Financial Performance - Revenue for the year ended December 31, 2024, increased by 10.6% to HKD 8,765.9 million compared to HKD 7,927.3 million in 2023[3] - Gross profit rose by 13.6% to HKD 4,507.9 million, up from HKD 3,967.7 million in the previous year[3] - Operating profit increased by 35.7% to HKD 500.0 million, compared to HKD 368.4 million in 2023[3] - Net profit for the year surged by 70.8% to HKD 356.2 million, up from HKD 208.5 million in 2023[3] - Basic earnings per share improved by 75.0% to HKD 0.21, compared to HKD 0.12 in the previous year[3] - The company reported a total comprehensive income of HKD 182.3 million for the year, compared to HKD 102.9 million in 2023[7] - Profit before tax rose by 93.3% to approximately HKD 379.6 million from approximately HKD 196.4 million in 2023[101] - Net profit margin for 2024 was 4.1%, compared to 2.6% in 2023, indicating an improvement of 57.7%[105] Assets and Liabilities - Non-current assets decreased to HKD 5,768.5 million from HKD 5,922.0 million in 2023[8] - Current assets decreased to HKD 4,635.1 million from HKD 5,451.4 million in 2023[8] - Total liabilities decreased significantly from HKD 5,184.2 million in 2023 to HKD 3,205.9 million in 2024[8] - Trade receivables for 2024 amount to HKD 1,115,910,000, down from HKD 1,232,046,000 in 2023, a decrease of about 9.4%[51] - The total inventory for 2024 is HKD 1,712,437,000, an increase from HKD 1,462,781,000 in 2023, representing a growth of approximately 17.0%[50] - The total interest-bearing bank loans and other borrowings amounted to HKD 1,455,057,000 as of December 31, 2024, down from HKD 2,793,847,000 in 2023, indicating a reduction of about 48%[61] Revenue Breakdown - Revenue from product sales in 2024 was HKD 8,734,457,000, up from HKD 7,891,887,000 in 2023, indicating a growth of about 10.7%[30] - Revenue from external customers in the Asia-Pacific region was HKD 3,593,925,000 in 2024, down from HKD 3,794,361,000 in 2023, reflecting a decline of approximately 5.3%[26] - The automotive seat segment's revenue from external customers was HKD 3,873,957,000, contributing significantly to the overall revenue growth[23] - The strategic brand CYBEX achieved a revenue of approximately HKD 4,467.3 million, marking a strong growth of 20.8% compared to the previous year[86] - Evenflo brand recorded a moderate revenue growth of 4.6% to approximately HKD 2,385.3 million, driven by significant growth in digital channels[86] - The gb brand experienced a revenue decline of 20.9% to approximately HKD 918.1 million, attributed to ongoing brand transformation challenges[86] Expenses and Costs - The cost of goods sold for 2024 was HKD 4,241,202,000, compared to HKD 3,940,935,000 in 2023, reflecting an increase of approximately 7.6%[38] - Research and development expenses for 2024 amounted to HKD 430,483,000, an increase from HKD 381,323,000 in 2023, showing a rise of about 12.9%[38] - Selling and distribution expenses rose to approximately HKD 2,456.5 million, an increase of approximately HKD 189.8 million from 2023, driven by marketing and logistics costs[95] - Administrative expenses increased to approximately HKD 1,568.3 million, up by approximately HKD 106.7 million, mainly due to higher R&D and personnel costs[96] Taxation - The company's current tax expense for 2024 is HKD 123,465,000, compared to HKD 73,218,000 in 2023, reflecting an increase of approximately 68.7%[44] - The total income tax expense reported in the profit and loss statement for 2024 is HKD 23,354,000, compared to a tax credit of HKD (12,031,000) in 2023[44] Shareholder Information - The company plans to distribute a dividend of HKD 0.07 per share for the fiscal year ending December 31, 2024, compared to no dividend in 2023[47] - The board declared a final dividend of HKD 0.07 per share for the year ending December 31, 2024, compared to no dividend in 2023[120] - The annual general meeting is scheduled for May 27, 2025, with the record date for dividend entitlement set for June 6, 2025[121] Corporate Governance - The company has complied with all corporate governance codes except for a deviation regarding the frequency of board meetings, which were held three times instead of the required four[123] - The audit committee reviewed the financial results for the year ending December 31, 2024, and the independent auditor confirmed the accuracy of the financial statements[126] Strategic Focus - The company continues to focus on the design, research, and development of children's products, indicating ongoing investment in innovation[11] - The company remains confident in its vertically integrated brand-driven strategy and plans to continue strategic investments to enhance global competitiveness[90] - The company continues to focus on strategic investments in brand building, product innovation, and digital infrastructure[83]
好孩子国际(01086) - 2024 - 年度业绩