Workflow
WISE ALLY INTL(09918)
icon
Search documents
丽年国际(09918) - 2021 - 年度财报
2022-04-28 09:15
Financial Performance - Revenue for 2021 reached HK$1,047,330, an increase of 27.8% from HK$819,503 in 2020[12] - Gross profit for the year was HK$194,262, representing a gross profit margin of 18.5%[12] - Operating profit increased to HK$34,978, compared to HK$14,692 in the previous year, marking a significant growth[12] - Profit attributable to equity holders of the Company was HK$20,120, a substantial rise from HK$1,451 in 2020[12] - Basic and diluted earnings per share improved to HK$0.01 from HK$0.0007 in the prior year[12] - For FY2021, the Group recorded total revenue of HK$1,047.3 million, an increase of HK$227.8 million or 27.8% compared to FY2020 revenue of HK$819.5 million[20] - The profit attributable to equity holders for FY2021 was HK$20.1 million, a significant increase of HK$18.7 million or 1,286.6% from FY2020's profit of HK$1.5 million[21] - In the first half of FY2021, the Group's revenue was HK$421.3 million, with a loss of HK$7.9 million due to global supply chain disruptions and semiconductor shortages[24] - In the second half of FY2021, the Group achieved revenue of HK$626.0 million and a profit of HK$28.0 million, benefiting from a rebound in the global economy[20] Assets and Liabilities - Current assets increased to HK$798,815, up from HK$637,049 in 2020, while current liabilities rose to HK$726,397 from HK$582,013[12] - Equity attributable to equity holders of the Company grew to HK$152,744, compared to HK$137,705 in 2020[12] - The net gearing ratio increased to 27.9% from 19.7% in 2020, indicating a rise in financial leverage[12] - As of December 31, 2021, the Group's bank borrowings were HK$249.9 million, down from HK$261.5 million in the previous year[49] - The Group's total net borrowings amounted to HK$42.6 million as of December 31, 2021, compared to HK$27.1 million at the end of FY2020, resulting in a net gearing ratio of 27.9%[50] Expenses and Costs - Selling and distribution and administrative expenses increased to HK$145.9 million in FY2021, reflecting an increase of HK$10.2 million or 7.5% compared to FY2020[41] - Net finance costs decreased by HK$3.7 million or 33.0% to HK$7.5 million in FY2021, primarily due to the repayment of certain revolving and term loans[41] - Total capital expenditures for FY2021 were HK$16.9 million, a decrease from HK$19.4 million in FY2020[52] - Total staff costs for FY2021 amounted to HK$191.4 million, an increase from HK$160.8 million in FY2020, reflecting a rise of approximately 19.6%[68] Future Outlook and Strategy - Future outlook includes potential market expansion and new product development strategies to sustain growth[12] - The company plans to introduce new pipeline products to attract new customers and develop its own brand products as a strategic direction[30] - The Group plans to establish production facilities in Southeast Asia and expand its manufacturing platform in the PRC, funded by a mix of internal resources, borrowings, and proceeds from the Global Offering[76] - The Group's future plans include enhancing research and development capabilities for IoT-related solutions in China[76] Governance and Management - The Company is committed to corporate governance and strategic planning, with a structured board and committee system in place[84] - The Group's leadership includes family members, indicating a strong internal governance structure[87] - The management team includes experienced professionals with backgrounds in engineering, finance, and product development, enhancing the Group's operational capabilities[90][100] - Mr. Raymond Chu has been the Chief Executive Officer since September 30, 2021, and is responsible for strategic planning and major decision-making[84] - Mr. Lau Shui Fung was appointed as Chief Financial Officer on October 31, 2021, bringing over 20 years of experience in accounting and finance from high-tech companies[95] Market Presence and Collaborations - A collaboration with Talentone Technology Limited has been established, which is licensed by a Fortune 100 company to use its trademark in certain products, potentially expanding the Group's market presence[32] - The licensed trademark is distributed in over 1,200 locations across more than 70 countries, which could significantly enhance the Group's capabilities and business footprint[33] Shareholder Information - The Board recommended a final dividend of HK$0.0025 per share for FY2021[26] - A final dividend of HK$5.0 million, representing HK$0.0025 per ordinary share, is proposed for the year ended December 31, 2021[156] - The Company has no arrangements for shareholders to waive any dividends[157] Environmental and Social Responsibility - The Group is committed to environmental responsibility, with detailed policies and performance metrics outlined in the Environmental, Social and Governance Report[166] - The Group aims to maintain strong relationships with employees, customers, and suppliers, emphasizing quality and reliability in its products and services[176] - During the reporting period, the Group made charitable donations totaling HK$13,000[178] Challenges and Risks - The ongoing geopolitical tensions and inflationary pressures are expected to pose challenges for the Group in the near future[30] - Due to COVID-19, the unutilized proceeds for expansion plans are expected to be utilized by the end of 2023[149]
丽年国际(09918) - 2021 - 中期财报
2021-09-23 08:40
WISE ALLY International Holdings Limited 麗年國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號 : 9918 INTERIM REPORT 2021 中期報告 Wise Ally International Holdings Limited 麗年國際控股有限公司 www.wiseally.com.hk 目 錄 Contents | 公司資料 | 2 | Corporate Information | | --- | --- | --- | | 簡明綜合全面虧損表 | 4 | Condensed Consolidated Statement of | | | | Comprehensive Loss | | 簡明綜合財務狀況表 | 5 | Condensed Consolidated Statement of | | | | Financial Position | | 簡明綜合權益變動表 | 7 | Condensed ...
丽年国际(09918) - 2020 - 年度财报
2021-04-27 09:38
執行董事 朱慧恒先生 (主席) 曾明哲先生 (行政總裁) 陳志明先生 (首席營運官) ANNUAL REPORT 年報 2020 WISE ALLY International Holdings Limited 麗年國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號 : 9918 | 目 錄 | | CONTENTS | | --- | --- | --- | | 公司資料 | 2 | Corporate Information | | 財務摘要 | 4 | Financial Highlights | | 五年財務概要 | 5 | Five-Year Financial Summary | | 主席報告書 | 6 | Chairman's Statement | | 管理層討論與分析 | 8 | Management Discussion and Analysis | | 董事及高級管理層 | 13 | Directors and Senior Manage ...
丽年国际(09918) - 2020 - 中期财报
2020-09-22 09:00
[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This report provides an overview of Luen Thai International Holdings Limited (Stock Code: 9918), detailing its board members, committee structures, principal bankers, and legal advisors, following its listing on the Main Board of the Hong Kong Stock Exchange on January 10, 2020 - This report provides an overview of Luen Thai International Holdings Limited (Stock Code: 9918), detailing its board members, committee structures, principal bankers, and legal advisors, following its listing on the Main Board of the Hong Kong Stock Exchange on **January 10, 2020**[3](index=3&type=chunk)[6](index=6&type=chunk)[29](index=29&type=chunk) [Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Comprehensive Loss/Income](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%88%95%20%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2020, the company turned from profit to loss, with revenue significantly decreasing by 46.3% to HK$283 million and gross profit falling by 63.9% to HK$44.24 million, resulting in a loss attributable to equity holders of HK$22.43 million compared to a profit of HK$18.45 million in the prior period 2020 Half-Year Performance Summary (HK$ Thousand) | Indicator | 2020 H1 (Unaudited) | 2019 H1 (Audited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 283,136 | 527,594 | -46.3% | | Gross Profit | 44,243 | 122,688 | -63.9% | | Operating (Loss)/Profit | (19,102) | 33,197 | Turned from profit to loss | | (Loss)/Profit for the Period | (22,425) | 18,449 | Turned from profit to loss | | Basic (Loss)/Earnings Per Share (HK cents) | (1.1) | 1.2 | Turned from profit to loss | [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2020, the company's total assets increased by 7.0% to HK$654 million from the end of 2019, while total equity significantly grew by 110.5% to HK$110 million primarily due to IPO proceeds, and total liabilities slightly decreased from HK$560 million to HK$545 million Financial Position Summary (HK$ Thousand) | Indicator | June 30, 2020 (Unaudited) | December 31, 2019 (Audited) | Period Change | | :--- | :--- | :--- | :--- | | Total Assets | 654,492 | 611,692 | +7.0% | | Total Liabilities | 544,696 | 559,537 | -2.6% | | Total Equity | 109,796 | 52,155 | +110.5% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2020, total equity increased to HK$110 million, primarily due to HK$125 million raised from share issuance, partially offset by a loss for the period of HK$22.43 million and dividends paid of HK$20 million - In the first half of 2020, the company raised **HK$125 million** through a share issuance (IPO) and paid **HK$20 million** in dividends[19](index=19&type=chunk) - The total comprehensive loss for the period was **HK$22.7 million**, primarily comprising an operating loss of **HK$22.43 million**[19](index=19&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2020, the company's net increase in cash and cash equivalents was HK$71.13 million, with a net cash outflow from operating activities of HK$3.11 million (compared to a net inflow in the prior period), while financing activities generated HK$76.66 million in net cash, mainly from ordinary share issuance, significantly improving the company's cash position Cash Flow Statement Summary (HK$ Thousand) | Activity Type | 2020 H1 (Unaudited) | 2019 H1 (Audited) | | :--- | :--- | :--- | | Net Cash from Operating Activities | (3,107) | 80,838 | | Net Cash from Investing Activities | (2,415) | (17,638) | | Net Cash from Financing Activities | 76,656 | (45,817) | | **Net Increase in Cash and Cash Equivalents** | **71,134** | **17,383** | - Cash inflow from financing activities primarily stemmed from **HK$125 million** raised from ordinary share issuance, partially offset by loan repayments, dividend payments, and listing expenses[26](index=26&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Revenue and Segment Information](index=14&type=section&id=5%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The company operates as a single segment for electronic product manufacturing and sales; in H1 2020, revenue from major customers generally declined, with the US market, despite a 56.9% decrease, remaining the largest, while sales to Ireland significantly increased by 276.3% due to a major customer's distribution strategy change Revenue by Customer Geographical Location (HK$ Thousand) | Region | 2020 H1 | 2019 H1 | YoY Change | | :--- | :--- | :--- | :--- | | United States | 139,015 | 322,629 | -56.9% | | United Kingdom | 48,398 | 106,780 | -54.7% | | Ireland | 42,411 | 11,269 | +276.3% | | Hong Kong | 16,610 | 29,533 | -43.8% | | China | 9,881 | 16,596 | -40.5% | | **Total** | **283,136** | **527,594** | **-46.3%** | [Dividends](index=20&type=section&id=10%20%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for the six months ended June 30, 2020; however, a final dividend for the year ended December 31, 2019, totaling HK$20 million, was paid during the period - The directors do not recommend an interim dividend for **2020**[85](index=85&type=chunk) - A final dividend for **2019** of **HK$0.01 per share**, totaling **HK$20 million**, was paid in the first half of **2020**[84](index=84&type=chunk) [Share Capital](index=26&type=section&id=17%20%E8%82%A1%E6%9C%AC) As of January 10, 2020, the company's total share capital increased to 2 billion shares with a total par value of HK$20 million, following a capitalization issue of 1.499 billion shares and a global offering of 500 million shares at HK$0.25 per share, raising HK$125 million in total proceeds - Upon listing on **January 10, 2020**, the company issued **500 million** ordinary shares at an issue price of **HK$0.25 per share**, raising total proceeds of **HK$125 million**[130](index=130&type=chunk) - As of **June 30, 2020**, the total number of issued ordinary shares was **2 billion**[126](index=126&type=chunk) [Management Discussion and Analysis](index=32&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business and Financial Review](index=32&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Due to the COVID-19 pandemic, the Group's revenue in H1 2020 significantly decreased by 46.3% to HK$283 million, leading to a gross profit margin decline from 23.3% to 15.6% and a net loss of HK$22.4 million, as the pandemic caused product delivery delays, supply chain disruptions, and global demand slowdown, though cost control measures like executive salary reductions partially offset administrative expenses - The **COVID-19 pandemic** was the primary cause of the significant revenue reduction in the first half of **2020**, impacting supply chains, logistics, and product demand[152](index=152&type=chunk)[154](index=154&type=chunk) Key Performance Indicators Change in H1 2020 | Indicator | 2020 H1 | 2019 H1 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | HK$283 million | HK$528 million | Demand decline and delivery delays due to pandemic | | Gross Profit Margin | 15.6% | 23.3% | Revenue decline, but fixed costs like factory management expenses did not decrease significantly | | Net (Loss)/Profit | (HK$22.4 million) | HK$18.4 million | Significant decrease in revenue and gross profit | | Administrative Expenses | HK$43.7 million | HK$55.0 million | No listing expenses and implementation of cost control measures | [Prospects](index=35&type=section&id=%E5%89%8D%E6%99%AF) Despite challenging business prospects for H2 2020, management anticipates a moderate market recovery, with the company focusing on developing new products like healthcare and IoT devices, expected to commence shipments in 2021, while the planned new production facility in Southeast Asia (new Asia plant) has been delayed by the pandemic, now expected to begin operations in H1 2021 - Strategic focus includes developing **healthcare products** and **IoT connected devices** for industrial and commercial applications, with shipments anticipated in **2021**[178](index=178&type=chunk) - Capacity expansion plans for a new production facility in Southeast Asia have been delayed due to the pandemic, with negotiations slowing and expected commencement of operations now in the **first half of 2021**[176](index=176&type=chunk)[179](index=179&type=chunk) [Liquidity and Financial Resources](index=36&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The company's liquidity significantly improved due to IPO proceeds, with cash and cash equivalents increasing to HK$210 million as of June 30, 2020, and net total debt substantially decreasing by 53.4% to HK$59.6 million, leading to a significant reduction in the net gearing ratio from 245.2% to 54.3%, indicating a more robust financial position Financial Position Indicators | Indicator | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HK$209.8 million | HK$138.6 million | | Net Total Debt | HK$59.6 million | HK$128.0 million | | Net Gearing Ratio | 54.3% | 245.2% | [Use of Proceeds from Listing](index=39&type=section&id=%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The company's January 2020 listing generated net proceeds of approximately HK$74 million; as of June 30, 2020, HK$7.1 million had been utilized primarily for general working capital and IT infrastructure enhancement, leaving HK$66.9 million unused, with most funds originally earmarked for capacity expansion and production efficiency improvements yet to be deployed Use of Listing Proceeds (HK$ Million) | Intended Use | Proposed Amount | Utilized | Unutilized | | :--- | :--- | :--- | :--- | | Capacity Increase (Southeast Asia & China) | 26.1 | – | 26.1 | | Enhance Production Efficiency & Capability | 19.4 | – | 19.4 | | Strengthen R&D Capability (IoT) | 4.0 | – | 4.0 | | Strengthen Marketing Capability | 4.3 | – | 4.3 | | Enhance IT Infrastructure | 2.5 | (0.2) | 2.3 | | Repay Bank Loans | 10.8 | – | 10.8 | | General Working Capital | 6.9 | (6.9) | – | | **Total** | **74.0** | **(7.1)** | **66.9** | [Other Information](index=40&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Directors' and Chief Executives' Interests](index=40&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of June 30, 2020, Executive Director Mr. Chu Wai Hang was deemed to hold a 63.0% equity interest in the company, with his brother Mr. Chu Wai Cheung also deemed to hold the same proportion, and no share options were granted by the company - Executive Director Mr. Chu Wai Hang, through his controlled corporations Smart Union and Smartview, is deemed to hold **1.26 billion** ordinary shares, representing **63.0%** of the total issued share capital[221](index=221&type=chunk) - No share options have been granted by the company since the adoption of the share option scheme on **December 10, 2019**, up to the reporting date[232](index=232&type=chunk)[235](index=235&type=chunk) [Corporate Governance](index=44&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company complied with all applicable corporate governance code provisions from its listing date to June 30, 2020; the Audit Committee reviewed the interim financial statements, and as a cost control measure in response to the pandemic, executive directors agreed to waive 30% of their emoluments from April to June 2020 - The company has complied with all applicable provisions of the **Corporate Governance Code** in Appendix 14 to the Listing Rules[238](index=238&type=chunk)[242](index=242&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period[247](index=247&type=chunk)[248](index=248&type=chunk) - In response to the **COVID-19 pandemic**, executive directors agreed to waive **30%** of their emoluments from **April to June 2020**[240](index=240&type=chunk)[244](index=244&type=chunk)
丽年国际(09918) - 2019 - 年度财报
2020-04-27 09:38
Financial Performance - Revenue for 2019 was HK$980,844, a decrease of 22.0% from HK$1,257,295 in 2018[11] - Gross profit for 2019 was HK$226,191, down 23.5% from HK$295,637 in 2018[11] - Operating profit decreased to HK$63,253, a decline of 41.2% compared to HK$107,384 in 2018[11] - Profit attributable to equity holders of the Company was HK$33,390, down 56.6% from HK$77,018 in 2018[11] - Basic and diluted earnings per share decreased to 2.2 HK cents from 5.1 HK cents in 2018[11] - Gross profit margin for 2019 was 23.1%, slightly down from 23.5% in 2018[11] - Return on equity decreased to 37.8% from 86.4% in 2018[11] - Profit for the year decreased by HK$43.6 million, or 56.6%, from HK$77.0 million for CY2018 to HK$33.4 million for CY2019[58] - Adjusted net profit for CY2019 was HK$50.7 million, down from HK$86.0 million in CY2018[59] Assets and Liabilities - Current assets decreased to HK$494,598 from HK$806,318 in 2018, a decline of 38.6%[11] - Current liabilities decreased to HK$479,342 from HK$770,146 in 2018, a decline of 37.8%[11] - Equity attributable to equity holders of the Company decreased to HK$52,155 from HK$124,717 in 2018, a decline of 58.2%[11] - Cash and cash equivalents increased to HK$138.6 million as of December 31, 2019, from HK$46.2 million in 2018[65] - Net gearing ratio decreased from 280.8% as of December 31, 2018, to 245.2% as of December 31, 2019, due to a reduction in total net debt by HK$222.2 million, or 63.4%[66] Revenue Sources - Sales to the U.S. contributed HK$565.4 million or 57.6% of total revenue in CY2019, down from HK$800.8 million or 63.7% in CY2018[34] - The United Kingdom contributed 21.2% of total revenue in CY2019, up from 11.7% in CY2018[34] - Excluding the impact of Customer B, sales to the U.S. increased by HK$154.2 million or 39.3% in CY2019, primarily driven by demand from Customer A, which rose by HK$92.2 million or 50.7%[34] Expenses - Cost of sales decreased by HK$207.0 million or 21.5% from HK$961.7 million in CY2018 to HK$754.7 million in CY2019[47] - Sales and distribution expenses decreased by HK$14.1 million or 19.0% to HK$60.0 million in CY2019, reflecting changes in product mix and revenue decline[44] - Administrative expenses decreased by HK$2.9 million, or 2.6%, from HK$111.0 million for CY2018 to HK$108.1 million for CY2019[50] - Net finance costs increased by HK$8.1 million, or 72.3%, from HK$11.2 million for CY2018 to HK$19.3 million for CY2019[56] - Income tax expense decreased by HK$8.5 million, or 44.5%, from HK$19.1 million for CY2018 to HK$10.6 million for CY2019[57] Strategic Plans - The Company plans to intensify sales and marketing efforts in North America, Europe, and China to increase market share[20] - Production capacity will be increased by expanding manufacturing platforms in Southeast Asia and China[20] - The Company aims to enhance production efficiency by acquiring new machinery and upgrading existing facilities in Dongguan[20] - The company plans to establish a new production facility in Southeast Asia to expand capacity and mitigate operational risks, with negotiations ongoing[39] - The Group aims to drive new platforms and product roadmaps to support business growth effectively[144] Market Conditions - There are expectations for gradual recovery in market sentiments and orders from U.S. customers due to reduced U.S.-China trade tensions[26] - The COVID-19 pandemic has adversely affected operations, leading to deferred orders and disrupted supply chains, impacting financial results in 2020[26] - The outbreak of COVID-19 is expected to adversely affect operations and financial results in the first half of 2020, with potential further impacts in the second half[38] Management and Governance - The management team expresses appreciation for the continuous support from customers, business partners, and shareholders[28] - The Group's management team includes experienced professionals with backgrounds in technology, engineering, and finance, enhancing its operational capabilities[107] - The Group's governance structure includes independent non-executive directors to ensure transparency and accountability in decision-making[116] - The management team is committed to strategic planning and business development to drive growth and innovation within the Group[104] Shareholder Information - The Group's proposed final dividend for the year ended December 31, 2019, is HK$20.0 million, equating to HK$0.01 per ordinary share, subject to shareholder approval at the 2020 AGM[175] - The 2020 AGM is scheduled for June 2, 2020, with the register of members closing from May 28 to June 2, 2020, for voting eligibility[177] Environmental and Social Responsibility - The Group is committed to minimizing environmental impacts while safeguarding public health and safety[186] - The Group made charitable donations amounting to approximately HK$1.0 million during the year ended December 31, 2019[191] - The Group has complied with relevant laws and regulations that significantly impact its business and operations during the review year[187]