Financial Performance - The company's revenue for the year ended December 31, 2024, was $164,097,000, representing a 6.6% increase compared to $153,865,000 in 2023[4] - Gross profit increased to $114,467,000, up 7.5% from $106,498,000 in the previous year[4] - Profit attributable to the company's owners decreased by 11.9% to $39,717,000 from $45,073,000 in 2023[4] - Basic earnings per share fell to 4.81 cents, down 11.7% from 5.45 cents in the prior year[4] - The company's net profit margin decreased to 24.2%, down 5.1 percentage points from 29.3% in 2023[4] - Total revenue for the group reached $331,383 thousand in 2024, up from $305,418 thousand in 2023, indicating an overall growth of about 8.5%[24] - The company reported a revenue of $164.1 million for the second half of 2024, representing a year-on-year growth of 6.6%[56] - The company's profit attributable to owners decreased by 11.9% from $45.1 million for the year ended December 31, 2023, to $39.7 million for the year ending December 31, 2024, primarily due to increased operating expenses and reduced government grants for R&D activities[98] Expenses and Costs - Research and development expenses increased to $17,045,000, compared to $14,379,000 in the previous year[5] - The company’s total expenses for the year amounted to $129,372,000 in 2024, compared to $116,586,000 in 2023, indicating an increase of approximately 10.9%[31] - The company’s employee benefits expenses rose to $59,069,000 in 2024 from $53,298,000 in 2023, an increase of approximately 10.5%[31] - General and administrative expenses increased by 33.7% from $18.9 million for the year ended December 31, 2023, to $25.3 million for the year ending December 31, 2024, primarily due to increased employee count and overall compensation costs[91] - Sales and distribution expenses rose by 4.1% to $37.4 million in 2024, attributed to increased employee benefits and marketing costs following an acquisition[90] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $431,010,000, an increase from $410,144,000 in 2023[8] - The company reported a total equity of $394,377,000, compared to $369,418,000 in 2023[10] - Trade receivables increased to $42.7 million in 2024 from $38.6 million in 2023, with a net trade receivables amount of $41.7 million[44] - The company’s trade payables rose to $6.84 million in 2024, compared to $4.82 million in 2023[50] - Total current assets as of December 31, 2024, were approximately $361.5 million, compared to approximately $348.0 million as of December 31, 2023[100] Revenue by Region - Revenue from external customers in the Asia-Pacific region was $52,241 thousand for 2024, compared to $36,357 thousand in 2023, reflecting a significant increase of approximately 43.6%[24] - The group’s revenue from the European, Middle Eastern, and African regions was $39,234 thousand in 2024, compared to $36,362 thousand in 2023, showing an increase of about 7.7%[24] - Revenue from the U.S. market reached $17.5 million, with a significant narrowing of the decline from 40.9% in the first half to 17.7% for the full year, aided by discussions with distributors[64] - Revenue from Japan decreased by 9.4% to $34.4 million, primarily due to the depreciation of the yen against the dollar and periodic reimbursement price reductions[60] - Revenue from mainland China showed a reduced decline of 5.4%, with reported income of approximately $20.7 million, thanks to proactive marketing strategies and the implementation of volume-based procurement[61] New Initiatives and Future Outlook - The company is constructing its largest R&D and manufacturing facility in Hangzhou, expected to increase annual production capacity by 2.4 million units upon completion in 2027[74] - The company plans to launch new products, including Teleport Glide and Scoreflex QUAD, targeting the Japanese market[76] - The company expects revenue growth to be driven by the Asia-Pacific and Europe, Middle East, and Africa regions, with the US market also showing signs of recovery[76] - The company is actively seeking suitable downstream businesses to enhance its overseas sales network[78] Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions during the reporting period[118] - The audit committee has reviewed the financial reporting process and internal controls, recommending the board to approve the audited consolidated financial statements for the year ending December 31, 2024[124] - The company is committed to compliance with the corporate governance code as per the listing rules[135] Shareholder Information - The company did not declare any dividends for the year ending December 31, 2024, maintaining the same dividend of approximately $10.615 million for the previous year[53] - The board has proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, which is the same as the previous year[115] - The annual general meeting is scheduled for May 27, 2025, with related documents to be published in April 2025[130]
业聚医疗(06929) - 2024 - 年度业绩