HERALD HOLD(00114) - 2024 - 年度财报

Company Information This section outlines Stelux Group's fundamental company information, detailing board members, auditors, and registered and head office contact details - Independent Non-Executive Directors include Li Tat Chung, Yeap Wen Jie, Ng Tsz Kin, and Wong Sau Ling[346] - The company's auditor is KPMG[347] - The company's registered office is in Bermuda, with its Hong Kong head office located in Lippo Centre, Admiralty, Hong Kong[326][346] Financial Highlights This section summarizes Stelux Group's FY2024 financial performance and position, noting significant revenue decline, a shift to loss, and stable dividends 2024 Financial Year Key Financial Data (Consolidated Statements) | Indicator | FY2024 (HK$ Thousand) | FY2023 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 711,337 | 1,262,978 | | Operating (Loss)/Profit | (16,242) | 120,957 | | (Loss)/Profit Attributable to Shareholders | (14,385) | 82,327 | | Dividends Paid and Proposed | 36,270 | 36,270 | | Basic (Loss)/Earnings Per Share (HK Cents) | (2.38) | 13.62 | | Dividends Paid and Proposed Per Share (HK Cents) | 6 | 6 | 2024 Financial Year Balance Sheet Summary (Consolidated Statements) | Indicator | FY2024 (HK$ Thousand) | FY2023 (HK$ Thousand) | | :--- | :--- | :--- | | Total Assets | 812,449 | 903,505 | | Total Liabilities | 219,463 | 247,803 | | Net Assets | 592,986 | 655,702 | | Net Assets Attributable to Shareholders | 580,371 | 642,415 | | Net Assets Attributable to Shareholders Per Share (HK$) | 0.96 | 1.06 | Chairman's Statement The Chairman's Statement reports a 44% revenue drop and net loss for FY2024, primarily due to weak toy demand and absence of prior property sale gains, with strong watch division performance and stable dividends - Group revenue decreased by 44% year-on-year to HK$711 million, shifting from a net profit of HK$82.3 million last year to a net loss of HK$14.4 million this year[329] - Toy division revenue fell by 58% to HK$408 million, turning an operating profit into an operating loss of HK$9.5 million, mainly due to a tight consumer environment and retailers reducing inventory[350] - Computer products division revenue decreased by 18% to HK$104 million, with operating loss increasing to HK$6.5 million, due to significant delays in shipments caused by major customers' excessive inventory[8] - Watch division revenue grew by 22% to HK$199 million, and operating profit increased by 58% to HK$22.5 million, benefiting from strong consumer demand for watches[331] - Group cash balance (including pledged bank balances) increased to HK$233 million (last year: HK$171 million)[11] - The Group's gearing ratio is 27%, current ratio is 2.99 times, and quick ratio is 1.80 times, indicating a sound financial position[334] - A final dividend of HK$0.03 per share is proposed, totaling HK$0.06 per share for the full year, representing a 12.5% return[14] Directors' Report The Directors' Report outlines the Group's main business, key risks, compliance, employee relations, customer/supplier information, board and management structure, remuneration, share option schemes, and major shareholder holdings - The Group's principal activities are the manufacturing, sale, and distribution of toys, computer products, watches, electronic products, and gifts[339] - Key risks include global economic slowdown, increased competition, rising raw material and labor costs, and stricter regulations[17] - The Group has established an enterprise risk management mechanism and complies with laws and regulations significantly impacting its operations[43][361] 2024 Financial Year Major Customer and Supplier Proportions | Category | Sales Proportion | Procurement Proportion | | :--- | :--- | :--- | | Largest Customer | 41% | - | | Top Five Largest Customers Combined | 64% | - | | Largest Supplier | - | 11% | | Top Five Largest Suppliers Combined | - | 34% | - The Board of Directors includes Chairman Robert Dorfman, Managing Director Lai Man Bun, Executive Director Cheung Tsang Kay, and four Independent Non-Executive Directors[148] - The Group adopted a new 2023 Share Option Scheme, replacing the 2013 scheme, with a total of 60,449,076 shares available for issue (9.34% of issued shares); no options were granted this financial year[372][32][33] Major Shareholder Holdings (as at March 31, 2024) | Shareholder Name | Number of Shares Held | Percentage of Issued Shares | | :--- | :--- | :--- | | Ms. Ng Yiu Chi | 106,639,893 | 17.64% | | Ms. Cheung Yee | 69,504,057 | 11.50% | | Ms. Cheung Kan | 65,536,303 | 10.84% | | Mr. Tong Sek King | 65,536,303 | 10.84% | | Moral Excel Holdings Ltd | 64,689,760 | 10.70% | | HSBC International Trustee Ltd | 64,689,760 | 10.70% | Directors' Basic Remuneration Update (Effective July 1, 2024) | Director | Updated Annual Basic Remuneration (HK$ Thousand) | Previous Annual Basic Remuneration (HK$ Thousand) | | :--- | :--- | :--- | | Mr. Robert Dorfman | 3,484 | 4,355 | | Dr. Cheung Tsang Kay | 3,276 | 4,095 | Environmental, Social and Governance Report This report details Stelux Group's Environmental, Social, and Governance (ESG) strategies, performance, and commitments, with the Board assuming overall responsibility and management executing daily tasks, covering environmental emissions, resource use, employment, health and safety, training, labor standards, supply chain, product responsibility, anti-corruption, and community investment, all in accordance with HKEX ESG Reporting Guide ESG Governance and Reporting Scope The Group's Board is responsible for ESG strategy formulation and oversight, with management handling daily execution; the reporting period is April 1, 2023, to March 31, 2024, covering all Group manufacturing operations and adhering to the HKEX ESG Reporting Guide - The Board assumes overall responsibility for the Group's ESG strategy and reporting, with management responsible for daily execution[73][316] - The reporting period is from April 1, 2023, to March 31, 2024, prepared annually, covering three major manufacturing subsidiaries with no change from the previous year[74][75][94] - The report is prepared in accordance with Appendix C2 "Environmental, Social and Governance Reporting Guide" of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, adhering to principles of materiality, quantification, balance, and consistency[76][96][299][317] Environmental Performance The Group is committed to minimizing environmental impact and responsible resource use, with significant reductions in 2024 GHG emissions, industrial wastewater, hazardous and non-hazardous waste, electricity, tap water, and packaging material consumption, targeting less than 5% increase in emissions and consumption for the next year 2024 Financial Year Emissions Data (Year-on-Year) | Indicator | Unit | FY2024 | FY2023 | | :--- | :--- | :--- | :--- | | Greenhouse Gas – Scope 2 (Total Emissions) | CO2e (Tonnes) | 7,209.6 | 17,706.4 | | Greenhouse Gas – Scope 2 (Emissions Per Employee) | CO2e (Tonnes) | 2.8 | 3.6 | | Industrial Wastewater (Total Emissions) | Cubic Meters | 236.0 | 241.6 | | Industrial Wastewater (Emissions Per Employee) | Cubic Meters | 0.093 | 0.050 | | Hazardous Waste (Total Emissions) | Tonnes | 9.8 | 22.6 | | Hazardous Waste (Emissions Per Employee) | Tonnes | 0.004 |