圆美光电(08311) - 2021 Q3 - 季度财报

Financial Summary Performance Overview The Group's revenue grew significantly, but its net loss widened, and no interim dividend was declared Key Performance Indicators for the First Three Quarters of 2021 | Metric | For the nine months ended September 30, 2021 | For the nine months ended September 30, 2020 | | :--- | :--- | :--- | | Revenue | Approx. HK$377.5 million | Approx. HK$101.8 million | | Loss Attributable to Equity Holders of the Company | Approx. HK$39.7 million | Approx. HK$17.6 million | | Interim Dividend | Nil | Nil | Financial Performance Unaudited Consolidated Statement of Comprehensive Income Revenue grew substantially, but higher costs and other net losses led to a wider operating and net loss Summary of Consolidated Statement of Comprehensive Income (For the nine months ended September 30) | Item (HK$'000) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Revenue | 377,462 | 101,778 | | Gross Profit | 11,420 | 1,830 | | Other net losses | (18,843) | 6,993 | | Operating loss | (39,940) | (18,393) | | Loss for the period | (40,297) | (18,878) | | Loss attributable to equity holders of the Company | (39,676) | (17,638) | | Basic and diluted loss per share | (2.67) HK cents | (1.19) HK cents | Unaudited Consolidated Statement of Changes in Equity The statement details changes in equity components like share capital and reserves for the period - The report includes an unaudited consolidated statement of changes in equity, detailing movements in share capital, reserves, and retained earnings, with "Other reserve" mainly from a group reorganization and "Revaluation reserve" from fair value changes of financial assets[13][14] Notes to the Consolidated Financial Results These notes detail accounting policies, revenue segmentation, and the source of significant other losses Revenue Analysis Total revenue grew 271% YoY, driven by a surge in sales of TFT-LCD panels and modules Revenue Breakdown by Product (For the nine months ended September 30, HK$'000) | Product Category | 2021 (Unaudited) | 2020 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | TFT-LCD panels and modules | 297,644 | 66,874 | +345% | | Polarizers | 37,683 | 18,668 | +102% | | Health-related products | 15,628 | 2,810 | +456% | | Electronic advertising boards | 11,697 | 5,497 | +113% | | Integrated circuits | 6,291 | 53 | +11770% | | Optical products | 2,867 | 1,452 | +97% | | Others | 5,652 | 6,424 | -12% | | Total | 377,462 | 101,778 | +271% | Analysis of Other Net (Losses)/Gains The Group recorded a significant net loss from other items, primarily due to a fair value loss on its investment in Mobvoi Inc - The Group's investment in Mobvoi Inc is classified as a financial asset at fair value through profit or loss, with its fair value declining to approximately HK$40.3 million from HK$59.55 million, resulting in a fair value loss of HK$19.25 million[23] Dividends and Loss Per Share No interim dividend was declared, and the loss per share increased due to a wider net loss attributable to shareholders - The Board of Directors did not declare an interim dividend for the nine months ended September 30, 2021[28] Calculation of Loss Per Share | Item | For the nine months ended September 30, 2021 | For the nine months ended September 30, 2020 | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company (HK$'000) | (39,676) | (17,638) | | Weighted average number of ordinary shares in issue ('000 shares) | 1,483,687 | 1,483,687 | | Basic and diluted loss per share | (2.67) HK cents | (1.19) HK cents | Management Discussion and Analysis Business Review and Prospects Revenue grew 2.7 times, but a fair value loss on an investment widened the net loss despite successful new business expansion - Despite revenue growth of 2.7 times to HK$377 million, the loss attributable to equity holders widened by 125% to HK$39.68 million due to a recognized fair value loss on the investment in Mobvoi[32] - Sales from the core business of TFT-LCD panels and modules increased 3.5 times year-over-year, while revenue from polarizers doubled, and sales of integrated circuits also increased significantly[33] - New business expansion was successful: revenue from the electronic advertising board business more than doubled, and sales of health-related products (K-clean disinfection series) grew nearly 5-fold to HK$15.63 million[34][36] - The fair value of the investment in Mobvoi dropped significantly due to the negative impact of new Chinese government policies on after-school tutoring, leading to a fair value loss of approximately HK$19.25 million[37] Financial Review Revenue grew 271% due to strong demand, but a significant investment loss was the primary driver of the increased net loss - Total revenue increased by 271% year-over-year to HK$377 million, mainly driven by demand for display components from remote learning and work-from-home models[40] - Gross profit increased from HK$1.83 million to HK$11.42 million, primarily due to higher revenue and improved product gross margins[41] - Other net losses of HK$18.84 million were recorded, mainly due to a HK$19.25 million fair value loss on the investment in Mobvoi[42] - Distribution and selling expenses increased by 62% to HK$13.02 million, mainly due to higher sales commissions, staff costs, and promotional expenses for new products[44] - The loss attributable to equity holders of the Company widened to HK$39.68 million, primarily due to the fair value loss on the Mobvoi investment[46] Other Disclosures Directors' and Chief Executives' Interests Director Mr. Cheng Wai Tak is the controlling shareholder, holding a 62.39% interest in the company Directors' Shareholdings (as at September 30, 2021) | Director's Name | Capacity | Number of shares held | Percentage of issued shares | | :--- | :--- | :--- | :--- | | Mr. Cheng Wai Tak | Interest of a controlled corporation and beneficial owner | 925,647,151 | 62.39% | | Mr. Kan Man Wai | Beneficial owner | 320,000 | 0.02% | - Substantial shareholder Winful Enterprises Limited, wholly owned by Mr. Cheng Wai Tak, held 923,427,151 shares, representing 62.24% of the issued shares[53][55] Share Option Scheme and Others No share options have ever been granted under the 2014 scheme, and no share transactions were conducted by the company - No share options have been granted by the Company since the adoption of the share option scheme in 2014[56][57] - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares[60] Corporate Governance and Compliance The company complied with governance codes but faces ongoing SFC legal proceedings regarding alleged breaches of director duties - The Company has complied with the Corporate Governance Code and has an audit committee comprising three independent non-executive directors[69][70] - The controlling shareholder, Mr. Cheng Wai Tak, and Winful Enterprises have provided non-competition undertakings[62] - The Hong Kong SFC initiated legal proceedings in 2019 against the Company and certain directors, including Mr. Cheng Wai Tak, alleging a breach of directorial duties, with proceedings ongoing[66][67]