Financial Performance - For the fiscal year ending December 31, 2024, Lever Style Corporation reported total revenue of $3,222,929,009, a significant increase from $208,529,489 in the previous year, representing a growth of approximately 1,442%[4] - The gross profit for the same period was $63,490,667, up from $59,882,615, indicating a year-over-year increase of about 5.4%[4] - The net profit for the year was $17,144,830, compared to $15,612,860 in the previous year, reflecting a growth of approximately 9.8%[4] - Basic and diluted earnings per share increased to $2.70 from $2.45, marking an increase of about 10.2%[6] - The company reported a total comprehensive income of $17,031,829 for the year, compared to $15,484,056 in the previous year, an increase of approximately 10%[4] - The company's revenue reached a record high of $222.9 million for the fiscal year 2024, with a net profit of $17.1 million, marking the third consecutive year of record earnings[38] - The net profit for the year ended December 31, 2024, was approximately $17.1 million, up from about $15.6 million in 2023, marking the highest net profit in the company's history[52] Assets and Liabilities - Total assets as of December 31, 2024, were reported at $63,195,320, compared to $54,323,021 in the previous year, showing an increase of approximately 16.4%[8] - Current assets decreased to $89,111,905 from $82,684,999, a decline of about 7.5%[8] - The total liabilities decreased from $34,773,472 to $31,824,655, indicating a reduction of approximately 8.5%[10] - Non-current assets totaled $5,908,070, down from $6,411,494, representing a decrease of about 7.8%[8] - As of December 31, 2024, the company's equity amounted to approximately $63.0 million, an increase from $53.6 million in 2023[58] - The debt-to-equity ratio as of December 31, 2024, is approximately 0%, unchanged from 2023, primarily due to no bank borrowings at year-end[58] - The net debt-to-equity ratio is approximately -54.0% for 2024, compared to -33.8% in 2023, indicating a strong cash position[58] Revenue Breakdown - Total revenue for the year 2024 reached $222,929,009, an increase of 6.4% from $208,529,489 in 2023[20] - Revenue from the United States was $129,877,000, up from $125,534,273, reflecting a growth of 1.9%[20] - Revenue from Europe increased significantly by 28.3% to $55,011,537 from $42,953,111[20] - Revenue from Oceania rose by 33.6% to $34,551,177 compared to $25,849,028 in the previous year[20] - The Greater China region's revenue decreased to $1,429,279 from $2,217,246, a decline of 35.6%[20] Expenses and Costs - Total tax expenses for 2024 amounted to $2,954,093, an increase from $2,659,826 in 2023[25] - Pre-tax profit was impacted by total employee costs of $18,822,455, down from $20,441,255 in the previous year[27] - The company reported a significant increase in director compensation to $4,006,758 from $3,193,931[27] - The depreciation of property, plant, and equipment was $542,167, an increase from $479,146 in 2023[27] - Sales costs rose from about $148.6 million in 2023 to approximately $159.4 million in 2024, an increase of about 7.3%, with sales costs accounting for approximately 71.5% of total revenue in 2024[50] - Gross profit increased from approximately $59.9 million in 2023 to about $63.5 million in 2024, a growth of about 6.0%, while the gross margin slightly decreased from approximately 28.7% to 28.5%[51] Cash Position - Cash and cash equivalents as of December 31, 2024, were approximately $34.1 million, a significant increase from $18.1 million in 2023, resulting in a net cash position of approximately $34.1 million[55] - The company has a net cash position of $34.1 million, representing 54.0% of the net asset value of $63.0 million[38] Employee and Compensation - The total employee compensation decreased by $1.6 million to approximately $18.8 million in 2024, down from $20.4 million in 2023[60] - The company employed a total of 347 full-time employees as of December 31, 2024, an increase from 338 employees in 2023[60] - The company has adopted a stock option plan and a share award scheme to recognize and retain qualified employees[61] Dividends - The interim dividend per ordinary share for 2024 is set at 3 HKD cents, consistent with 2023, while the final dividend for 2023 was 6 HKD cents[29] - The board has proposed a final dividend of 7 HKD cents per share for the year ending December 31, 2024, amounting to approximately 44.7 million HKD (equivalent to about $5.7 million)[62] - The proposed final dividend represents approximately 47.8% of the group's net profit for the year ending December 31, 2024[62] Strategic Plans - Lever Style Corporation continues to focus on market expansion and new product development strategies to drive future growth[12] - The company plans to exit business relationships with two of its top five customers in 2025 due to credit risk concerns, which may impact revenue and profitability[41] - The company anticipates potential strategic acquisitions of struggling apparel suppliers to integrate them into its efficient business model for continued growth[44] - The company plans to continue strict control over credit and financial risks while seeking more opportunities for external growth in 2025[48] Governance and Compliance - The audit committee was established on October 12, 2019, consisting of four independent non-executive directors, with a primary responsibility to oversee the financial reporting system and internal control system of the group[74] - The remuneration committee, also established on October 12, 2019, has five members and is responsible for formulating and reviewing the remuneration policy for directors and senior management[75] - The nomination committee, established on October 12, 2019, consists of five members and evaluates the independence of independent non-executive directors and recommends suitable candidates for board membership[77] - The company adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements[15] - There are no significant contingent liabilities as of December 31, 2024, consistent with 2023[59] - The company's annual report for the year ending December 31, 2024, will be sent to shareholders and published on the company and stock exchange websites[78]
利华控股集团(01346) - 2024 - 年度业绩