Financial Performance - Revenue for 2020 was HK$290,590,000, representing an increase of 5.4% from HK$275,354,000 in 2019[6] - Gross profit for 2020 was HK$83,256,000, down from HK$93,142,000 in 2019, indicating a decrease of 10.6%[6] - Profit for the year was HK$27,186,000, a decline of 10.4% compared to HK$30,313,000 in 2019[6] - The total revenue for the Group in 2020 was approximately HK$290.6 million, representing an increase of about 5.5% compared to HK$275.4 million in 2019[24] - For the year ended December 31, 2020, the Group's revenue increased by HK$15.2 million, representing a growth of 5.5% year-on-year[44] - Revenue from thermal imaging products and services increased by approximately HK$6.3 million, or 4.0%, from approximately HK$156.6 million for the year ended December 31, 2019 to approximately HK$162.9 million for the year ended December 31, 2020[65] - Revenue from general aviation products and services increased by approximately HK$10.7 million, or 12.7%, from approximately HK$84.2 million for the year ended December 31, 2019 to approximately HK$94.9 million for the year ended December 31, 2020[69] - The Group's profit for the year attributable to the owners of the parent decreased by approximately HK$3.1 million, or 10.2%, from approximately HK$30.3 million for the year ended December 31, 2019 to approximately HK$27.2 million for the year ended December 31, 2020[80] Assets and Liabilities - Total assets increased to HK$405,506,000 in 2020, up from HK$360,117,000 in 2019, reflecting an increase of 12.6%[7] - Total liabilities were HK$351,283,000 in 2020, compared to HK$321,332,000 in 2019, marking an increase of 9.3%[7] - As at 31 December 2020, the Group reported net current assets of approximately HK$335.6 million, compared to approximately HK$302.5 million as at 31 December 2019[80] - The Group's cash and cash equivalents increased by approximately HK$33.1 million to approximately HK$210.2 million as at 31 December 2020, compared to HK$177.1 million as at 31 December 2019[80] Business Segments and Growth - The company aims to improve performance in its three major business segments: thermal imaging, self-stabilised imaging, and general aviation products and services[20] - The general aviation products and services segment recorded a revenue increase of approximately HK$10.7 million, while the thermal imaging products and services segment increased by approximately HK$6.3 million compared to the previous year[24] - The self-stabilised imaging products and services segment is expected to grow due to the increasing number of high-voltage power lines and helicopter fleets in Mainland China[33] - The general aviation market in Mainland China is showing positive development, with increasing demand for small aircraft for agricultural and industrial purposes[39] - The Group's general aviation products and services business segment is expected to achieve considerable growth in 2021[41] - The Group expects robust growth momentum in the self-stabilised imaging segment due to satisfactory progress in new product models[53] Research and Development - The Group spent HK$5.6 million on research and development during the year, which is a 36.6% increase year-on-year[47] - The Group's R&D centers in Hong Kong and Guangzhou are developing new models of products to enrich the product portfolio for both self-stabilised imaging and general aviation products[33] - The Group plans to accelerate research and development to maintain competitive edge and optimize resource allocation, including unutilized proceeds from the Listing[59] Corporate Governance - The Company is committed to achieving high corporate governance standards to safeguard shareholder interests and enhance corporate value[164] - The Board believes that high corporate governance standards are essential for accountability within the Group[164] - The Company has adopted the principles and code provisions of the Corporate Governance Code since the Listing Date[165] - The Board currently comprises six members, including three executive Directors and three independent non-executive Directors[171] - The Company has complied with the requirement of having at least three independent non-executive Directors, representing more than one-third of the Board[185] Management and Team - The company has a strong management team with diverse backgrounds in finance, engineering, and marketing[130][138][141] - The company aims to leverage its management's expertise to drive future growth and innovation[138] - Mr. Yeung has over 20 years of experience in the optoelectronics and general aviation industry[122] - Ms. Wong has over 20 years of experience in the optoelectronics and general aviation industry[127] Market Conditions and Future Outlook - The Group remains confident in the economic recovery prospects in Hong Kong and Mainland China, driven by extensive product design and excellent services[59] - The Group anticipates that the development of COVID-19 vaccines will lead to a controlled epidemic and stimulate global economic recovery[59] - The general aviation industry is seen as a promising segment with significant potential for market penetration due to supportive government policies[56] Employee and Staff Information - Total staff costs for the year ended December 31, 2020, were approximately HK$42.7 million, an increase from HK$35.2 million in 2019[111] - The company has a total of 147 employees as of December 31, 2020, compared to 145 employees in the previous year[111] Dividends - The board recommended a final dividend of HK1.35 cents per share for the year ended December 31, 2020, subject to shareholder approval[112]
彼岸控股(02885) - 2020 - 年度财报