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，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 天寶集團控股有限公司 主席兼行政總裁 洪光椅 天寶集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1979） 董事會會議召開日期 天寶集團控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於2025 年8月21日（星期四）舉行董事會會議，其中議程包括批准刊發本公司及其附屬公司 截至2025年6月30日止六個月之未經審核綜合中期業績公告，以及考慮派發股息（如 有）。 TEN PAO GROUP HOLDINGS LIMITED 於本公告日期，董事會包括三名執行董事，分別為洪光椅先生、謝仲成先生及洪瑞 琳女士；及四名獨立非執行董事，分別為林長泉先生、朱逸鵬先生、李均雄先生及 呂新榮博士。 香港，2025年8月11日 ...

Summary of Key Points Core Viewpoint - As of August 8, a total of 90 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders in the high-growth category [1]. 52-Week Highs - The top three stocks that achieved the highest growth rates are: - Fuyung (00352) with a growth rate of 147.42%, closing at 0.830 and reaching a high of 1.200 [1] - Maokai Kweichow (01716) with a growth rate of 44.33%, closing at 0.580 and reaching a high of 0.700 [1] - Biyang Green Group (01397) with a growth rate of 42.86%, closing at 0.900 and reaching a high of 1.100 [1] - Other notable stocks include: - Shaw Brothers Holdings (00953) at 37.61% growth [1] - Beihai Kangcheng-B (01228) at 32.43% growth [1] - Fubo Group (03738) at 22.32% growth [1] 52-Week Lows - The stocks that reached their 52-week lows include: - Kun Group (00924) with a decline of 7.89%, closing at 0.355 [3] - Huanshi Media (01003) with a decline of 7.46%, closing at 0.315 [3] - Jia Hong Logistics (02130) with a decline of 6.27%, closing at 2.990 [3] - Other significant declines include: - Dongyangguang Pharmaceutical (06887) at -6.09% [3] - Heng Tai Yu Group (08081) at -5.26% [3] - Macau Lijun (02913) at -4.41% [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天寶集團控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01979 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | | ...

Industry Overview - The Chinese smart terminal charging and storage product industry is experiencing rapid growth and technological upgrades, with a market size projected to reach 57.352 billion yuan in 2024, reflecting a year-on-year growth of 6.62% [1][15] - The demand for efficient charging and storage solutions is driven by sectors such as consumer electronics and new energy vehicles [1][15] - Key technological advancements include the widespread adoption of fast charging technology, with 100W fast charging becoming a standard for flagship smartphones, and breakthroughs in magnetic resonance technology in wireless charging [1][15] Industry Development History - The industry has evolved through four main stages: 1. **Emergence (2000-2010)**: Growth driven by the rise of smartphones and mobile internet, with basic wired chargers dominating the market [4] 2. **Growth (2011-2015)**: Rapid proliferation of smart devices and the introduction of fast charging technology, leading to increased market size [5] 3. **Maturity (2016-2020)**: Market competition intensified, with advancements in wireless charging and diversified storage products [6] 4. **Innovation (2021-present)**: Integration of IoT and AI technologies, with a surge in demand for storage and new energy solutions under the "dual carbon" goals [6] Industry Value Chain - The upstream of the industry includes raw materials, electronic components, and technological innovation, while the midstream focuses on manufacturing smart terminal charging and storage products [8] - The downstream applications span consumer electronics, smart homes, new energy vehicles, and industrial manufacturing [8] Market Trends - The industry is expected to see continued technological innovation, with a focus on fast charging, wireless charging, and smart technologies [22] - Market demand is becoming increasingly diversified and scenario-based, requiring customized solutions for various applications [23] - The competitive landscape is evolving, with a concentration of market share among leading brands, while smaller companies may face pressure to differentiate or exit the market [24] Key Companies - **Aohai Technology**: A leading player in the industry with a market share of nearly 17% in mobile chargers, focusing on R&D and innovation [17][18] - **Tianbao Group**: A global leader in power supply solutions, emphasizing technological innovation and expanding into emerging markets [20] - Other notable companies include Xiaomi, Huawei, and various manufacturers specializing in smart charging and storage solutions [17][18]

Financial Performance - Revenue increased by 11.7% year-on-year to HKD 5,385.7 million[11] - Profit attributable to owners rose by 16.7% year-on-year to HKD 383.9 million[11] - Gross profit margin improved to 19.5%, up 3.7% from the previous year[11] - The gross profit margin improved from 18.8% to 19.5% year-on-year, with a pre-tax profit increase of 10.1% to HKD 427.0 million[20] - The company's net profit attributable to shareholders rose by 16.7% to HKD 383.9 million[20] - The gross profit for the year ended December 31, 2024, was HKD 1,048.2 million, representing a 15.5% increase compared to the previous year[45] - The total comprehensive income attributable to the company's owners increased by 14.0% to HKD 346.6 million for the year ended December 31, 2024[54] - The company's total revenue increased by 11.7% from HKD 4,823.5 million for the year ended December 31, 2023, to HKD 5,385.7 million for the year ended December 31, 2024[37] Segment Performance - New energy segment revenue grew by 37.3% year-on-year, driven by the global trend of "oil-to-electric" transition[16] - Consumer power segment revenue slightly declined by 5.8% due to slow retail market recovery[16] - The industrial power division's revenue increased by 20.5%, accounting for 37.3% of total revenue, driven by strong demand for high-performance charging solutions[23] - The new energy division achieved a revenue growth of 37.3%, representing 19.5% of total revenue, primarily from energy storage and automotive electronics[24] - Revenue from telecommunications equipment decreased by 5.8% to HKD 1,455.9 million due to a slowdown in business from Chinese smartphone manufacturers[40] Dividends and Payouts - The company maintained a stable dividend payout ratio of 30.0% for the year[14] - The board proposed a final dividend of HKD 0.06 per share, with a total dividend for the year reaching HKD 0.112 per share, maintaining a payout ratio of 30.0%[21] - The company proposed a final dividend of HKD 0.06 per share for the year ending December 31, 2024, down from HKD 0.096 in 2023[170] Operational Efficiency - The average inventory turnover period decreased to 74 days, down 2.6% from the previous year[12] - Operating profit margin decreased to 7.8%, down 3.7% from the previous year[11] - Administrative expenses rose by 21.6% to HKD 506.2 million, primarily due to hiring more engineers and professionals for new business support[50] Market Expansion and Product Development - The company is optimistic about future demand for energy storage products and plans to expand its green power product portfolio[16] - The company is actively expanding its global footprint, particularly in Africa and Southeast Asia, to promote solar products and green power solutions[17] - The company plans to launch more high-power electric vehicle charging products to meet growing market demand[20] - The company is focusing on developing smart chargers and controllers to align with the global trend towards low-carbon and zero-carbon products[24] - The group aims to enhance its green transformation and has initiated a green factory project in the Huizhou industrial park to reduce carbon emissions and improve product environmental performance[30] Corporate Governance - The company emphasizes high ethical standards and aims to provide high-quality and reliable products and services to create value for stakeholders[88] - The board is committed to maintaining good corporate governance standards to protect shareholder interests and enhance company value[89] - The company has established a corporate governance framework in accordance with the Stock Exchange's listing rules to strengthen board capabilities[89] - The board consists of independent non-executive directors with extensive experience in various industries, enhancing oversight of the group's management[75][78][79] - The company has deviated from the corporate governance code, specifically clause C.2.1, where the roles of Chairman and CEO are held by the same individual, Mr. Hong[98] Risk Management and Compliance - The board is responsible for risk management and internal control systems, which are designed to manage risks rather than eliminate them[144] - The company conducts annual self-assessments in various departments to ensure compliance with monitoring policies and identify potential risks[144] - The independent auditor's report for the financial statements is included in the annual report, confirming the company's commitment to transparency[143] Employee and Director Matters - The company employed around 7,600 full-time employees as of December 31, 2024, an increase from approximately 7,200 employees in 2023[66] - The company provides training and professional development for directors as needed, ensuring they are informed about regulatory changes[108] - The company ensures that the remuneration of employees, including directors and senior management, is determined based on skills, knowledge, responsibilities, and participation in company affairs[129] Shareholder Communication and Meetings - The company has a shareholder communication policy to ensure timely and fair access to information for shareholders, facilitating informed participation in company affairs[159] - The company will hold its next annual general meeting on June 13, 2025, where three directors will be up for re-election[105] - The company will publish the results of voting on resolutions presented at shareholder meetings on its website and the stock exchange's website after each meeting[151]

Financial Performance - Revenue for the year ended December 31, 2024, increased by 11.7% to HKD 5,385.7 million[3] - Gross profit for the year ended December 31, 2024, rose by 15.5% to HKD 1,048.2 million, with a gross margin increase of 0.7 percentage points to 19.5%[3] - Profit before tax for the year ended December 31, 2024, increased by 10.1% to HKD 427.0 million[3] - Profit attributable to owners of the company for the year ended December 31, 2024, grew by 16.7% to HKD 383.9 million[3] - Basic and diluted earnings per share for the year ended December 31, 2024, were HKD 0.373, compared to HKD 0.319 for the previous year[4] - Total comprehensive income attributable to owners of the company for the year ended December 31, 2024, was HKD 346.6 million, up from HKD 304.2 million in the previous year[5] - The group reported a profit before tax of HKD 427,049,000 for 2024, compared to HKD 387,879,000 for 2023[33] - Basic earnings per share increased to 37.3 HKD cents in 2024 from 31.9 HKD cents in 2023[35] Dividends - The board proposed a final dividend of HKD 0.06 per share, subject to shareholder approval at the 2025 Annual General Meeting[3] - The proposed final dividend for the year ending December 31, 2024, is 6.0 HKD cents per share, totaling HKD 61,823,000[39] - The total cash dividend paid in 2024 amounted to HKD 152,497,000, which includes HKD 98,917,000 for the final dividend of 2023 and HKD 53,580,000 for the interim dividend of 2024[38] Assets and Liabilities - Total assets increased to HKD 5,409,651 thousand in 2024, up from HKD 4,319,552 thousand in 2023, representing a growth of 25.3%[7] - Total liabilities reached HKD 3,558,056 thousand in 2024, compared to HKD 2,668,298 thousand in 2023, indicating a rise of 33.3%[8] - Cash and cash equivalents rose to HKD 328,104 thousand in 2024, compared to HKD 150,476 thousand in 2023, representing a growth of 117.5%[7] - Trade and other payables increased to HKD 2,623,657 thousand in 2024, up from HKD 1,735,309 thousand in 2023, a growth of 51.3%[8] - Trade receivables increased to HKD 1,458,997,000 in 2024 from HKD 1,176,536,000 in 2023, representing a growth of approximately 24%[43] - The total borrowings decreased slightly to HKD 650,741,000 in 2024 from HKD 654,899,000 in 2023[45] Segment Performance - Revenue from external customers for the smart chargers segment reached HKD 2,009,551 thousand, contributing to a total revenue of HKD 5,385,748 thousand for the year ended December 31, 2024[20] - The segment performance for smart chargers was HKD 537,022 thousand, while total segment performance amounted to HKD 1,048,154 thousand[20] - The industrial power segment's revenue increased by 20.5%, accounting for 37.3% of total revenue[54] - The new energy segment saw a revenue increase of 37.3%, representing 19.5% of total revenue[56] - The revenue from telecommunications equipment segment decreased by 5.8% to HKD 1,456.0 million due to a slowdown in business from Chinese smartphone manufacturers[76] Expenses - Total operating expenses for the year 2024 were HKD 5,022,124 thousand, an increase from HKD 4,513,472 thousand in 2023[24] - Research and development expenses for 2024 amounted to HKD 225,428 thousand, up from HKD 175,162 thousand in 2023[24] - Administrative expenses rose by 21.6% to HKD 506.2 million for the fiscal year ending December 31, 2024, primarily due to hiring more engineers and professionals[86] Cash Flow - Cash generated from operating activities for the fiscal year ending December 31, 2024, was HKD 813.7 million, up from HKD 484.7 million in the previous year[94] - Cash used in investing activities increased to HKD 358.8 million for the fiscal year ending December 31, 2024, primarily due to significant investments in property and machinery[94] - As of December 31, 2024, the net cash used in financing activities was HKD 276.4 million, a decrease from HKD 377.3 million in 2023 due to reduced bank borrowings since 2023[95] Corporate Governance - The board of directors has established various committees to ensure compliance with corporate governance principles, enhancing transparency and accountability[104] - The company has established an audit committee consisting of four independent non-executive directors to review the consolidated financial performance for the year ending December 31, 2024[113] - The independent auditor confirmed that the financial statements for the year ending December 31, 2024, are consistent with the audited consolidated financial statements[116] Future Outlook - The company plans to launch several new high-power charging module products in the second half of 2024[54] - The company is focusing on developing smart chargers and digital power products to meet future market demands[55] - The company plans to develop new charging equipment that meets the newly released international standards for electric vehicle charging stations, aiming for significant growth in the new energy sector by 2025[71] - The group aims to achieve breakthroughs in the new energy and AI smart manufacturing sectors to ensure sustainable growth and returns for shareholders[72] Risk Management - Approximately 50% of the group's revenue and receivables are denominated in USD and HKD, while sales costs are primarily in RMB, exposing the company to foreign exchange risk[97] - The group has implemented policies to ensure credit is only extended to customers with good credit records, minimizing credit risk exposure[99]

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 5.6% to HKD 2,471.0 million compared to HKD 2,339.4 million in the same period last year[8]. - Operating profit rose by 21.1% to HKD 200.1 million, up from HKD 165.3 million year-on-year[8]. - Profit attributable to owners of the company increased by 28.6% to HKD 175.8 million, compared to HKD 136.7 million in the previous year[8]. - Gross profit margin improved by 2.8 percentage points to 20.3% from 17.5%[8]. - Basic earnings per share increased from HKD 0.13 to HKD 0.17[8]. - Gross profit for the same period was HKD 501,850,000, compared to HKD 408,835,000 in 2023, reflecting a year-over-year increase of about 22.7%[39]. - Operating profit increased to HKD 200,111,000, up from HKD 165,253,000 in the previous year, marking a growth of approximately 21.1%[39]. - Net profit attributable to the owners of the company for the period was HKD 175,830,000, compared to HKD 136,712,000 in 2023, indicating an increase of around 28.7%[39]. - Basic and diluted earnings per share for the period were HKD 0.17, up from HKD 0.13 in the same period last year, representing a growth of 30.8%[39]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.052 per share, up from HKD 0.028 in the previous year[9]. - The board has declared an interim dividend of HKD 0.052 per ordinary share, an increase from HKD 0.028 per share in 2023[24]. - The interim dividend declared was HKD 0.052 per share, totaling HKD 53,600,000, compared to HKD 0.028 per share and HKD 28,900,000 in the previous year, reflecting an 85.7% increase[97]. - As of June 30, 2024, the total number of ordinary shares held by directors and senior management amounts to 687,745,521, representing approximately 66.75% of the issued share capital[28]. - Major shareholders include Tong Yat Holdings Limited with 354,883,279 shares (34.44%) and Tian Ying Investment Limited with 313,614,262 shares (30.44%) as of June 30, 2024[29]. Asset and Liability Management - The asset-liability ratio decreased significantly by 27.5 percentage points to 12.2% from 39.7%[8]. - The current ratio remained stable at 1.14 times for both June 30, 2024, and December 31, 2023[13]. - The debt-to-equity ratio decreased to 12.2% as of June 30, 2024, from 39.7% as of December 31, 2023, primarily due to net repayment of bank borrowings[13]. - As of June 30, 2024, total bank borrowings were HKD 207.9 million, a decrease from HKD 654.9 million as of December 31, 2023[17]. - The company has strategically built up inventory of raw materials to improve supply chain flexibility and reduce logistics costs[10]. Cash Flow and Investments - Net cash generated from operating activities was HKD 332.9 million for the period, significantly up from HKD 21.7 million for the same period last year[13]. - Cash used in investing activities was HKD 183.9 million, an increase from HKD 111.6 million in the previous year, mainly due to increased purchases of property, plant, and equipment[13]. - Operating cash generated for the six months ended June 30, 2024, was HKD 347,777, compared to HKD 32,588 for the same period in 2023, representing a significant increase[52]. - The company incurred a net cash outflow from investing activities of HKD 183,880 for the six months ended June 30, 2024, compared to HKD 111,567 in 2023, primarily due to increased capital expenditures[52]. - The company raised HKD 140,879 from bank borrowings during the six months ended June 30, 2024, compared to HKD 116,495 in the same period of 2023, indicating increased leverage[53]. Business Segments and Growth - The performance in the new energy business was strong, contributing to the overall revenue growth[9]. - The industrial power division's revenue increased by 16.1% year-on-year, accounting for 40.0% of the group's total revenue[10]. - The new energy division's revenue rose by 15.5% year-on-year, representing 17.0% of total business revenue[10]. - The company anticipates continued strong growth in its new energy business in the second half of the year due to rising demand for energy storage products[10]. - The company is focusing on developing smart chargers and fully digital power products for various applications, including electric forklifts and industrial robots[11]. Research and Development - Research and development expenses amounted to HKD 93,417, up from HKD 83,032 in the previous year, indicating a focus on innovation[90]. Financial Risk Management - The company maintained a prudent liquidity risk management strategy, ensuring sufficient cash and bank balances to meet financial obligations[64]. - The company’s financial risk factors include market risk, credit risk, and liquidity risk, which are essential for assessing overall financial health[63]. - The financial risk management policies have remained unchanged since December 31, 2023[63]. Inventory and Receivables - The inventory balance as of June 30, 2024, was HKD 783,018,000, an increase of 7.6% from HKD 727,329,000 as of December 31, 2023[113]. - Trade receivables increased to HKD 1,235,318,000 as of June 30, 2024, compared to HKD 1,176,536,000 as of December 31, 2023, representing a growth of 5%[115]. - The provision for trade receivables increased to HKD 6,884,000 as of June 30, 2024, from HKD 5,844,000 as of December 31, 2023[115]. Share Incentive Plan - The Tianbao Electronics (Huizhou) share incentive plan aims to establish a long-term incentive mechanism and attract suitable talent for the group's development[32]. - The stock options granted to Yang Bingbing and Hong Guangdai on February 28, 2024, are 8,700,000 and 2,000,000 respectively, both with an exercise price of 1.00[32]. - The company confirmed an expense of HKD 1,698,000 related to the share reward plan for the six months ended June 30, 2024, compared to no expenses in the same period of 2023[128].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 5.6% to HKD 2,471.0 million compared to the same period last year[1] - Gross profit for the same period rose by 22.8% to HKD 501.9 million, with a gross margin increase of 2.8 percentage points to 20.3%[1] - Profit before tax for the six months ended June 30, 2024, increased by 28.2% to HKD 207.0 million compared to the previous year[1] - Profit attributable to owners of the company for the same period increased by 28.6% to HKD 175.8 million[1] - Basic and diluted earnings per share for the six months ended June 30, 2024, were HKD 0.17, compared to HKD 0.13 in the same period last year[3] - The company reported total revenue of 2,471,011 for the six months ended June 30, 2024, with a significant contribution from the smart chargers and controllers segment at 989,123[18] - The net profit before tax for the same period was 207,024, reflecting a strong performance across various segments[18] - The company reported a net other income of 28,912 for the six months ended June 30, 2024, compared to 20,146 in the previous year[21] - Financial income for the six months ended June 30, 2024, was 6,913, a significant improvement from a net financial expense of (3,827) in the same period last year[25] - The company reported a profit attributable to shareholders of HKD 175,830,000 for the six months ended June 30, 2024, compared to HKD 136,712,000 for the same period in 2023, representing a year-over-year increase of approximately 28.7%[30] - Basic earnings per share increased to HKD 0.17 for the six months ended June 30, 2024, up from HKD 0.13 in the same period of 2023, reflecting a growth of 30.8%[30] Dividends - The board declared an interim dividend of HKD 0.052 per share, up from HKD 0.028 per share in the previous year[1] - The interim dividend declared is HKD 0.052 per share, which is an increase from HKD 0.028 per share in the interim of 2023, amounting to HKD 53.6 million compared to HKD 28.9 million previously[32] - The interim dividend payment is scheduled for October 25, 2024, for shareholders listed on the register as of October 10, 2024[63] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 4,218.2 million, a decrease from HKD 4,319.6 million as of December 31, 2023[5] - Total liabilities as of June 30, 2024, were HKD 2,512.1 million, down from HKD 2,668.3 million at the end of the previous year[6] - Cash and cash equivalents increased to HKD 232.4 million from HKD 150.5 million as of December 31, 2023[5] - The net book value of property, plant, and equipment as of June 30, 2024, is HKD 1,178,320,000, up from HKD 1,110,147,000 as of December 31, 2023, indicating a growth of approximately 6.1%[33] - Trade receivables as of June 30, 2024, amounted to HKD 1,235,318,000, an increase from HKD 1,176,536,000 as of December 31, 2023, representing a rise of about 5%[35] - The company’s inventory as of June 30, 2024, is valued at HKD 783,018,000, compared to HKD 727,329,000 as of December 31, 2023, showing an increase of about 7.6%[34] - The company’s bank borrowings stood at HKD 274,192,000 as of June 30, 2024, compared to HKD 214,798,000 as of December 31, 2023, reflecting an increase of approximately 27.6%[37] - Total bank borrowings as of June 30, 2024, amounted to HKD 207,944,000, down from HKD 654,899,000 at the beginning of the year[41] - As of June 30, 2024, total bank borrowings were HKD 207.9 million, a decrease from HKD 654.9 million as of December 31, 2023[55] Segment Performance - The newly established New Energy segment generated revenue of 420,911, indicating the growing importance of this business area[18] - The company has identified six reportable segments, including Smart Chargers and Controllers, Telecommunications, New Energy, Media and Entertainment, Lighting, and Others, to enhance resource allocation and business development[17] - The company anticipates continued growth in the New Energy segment, which includes outdoor power equipment charging modules and automotive electronic applications[17] - The industrial power segment's revenue increased by 16.1% year-on-year, accounting for 40.0% of total revenue[46] - The sales of energy storage products and automotive electronics increased by 15.5% year-on-year, accounting for 17.0% of total business revenue[47] - Revenue from the consumer electronics power division declined by 5.6% year-on-year due to the ongoing global economic recovery challenges[47] Corporate Governance - The board consists of four independent non-executive directors, ensuring effective governance and oversight[65] - The company emphasizes adherence to corporate governance principles and has established various committees to enhance accountability and transparency[61] - The company will continue to review its board structure and composition to maintain high standards of corporate governance[61] - The audit committee reviewed the unaudited interim consolidated financial statements and confirmed the effectiveness of the group's risk management and internal control systems[65] - The company has adopted the standard code for securities trading by directors, ensuring compliance and transparency in trading activities[62] Risk Management - The group faces various financial risks including market risk (foreign exchange risk, price risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[14] - The company maintains sufficient cash and bank balances to manage liquidity risk effectively, and the directors believe there are no significant liquidity risks[15] Future Outlook - The company plans to launch more household energy storage inverters, which have already been introduced in the European market[49] - The company is developing smart chargers and digital power products for various applications, including electric forklifts and industrial robots[50] - The company aims to enhance its non-electric product lines and introduce more customized products with higher value content[51] - The company has a strong cash reserve and is considering various investment opportunities to expand its business and enhance competitive advantages[51] - The new factory in Huizhou covers approximately 200,000 square meters, allowing for further automation and production capacity expansion[48] - The company anticipates continued strong growth in its new energy business in the second half of the year[47]

Corporate Governance - The board of directors has established core values to guide employee conduct and business activities, emphasizing empathy towards stakeholders [4] - The company has maintained good corporate governance standards, which are crucial for protecting shareholder interests and enhancing company value [4] - The remuneration policy ensures that employee compensation is based on skills, knowledge, responsibilities, and participation in company affairs [27] - The nomination committee held two meetings during the year, reviewing the board's structure and recommending the reappointment of retiring directors [29] - Independent non-executive directors confirmed their independence in accordance with listing rules, ensuring compliance with governance standards [12] - The audit committee, compensation committee, and nomination committee are composed mainly of independent non-executive directors, ensuring independent oversight [26] - The board is responsible for approving and monitoring all policy matters, overall strategy, budget, and significant transactions [6] - The company encourages open and honest expression of opinions during board and committee meetings to foster transparency [21] - The board consists of six directors, including one female, reflecting a balanced and diverse composition suitable for the company's business needs [32] - The nomination committee reviews the board's diversity policy annually to ensure its effectiveness [33] - The board has not set measurable targets for diversity, believing the current composition is sufficiently diverse [32] Risk Management and Compliance - The company has established a whistleblowing policy to address potential misconduct related to its operations [59] - The audit committee held three meetings during the year ending December 31, 2023, to review the financial reporting system and risk management [43] - The company has implemented a risk management and internal control system, with annual self-assessments conducted by departments to ensure compliance [56] - The company is committed to maintaining effective risk management and internal control systems to achieve its strategic objectives [56] - The company has a policy for handling and disclosing insider information, ensuring confidentiality and proper communication protocols [57] - The group emphasizes compliance with environmental regulations and promotes green development and energy conservation [77] - The group has adhered to all relevant laws and regulations in the Cayman Islands and Hong Kong that significantly impact its operations and financial performance for the year ended December 31, 2023 [94] - The company has a robust anti-corruption policy in place, including training to foster a culture of integrity [59] Financial Performance and Shareholder Matters - As of December 31, 2023, the reserves available for distribution to shareholders amounted to approximately HKD 339,691,000, slightly up from HKD 339,083,000 in 2022 [99] - The group reported a charitable donation of HKD 2,031,000 for the year ended December 31, 2023, compared to HKD 1,542,000 in 2022 [100] - The board will review the dividend policy periodically and will declare dividends only when it is in the best interest of the group and its shareholders [85] - The company proposed a final dividend of HKD 0.096 per share for the year ending December 31, 2023, compared to HKD 0.033 in 2022, pending shareholder approval [114] - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting [61] Business Operations - The group is engaged in the development, manufacturing, and sales of electronic charging products primarily through its subsidiaries in China [76] - The group operates as an investment holding company, focusing on consumer goods such as switch power supplies and industrial smart chargers and controllers [74] - The group has its headquarters in Hong Kong and primarily conducts its business operations in China [76] Share Incentive Plans - The maximum number of shares available for issuance under the Tian Pao Electronics (Huizhou) share incentive plan is capped at 10% of the total issued share capital, which amounts to RMB 24,746,341 [109] - The total number of shares available for grant under the Tian Pao Electronics (Huizhou) share incentive plan as of the report date is RMB 14,046,341, representing approximately 5.68% of the total issued share capital [109] - The Tian Pao Electronics (Huizhou) share incentive plan will remain effective for a period of 10 years starting from April 8, 2024 [111] - The company did not enter into any stock-linked agreements during the review year, aside from the stock option plan adopted on November 23, 2015 [127] - The board has proposed the adoption of a share incentive plan for its subsidiary, Tian Pao Electronics (Huizhou), which requires shareholder approval [133] - The reward shares granted under the Tian Pao Electronics (Huizhou) share incentive plan will be immediately vested upon grant, subject to a five-year lock-up period [142] - No shares were granted under the Tian Pao Electronics (Huizhou) share incentive plan during the year ending December 31, 2023, as the plan had not yet been adopted [143] Lease Agreements - The annual rental cap payable to Tianxiang under the lease agreement for 2023 is HKD 660,000 [155] - The actual transaction amount for the 2023 lease agreement with Jinhai is HKD 576,000 [157] - The actual transaction amount for the 2023 Xinyang lease agreement is RMB 3,600,000 (approximately HKD 3,907,077) [159] - The annual rental cap payable to Tianenergy under the first lease agreement for 2023 is RMB 5,880,000 (approximately HKD 6,374,847) [164] - The annual rental cap payable to Tianenergy under the second lease agreement for 2023 is RMB 2,388,000 (approximately HKD 2,608,066) [166] - The monthly rent for the Xinyang lease agreement is RMB 300,000 (approximately HKD 325,590) [159] - The monthly rent for the Tianenergy lease agreement is RMB 490,000 (approximately HKD 531,237) [160] - The monthly rent for the Tianxiang lease agreement is HKD 48,000 [157] - The lease term for the Tianenergy agreement is from January 1, 2023, to December 31, 2023 [164] - The lease term for the Tianxiang agreement is from January 1, 2024, to December 31, 2024 [170] - The actual transaction amount for the Tianxiang lease agreement for the year ended December 31, 2023, was HKD 660,000 [179] - The annual cap for rent payable to Jinhou under the Jinhou lease agreement for the year ended December 31, 2023, was HKD 576,000 [180] - The actual transaction amount for the first Tianenergy charging lease agreement for the year ended December 31, 2023, was approximately HKD 6,374,847 [190] - The actual transaction amount for the second Tianenergy charging lease agreement for the year ended December 31, 2023, was approximately HKD 2,608,066 [192] - The total actual rent paid to related parties of the Chairman under the 2023 lease agreements for the year ended December 31, 2023, was HKD 14,125,990 [195] - The total rent payable to Tianxiang for the year ending December 31, 2024, will not exceed HKD 600,000 [197] - The monthly rent for the first Tianenergy charging lease agreement is RMB 199,000, equivalent to approximately HKD 217,339 [189] - The monthly rent for the Jinhou lease agreement is HKD 44,000 [173] - The monthly rent for the property located at Hong Kong Kwun Tong is HKD 50,000 [194] - The lease agreements for 2024 were established to minimize relocation costs and avoid production disruptions [171]

Financial Performance - Revenue for the year ended December 31, 2023, decreased by 12.0% to HKD 4,823.5 million[4] - Gross profit for the year ended December 31, 2023, decreased by 0.9% to HKD 907.2 million, with a gross margin increase of 2.1 percentage points to 18.8%[4] - Profit before tax for the year ended December 31, 2023, increased by 10.3% to HKD 387.9 million[4] - Profit attributable to owners of the company for the year ended December 31, 2023, increased by 10.8% to HKD 328.2 million[20] - The company reported a basic and diluted earnings per share of HKD 0.319 for the year ended December 31, 2023, compared to HKD 0.293 in 2022[20] - The group’s profit before tax for 2023 was HKD 387,879,000, an increase of 10.2% from HKD 351,778,000 in 2022[73] - The total comprehensive income attributable to the company's owners increased by 96.3% from HKD 154.9 million for the year ended December 31, 2022, to HKD 304.2 million for the year ended December 31, 2023, including a currency translation loss of HKD 23.5 million due to RMB depreciation[137] Dividends - The board proposed a final dividend of HKD 0.096 per share, subject to shareholder approval at the 2024 annual general meeting[4] - The proposed final dividend per share for 2023 is HKD 0.096, up from HKD 0.033 in 2022, resulting in a total proposed dividend of HKD 98,917,000 compared to HKD 34,003,000 in the previous year[75] - The company will propose a final dividend of HKD 9.6 per share for the year ending December 31, 2023, totaling HKD 98,917,000, compared to HKD 3.3 per share in the previous year[103] - The company reported a final dividend of HKD 0.096 per share for the year ended December 31, 2023, compared to HKD 0.033 per share for the previous year, representing an increase of approximately 190.9%[193] Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 4,319.6 million, an increase from HKD 3,890.4 million in 2022[25] - Total liabilities increased to HKD 2,668,298 thousand in 2023 from HKD 2,477,312 thousand in 2022, representing an increase of 7.7%[26] - Current liabilities decreased slightly to HKD 2,470,623 thousand in 2023 from HKD 2,098,349 thousand in 2022, a decrease of 17.0%[26] - Trade receivables increased to HKD 1,176,536,000 in 2023 from HKD 1,050,103,000 in 2022, reflecting a growth of 12%[78] - The group’s lease liabilities increased, with current liabilities at HKD 12,002,000 and non-current liabilities at HKD 46,390,000, compared to HKD 8,241,000 and HKD 16,916,000 in 2022 respectively[76] Cash Flow and Investments - Cash and cash equivalents as of December 31, 2023, were HKD 150.5 million, down from HKD 341.4 million in 2022[25] - Cash generated from operating activities decreased to HKD 484.7 million for the year ended December 31, 2023, down from HKD 595.9 million in 2022, reflecting a decrease in revenue[138] - The net cash used in financing activities was HKD 377.3 million for the year ended December 31, 2023, compared to HKD 300.4 million in 2022, primarily due to continued repayment of bank loans[139] - Cash used in investing activities amounted to HKD 295.0 million for the year ended December 31, 2023, an increase from HKD 228.0 million in the previous year, primarily due to significant investments in new facilities and machinery[184] Research and Development - Research and development expenses amounted to HKD 123,993 thousand in 2023, compared to HKD 121,736 thousand in 2022, reflecting a slight increase of 1.9%[41] - The group’s R&D focus remains a strategic priority, with ongoing development of high-power fast charging solutions expected to contribute positively to future performance[89] - The company plans to enhance R&D investments overseas to strengthen its competitive advantage in product offerings[90] - The company is focusing on developing higher power and faster charging speed products in its new energy strategy[113] Market and Business Strategy - The company has established a three-pronged strategy focusing on charging modules, energy storage, and automotive electronics to meet increasing market demand[95] - The company aims to enhance its global sales network and improve production capabilities through the deployment of automated production equipment and AI manufacturing technologies[98] - The company plans to expand its new energy business into an independent division, focusing on three core areas: charging modules, energy storage, and automotive electronics applications[150] - The company anticipates improved consumer sentiment in the Chinese market, despite ongoing macroeconomic uncertainties[116] Corporate Governance - The company has adopted the standard code for directors' securities trading as per the listing rules, ensuring compliance and governance[174] - The board of directors has reviewed the company's corporate governance practices and confirmed adherence to the relevant guidelines, except for the separation of the roles of Chairman and CEO[190] - The audit committee has reviewed the consolidated financial results for the year ended December 31, 2023, and found the risk management and internal control systems to be effective and adequate[177] Miscellaneous - The company has completed the first phase of the Huizhou Intelligent Manufacturing Industrial Park, with production equipment gradually moving to the new site, expected to be fully relocated by early 2025[91] - The independent auditor, PwC, has verified the annual performance figures, which are consistent with the consolidated financial statements[198] - No significant events affecting the group occurred after December 31, 2023, up to the date of publication[180]