Financial Performance - The total revenue for Q Technology (Group) Company Limited for the year ended December 31, 2024, was approximately RMB 16,151,336,000, representing a growth of about 28.9% compared to the previous year[3]. - The gross profit for the year was approximately RMB 984,904,000, an increase of approximately 93.6%, with a gross margin of about 6.1%, up from 4.1% in the previous year[5]. - The net profit for the year was approximately RMB 279,068,000, reflecting a significant increase of approximately 234.1% compared to the previous year[5]. - The total revenue for the year 2024 reached RMB 16,151,336 thousand, a significant increase of 28.5% compared to RMB 12,530,799 thousand in 2023[20]. - The company's net asset value rose to RMB 5,091,366 thousand in 2024, compared to RMB 4,831,751 thousand in 2023, reflecting an increase of 5.4%[12]. - Profit before tax for 2024 was RMB 460,232 thousand, compared to RMB 68,133 thousand in 2023, indicating a substantial improvement[32]. - The company's profit for the year is approximately RMB 279,068,000, representing a growth of about 234.1% compared to RMB 83,531,000 in 2023, primarily due to a revenue increase of approximately 28.9% and a gross margin improvement of about 2.0 percentage points[99]. Revenue Breakdown - Revenue from camera modules was RMB 14,819,475 thousand in 2024, up 28.5% from RMB 11,561,664 thousand in 2023[20]. - Revenue from fingerprint recognition modules increased to RMB 1,178,377 thousand in 2024, representing a growth of 50.7% from RMB 781,215 thousand in 2023[20]. - Revenue from external customers in mainland China was RMB 13,279,363 thousand in 2024, up from RMB 9,972,395 thousand in 2023, reflecting a growth of about 33%[29]. - Revenue from customers outside mainland China increased by approximately 12.3% year-on-year, indicating successful international market expansion[63]. Sales Volume and Pricing - The sales volume of camera modules increased by approximately 16.2% year-on-year, driven by strong demand in smartphones, smart cars, smart homes, and drones[3]. - The sales volume of fingerprint recognition modules grew by approximately 46.0% year-on-year, contributing to overall revenue growth[3]. - The average selling price of camera modules increased due to an improved product mix, with sales of modules with 32 million pixels and above accounting for approximately 51.5% of total camera module sales[5]. - The average selling price of camera modules rose from approximately RMB 30.95 to RMB 34.12, with the first half of 2024 averaging RMB 32.59 and the second half averaging RMB 35.72[63]. Expenses and Costs - Research and development expenses for 2024 totaled RMB 504,807 thousand, an increase from RMB 435,550 thousand in 2023, highlighting the company's commitment to innovation[32]. - The total cost of inventory for 2024 was RMB 15,411,639 thousand, compared to RMB 12,231,892 thousand in 2023, indicating a rise in production costs[33]. - The group's sales cost for the year was approximately RMB 15,166,432,000, an increase of about 26.2% compared to RMB 12,021,943,000 in 2023, primarily due to the growth in sales volume and revenue of camera modules and fingerprint recognition modules[82]. Taxation and Financial Management - The nominal tax expense calculated based on applicable tax rates for 2024 was RMB 122,647,000, compared to RMB 32,482,000 in 2023[39]. - The actual tax expense for 2024 was RMB 181,164,000, while there was a tax benefit of RMB (15,398,000) in 2023[39]. - The company continues to dispute the tax assessment logic and applicable data used in calculating the updated tax amount, with ongoing appeal procedures[97]. Assets and Liabilities - The total assets decreased to RMB 10,546,054,000 from RMB 11,106,689,000 in the previous year[11]. - Long-term bank loans decreased significantly to RMB 81,876 thousand in 2024 from RMB 219,493 thousand in 2023, a reduction of 62.7%[12]. - As of December 31, 2024, bank borrowings amounted to RMB 2,434,371,000, down from RMB 4,370,999,000 in 2023, reflecting a decrease of approximately 44%[50]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.10 per share, equivalent to approximately RMB 0.093[5]. - The board proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2024, compared to no final dividend for the year ended December 31, 2023[116]. Market Outlook and Strategic Initiatives - The company aims for the sales volume of camera modules with 32 million pixels and above for smartphones to account for no less than 55% of total smartphone camera module sales by 2025, up from approximately 50.1% this year[76]. - The ultrasonic fingerprint recognition module market is expected to grow globally and in China at rates of 30% and 35%, respectively, by 2025[75]. - The company is focusing on large-scale intelligent manufacturing, new technology research and development, and vertical supply chain integration to maintain competitive advantages[76]. Corporate Governance and Compliance - The board of directors is committed to maintaining high standards of corporate governance to enhance shareholder value[122]. - The audit committee has reviewed and confirmed the accounting principles and policies adopted by the group for the fiscal year ending December 31, 2024[123]. - The financial data for the year ending December 31, 2024, has been agreed upon by the auditor, KPMG, and aligns with the audited consolidated financial statements[125].
丘钛科技(01478) - 2024 - 年度业绩