Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of USD 119.402 million, a decrease of 10.5% compared to USD 131.628 million in the previous year[2] - The gross profit for the same period was USD 64.163 million, representing a gross margin of approximately 53.7%, down from USD 57.4% in the previous year[2] - Operating profit decreased significantly to USD 12.088 million, a decline of 42.5% from USD 20.985 million in the prior year[2] - The net profit attributable to shareholders was USD 16.875 million, down 24.5% from USD 22.368 million in the previous year[2] - Basic and diluted earnings per share for the year were both USD 1.43, compared to USD 1.96 in the previous year, reflecting a decrease of 27%[2] - The company reported a total comprehensive income of USD 16.895 million, down from USD 22.374 million in the previous year[3] - The global revenue for the year ending 2024 was HKD 930.1 million, a decrease of 16% compared to HKD 1,109 million in 2023[28] - The gross profit margin for toy sales decreased to 54% in 2024 from 57% in 2023, attributed to higher retailer discounts and a shift towards lower-margin products[28] - The group recorded an operating profit of HKD 94 million in 2024, a decrease from HKD 210 million in 2023[29] - Shareholders' net profit for 2024 was HKD 132 million, down from HKD 224 million in 2023[29] - The company reported a basic earnings per share of HKD 111.3 million for 2024, down from HKD 223.7 million in 2023[23] Assets and Liabilities - Total assets as of December 31, 2024, were USD 177.154 million, a decrease from USD 191.189 million in the previous year[5] - Current liabilities decreased to USD 28.302 million from USD 39.521 million in the previous year, indicating improved liquidity[5] - Trade receivables at the end of 2024 totaled HKD 136.7 million, a significant decrease from HKD 328.8 million in 2023[24] - Trade receivables as of December 31, 2024, were HKD 136.67 million, a significant decrease from HKD 328.83 million in 2023[34] - Inventory at the end of 2024 was HKD 27.65 million, representing 3.0% of revenue, down from 5.3% in 2023[34] - The current ratio as of December 31, 2024, was 6.3, compared to 3.8 in 2023[34] - Cash and bank deposits amounted to HKD 1,043.33 million as of December 31, 2024, up from HKD 1,002.82 million in 2023[34] - The company’s cash and bank deposits increased to USD 133.760 million, up from USD 128.820 million in the previous year, showing a positive cash flow trend[5] - The group’s treasury investments in listed securities were HKD 87.47 million, an increase from HKD 68.57 million in 2023, accounting for 6.1% of total assets[35] Operating Expenses and Costs - Operating expenses decreased by 9% year-over-year, reflecting a reduction in variable costs, although some costs were offset by increased marketing expenses[28] - The cost of goods sold was HKD 391.5 million in 2024, down from HKD 437.7 million in 2023[16] Market and Customer Insights - The largest market for the company in 2024 was the United States, accounting for 70% of total revenue, followed by Europe at 20% and other regions in the Americas at 6%[28] - Revenue from major customers included approximately HKD 283.0 million and HKD 215.7 million, representing over 10% of total revenue[13] Future Plans and Product Development - The company plans to launch new products in 2025, which will increase product development costs as a percentage of sales[28] - The new "Power Rangers" product line is set to launch in summer 2025, expected to support business in the second half of the year[30] - The company signed a global licensing agreement with Hasbro for "Power Rangers" toys, with new content to be released on YouTube and Netflix[33] Dividends and Other Income - Other income net amounted to HKD 87.8 million in 2024, up from HKD 55.1 million in 2023, driven by increased interest income and unrealized gains[15] - The company announced a second interim dividend of HKD 0.03 per share and a special interim dividend of HKD 0.03 per share[40]
彩星玩具(00869) - 2024 - 年度业绩