Financial Performance - Revenue for the fiscal year 2024 was approximately HKD 881.0 million, a decrease of about 10.3% compared to HKD 981.8 million in fiscal year 2023[1] - Gross profit for fiscal year 2024 was approximately HKD 641.2 million, down about 11.1% from HKD 721.0 million in fiscal year 2023[1] - The gross profit margin decreased from approximately 73.4% in fiscal year 2023 to about 72.8% in fiscal year 2024[1] - Profit attributable to owners of the company for fiscal year 2024 was approximately HKD 33.6 million, a decrease of about 9.3% from HKD 37.1 million in fiscal year 2023[1] - Basic earnings per share for fiscal year 2024 were HKD 0.016, compared to HKD 0.018 in fiscal year 2023[1] - The company reported a total comprehensive income of HKD 11.2 million for the fiscal year 2024, a significant recovery from a loss of HKD 94.9 million in fiscal year 2023[2] - The company reported a profit before tax of HKD 42,780,000 for the year ending June 30, 2024[17] - The group reported a profit before tax of HKD 45,517,000 for the year ended June 30, 2023[18] - The net profit attributable to the company's owners decreased by approximately HKD 3.4 million or about 9.3% to approximately HKD 33.6 million in FY2024[49] Revenue Breakdown - Total revenue for the year ending June 30, 2024, was HKD 881,036,000, with watch sales contributing HKD 769,430,000 and movement trading contributing HKD 86,050,000[15] - For the year ending June 30, 2023, total revenue was HKD 981,760,000, with watch sales at HKD 919,266,000 and movement trading at HKD 62,494,000[16] - The revenue from the Tian Wang watch business, which accounts for approximately 87.3% of total revenue, decreased by about HKD 89.7 million or about 10.4% to approximately HKD 769.4 million in FY2024[41] - Revenue from other brands (China) decreased by approximately HKD 34.6 million or about 57.5% to approximately HKD 25.6 million, representing about 2.9% of total revenue in FY2024[42] - The revenue from the movement trading business increased by approximately HKD 23.6 million or about 37.7% to approximately HKD 86.1 million in FY2024, accounting for about 9.8% of total revenue compared to 6.4% in FY2023[54] - E-commerce business accounted for approximately 27.4% of total revenue in FY2024, up from 25.7% in FY2023, indicating stable performance in online sales channels[55] Dividends - The proposed final dividend and special dividend for fiscal year 2024 were HKD 0.007 and HKD 0.010, respectively[1] - The company plans to pay a final dividend of HKD 0.007 per share and a special dividend of HKD 0.010 per share for the year ended June 30, 2024[25] - The board has proposed a special dividend of HKD 0.01 per share and a final dividend of HKD 0.007 per share for the fiscal year 2024[67] - The company has distributed or declared cash dividends amounting to over 40% of the profit attributable to owners from the fiscal year ended June 30, 2013, to the fiscal year 2024[66] Assets and Liabilities - Non-current assets totaled HKD 995.4 million as of June 30, 2024, compared to HKD 982.4 million as of June 30, 2023[4] - Current assets amounted to HKD 1,545.5 million as of June 30, 2024, down from HKD 1,637.2 million as of June 30, 2023[4] - Total equity attributable to owners of the company was HKD 2,314.6 million as of June 30, 2024, compared to HKD 2,386.1 million as of June 30, 2023[5] - Total equity decreased by approximately HKD 71.4 million to about HKD 2,316.2 million as of June 30, 2024, compared to approximately HKD 2,387.6 million as of June 30, 2023[58] Inventory and Receivables - The total inventory decreased from HKD 228,632,000 in 2023 to HKD 187,384,000 in 2024, with raw materials and consumables significantly dropping from HKD 68,782,000 to HKD 32,942,000[35] - Trade receivables from third parties decreased from HKD 188,259,000 in 2023 to HKD 154,930,000 in 2024, with a credit loss provision of HKD 25,312,000[36] - The total amount of trade and other receivables, deposits, and prepayments decreased from HKD 244,300,000 in 2023 to HKD 202,274,000 in 2024[37] Employee Costs - The total employee costs for the year were HKD 270,526,000, a decrease from HKD 300,124,000 in the previous year[23] - The company employed approximately 3,000 full-time employees as of June 30, 2024, down from approximately 3,100 employees as of June 30, 2023, with employee costs decreasing to about HKD 270.5 million from approximately HKD 300.1 million[61] Financial Management - The company maintains a strong financial position despite experiencing a turbulent period, focusing on cash management and liquidity[66] - The company received government subsidies related to the COVID-19 employment support scheme amounting to approximately HKD 927,000[21] - Interest income for the year was HKD 56,426,000, while other income totaled HKD 89,287,000[20] Corporate Governance - The company has complied with the corporate governance code and has adopted a code of conduct for directors' securities transactions[73] - The board of directors held two regular meetings during the fiscal year 2024 to discuss significant business activities and operational matters[72] Future Outlook - The company anticipates challenges in the growth of its e-commerce segment due to increasing competition among market participants[65] - The company expects the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[14] - The company will begin supplying OEM-produced mechanical watch movements and watches to markets outside of Hong Kong, Macau, and China starting July 1, 2024[65]
时计宝(02033) - 2024 - 年度业绩