Financial Performance - The company reported revenue of HKD 763.1 million for the year, an increase of 40.9% compared to the previous year[8]. - Gross profit for the year was HKD 221.0 million, with a gross margin of 29.0%[8]. - Net profit attributable to equity holders was HKD 106.5 million, resulting in a net profit margin of 14.0%[8]. - Earnings per share for the year were HKD 0.2967, up from HKD 0.2753 in 2020[8]. - Total revenue increased by approximately HKD 221.4 million or 40.9% to approximately HKD 763.1 million for the year ended December 31, 2021, primarily due to increased sales in cooking appliances[27]. - Gross profit increased by approximately HKD 37.0 million or 20.1% to approximately HKD 221.0 million, despite a decrease in gross margin from about 34.0% to 29.0% due to RMB appreciation and rising raw material costs[28]. - The group's net profit increased by approximately HKD 2.3 million or about 2.2%, from approximately HKD 104.2 million for the year ended December 31, 2020, to approximately HKD 106.5 million for the year ended December 31, 2021[36]. - The effective tax rate for the years ended December 31, 2020, and December 31, 2021, was approximately 15.1% and 15.4%, respectively[35]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.16 per share, compared to HKD 0.144 per share in 2020[9]. - The company proposed a final dividend of HKD 0.16 per share for the year ending December 31, 2021, compared to HKD 0.144 in 2020, pending shareholder approval at the upcoming annual general meeting[65]. - The company has a sustainable dividend policy aimed at balancing shareholder interests and prudent capital management, with future dividends subject to board approval based on overall best interests[178]. Sustainability and Environmental Goals - The company aims to reduce emissions, hazardous waste, and water consumption by 15% per production unit by 2025, based on 2020 levels[13]. - The company aims to reduce emissions, hazardous waste, and water consumption by 15% by 2025 from a 2020 baseline as part of its commitment to sustainability[25]. - The management team emphasizes a focus on sustainability, aiming for a 30% reduction in carbon footprint by 2025[96]. Market Expansion and Product Development - The company plans to invest in increasing production capacity to better meet growing customer demand and diversify its customer base[13]. - The company plans to launch several new models in 2022 to support international market expansion and meet consumer demand[22]. - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[96]. - Market expansion plans include entering two new international markets by Q3 2022, aiming for a 20% increase in market share[96]. - A new product line is set to launch in Q2 2022, expected to contribute an additional $3 million in revenue[96]. - New product development is underway, with three innovative products scheduled for launch in Q3 2022, aimed at enhancing market competitiveness[121]. Operational Efficiency and Technology Integration - The company is focusing on integrating advanced technologies such as AI, IoT, and extended reality into its products to enhance value for customers[13]. - The company is committed to improving production efficiency to mitigate pressures from raw material shortages and supply chain disruptions[10]. - The company has implemented Industry 4.0 production lines to enhance digitalization and automation, improving production efficiency[25]. - The company has established partnerships with key suppliers to improve supply chain efficiency, targeting a 15% reduction in costs[96]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and believes it has complied with all provisions during the reporting period[64]. - The company has confirmed compliance with the corporate governance code for the year ending December 31, 2021[128]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[131]. - The independent non-executive directors contribute to the effective operation of the board and provide checks and balances for the interests of the group and shareholders[136]. - The company has established written guidelines for employees regarding securities trading, ensuring compliance with the standard code[130]. Financial Management and Investments - The company reported a significant increase in overall financial management and investment operations, with a focus on budget formulation[82]. - The company has invested HKD 50 million in R&D for new technologies, focusing on sustainability and energy efficiency[121]. - The company has made capital commitments of approximately HKD 78.7 million for the purchase of properties, plants, and equipment as of December 31, 2021[38]. Employee and Management Insights - The total employee cost for the year ended December 31, 2021, was approximately HKD 94.1 million, an increase from approximately HKD 73.4 million in 2020[58]. - The group employed a total of 866 full-time employees as of December 31, 2021, compared to 792 in 2020[58]. - The management team has extensive experience, with an average of over 30 years in the industry, ensuring strong leadership[121]. - The management team is committed to continuous professional development, with members holding advanced qualifications in finance and business management[85]. Risk Management - The company has adopted a risk management policy to ensure sustainable business growth and to proactively address business-related risks[189]. - The audit committee assists the board in continuously reviewing the effectiveness of the group's risk management and internal control systems[187]. - The board has conducted an annual review of the effectiveness of the risk management and internal control systems, covering all significant control aspects[200].

Financial Performance - Total revenue increased by approximately HKD 76.2 million or about 34.1% to approximately HKD 300.0 million for the six months ended June 30, 2021, compared to approximately HKD 223.8 million for the same period in 2020[49]. - Gross profit increased by approximately HKD 13.6 million or about 18.2% to approximately HKD 88.4 million for the six months ended June 30, 2021, despite a decrease in gross margin from 33.4% to 29.5%[50]. - Net profit rose by approximately HKD 4.4 million or about 12.5% to approximately HKD 39.2 million for the six months ended June 30, 2021, with a net profit margin decline from 15.6% to 13.1%[56]. - For the six months ended June 30, 2021, the company reported revenue of HKD 300,041,000, representing a 34% increase from HKD 223,796,000 in the same period of 2020[142]. - Gross profit for the same period was HKD 88,399,000, up from HKD 74,813,000, indicating a growth of approximately 18%[142]. - The net profit for the period was HKD 39,171,000, compared to HKD 34,805,000 in the previous year, reflecting a year-on-year increase of about 12.7%[142]. - Total comprehensive income for the period was HKD 40,306,000, compared to HKD 33,407,000 in the prior year, marking a 20.5% increase[147]. Operational Challenges - The company faced pressures from global shipping container shortages and rising raw material prices, but maintained close communication with customers and suppliers to mitigate impacts on profitability[39]. - The group faced significant risks including potential impacts from public health events, which could lead to lockdowns and operational disruptions in regions like China and Hong Kong[72]. - The company relies on a few major customers, and any deterioration in relationships with these customers could significantly impact performance[72]. Production and Capacity - The company expanded its production capacity, which is crucial for meeting the growing demand for its products, reflecting the success of management's forward-looking strategy[36]. - The new production capacity added in 2020 is expected to contribute positively to the company's performance in the second half of 2021[40]. - The company plans to upgrade production facilities and increase capacity with a budget of HKD 50.4 million, of which HKD 21.6 million has been spent by June 30, 2021[82]. - The company is exploring effective ways to enter the Chinese consumer market and is enhancing its industrial 4.0 production lines to improve capacity and efficiency[48]. Product Development - Town Ray has diversified its product range and customer base, expanding its R&D team in Hong Kong and launching its own brand to tap into affluent consumers in the Greater Bay Area[39]. - Town Ray plans to invest in product development and introduce new cooking appliance products in the coming years to enhance its competitive advantage in the market[44]. - The company aims to develop new and more complex features for existing products to add value for its brand and end consumers[44]. - The company aims to enhance product design and development capabilities with a budget of HKD 31.6 million, of which HKD 8.6 million has been utilized by June 30, 2021[82]. Financial Position - Cash and cash equivalents were approximately HKD 188.9 million as of June 30, 2021, down from approximately HKD 223.9 million as of December 31, 2020[66]. - The capital debt ratio as of June 30, 2021, was approximately 12.3%, a decrease from approximately 12.8% as of December 31, 2020, mainly due to a reduction in interest-bearing bank borrowings[64]. - Net assets decreased to HKD 297,593,000 from HKD 308,983,000 year-over-year, representing a decline of approximately 3.8%[155]. - The company reported a net cash outflow from financing activities of HKD 61,466,000 for the six months ended June 30, 2021, compared to HKD 89,608,000 in the previous year, indicating a reduction of approximately 31.5%[163]. Employee and Administrative Costs - General and administrative expenses increased from approximately HKD 28.5 million to approximately HKD 37.3 million, attributed to higher employee benefits expenses[54]. - As of June 30, 2021, the total employee cost (excluding director remuneration) was approximately HKD 40.1 million, an increase from HKD 33.8 million for the same period in 2020[77]. - The group employed 881 full-time staff as of June 30, 2021, up from 792 as of December 31, 2020[77]. Shareholder Information - The interim dividend declared for the six months ended June 30, 2021, was HKD 0.098 per share, totaling approximately HKD 35.2 million, compared to HKD 32.0 million for the same period in 2020[98]. - The company will suspend shareholder registration procedures from September 15 to September 17, 2021, to determine the rights of shareholders to receive the interim dividend, which is expected to be paid on September 24, 2021[99]. - The net proceeds from the share issuance on October 25, 2019, amounted to approximately HKD 90.7 million, with HKD 32.6 million utilized by June 30, 2021, leaving HKD 58.1 million unutilized[81]. Market Performance - Revenue from European customers reached HKD 280,730 thousand, a 40% increase compared to HKD 200,576 thousand in the prior year[184]. - Revenue from the Americas decreased to HKD 3,446 thousand from HKD 10,277 thousand, indicating a decline of approximately 66%[184]. - The group anticipates continued growth in revenue driven by the demand for electric household appliances in the European market[184].

Financial Performance - For the year 2020, the company achieved revenue of HKD 541.7 million and gross profit of HKD 184.0 million, representing increases of 6.2% and 3.1% respectively compared to the previous year[8]. - The adjusted profit attributable to equity holders was HKD 104.2 million, a growth of 29.6% year-on-year, with an overall adjusted net profit margin increasing by 3.4 percentage points to 19.2%[8]. - Total revenue increased by approximately HKD 31.5 million or about 6.2% to approximately HKD 541.7 million for the year ended December 31, 2020, primarily due to increased sales of cooking appliances[22]. - Gross profit rose from approximately HKD 178.5 million to approximately HKD 184.0 million, an increase of about 3.1%, despite a slight decline in gross margin from 35.0% to 34.0%[23]. - Net profit increased by approximately HKD 43.4 million or about 71.3% to approximately HKD 104.2 million for the year ended December 31, 2020[30]. - The adjusted net profit margin (excluding listing expenses) increased from approximately 15.8% to 19.2%, a rise of about 3.4 percentage points[30]. - The overall performance was bolstered by government subsidies and a temporary exemption from social insurance contributions in China[8]. Market Expansion and Product Development - The company plans to enhance its product design and innovation capabilities, expanding its R&D center in Hong Kong and integrating IoT and augmented reality technologies into product development[10]. - The company aims to diversify its product portfolio by exploring new types of electric heating appliances and upgrading its production facilities to meet Industry 4.0 standards[10]. - The company is optimistic about the market potential in the Greater Bay Area, seeking opportunities to enter this market with its own brand[10]. - The company aims to enter the Chinese market with its own brand in 2021, starting from the affluent Greater Bay Area[21]. - The company will leverage its strong R&D capabilities to develop diversified products that meet the growing demand for more functional and advanced electric cooking appliances[18]. Challenges and Resilience - The company faced challenges due to the pandemic, including production delays and disruptions in international logistics, but managed to achieve strong financial performance[7]. - The company is cautiously optimistic about the business environment in 2021, with signs of improvement and a resilient economic recovery in China[10]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing investor confidence[115]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[121]. - The company has established written guidelines for employees regarding securities trading, ensuring adherence to the standards set forth in the corporate governance code[120]. - The company has maintained compliance with the corporate governance code throughout the reporting period, reinforcing its commitment to good governance practices[117]. - The company has implemented measures to address a technical breach of the securities trading code by a director, ensuring future compliance[119]. - The company has a commitment to maintaining shareholder value and protecting stakeholder interests through effective governance structures[115]. Risk Management and Internal Controls - The board believes that the risk management and internal control systems are effective and sufficient, having conducted an annual review of their effectiveness[176]. - The company has adopted a risk management policy aimed at ensuring sustainable growth and addressing business-related risks proactively[180]. - The board has not identified any significant deficiencies related to risk management and internal controls[179]. - The internal audit function is responsible for developing internal control guidelines and reviewing key operational processes to ensure compliance with risk management policies[190]. - The company’s risk assessment process involves identifying risks through discussions with senior management and prioritizing them based on their impact and likelihood[185]. Shareholder Communication and Transparency - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[198]. - The annual general meeting provides a platform for the board to communicate with shareholders and address their questions[198]. - The company recognizes the significance of maintaining transparency and timely disclosure of information for optimal investment decisions[198]. - The company has a policy in place for handling and disclosing insider information, ensuring compliance with relevant regulations[187]. Employee and Financial Management - The total employee cost (excluding director remuneration) for the year ended December 31, 2020, was approximately HKD 73.4 million, compared to HKD 76.9 million in 2019[49]. - The group had a total of 792 full-time employees as of December 31, 2020, down from 836 in 2019[49]. - The group maintained a current ratio of approximately 2.6 times as of December 31, 2020, slightly down from 2.8 times in 2019, but still at a healthy level[39]. - The group has established long-term cooperative relationships with major clients, which are reputable and internationally recognized brand companies based in Europe[58]. Dividend and Financial Policies - The board proposed a final dividend of HKD 0.144 per share to thank shareholders for their support[9]. - The proposed final dividend for the year ended December 31, 2020, is HKD 0.144 per share, an increase from HKD 0.106 per share in 2019[56]. - The company has a dividend policy that considers factors such as financial condition, cash requirements for future development, and any restrictions imposed by lenders[167]. - The company is committed to a sustainable dividend policy that balances shareholder interests with prudent capital management[167].

Financial Performance - Total revenue decreased from approximately HKD 242.7 million for the six months ended June 30, 2019, to approximately HKD 223.8 million for the six months ended June 30, 2020, a decline of about 7.8%[20]. - Gross profit fell from approximately HKD 81.2 million to approximately HKD 74.8 million, a decrease of about 7.8%, while maintaining a gross profit margin of approximately 33.4% for both periods[21]. - Net profit increased by approximately 39.4% from approximately HKD 25.0 million to approximately HKD 34.8 million for the six months ended June 30, 2020[27]. - Revenue for the six months ended June 30, 2020, was HKD 223,796,000, a decrease of 7.8% from HKD 242,723,000 in the same period of 2019[111]. - Profit before tax increased to HKD 43,317,000, compared to HKD 34,766,000 in the previous year, representing a growth of 24.5%[111]. - Basic earnings per share rose to HKD 8.76, compared to HKD 8.32 in the prior year, reflecting a growth of 5.3%[111]. - The company reported total comprehensive income of HKD 33,407,000 for the period, compared to HKD 24,602,000 in the previous year[112]. Expenses and Costs - General and administrative expenses decreased from approximately HKD 40.4 million to approximately HKD 28.5 million, attributed to a one-time listing expense of approximately HKD 12.6 million recorded in the prior period[24]. - Financing costs reduced from approximately HKD 1.8 million to approximately HKD 1.0 million, due to a decrease in interest on bank borrowings and lease liabilities[25]. - Income tax expense decreased by approximately 13.2% from approximately HKD 9.8 million to approximately HKD 8.5 million, mainly due to a reduction in revenue and gross profit[26]. - Administrative expenses decreased significantly to HKD 28,477,000 from HKD 40,396,000, showing a reduction of 29.5%[111]. Cash Flow and Assets - The company reported a cash inflow from operating activities of HKD 55,180,000 for the six months ended June 30, 2020[137]. - The company incurred a net cash outflow from investing activities of HKD 8,122,000 during the same period[137]. - Current assets decreased to HKD 354,401,000 from HKD 415,308,000, representing a decline of 14.6%[115]. - Cash and cash equivalents decreased to HKD 202,245,000 from HKD 245,558,000, a reduction of 17.6%[137]. - Non-current assets totaled HKD 53,318,000 as of June 30, 2020, a decrease of 1.8% from HKD 54,305,000 as of December 31, 2019[115]. Shareholder Information - The interim dividend declared for the six months ended June 30, 2020, is HKD 0.089 per share, totaling approximately HKD 32.0 million, compared to no dividend for the same period in 2019[68]. - The company plans to pay an interim dividend to eligible shareholders on September 25, 2020[69]. - The company repurchased a total of 31,526,000 shares at a total cost of HKD 25,487,160 before transaction costs for the six months ended June 30, 2020[75]. - The company repurchased a total of 9,474,000 shares at a total cost of HKD 7,590,000 after the reporting period[103]. - Dr. Chan and Ms. Cheng collectively own 213,640,000 shares, representing approximately 54.20% of the company[80]. Market and Operational Outlook - The company anticipates that consumer demand for cooking appliances will remain stable or even increase, as people spend more time at home and reduce dining out[14]. - The management is optimistic about the business outlook for the remainder of 2020, expecting no adverse effects from logistics supply and import tariffs on products to Europe, the UK, and the US[14]. - The company is actively seeking opportunities to enter the Chinese market with its own brand, particularly in the rapidly developing Greater Bay Area[19]. - The company will closely monitor the pandemic and respond swiftly to market changes to maintain competitiveness and sustainability[19]. - The company is optimizing its operations and production facilities according to Industry 4.0 standards to streamline business units and enhance long-term development efficiency[15]. Employee and Community Engagement - The management acknowledges the contributions of employees who remained in China to oversee factory operations during the pandemic[11]. - The total employee cost incurred by the group for the six months ended June 30, 2020, was approximately HKD 33.8 million, a decrease from HKD 37.1 million for the same period in 2019[50]. - The company made charitable donations of approximately HKD 1.0 million for the six months ended June 30, 2020[70]. Financial Position and Liabilities - The capital debt ratio decreased to approximately 10.4% as of June 30, 2020, from approximately 14.2% as of December 31, 2019, primarily due to a reduction in interest-bearing bank borrowings[36]. - As of June 30, 2020, the total interest-bearing bank borrowings amounted to approximately HKD 28.2 million, down from approximately HKD 43.5 million as of December 31, 2019[39]. - Total liabilities decreased to HKD 8,087,000 from HKD 12,874,000, a reduction of 37.1%[116]. Product Development and Market Strategy - The company plans to invest more resources in R&D to expand product variety and optimize functionalities, exploring the integration of smart solutions and the latest technologies[14]. - The company is in discussions with clients to introduce its cooking appliances into new markets, with plans for mass production if new products are launched successfully[14]. - The company has not disclosed any new product or technology developments in the current report[86]. - There are no indications of market expansion or mergers and acquisitions mentioned in the report[86].

Financial Performance - The company's revenue and gross profit for 2019 were HKD 510.2 million and HKD 178.5 million, representing increases of 36.6% and 69.5% year-over-year, respectively[9]. - Profit attributable to equity holders was HKD 60.8 million, a growth of 59.9% compared to the previous year[9]. - Overall gross margin and net profit margin improved to 35.0% and 11.9%, up by 6.8% and 1.7% year-over-year, respectively[9]. - The group's total revenue increased by approximately HKD 136.7 million or about 36.6% to approximately HKD 510.2 million for the year ended December 31, 2019, primarily due to increased sales of cooking appliances[24]. - Gross profit rose from approximately HKD 105.3 million to approximately HKD 178.5 million, representing an increase of about 69.5%, with the gross profit margin improving from approximately 28.2% to 35.0%[25]. - Net profit increased by approximately HKD 22.8 million or about 59.9% to approximately HKD 60.8 million for the year ended December 31, 2019, with adjusted net profit (excluding listing expenses) at approximately HKD 80.4 million[32]. Challenges and Outlook - The company anticipates challenges in supply chain and sales due to the ongoing impact of the COVID-19 pandemic[10]. - The group anticipates challenges in 2020 due to rising protectionism, geopolitical uncertainties, and the impact of the pandemic on global economic conditions[20]. - The company remains optimistic about future success despite various challenges, adhering to its corporate philosophy of excellence in communication, service, quality, design, and value[13]. Strategic Initiatives - The company plans to enhance its design team capabilities and expand development capacity to introduce new models and explore new markets[13]. - The company aims to upgrade production facilities to meet Industry 4.0 standards, enhancing service levels, quality, and profitability[13]. - The group established a research and development center in 2019 and plans to expand the team in 2020 to drive the development of thermodynamic technology and related products[21]. - The company emphasizes a diversified product portfolio and advanced thermodynamic technology as key to its success[10]. Dividends and Financial Management - The board proposed a final dividend of HKD 0.106 per share for the year[9]. - The board will consider the group's overall financial condition, funding and debt status, and future cash needs when determining dividend distribution[164]. Employee and Operational Metrics - The total employee cost (excluding directors' remuneration) for the year ended December 31, 2019, was approximately HKD 76.9 million, down from HKD 81.9 million in 2018[52]. - The company had 836 full-time employees as of December 31, 2019, a decrease from 922 employees in 2018[52]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing investor confidence[111]. - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[119]. - The company has established written guidelines for employees regarding securities trading, ensuring adherence to regulations and preventing insider trading[118]. - The company has a diverse board composition, which includes a mix of executive and independent directors, enhancing decision-making processes[119]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of governance[145]. Risk Management - The board believes that the group's risk management and internal control systems are effective and adequate as of December 31, 2019[177]. - The company has implemented a risk management policy aimed at ensuring sustainable and stable business growth[178]. - The company aims to ensure that all significant risks are identified, assessed, quantified, and managed effectively to maintain a robust risk management system[179]. Shareholder Engagement - The company recognizes the importance of effective communication with shareholders to enhance investor relations and transparency[196]. - The annual general meeting provides a platform for the board to engage with shareholders and address their questions[196].