Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 766,108,000, an increase of 11.2% from HKD 688,965,000 in the previous year[5] - The gross profit for the same period was HKD 96,509,000, representing a 33.7% increase compared to HKD 72,176,000 in the prior year[5] - The net profit attributable to the owners of the company was HKD 32,822,000, up 18.3% from HKD 27,633,000 in the previous year[6] - The total comprehensive income for the year was HKD 17,504,000, significantly higher than HKD 6,571,000 in the previous year[6] - Basic and diluted earnings per share increased to HKD 4.01 from HKD 3.38, representing an 18.6% growth[6] - The net profit attributable to the company's owners for 2024 was HKD 32,822, compared to HKD 27,633 in 2023, reflecting a growth of 18.4%[31] - The renewable energy business recorded total revenue of approximately HKD 766,108,000 for the fiscal year ending March 31, 2024, an increase of about 11% compared to HKD 688,965,000 in the same period of 2023[41] Assets and Liabilities - Trade receivables increased to HKD 274,598,000 from HKD 184,696,000, marking a 48.7% rise[8] - Current assets totaled HKD 605,616,000, up from HKD 470,642,000, indicating a 28.6% increase[8] - The company's total liabilities increased to HKD 376,933,000 from HKD 260,173,000, reflecting a 44.9% rise[9] - The company's equity attributable to owners rose to HKD 253,900,000 from HKD 236,436,000, an increase of 7.4%[9] - Trade receivables increased to HKD 271,728 in 2024 from HKD 176,054 in 2023, with net trade receivables at HKD 252,334 after provisions[33] - Trade payables rose to HKD 180,429 in 2024 from HKD 121,522 in 2023, indicating increased operational activity[35] - The company's cash and cash equivalents amounted to approximately HKD 44,318,000 as of March 31, 2024, down from HKD 54,617,000 in 2023, while restricted/pledged bank deposits increased to HKD 48,959,000 from HKD 14,614,000[47] - The capital debt ratio as of March 31, 2024, was approximately 37%, up from about 30% in 2023[49] Revenue Sources - In 2024, the total revenue from major customers contributing over 10% to the group's revenue includes Customer A at HKD 138,792, Customer B at HKD 31,236, Customer C at HKD 88,566, Customer E at HKD 77,264, while Customer D did not contribute in 2024[24] - The total revenue for 2024 was HKD 766,108, an increase of 11.2% from HKD 688,965 in 2023, driven by sales of patented photovoltaic tracking systems which rose to HKD 547,741 from HKD 283,586[24] - Government subsidies received increased significantly to HKD 2,948 in 2024 from HKD 1,118 in 2023, supporting the renewable energy business in China[26] Expenses - Sales costs for the fiscal year ending March 31, 2024, were approximately HKD 669,599,000, up from approximately HKD 616,789,000 in 2023[42] - Administrative and other operating expenses increased by approximately 36% to about HKD 39,874,000 for the fiscal year ending March 31, 2024, compared to approximately HKD 29,381,000 in 2023[43] - Financing costs rose to HKD 4,494 in 2024, up from HKD 3,945 in 2023, primarily due to increased interest expenses on bank and other borrowings[27] - Research and development expenses increased to HKD 11,669 in 2024 from HKD 6,832 in 2023, highlighting a focus on innovation[28] Business Strategy and Operations - The company plans to continue expanding its renewable energy business in China, focusing on new product development and market penetration strategies[11] - The group operates a single reportable segment in renewable energy, providing integrated value-added solutions for photovoltaic power stations, selling patented photovoltaic tracking systems, and selling electricity[22] - All non-current assets of the group are located in China, and revenue from external customers is solely derived from operations in China[23] - The company has developed a digital and intelligent photovoltaic tracking control platform utilizing big data analysis, AI control technology, and wireless communication technology to reduce costs and enhance power generation[39] - The company is focusing on developing floating photovoltaic supports for offshore projects to meet market demand and address water resource consumption issues[41] - The company has introduced a multi-point linkage support system with upgraded core transmission technology to enhance product safety and adaptability to complex terrains[39] Corporate Governance and Compliance - The group has adopted new Hong Kong Financial Reporting Standards effective from April 1, 2023, including HKFRS 17 related to insurance contracts, which does not have a significant impact on the financial performance and disclosures[14] - The audit committee consists of three independent non-executive directors and has reviewed the group's audited annual performance for the year ending March 31, 2024[70] - The group has complied with all applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO[64][65] - The group will publish its 2024 annual report, which includes all information required by GEM listing rules, on its website and the HKEX news website[72] - The announcement confirms that the board of directors is responsible for the accuracy and completeness of the information provided[75] - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date[75] - The company has committed to ensuring that there are no misleading or fraudulent elements in the announcement[75] Employee and Compensation - As of March 31, 2024, the group had 128 employees, maintaining the same number as in 2023[54] - The group offers competitive compensation packages for its renewable energy business, which are regularly reviewed[54] - The group has implemented a profit-sharing plan that allows certain employees to benefit from it[54] - The group has no significant disputes regarding salary payments, and all accrued salaries were settled on or before the due dates specified in employment contracts[62] Financial Management - The group aims to balance financial sustainability and flexibility through bank borrowings, related party advances, and internally generated funds[58] - The group has no significant credit risk from major financial assets and liabilities, as it does not have any significant interest-bearing financial assets and liabilities at floating rates[56][57] - The group is committed to enhancing green measures and awareness in its operations, adhering to the principles of Reduce, Recycle, and Reuse[59] Investments and Future Plans - The company has no significant investments, acquisitions, or capital asset plans as of March 31, 2024[51]
同景新能源(08326) - 2024 - 年度业绩