Financial Performance - For the six months ended June 30, 2024, the company's global revenue was HKD 445,141,000, representing a 28% increase from HKD 347,231,000 in the same period of 2023[6] - Gross profit for the same period was HKD 249,447,000, up from HKD 187,415,000, with a gross margin of 56%, compared to 54% in 2023[7] - Operating profit increased to HKD 68,435,000 from HKD 56,227,000, while net profit attributable to shareholders was HKD 91,458,000, compared to HKD 86,970,000 in the previous year[6] - The company reported a net profit before tax of HKD 91,458,000 for the six months ended June 30, 2024, compared to HKD 86,970,000 in 2023, reflecting an increase of approximately 5%[29] - The cost of goods sold for the period was HKD 184,619,000, up from HKD 147,480,000 in 2023, which is an increase of about 25%[23] Revenue Sources - Revenue from the Americas, particularly the United States, was HKD 309,454,000, up from HKD 209,899,000 in the previous year, indicating a growth of about 47%[20] - The company has two major customers contributing over 10% of total revenue, with sales to these customers amounting to approximately HKD 157,994,000 and HKD 102,552,000 respectively[21] Expenses and Costs - Operating expenses increased by 47% year-on-year, reflecting higher promotional and distribution costs in the U.S. market[7] - The company’s research and development expenses for the period were HKD 10,638,000, slightly down from HKD 11,656,000 in 2023[23] Cash Flow and Liquidity - The company reported an operating cash flow of $20,446,000 for the six months ended June 30, 2024, compared to a cash outflow of $11,669,000 in the previous year[14] - Cash and cash equivalents increased by $9,422,000 during the period, resulting in a total of $59,089,000 as of June 30, 2024, compared to $908,263,000 in the previous year[14] - The company’s cash and bank deposits totaled $139,361,000, compared to $1,002,820,000 at the end of the previous year[12] - The company reported cash and bank deposits that are approximately equal to their carrying values, indicating stable liquidity management[40] Assets and Liabilities - Total assets less current liabilities amounted to $152,902,000 as of June 30, 2024, showing an increase from $1,176,589,000 as of December 31, 2023[12] - The company’s net asset value was reported at $151,863,000, up from $1,163,917,000 at the end of the previous year[12] - The company’s inventory decreased to $6,658,000 from $58,886,000 in the previous year[12] - Trade receivables were reported at $17,174,000, a significant decrease from $328,827,000 in the previous year[12] - The total financial liabilities as of June 30, 2024, amounted to HKD 133,429,000, down 24.8% from HKD 177,503,000 as of December 31, 2023[36] Dividends and Shareholder Information - The company maintained an interim dividend of HKD 2.00 per share, consistent with the previous year[6] - The company declared an interim dividend of HKD 0.02 per share, consistent with the previous year, totaling HKD 23,614,000[26] - The company’s issued and fully paid ordinary shares remained at 1,180,700,000 shares as of June 30, 2024, unchanged from the previous reporting period[37] - The largest shareholder, Chen Junhao, holds 626,000,000 ordinary shares, accounting for 53.02% of the company's issued shares[56] Future Outlook - The company anticipates continued challenges in the second half of 2024 due to inflation affecting household spending, but expects support from the upcoming "Tales of The Teenage Mutant Ninja Turtles" series[8] - The "Godzilla x Kong" product line is expected to contribute positively following the successful release of the film in spring 2024[9] - The company remains optimistic about the long-term prospects of the "Teenage Mutant Ninja Turtles" brand and upcoming new brands in development for 2025 and 2026[8] Corporate Governance - The company has adopted the corporate governance code and complied with all applicable code provisions, except for the separation of roles between the chairman and CEO, as no CEO has been appointed[60] - The audit committee reviewed the accounting standards and practices used by the group, discussing internal controls and financial reporting matters for the six months ending June 30, 2024[61] - All directors confirmed compliance with the standard code of conduct regarding securities transactions during the period ending June 30, 2024[62] Share Options and Incentive Plans - The group has a maximum limit of 118,000,000 shares for the share incentive plan, which is 10% of the total shares issued as of the adoption date[49] - No share rewards have been granted under the share incentive plan since its adoption on May 19, 2023[50] - The company has granted 10,000,000 share options that are exercisable until December 31, 2023, and another 10,000,000 share options exercisable until December 31, 2023[52] - The 2018 Color Star Toys Plan was terminated on May 19, 2023, and no further share options will be granted under this plan[52] Market and Investment - The investment portfolio includes significant holdings in major companies such as NVIDIA, Amazon, and Apple, with the top ten listed securities accounting for 5.1% of total assets[46] - The group maintains a healthy level of cash for ongoing operations and future growth[46]
彩星玩具(00869) - 2024 - 中期财报