development - Research and development expenses increased by 18%, totaling HKD 80 million, focusing on innovative medical technologies[3]. - Research and development expenses for the year amounted to HKD 36.1 million, representing 5.0% of total revenue, a decrease from 5.8% in 2022[49]. - The company is constructing a new R&D and production facility in Jiangmen, Guangdong, to enhance production capacity and operational efficiency[28]. - The company plans to focus on product development, customer relationship management, and clinical education to enhance product competitiveness and order visibility in the respiratory products segment[40]. Governance and Compliance - The company has implemented a new corporate governance policy aimed at improving transparency and accountability[3]. - The board of directors has approved a dividend policy, with a proposed dividend of HKD 0.05 per share, reflecting a payout ratio of 25%[3]. - The company has established a risk management committee to enhance operational oversight and mitigate potential risks[72]. - The company has confirmed the independence of all independent non-executive directors through annual independence confirmation letters[141]. - The company reported no significant violations of applicable laws and regulations during the year[121]. Market Risks and Challenges - The company faces significant financial risks, including foreign currency risk, credit risk, liquidity risk, and interest rate risk[109]. - The ongoing geopolitical tensions and political instability may adversely affect the company's operations and increase costs[98]. - Labor shortages and rising labor costs are impacting the company's ability to maintain production levels[101]. - The company is exposed to supply chain disruptions, which could delay product deliveries and harm its reputation[102]. - The potential for new COVID-19 variants remains a concern, which could disrupt economic activities and the company's operations[95]. - The company is subject to strict regulatory compliance, and changes in laws or regulations could limit its ability to operate effectively[106]. Employee and Shareholder Relations - The total number of full-time employees increased to 1,264 from 1,226 in 2022, with total employee costs, including directors' remuneration, amounting to HKD 194.3 million, which is 27.1% of total revenue[61]. - The company focuses on creating a harmonious and safe working environment for employees, offering competitive compensation and professional training[115]. - The company emphasizes the importance of effective communication with shareholders and aims to provide stable and sustainable returns[117]. Share Options and Incentives - The company has granted a total of 2,000,000 stock options to Mr. Cai, subject to vesting conditions[157]. - The total number of unexercised stock options as of December 31, 2023, is 1,986,668 shares after accounting for cancellations[171]. - The share options plan allows for the issuance of options to executives, directors, employees, and other eligible participants as a reward for their contributions[167]. - The total number of shares that may be issued as rewards under the share incentive plan is capped at 32,820,516 shares, representing approximately 5% of the company's issued share capital as of the adoption date[182]. Continuous Connected Transactions - The company has entered into continuous connected transactions, including a medical trolley procurement agreement and a plastic and metal service agreement with VRDG[196]. - The medical trolley procurement agreement is effective from June 30, 2021, to December 31, 2023, while the plastic and metal service agreement is effective from January 1, 2022, to December 31, 2023[197]. - The annual cap for the medical trolley procurement agreement is set at HKD 22,000,000 for the year ending December 31, 2023[200]. - The annual cap for the plastic and metal service agreement is set at HKD 11,500,000 for the year ending December 31, 2023[200].

智通财经APP讯，永胜医疗(01612)发布截至2023年12月31日止年度的全年业绩，该集团期内取得收入7.18亿港元，同比增加14.1%;股东应占溢利5727.5万港元，上年同期股东应占亏损1739.8万港元，同比扭亏为盈;每股基本盈利8.87港仙;拟派发末期股息每股1.5港仙。 公告称，呼吸产品分部仍是集团增长战略的组成部分，并于2023年重回增长轨道，收入按年增长9.6%至2.75亿港元(2022年：2.51亿港元)，占集团收入的38.3%。该增长主要由于集团的inspiredTM呼吸类器械及耗材的采用率持续上升，销售额增长10.2%所致。 ...

Financial Performance - The company achieved a robust organic revenue growth of 14.1% to HKD 718.0 million for the year ended December 31, 2023, with imaging disposable products growing by 20.0% and respiratory products by 9.6%[4]. - The company turned a profit in 2023, recording a net profit attributable to shareholders of HKD 57.3 million, compared to a net loss of HKD 17.4 million in 2022[4]. - The group’s total revenue for 2023 reached HKD 717,973,000, an increase from HKD 629,242,000 in 2022, representing a growth of approximately 14.1%[24]. - The company reported a gross profit of HKD 240.4 million for 2023, compared to HKD 165.4 million in 2022, reflecting a gross margin improvement[5]. - Operating profit for the year was HKD 65.8 million, a significant turnaround from an operating loss of HKD 11.0 million in the previous year[5]. - The overall segment profit for 2023 was HKD 90,548,000, compared to HKD 13,796,000 in 2022, indicating a significant improvement[34]. - The company reported a consolidated profit before tax of HKD 66,915,000, a turnaround from a loss of HKD 15,516,000 in the previous year[34]. - The company's profit for 2023 was HKD 57,275,000, a significant recovery from a loss of HKD 17,398,000 in 2022[43]. Revenue Breakdown - Revenue from respiratory products amounted to HKD 274,853,000 in 2023, up from HKD 250,802,000 in 2022, reflecting an increase of about 9.6%[24]. - Revenue from imaging disposable products was HKD 285,570,000 in 2023, compared to HKD 238,021,000 in 2022, marking an increase of approximately 19.9%[24]. - The group’s revenue from orthopedic support and rehabilitation devices was HKD 58,704,000 in 2023, down from HKD 69,064,000 in 2022, reflecting a decrease of about 15.0%[24]. - The group’s revenue from the United States market was HKD 259,719,000 in 2023, a decrease from HKD 354,565,000 in 2022, representing a decline of approximately 26.7%[24]. - The group’s revenue from Spain increased significantly to HKD 168,738,000 in 2023 from HKD 8,175,000 in 2022, indicating a substantial growth of approximately 1955.5%[24]. - The OEM segment generated revenue of HKD 505,520,000, up from HKD 435,602,000, representing a growth of 16.0%[34]. - The OBM segment reported revenue of HKD 212,453,000, an increase of 9.7% from HKD 193,640,000[34]. Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.015 per share for the year, resulting in a total dividend of HKD 0.0275 per share for 2023, up from HKD 0.025 per share in 2022, with a payout ratio of 31.4%[4]. - The total dividend for 2023 is HKD 2.75 per share, with a payout ratio of 31.4%, compared to HKD 2.5 per share in 2022[88]. - The company plans to distribute a final dividend of HKD 1.5 per share, pending shareholder approval at the upcoming annual general meeting[42]. Assets and Liabilities - Total assets increased to HKD 786.6 million in 2023 from HKD 726.7 million in 2022, with total equity rising to HKD 543.1 million from HKD 498.6 million[8]. - The company’s cash and cash equivalents increased to HKD 175.8 million in 2023 from HKD 159.3 million in 2022, indicating improved liquidity[8]. - The company’s non-current assets totaled HKD 213.9 million in 2023, up from HKD 177.4 million in 2022, reflecting ongoing investments in fixed assets[8]. - The company’s total borrowings decreased to HKD 21.0 million from HKD 38.5 million in 2022, resulting in a net capital debt ratio of 0.04, down from 0.08[76]. - The company has no contingent liabilities as of December 31, 2023[86]. - The company has no assets pledged as collateral as of December 31, 2023[83]. Operational Efficiency and Strategy - The company plans to focus on long-term development by enhancing production efficiency, expanding capacity, and automation, alongside adopting a "Made in China for China" strategy to improve profitability[4]. - The company has commenced construction of a new production facility in Jiangmen, Guangdong, to enhance operational efficiency and support new product categories[49]. - The company plans to complete a new production facility in Jiangmen, Guangdong by the end of 2025, which is expected to enhance capacity and automation, facilitating market expansion in China[59]. - The company reported a decrease in inventory provisions from HKD 34,913,000 in 2022 to HKD 4,678,000 in 2023, indicating improved inventory management[39]. Research and Development - The company continues to invest in research and development, regulatory compliance, and quality assurance to expand its product portfolio and support long-term growth strategies[4]. - Research and development expenses for the year were HKD 36.1 million, representing 5.0% of total revenue, slightly down from 5.8% in 2022[66]. Employee and Governance - As of December 31, 2023, the total number of full-time employees was 1,264, an increase from 1,226 in 2022[77]. - Employee costs, including directors' remuneration, amounted to HKD 194.3 million, representing 27.1% of the group's revenue, down from 30.6% in 2022[77]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[101]. Miscellaneous - The group adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial position or performance for the current and prior years[16]. - The group expects that the adoption of new accounting standards will not significantly affect the consolidated financial statements in the future[21]. - There were no significant acquisitions or disposals of subsidiaries or associates during the year[81]. - The board has not established a foreign currency hedging policy, but it monitors foreign currency risks closely[84]. - The annual general meeting is scheduled for May 22, 2024[87]. - The annual performance announcement and annual report for the year ending December 31, 2023, will be sent to shareholders and available on the company's website[99]. - The board expresses gratitude to stakeholders and business partners for their continuous support, acknowledging the contributions of management and all employees[100].