Financial Performance - The company's revenue for 2024 was HKD 960,488,000, a decrease of 20.1% compared to HKD 1,202,816,000 in 2023[9] - The loss attributable to owners of the company was HKD 3,186,000, representing a decline of 180.8% from a profit of HKD 3,942,000 in the previous year[9] - Basic loss per share was HKD (0.31), a decrease of 162.0% from HKD 0.50 in 2023[9] - Gross profit for the same period was HKD 26,177,000, down 40.8% from HKD 44,198,000 in 2023, resulting in a gross margin of 2.7%, down from 3.7%[22] - The company reported a loss before tax of HKD 3,117,000 for 2024, compared to a profit of HKD 3,980,000 in 2023[166] - The net loss for the year was HKD 3,186,000, a significant decline from a profit of HKD 3,942,000 in the previous year[166] - Total revenue for the year ended December 31, 2024, was HKD 960,488,000, a decrease of 20.2% compared to HKD 1,202,816,000 in 2023[166] - Gross profit for 2024 was HKD 26,177,000, down 40.5% from HKD 44,198,000 in 2023[166] - The company experienced a foreign exchange loss of HKD 2,706,000 from its overseas operations in 2024, contrasting with a gain of HKD 1,394,000 in 2023[166] Market Conditions and Business Strategy - The decline in revenue was primarily due to increased pricing pressure in the Chinese consumer electronics market, leading to lower gross profit[13] - The MID segment achieved growth driven by integrated IC and AI chip solutions, highlighting the increasing importance of AI in the tablet industry[14] - Demand for smart home audio products continued to grow, fueled by consumer preferences for high-quality audio and seamless integration with smart devices[15] - The automotive infotainment system segment experienced a decline due to reduced demand for upgrades in the aftermarket as electric vehicles become more integrated with advanced systems[16] - The company anticipates stable sales driven by a diversified customer base despite uncertain macroeconomic conditions and weak consumer demand in early 2025[18] - The company is focused on enhancing operational efficiency and implementing strict cost control measures to strengthen financial resilience[18] - Plans to expand product offerings in automotive electronics, 3A computer gaming, robotics, and next-generation mobile internet devices are underway[18] Corporate Governance and Leadership - Mr. Yan Zijie was appointed as the Chairman and Non-Executive Director in 2023, responsible for formulating the group's corporate strategy and overall direction[38] - The company has been developing its LED lighting business since 2009, with Mr. Yan Zijie as the CEO of its wholly-owned subsidiary[38] - The leadership team comprises individuals with diverse backgrounds and extensive experience in their respective fields, contributing to the company's strategic direction[43] - Ken Chen was appointed as the CEO of the company in 2023, bringing over 17 years of experience in sales and marketing within the electronics sector[47] - The board of directors consists of nine members, including both executive and non-executive directors, responsible for strategic policy formulation and monitoring financial performance[50] - The roles of the chairman and CEO are separated, with the chairman responsible for formulating corporate strategy and overall direction[55] - Independent non-executive directors have confirmed their independence in accordance with GEM Listing Rules, ensuring compliance with governance standards[58] Financial Position and Cash Flow - As of December 31, 2024, the company's current ratio improved to 135.2% from 127.7% in 2023[28] - Cash and bank balances were HKD 33,955,000, down from HKD 47,191,000 in 2023, while bank borrowings increased to HKD 151,164,000 from HKD 117,518,000[28] - The net capital debt ratio rose to 133.8% from 101.5% in 2023, with net debt amounting to approximately HKD 117,209,000[28] - The company ended the year with cash and cash equivalents of HKD 33,955,000, down from HKD 47,191,000 in 2023, reflecting a decrease in liquidity[172] - The company recorded a significant increase in expected credit loss provisions for trade receivables, amounting to HKD 1,246,000, compared to HKD 116,000 in the previous year, indicating potential credit risk concerns[170] - Operating cash flow before changes in working capital was negative HKD 1,018,000, a decrease from negative HKD 21,099,000 in the previous year, showing an improvement in cash flow management[170] Shareholder Communication and Dividends - The company emphasizes effective communication with shareholders through annual reports and press releases, and encourages attendance at annual general meetings[92] - The board does not recommend the payment of a final dividend for the year 2023[97] - The group reported a total reserve available for distribution to shareholders of HKD 10,210,000 as of December 31, 2024, down from HKD 53,898,000 in 2023[103] Risk Management and Compliance - The company has established a risk management and internal control system that is deemed effective and adequate by the board, covering financial, operational, compliance monitoring, and risk management functions[86] - The company has no significant violations of applicable laws and regulations, ensuring compliance with local legal requirements[106] - The group closely monitors government policies and regulations that may impact its operations, assessing potential risks and uncertainties[109] Inventory and Financial Reporting - The carrying amount of inventory is HKD 103,835,000, net of a provision of HKD 8,168,000[152] - The audit identified the estimation of inventory provision as a key audit matter due to management's assumptions in identifying obsolete and slow-moving inventory[152] - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards and reflect a true and fair view of the group's financial position[148] - The total provision for inventory is based on the estimated selling price less estimated costs to sell[152] Auditor and Financial Oversight - The company appointed a new auditor, ZHONGJIAN CPA, to replace the previous auditor, Hong Kong Lixin Dehao, effective September 26, 2024[80] - The total remuneration for the auditor for the year 2024 includes HKD 640,000 for statutory audit services and HKD 160,000 for non-audit services[81] - The auditor's responsibility includes identifying and assessing risks of material misstatement in the financial statements[161]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 960,488,000, a decrease of 20.1% compared to HKD 1,202,816,000 in 2023[5] - The company reported a loss attributable to owners of HKD 3,186,000, a decline of 180.8% from a profit of HKD 3,942,000 in the previous year[5] - Basic loss per share for 2024 was HKD (0.31), down 162.0% from HKD 0.50 in 2023[5] - Gross profit for the year was HKD 26,177,000, compared to HKD 44,198,000 in 2023, indicating a significant decline[7] - Revenue from the China market was HKD 620,962, down 12.9% from HKD 712,816 in 2023[15] - Revenue from Hong Kong decreased by 33.5% to HKD 300,814 from HKD 452,779 in 2023[15] - The company's net loss for 2024 was HKD 3,186, compared to a profit of HKD 3,942 in 2023[25] - Gross profit for the year ended December 31, 2024, was HKD 26,177,000, down 40.8% from HKD 44,198,000 in 2023, with a gross margin of 2.7% compared to 3.7% in 2023[45] - The operating costs for the year ended December 31, 2024, were HKD 23,236,000, a reduction of 32.4% from HKD 34,395,000 in 2023[46] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 333,845,000, an increase from HKD 315,229,000 in 2023[8] - Current liabilities remained stable at HKD 246,934,000, compared to HKD 246,798,000 in the previous year[8] - The company’s cash and cash equivalents decreased to HKD 33,955,000 from HKD 47,191,000 in 2023[8] - Inventory levels decreased to HKD 103,835,000 from HKD 109,580,000 in the previous year[8] - Trade receivables increased to HKD 114,887 in 2024 from HKD 104,050 in 2023[27] - Total non-current assets decreased to HKD 702, from HKD 851 in 2023[19] - The company reported income tax expenses of HKD 69 for 2024, up from HKD 38 in 2023[21] - Employee costs totaled HKD 14,857 in 2024, down from HKD 18,889 in 2023[23] - Trade and other payables decreased to HKD 91,673 in 2024 from HKD 122,524 in 2023[29] Shareholder Actions - The company has announced a rights issue, issuing 484,541,000 shares at HKD 0.05 per share, raising approximately HKD 23,430,000[33] - The company issued a total of 484,541,037 rights shares, raising a net amount of approximately HKD 23,400,000 after deducting all necessary costs and expenses[58] - The planned use of the raised funds includes HKD 11.7 million for developing IC, panel solutions, MCU, and high-performance ICs, specifically for AI mobile internet devices, new energy vehicles, and gaming PCs and consoles[58] - The company allocated HKD 9.4 million for repaying outstanding bank loans and HKD 2.3 million for general working capital, totaling HKD 23.4 million utilized as of December 31, 2024[58] - The board proposed a share consolidation on March 14, 2025, merging every ten existing shares of HKD 0.01 each into one consolidated share of HKD 0.1[69] - Following the share consolidation, the trading board lot size will change from 10,000 existing shares to 5,000 consolidated shares[70] Operational Strategy - The company plans to continue focusing on electronic product sales and independent design services[10] - The company plans to enhance financial resilience by improving operational efficiency and implementing strict cost controls to support better financial performance in 2025[42] - Ongoing product development includes the integration of AI chips with existing suppliers and customers to drive business growth and improve market share[48] - The company is focusing on expanding its product offerings in automotive electronics, 3A computer gaming, robotics technology, and next-generation mobile internet devices[42] Governance and Compliance - The company has not yet adopted new accounting standards that have been issued but are not yet effective[13] - The audit committee, established on December 23, 2015, comprises three independent non-executive directors and has reviewed the group's accounting principles, internal controls, and risk management[61] - The company has adhered to the corporate governance code, with minor deviations regarding insurance arrangements for directors facing potential legal claims[62] - The company plans to issue its annual report and performance announcement on its website and the Hong Kong Stock Exchange website[66] Employee and Market Conditions - The group has approximately 60 employees in the Greater China region, with competitive compensation packages including fixed salaries and performance-related bonuses[52] - The group does not currently hedge against foreign exchange risks, as the majority of transactions are conducted in RMB, USD, and HKD[51] - The estimated net proceeds from the 2023 rights issue were approximately HKD 36,700,000, with all funds utilized by December 31, 2024[57] - The group plans to extend the expected timeline for the use of IPO proceeds from 2021-2024 to 2025-2027 due to economic uncertainties[56] - The net capital debt ratio rose to 133.8% in 2024 from 101.5% in 2023, with net debt amounting to approximately HKD 117,209,000[49] - Accounts receivable turnover days increased to approximately 42 days in 2024 from 33 days in 2023[49] - Inventory turnover days remained stable at 42 days in 2024, while accounts payable turnover days were 40 days, both slightly up from 39 days in 2023[50] Market Segments - The MID segment achieved growth driven by the integration of ICs and AI chips, highlighting the increasing importance of AI in the tablet industry[37] - The smart home audio segment continued to show significant growth due to rising consumer demand for high-quality audio solutions that integrate seamlessly with other smart devices[39]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 482,699,000, a decrease of 25.6% compared to HKD 648,431,000 for the same period in 2023[5] - Profit attributable to owners of the company for the six months ended June 30, 2024, was HKD 803,000, down 92.1% from HKD 10,117,000 in the previous year[5] - Basic earnings per share for the six months ended June 30, 2024, was HKD 0.08, a decline of 94.8% from HKD 1.55 in the same period last year[5] - Gross profit for the six months ended June 30, 2024, was HKD 14,882,000, compared to HKD 31,728,000 for the same period in 2023, indicating a significant decrease[6] - Total comprehensive income for the period was HKD 2,221,000, down from HKD 12,608,000 in the previous year[6] - The company experienced a net cash outflow from operating activities of HKD 27,396,000 for the six months ended June 30, 2024, compared to a net cash inflow of HKD 119,375,000 in the prior year[9] - The total cash and cash equivalents at the end of the period were HKD 51,238,000, down from HKD 95,877,000 at the end of June 30, 2023[9] - The basic earnings per share for the six months ended June 30, 2024, was HKD 0.00083, a decrease from HKD 0.0155 for the same period in 2023[20] - The company reported a significant increase in financing cash inflow to HKD 29,771,000 for the six months ended June 30, 2024, compared to a cash outflow of HKD 118,442,000 in the same period of 2023[9] - The company's sales revenue for the six months ended June 30, 2024, was HKD 482,699,000, a decrease of 25.6% compared to HKD 648,431,000 for the same period in 2023[32] - Gross profit for the same period was HKD 14,882,000, down 53.1% from HKD 31,728,000 in 2023, with a gross margin declining from 4.89% to 3.08%[33] - The operating costs for the six months ended June 30, 2024, were HKD 12,285,000, a reduction of 30.6% from HKD 17,709,000 in 2023[34] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 835,000, an increase from HKD 585,000 as of December 31, 2023[7] - Current assets totaled HKD 333,235,000 as of June 30, 2024, compared to HKD 315,229,000 at the end of 2023, showing a slight increase[7] - Current liabilities were HKD 262,833,000 as of June 30, 2024, compared to HKD 246,798,000 at the end of 2023, indicating an increase in obligations[7] - Total equity as of June 30, 2024, was HKD 71,503,000, up from HKD 69,282,000 at the end of 2023[7] - The company’s total liabilities decreased from HKD 57,640,000 as of January 1, 2023, to HKD 52,895,000 as of June 30, 2024[8] - As of June 30, 2024, the company's net debt-to-equity ratio was 185.6%, up from 101.5% on December 31, 2023, with net debt of approximately HKD 132.74 million and total equity of approximately HKD 71.50 million[37] Market and Operational Insights - The company’s revenue from the China market was HKD 283,658,000 for the six months ended June 30, 2024, down from HKD 366,911,000 in the same period of 2023, representing a decline of 22.7%[14] - The company’s employee costs totaled HKD 3,179,000 for the six months ended June 30, 2024, down from HKD 4,075,000 in the same period of 2023[18] - Accounts receivable turnover days increased to 45 days in 2024 from 33 days in 2023[36] - The total number of employees as of June 30, 2024, was approximately 60, a decrease from 70 employees as of December 31, 2023[45] - Sales of IC solutions increased due to a surge in demand for smart home and IoT products compared to the previous year[30] Research and Development - Total R&D expenditure for the period was HKD 30 million, with specific allocations for automotive infotainment (HKD 2.8 million), drone Wi-Fi transmission (HKD 2.8 million), and AI and IoT (HKD 5.6 million)[53] - The company plans to develop metaverse hardware with an investment of HKD 7.5 million, expected to be completed by the end of 2024[53] - The company plans to launch various microcontroller unit (MCU) IC solutions targeting the new energy vehicle sector, supported by national policies[31] - The company expects to benefit from the development of AI tablets in the second half of the year, promoting IC and panel solutions to Chinese brand manufacturers[31] Corporate Governance and Compliance - The company has adhered to the GEM Listing Rules and corporate governance codes, with no significant deviations reported[55] - The audit committee reviewed the accounting principles, internal controls, and risk management for the six months ending June 30, 2024[57] - All directors confirmed compliance with the GEM Listing Rules regarding securities trading during the reporting period[58] - The company has not purchased, sold, or redeemed any of its listed securities during the review period[54] Shareholder and Investment Information - Major shareholders include Shijie, holding 448,846,000 shares, representing 46.32% of the issued share capital as of June 30, 2024[50] - The company has not issued any share options under its share option scheme during the reporting period[48] - The company raised approximately HKD 30 million from the placement of 150,000,000 shares in January 2016, with revised uses for the proceeds approved by the board[52] - The company issued a total of 316,312,074 rights shares, raising approximately HKD 36.7 million net after costs and expenses[54] - As of June 30, 2024, the actual use of the raised funds included HKD 25.8 million for repaying bank loans, HKD 7.3 million for R&D of new MCU applications and electronic paper, and HKD 3.6 million for general working capital[54] Employee Relations - The company has a competitive compensation package for employees, including medical benefits and stock option plans[45] - The board expressed gratitude to employees, shareholders, customers, suppliers, and business partners for their ongoing support[59] - The company maintains a strong focus on R&D and market expansion strategies to enhance its competitive position[53]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 482,699,000, a decrease of 25.6% compared to HKD 648,431,000 for the same period in 2023[2] - Profit attributable to owners of the company for the six months ended June 30, 2024, was HKD 803,000, down 92.1% from HKD 10,117,000 in the previous year[2] - Basic earnings per share for the six months ended June 30, 2024, was HKD 0.08, a decline of 94.8% from HKD 1.55 in the same period of 2023[2] - Gross profit for the six months ended June 30, 2024, was HKD 14,882,000, compared to HKD 31,728,000 for the same period in 2023, reflecting a significant decrease[3] - The company recorded sales revenue of HKD 482,699,000 for the six months ended June 30, 2024, a decrease of 25.6% compared to HKD 648,431,000 for the same period in 2023[26] - Gross profit for the six months ended June 30, 2024, was HKD 14,882,000, down 53.1% from HKD 31,728,000 in the same period of 2023, with a gross margin decrease from 4.89% to 3.08%[27] - The net profit attributable to shareholders for the six months ended June 30, 2024, was HKD 803,000, a significant decline from HKD 10,117,000 in the same period of 2023[14] Revenue Breakdown - Revenue from the China market was HKD 283,658,000 for the six months ended June 30, 2024, down from HKD 366,911,000 in the same period of 2023[8] - Revenue from Hong Kong decreased to HKD 163,412,000 for the six months ended June 30, 2024, from HKD 254,582,000 in the previous year[8] - There were no customers contributing over 10% to the group's revenue for the six months ended June 30, 2024[8] Cash and Assets - The company reported a net cash position of HKD 21,418,000 as of June 30, 2024, down from HKD 47,191,000 at the end of 2023[4] - Total assets less current liabilities amounted to HKD 71,503,000 as of June 30, 2024, compared to HKD 69,282,000 at the end of 2023[4] - The group's bank balance and cash as of June 30, 2024, was HKD 21,418,000, down from HKD 47,191,000 on December 31, 2023, while bank borrowings increased to HKD 154,157,000 from HKD 117,518,000[30] - The net debt-to-equity ratio as of June 30, 2024, was 185.6%, up from 101.5% on December 31, 2023, with net debt amounting to approximately HKD 132,739,000[31] Operational Metrics - Trade receivables increased to HKD 132,025,000 as of June 30, 2024, compared to HKD 104,050,000 as of December 31, 2023[16] - Trade payables decreased to HKD 98,159,000 as of June 30, 2024, from HKD 114,666,000 as of December 31, 2023[18] - The average accounts receivable turnover days increased to 45 days for the period, compared to 33 days in 2023[30] - The total number of employees as of June 30, 2024, was approximately 60, down from 70 on December 31, 2023[38] Cost Management - The company reported a total employee cost of HKD 3,179,000 for the six months ended June 30, 2024, down from HKD 4,075,000 in the same period of 2023[13] - The group's operating costs for the six months ended June 30, 2024, were HKD 12,285,000, a decrease of 30.6% compared to HKD 17,709,000 for the same period in 2023[28] Dividends and Shareholder Returns - The company did not declare or pay any dividends for the fiscal year ended December 31, 2023[12] - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[23] Future Outlook and Strategy - The company plans to launch various microcontroller unit (MCU) IC solutions targeting the new energy vehicle sector, supported by national policies[25] - The company will benefit from the development of AI tablets in the second half of the year, promoting IC and panel solutions to Chinese brand manufacturers[25] Governance and Compliance - The company has adopted the GEM Listing Rules as its own code of conduct for securities trading by directors, confirming compliance by all directors for the six months ending June 30, 2024[47] - The audit committee has reviewed the accounting principles, internal controls, risk management, and the unaudited consolidated financial statements for the six months ending June 30, 2024[46] - The group had no significant contingent liabilities as of June 30, 2024[33] - The group had no major investments or acquisitions during the six months ended June 30, 2024[37] Acknowledgments - The board expresses gratitude to all employees, shareholders, customers, suppliers, and business partners for their ongoing support and contributions[48]

Corporate Governance - The company appointed Mr. Yan Zijie as the chairman on September 4, 2023, and Mr. Yan Yulin will become an executive director on February 1, 2024[1]. - The company held nine board meetings during the year, with all executive directors attending all meetings[12]. - The Audit Committee, consisting of three independent non-executive directors, held four meetings to review the financial reports and internal controls for the year ending December 31, 2023[14]. - The Remuneration Committee held two meetings to discuss the remuneration policies for directors and senior management[17]. - The company confirmed the independence of all independent non-executive directors in accordance with GEM Listing Rules[11]. - The company’s chairman and CEO roles are separated, with Mr. Yan Zijie responsible for corporate strategy and overall direction[5][6]. - The company’s board members have established service contracts with varying start dates, ensuring continuity in governance[7]. - The company’s independent non-executive directors have confirmed their independence and compliance with the relevant guidelines[11]. - The Nomination Committee was established on December 23, 2015, consisting of one executive director and two independent non-executive directors[19]. - The Nomination Committee held two meetings this year to review and discuss the composition of the board and to identify suitable candidates for appointment[20]. - The board has adopted a diversity policy considering factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[23]. - The board believes that the risk management and internal control systems are effective and adequate, with no significant issues reported during the review period[27]. - The company has a policy to ensure timely disclosure of inside information to the public, adhering to the Securities and Futures Ordinance and GEM Listing Rules[33]. - Shareholders holding at least 10% of the voting rights can request a special general meeting, with specific procedures outlined for submission[34]. - The company emphasizes effective communication with shareholders through annual reports, press releases, and its website[36]. - The board members' attendance record for meetings shows full participation, with all members attending 2 out of 2 meetings[21]. - The company is committed to maintaining a balanced skill set and diverse perspectives on the board to meet business requirements[23]. - The board has ensured that there are sufficient qualified staff and resources in accounting, internal audit, and financial reporting functions[27]. - The board consists of eight members, with three being independent non-executive directors, promoting critical review and monitoring of management processes[76]. - The company has established a compliance framework to adhere to legal and regulatory requirements, including GEM listing rules[71]. - The board has achieved measurable targets for diversity, ensuring at least one-third of its members are independent non-executive directors[77]. - The company’s organizational articles do not include provisions for preemptive rights for existing shareholders[106]. - The board consists of eight directors, including executive directors and non-executive directors[200]. - Dr. Yan Yulin and Mr. Yan Ziyu are among the executive directors, with Mr. Yan Ziyu appointed on February 1, 2024[200]. - Mr. Zhang Weihua served as the CEO until his resignation on September 4, 2023[200]. - Mr. Wei Wei is set to resign on January 31, 2024[200]. Financial Performance - The company’s revenue for 2023 was HKD 1,202,816,000, a decrease of 30.6% compared to HKD 1,732,213,000 in 2022[117]. - The company achieved a profit attributable to shareholders of HKD 3,942,000 in 2023, recovering from a loss of HKD 68,545,000 in the previous year[117]. - The MID segment, including tablets and smart home audio products, generated the highest revenue, but sales of traditional tablet panels and chips declined due to low consumer spending[122]. - The automotive infotainment system business faced a decline in demand due to the rise of electric vehicles and falling car prices[123]. - The company plans to expand revenue sources and diversify products in response to the uncertain global business environment in 2024[128]. - Ongoing product development includes AI-related products, with expectations for stable growth in the MID business in 2024[129]. - The company raised approximately HKD 36,700,000 from a rights issue, with HKD 32,000,000 already utilized for various purposes, including repaying bank loans and R&D[130][131]. - The overall demand for video camera products has stabilized despite a decline in the market, due to increased customer specifications[124]. - The company’s wireless networking and Bluetooth solutions have performed well in the smart home market, driven by rising demand[125]. - For the fiscal year ending December 31, 2023, the company reported sales revenue of HKD 1,202,816,000, a decrease of 30.6% compared to HKD 1,732,213,000 in 2022[141]. - Gross profit for the same period was HKD 44,198,000, a significant increase of 287.7% from a gross loss of HKD 23,553,000 in the previous year, resulting in a gross margin of 3.7%[142]. - The company's operating costs decreased by 8.3% to HKD 34,395,000 from HKD 37,499,000 in 2022[143]. - The profit attributable to the owners of the company was HKD 3,942,000, a turnaround from a loss of HKD 68,545,000 in 2022, representing an increase of 105.8%[144]. - The company reported a total comprehensive income of HKD 5,336,000 for 2023, compared to a comprehensive loss of HKD 76,282,000 in 2022[180]. - Basic and diluted earnings per share for 2023 were HKD 0.50, recovering from a loss per share of HKD 9.83 in 2022[180]. - Total assets as of December 31, 2023, were HKD 69,282,000, up from HKD 27,203,000 in 2022, reflecting a strong growth in asset base[182]. - The company's total liabilities decreased to HKD 246,798,000 in 2023 from HKD 385,870,000 in 2022, indicating improved financial health[182]. - The company’s equity increased to HKD 69,282,000 in 2023, compared to HKD 27,203,000 in 2022, demonstrating strong capital growth[182]. - The company reported a pre-tax profit of HKD 3,980,000 for the year ending December 31, 2023, compared to a loss of HKD 68,402,000 in 2022[188]. - Operating cash flow before changes in working capital was HKD 18,671,000, a significant improvement from a negative HKD 13,824,000 in the previous year[188]. - The net cash generated from operating activities was HKD 43,458,000, down from HKD 95,052,000 in the previous year[188]. - The company incurred financing costs of HKD 8,285,000, an increase from HKD 7,730,000 in 2022[188]. - The company recorded a decrease in expected credit loss impairment of HKD 116,000, compared to an impairment of HKD 387,000 in the previous year[188]. - The company reported a decrease in trade and other payables by HKD 26,246,000 and contract liabilities by HKD 7,546,000, compared to a decrease of HKD 178,405,000 and HKD 911,000 in 2022, respectively[188]. - The company’s depreciation of property, plant, and equipment was HKD 616,000, down from HKD 815,000 in the previous year[188]. - The company’s cash used in investing activities was HKD 13,269,000, compared to cash generated of HKD 761,000 in 2022[188]. - The company’s interest income increased to HKD 1,354,000 from HKD 948,000 in the previous year[188]. Compliance and Risk Management - The company has no significant violations of applicable laws and regulations, ensuring compliance with local legal requirements[50]. - The company has not established any agreements or instruments to hedge against foreign exchange risks, as management considers the risks to be minimal[54]. - The company is subject to audit procedures that assess the risk of material misstatement due to fraud or error, ensuring financial integrity[175]. - The audit process includes evaluating the appropriateness of accounting policies and estimates made by the board[176]. - The company’s financial statements are prepared on a going concern basis, with disclosures made regarding any significant uncertainties[176]. - The independent auditor's report highlights the responsibility to ensure that the financial statements are free from material misstatement due to fraud or error[174]. - The company faces risks related to local and international regulations, which are closely monitored to assess their impact on operations[53]. Shareholder Relations and Dividends - The company does not recommend the payment of a final dividend for the year 2023, consistent with the previous year[41]. - The company has adopted a dividend policy that allows for cash dividends to be distributed to shareholders, subject to board discretion and shareholder approval[164]. - The board will consider overall business conditions, financial performance, funding needs, retained earnings, and tax factors when proposing dividends[164]. - The company emphasizes that there is no guarantee of specific dividend amounts being paid during any designated period[164]. Management and Leadership - The company has a total of 10 management members receiving salaries below HKD 1,000,000 for the year 2023[4]. - All directors participated in continuous professional development to ensure they are well-informed about their responsibilities under GEM listing rules[72]. - The company is led by a team with extensive experience in the display and lighting product industry, enhancing its competitive edge[168]. - The chairman, Mr. Yan, has been involved in the LED lighting business since 2009, showcasing a long-term commitment to this sector[171]. - The executive director, Dr. Yan, has over 20 years of experience in accounting and financial management, indicating strong leadership in financial oversight[169]. Strategic Initiatives - The company is actively developing solutions for various metaverse hardware applications, which is expected to drive future revenue growth[139]. - The company plans to explore opportunities in the smart cockpit, power systems, and advanced driving assistance systems in 2024, aiming for stable future revenue[138]. - The company is expanding its electronic paper applications beyond traditional uses, targeting markets such as electronic posters and electronic billboards[138]. - The company has adopted a share option scheme as an incentive for eligible employees[94]. - The company has approved a share option plan (2015 Plan) allowing for the issuance of up to 60,000,000 shares, representing 10% of the issued share capital post-placement[65]. - No share options were granted under the 2015 Plan for the fiscal year ending December 31, 2023[67]. - The company has not entered into any management contracts for its entire business or any significant part thereof during the year[90]. - There were no significant transactions or contracts involving the company's directors or related entities during the year[92]. - The company has not purchased, sold, or redeemed any of its listed securities during the year[92]. - The company has not disclosed any related party transactions that require reporting under GEM Listing Rules[108].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,202,816, a decrease of 30.6% compared to HKD 1,732,213 in 2022[5] - The company reported a profit attributable to owners of HKD 3,942, a significant recovery from a loss of HKD 68,545 in the previous year[5] - Basic earnings per share for 2023 was HKD 0.50, compared to a loss per share of HKD 9.83 in 2022[7] - Gross profit for the year was HKD 44,198, a turnaround from a gross loss of HKD 23,553 in 2022[7] - Total revenue for 2023 decreased compared to the previous year, primarily due to a lack of expected economic rebound post-COVID-19 and a decline in domestic consumption[42] - The company achieved a profit of HKD 3,942,000 in 2023, a significant recovery from a loss of HKD 68,545,000 in 2022[29] - Gross profit for the year ended December 31, 2023, was HKD 44,198,000, an increase of 287.7% from a gross loss of HKD 23,553,000 in 2022, resulting in a gross margin of 3.7%[54] - The company's profit attributable to owners was HKD 3,942,000 for the year ended December 31, 2023, a significant increase of 105.8% from a loss of HKD 68,545,000 in 2022[56] - Operating costs decreased by 8.3% to HKD 34,395,000 for the year ended December 31, 2023, compared to HKD 37,499,000 in 2022[55] Assets and Liabilities - Total assets decreased to HKD 315,229 from HKD 409,143 in 2022, while total liabilities also decreased from HKD 385,870 to HKD 246,798[8] - The company's cash and cash equivalents decreased to HKD 47,191 from HKD 91,896 in the previous year[8] - Inventory levels were reduced to HKD 109,580 from HKD 140,771, indicating improved inventory management[8] - The company’s total equity increased significantly to HKD 69,282 from HKD 27,203 in 2022, reflecting a stronger financial position[8] - Trade receivables decreased to HKD 104,050,000 in 2023 from HKD 117,006,000 in 2022, reflecting a reduction in sales activity[30] - Trade and other payables decreased to HKD 122,524,000 in 2023 from HKD 148,770,000 in 2022, indicating improved cash flow management[34] - The company recorded a current ratio of 127.7% as of December 31, 2023, up from 106.0% in 2022[57] - The company’s net capital debt ratio improved to 101.5% as of December 31, 2023, compared to 472.5% in 2022[57] Market and Revenue Sources - Revenue from the China market was HKD 712,816 thousand in 2023, down 40.3% from HKD 1,194,530 thousand in 2022[18] - The MID segment, which includes tablets and smart home audio products, remains the largest revenue contributor, although sales have declined due to reduced consumer spending[44] - The automotive infotainment system business faced challenges due to the rise of electric vehicles and declining car prices, impacting demand in the aftermarket[45] - The company expects continued challenges in the consumer electronics market due to global inflation and high interest rates affecting overall demand[42] Future Plans and Strategies - The company plans to continue focusing on electronic product sales and independent design services to drive future growth[9] - The company is focusing on diversifying revenue sources and expanding product offerings in response to a challenging business environment in 2024[51] - Ongoing product developments include AI-related consumer electronics, with expectations for stable growth in the MID business in 2024[52] - The company is exploring opportunities in the electric vehicle microcontroller market, anticipating stable revenue growth in 2024[52] Accounting and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial results[10] - The application of HKFRS 17 had no significant impact on the consolidated financial statements for the year[13] - The group continues to apply relevant accounting standards for contracts that fall outside the scope of HKFRS 17[13] - The group plans to adopt several revised HKFRS standards effective from January 1, 2024, which may impact future financial reporting[17] - The group’s accounting policy disclosures have been updated, but the application of these revisions did not significantly affect the financial position or performance[16] - The audit committee, established on December 23, 2015, consists of three independent non-executive directors[69] - The company has adhered to the corporate governance code throughout the fiscal year ending December 31, 2023, with minor deviations noted[70] Shareholder and Corporate Actions - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[40] - The company issued a total of 316,312,074 rights shares, raising approximately HKD 36,700,000 net after expenses[67] - As of December 31, 2023, approximately HKD 32,000,000 of the raised funds have been utilized, leaving HKD 4,700,000 unutilized[67] - HKD 25,800,000 was allocated for repaying outstanding bank loans, fully utilized[67] - HKD 2,600,000 was spent on R&D for new MCU applications and electronic paper, with HKD 4,700,000 remaining for future use[67] - General working capital received HKD 3,600,000, fully utilized[67] - The company plans to change its English name to "V & V Technology Holdings Limited" and its Chinese name to "時騰科技控股有限公司" effective February 1, 2024[76] - The company expresses gratitude to all employees, shareholders, customers, suppliers, and business partners for their contributions and support[78] - The board of directors includes three executive directors and three independent non-executive directors as of the announcement date[80]

智通财经APP讯，扬宇科技(08113)发布公告，公司预期截至2023年12月31日止年度与截至2022年12月31日止年度的亏损6854.5万港元相比，取得公司拥有人应占溢利约300万港元至400万港元。 公告称，以上预期转亏为盈之主要原因为(i)2023年面板毛利恢复正常，带动整体毛利成长;(ii)公司对库存水平有良好的监控和控制，使库存水平处于健康状态，因此2023年存货提列有所减少。 ...

Financial Performance - Revenue for the nine months ended September 30, 2023, was HKD 945,600,000, a decrease of 29.6% compared to HKD 1,342,288,000 in 2022[4] - Profit attributable to owners for the same period was HKD 11,138,000, representing an increase of 168.4% from a loss of HKD 16,280,000 in 2022[4] - Basic earnings per share for the nine months was HKD 1.62, up 165.1% from a loss of HKD 2.49 per share in the previous year[4] - Gross profit for the nine months was HKD 42,064,000, compared to HKD 15,957,000 in 2022, indicating a significant improvement[6] - The company reported a pre-tax profit of HKD 11,143,000 for the nine months, a turnaround from a pre-tax loss of HKD 16,156,000 in the previous year[6] - Total comprehensive income for the nine months was HKD 13,629,000, compared to a loss of HKD 21,836,000 in 2022[7] Operational Highlights - The sales in the Chinese market for the three months ended September 30, 2023, were HKD 180.1 million, down from HKD 231.0 million in the same period of 2022[14] - The sales in Hong Kong for the three months ended September 30, 2023, increased to HKD 107.4 million from HKD 73.1 million in 2022, representing a growth of 46.8%[14] - Operating costs, including distribution and administrative expenses, decreased by 5.7% to HKD 26.2 million for the nine months ended September 30, 2023, compared to HKD 27.8 million in 2022[29] Shareholder and Capital Management - The company issued new shares through a rights issue, raising HKD 37,957,000 during the period[7] - The estimated net proceeds from the rights issue completed on August 31, 2023, is approximately HKD 36,800,000, with HKD 27,300,000 utilized as of September 30, 2023[44] - The company plans to use HKD 25.8 million from the rights issue proceeds to repay bank loans and HKD 7.3 million for R&D of new applications for microcontroller units and electronic paper[44] - As of September 30, 2023, Dr. Yan holds 535,091,722 shares, representing 55.22% of the company's issued shares[32] - Major shareholder Shijie holds 448,846,000 shares, accounting for 46.32% of the company's issued shares[38] Governance and Management Changes - Dr. Yan Yulin has resigned as chairman but will continue as an executive director effective September 4, 2023[50] - Mr. Yan Zijie has been appointed as the chairman and non-executive director of the company[51] - Mr. Zhang Weihua has resigned as executive director and CEO of the company[52] - Mr. Chen Jiahao has been appointed as the CEO of the company[53] - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors as of November 9, 2023[56] Compliance and Internal Controls - The company has complied with the GEM Listing Rules on corporate governance, with minor deviations noted[46] - The audit committee has reviewed the accounting principles, internal controls, risk management, and the unaudited consolidated financial statements for the nine months ending September 30, 2023[48] - The company has adopted the GEM Listing Rules as its own code of conduct for securities trading by directors, confirming compliance by all directors for the nine months ending September 30, 2023[49] Future Plans - The company plans to diversify its product offerings in the domestic market and focus on the growing demand for electronic products in ASEAN countries[26] - The company will target applications related to microcontrollers for new energy vehicles and electronic paper products, aligning with national policies on green energy and semiconductor industries[26] Other Financial Information - Administrative expenses decreased to HKD 15,461,000 from HKD 16,441,000 in the previous year, reflecting cost control measures[6] - Financing costs increased to HKD 6,367,000 from HKD 4,152,000, indicating higher borrowing costs[6] - The company has not granted any stock options under its stock option plan during the reporting period[36] - The company has a maximum of 60,000,000 shares available for issuance under the stock option plan, equivalent to about 6.2% of the issued shares[36] - The company has not purchased, sold, or redeemed any of its listed securities during the review period[45] - The company has allocated HKD 4.0 million for upgrading its ERP system, expected to be fully utilized by the end of 2024[42] - No interim dividend was proposed for the nine months ended September 30, 2023, consistent with the previous year[18] - The report will be published on the Hong Kong Stock Exchange website and the company's website for at least seven days from the publication date[56]

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倚賴該等內容而引致的任何損失承擔任何責任。 Hi-Level Technology Holdings Limited 揚 宇 科 技 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8113） 截至2023年9月30日止九個月之 第三季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市的公司普遍為中小型公司，在GEM買賣的證券可能較於聯交所主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關揚宇科技控股有限公司（「本公司」）的資料。本公司的董事（「董事」）願就 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 648,431,000, a decrease of 36.2% compared to HKD 1,017,045,000 in the same period of 2022[5] - Profit attributable to owners of the company for the six months ended June 30, 2023, was HKD 10,117,000, down 22.7% from HKD 13,090,000 in the previous year[5] - Basic earnings per share for the six months ended June 30, 2023, was HKD 1.55, a decline of 22.5% compared to HKD 2.00 in 2022[5] - Gross profit for the six months ended June 30, 2023, was HKD 31,728,000, down from HKD 36,373,000 in the same period of 2022, representing a decrease of 13.5%[7] - Total comprehensive income for the six months ended June 30, 2023, was HKD 12,608,000, compared to HKD 13,090,000 in the same period of 2022, reflecting a decrease of 3.7%[7] - The company reported a total employee cost of HKD 4,075,000 for the six months ended June 30, 2023, a decrease of 10% from HKD 4,530,000 in the same period of 2022[23] - The company incurred a total cost of goods sold of HKD 635,253,000 for the six months ended June 30, 2023, down from HKD 962,122,000 in the same period of 2022, reflecting a decrease of 33.9%[23] Cash Flow and Assets - For the six months ended June 30, 2023, the company reported a net cash inflow from operating activities of HKD 119,375,000, compared to HKD 51,391,000 for the same period in 2022, representing an increase of 132.8%[11] - The company's cash and cash equivalents at the end of the period were HKD 95,877,000, down from HKD 115,602,000 at the end of June 2022, reflecting a decrease of 17.1%[11] - The company reported a net cash outflow from financing activities of HKD 118,442,000 for the six months ended June 30, 2023, compared to HKD 50,006,000 in the same period of 2022, indicating an increase of 136.5%[11] - Current assets as of June 30, 2023, totaled HKD 402,315,000, a slight decrease from HKD 409,143,000 as of December 31, 2022[8] - Current liabilities increased to HKD 364,839,000 as of June 30, 2023, compared to HKD 385,870,000 as of December 31, 2022[8] - The company experienced a foreign exchange gain of HKD 2,491,000 from its subsidiaries during the reporting period[9] - The company reported a net asset value of HKD 39,811,000 as of June 30, 2023, up from HKD 27,203,000 at the end of 2022[8] - The group reported a net cash position as of June 30, 2023, with cash and bank balances amounting to HKD 110,877,000, compared to HKD 106,896,000 on December 31, 2022[49] Equity and Liabilities - The company’s total equity as of June 30, 2023, was HKD 39,811,000, an increase from HKD 27,203,000 at the beginning of the year[9] - Trade payables as of June 30, 2023, were HKD 242,860,000, up from HKD 131,614,000 as of December 31, 2022[30] - The total transaction price allocated to the company's existing contracts as of June 30, 2023, was HKD 11,296,000, down from HKD 13,608,000 in 2022[33] - The group had no significant contingent liabilities as of June 30, 2023, consistent with the previous year[53] - The group had no significant capital commitments as of June 30, 2023[56] Operational Metrics - Accounts receivable turnover days increased to 35 days in 2023 from 26 days in 2022[49] - Inventory turnover days improved to 41 days in 2023 from 65 days in 2022, while average accounts payable turnover days increased to 55 days from 46 days[50] - The aging analysis of trade receivables showed that amounts overdue by 1 to 30 days increased to HKD 84,222,000 from HKD 81,721,000 year-on-year[28] Corporate Governance and Future Plans - The company has complied with the GEM Listing Rules and corporate governance code, with no significant deviations reported[75] - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[83] - The company plans to focus on industries supported by national policies and introduce various MCU solutions for new energy vehicles and green products in the second half of the year[43] - The company proposed a rights issue to raise up to approximately HKD 78,300,000 by issuing up to 652,770,000 new shares at a subscription price of HKD 0.12 per share[80] Dividends and Share Options - The company did not declare or pay any dividends for the financial year ended December 31, 2022[22] - The company did not recommend an interim dividend for the six months ended June 30, 2023, compared to HKD 0.01 per share for the same period in 2022[40] - The group has not issued any share options under the share option scheme during the reporting period[66] Employee and Investment Information - The total number of employees remained stable at approximately 80 as of June 30, 2023[59] - There were no major investments or acquisitions made by the group during the six months ending June 30, 2023[57]