VESYNC(02148) - 2024 - 年度业绩

Financial Performance - Revenue for the year ended December 31, 2024, was $652,640 thousand, representing an 11.5$585,484 thousand in 2023[3] - Gross profit increased to $306,578 thousand, up 11.7$274,372 thousand in the previous year, with a gross margin of 47.0%[3] - Profit before tax rose by 27.5% to $111,485 thousand, compared to$87,472 thousand in 2023[3] - Net profit attributable to shareholders was $93,048 thousand, a 20.1$77,481 thousand in 2023[3] - Basic earnings per share increased by 24.9% to 8.64 cents, up from 6.92 cents in the previous year[3] - The company reported a total comprehensive income of $87,098 thousand for the year, compared to$77,133 thousand in 2023[7] - Total revenue for the year ended December 31, 2024, was approximately $652.64 million, an increase of 11.43$585.48 million in 2023[22] - The group reported a net loss from the sale of derivative instruments amounting to $1,260,000 in 2024, down from a loss of$6,511,000 in 2023, showing an improvement of about 80.7%[25] - The company's profit attributable to owners for the year ended December 31, 2024, was approximately $93.0 million, an increase of about$15.5 million or 20.1% compared to $77.5 million for the year ended December 31, 2023[94] Assets and Liabilities - Total assets less current liabilities amounted to$380,232 thousand, compared to $336,886 thousand in 2023[10] - Non-current assets increased to$99,532 thousand from $59,247 thousand in the previous year[9] - Cash and cash equivalents rose significantly to$177,360 thousand, up from $104,308 thousand in 2023[9] - The total amount of bank loans due within one year is$20.759 million, a decrease from $29.584 million in the previous year[50] - The total bank and other borrowings as of December 31, 2024, were approximately$20.8 million, a decrease from $29.8 million in 2023[95] - The company's debt-to-equity ratio as of December 31, 2024, was approximately 8.8$480.49 million in 2024, up from $429.94 million in 2023, representing a growth of 11.73$131.1 million, with a growth of about $5.4 million or approximately 4.3$486.4 million, a growth of approximately 6.5% from $456.6 million in 2023, driven by increased sales of air purifiers, humidifiers, vacuum cleaners, and other products[69] - Revenue from non-Amazon channels increased significantly by approximately 29.0$166.2 million, primarily due to increased sales in retail stores and the expansion into TikTok retail channels[70] - Revenue from the Levoit brand increased by approximately $96.5 million in 2024, reaching$423.7 million, primarily due to higher sales of air purifiers, humidifiers, vacuum cleaners, and tower fans[74] Expenses and Costs - Research and development costs increased to $39,943,000 in 2024 from$34,161,000 in 2023, reflecting a rise of about 16.5%[25] - Total financing costs rose significantly to $3,428,000 in 2024, compared to$1,532,000 in 2023, marking an increase of approximately 124%[28] - The total tax expense for the year was $18,437,000, up from$10,042,000 in 2023, indicating a year-over-year increase of about 83.5%[35] - Total sales and distribution expenses increased by approximately 5.1% to about $104.2 million in 2024, driven by marketing and advertising expenses and platform commissions[81] - Administrative expenses rose by approximately 10.9$92.1 million in 2024, primarily due to increases in research and development expenses and administrative personnel costs[83] - Financial costs increased from approximately $1.5 million in 2023 to about$3.4 million in 2024, largely due to the introduction of accounts receivable factoring interest[87] Operational Highlights - The company primarily engages in the R&D, production, and sales of smart small home appliances and smart home devices, mainly selling to markets in the US, Canada, and Europe[12] - The company has expanded its management team and strengthened its product development capabilities, leading to improved operational efficiency and brand promotion[56] - The company continues to enhance its capabilities in product strength, channel development, regional expansion, and operational efficiency, contributing to strong market performance in 2024[56] - The company has maintained a commitment to independent technology development and innovative design, which has positively impacted its performance[56] - The company aims to enhance its user-centric product portfolio and expand its offerings, focusing on smart home devices, with new products expected in 2025[110] Market Presence - Levoit air purifiers and humidifiers hold the top sales revenue and volume shares in the US market, with revenue shares of approximately 33.0% and 23.3%, respectively, an increase of about 4.4 percentage points compared to the same period in 2023[58] - Non-Amazon channel revenue growth is approximately 29.0% in 2024, with its share of total revenue increasing from about 22.0% in 2023 to approximately 25.5%, a rise of about 3.5 percentage points[59] - North American market revenue is approximately $480.5 million, an increase of about 11.8$5.60 per share or shares in the parent company[112] - During the reporting period, the company repurchased a total of 10,733,000 shares for a total consideration of HK$54,214,710[119] - The company did not recommend any final dividend for the year ending December 31, 2024[118] Legal and Regulatory Matters - The company is involved in various legal proceedings and regulatory inquiries as part of its normal business operations[53] - The company is involved in a voluntary recall of "Cosori" brand air fryers in the United States, Canada, and Mexico[131]