Financial Performance - Revenue for the year ended March 31, 2024, was HKD 54,372,000, an increase of 26% from HKD 43,151,000 in 2023[4] - Gross profit for the same period was HKD 25,194,000, up from HKD 13,008,000, representing a significant increase of 94%[4] - The company reported a loss attributable to equity holders of HKD 15,627,000, an improvement from a loss of HKD 24,156,000 in the previous year[4] - The total profit from the reportable segments for 2024 is HKD 25,194,000, compared to HKD 13,008,000 in 2023, representing a significant increase[48] - The comprehensive loss for the year is HKD (15,627,000) in 2024, an improvement from HKD (24,156,000) in 2023[48] - The group reported a net loss of approximately HKD 15.6 million for the year ending March 31, 2024, a decrease from a net loss of approximately HKD 24.2 million for the year ending March 31, 2023, primarily due to increased revenue and gross profit[125] Assets and Liabilities - The total assets decreased to HKD 44,764,000 from HKD 54,473,000, indicating a reduction of approximately 18%[5] - Current liabilities increased to HKD 23,423,000 from HKD 17,535,000, reflecting a rise of about 34%[5] - The company’s cash and cash equivalents at the end of the reporting period were approximately HKD 3,802,000, down from HKD 17,868,000[5] - Trade receivables as of March 31, 2024, amounted to HKD 12,163,000, significantly up from HKD 5,960,000 in 2023, showing a growth of 104.3%[61] - As of March 31, 2024, the group's cash and bank balance was approximately HKD 3.8 million, a decrease from approximately HKD 17.9 million as of March 31, 2023[97] - As of March 31, 2024, the group's bank and cash balance was approximately HKD 3,802,000, while liabilities expected to be settled within the next 12 months amounted to approximately HKD 12,538,000[165] Revenue Sources - Sales of biometric identification devices and security products reached HKD 37,270,000, up 34.3% from HKD 27,737,000 in the previous year[26] - Revenue from providing packages and other services increased to HKD 17,102,000, a growth of 10.9% from HKD 15,414,000 in the prior year[26] - Revenue from external customers for the year ended March 31, 2024, was HKD 54,372,000, compared to HKD 43,151,000 in 2023, marking a 25.9% increase[67] Expenses and Costs - The cost of sales and distribution for 2024 is HKD (10,100,000), slightly higher than HKD (9,639,000) in 2023[48] - Corporate administrative and other operating expenses increased to HKD (33,386,000) in 2024 from HKD (28,675,000) in 2023[48] - The cost of goods sold increased by approximately 42.0% to about HKD 20.3 million for the fiscal year ending March 31, 2024, compared to HKD 14.3 million in 2023[91] - Administrative expenses for the fiscal year ending March 31, 2024, were approximately HKD 33.4 million, an increase of about HKD 4.7 million compared to HKD 28.7 million in 2023[92] Cash Flow and Financing - The company generated a net cash outflow from operating activities of approximately HKD 8,236,000 for the year[15] - The group believes it will be able to generate positive cash flow through effective business development and cost control measures[36] - The group’s financial statements are prepared on a going concern basis, indicating confidence in meeting operational cash flow needs[36] Strategic Plans and Developments - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[7] - The group plans to utilize approximately HKD 8.0 million of the net proceeds to improve its information technology systems[110] - The group plans to allocate approximately HKD 8.1 million of the net proceeds to enhance the quality of after-sales services and strengthen operational support as part of its business expansion plan in Southern China[138] - The group intends to use approximately HKD 6.8 million of the net proceeds for the research and development of non-contact biometric identification devices and AIoT[139] - The company is developing non-contact biometric identification devices and artificial intelligence technologies[154] Corporate Governance and Compliance - The audit committee consists of four independent non-executive directors, ensuring oversight of the financial reporting process and internal control systems[150] - The company has maintained compliance with GEM listing rules and corporate governance standards since its listing[170] Shareholder Information - As of March 31, 2024, 82.48% of the shares were held by the public, an increase from 77.61% in 2023, maintaining the required public float for listing[117] - The company has proposed a name change to "Hanno Technology Group Limited," pending shareholder approval and regulatory consent[162] Market Trends and Challenges - The group observed a shift in market trends from contact-based biometric identification devices to non-contact devices, planning to diversify the functionality and applications of its non-contact biometric identification devices using AIoT[130] - The group has decided to suspend the launch of locally manufactured affordable fingerprint identification devices due to declining market demand and the impact of COVID-19, reallocating resources to other business plans[129] Taxation and Regulatory Matters - The group’s Hong Kong subsidiary is subject to a two-tier profits tax rate, with the first HKD 2 million of estimated taxable profits taxed at 8.25% and profits exceeding that amount taxed at 16.5%[123] - The group’s subsidiary in Macau is exempt from tax on taxable income up to MOP 600,000, with a tax rate of 12% applied to income exceeding that threshold[124]
懒猪科技(08379) - 2024 - 年度业绩