Financial Performance - The company's revenue for the year ended December 31, 2024, was USD 140.03 million, a decrease of 10.5% compared to USD 156.00 million in 2023[2] - Gross profit for the same period was USD 82.75 million, down 25.5% from USD 111.00 million in 2023[2] - The company reported a net loss of USD 40.71 million for the year, compared to a profit of USD 120.38 million in 2023, representing a significant decline[3] - Basic and diluted loss per share was USD 2.37, compared to earnings of USD 0.50 per share in the previous year[3] - Total revenue for the year ended December 31, 2024, was HKD 1,092,218,000, a decrease of 14.1% from HKD 1,271,590,000 in 2023[11] - Revenue from toy sales was HKD 931,334,000 in 2024, down 16.1% from HKD 1,109,399,000 in 2023[11] - The property investment and management segment reported a loss before tax of HKD 436,776,000 in 2024, compared to a loss of HKD 92,876,000 in 2023[16][18] - Net income before tax for 2024 was a loss of HKD 382,276,000, compared to a profit of HKD 10,340,000 in 2023[36] Assets and Liabilities - Total assets decreased to USD 589.66 million from USD 634.84 million in 2023, reflecting a decline of approximately 7.1%[4] - Current liabilities decreased to USD 55.02 million from USD 65.41 million in 2023, a reduction of about 15.9%[4] - Total assets as of December 31, 2024, were HKD 6,067,926,000, a decrease from HKD 6,777,605,000 in 2023[20][22] - The total liabilities as of December 31, 2024, were HKD 472,562,000, down from HKD 711,518,000 in 2023[20][22] - The company's asset-to-liability ratio was 2.9% as of December 31, 2024, down from 3.4% in 2023, while the current ratio improved to 3.4 from 2.5[61] Cash and Investments - The company's cash and bank deposits increased slightly to USD 141.40 million from USD 141.00 million in 2023[4] - The company's cash and bank deposits stood at HKD 1,102.89 million as of December 31, 2024, slightly up from HKD 1,094.93 million in 2023[63] - The company recorded net investment income of HKD 31.5 million in 2024, up from HKD 12.9 million in 2023, with dividend and interest income from the investment portfolio amounting to HKD 59.4 million[58] - As of December 31, 2024, the fair value of the investment portfolio was HKD 101.9 million, an increase from HKD 95.3 million in 2023, representing 1.8% of total assets[57] Revenue Sources - Revenue from the Americas, specifically the US, was HKD 653,368,000, down 14.7% from HKD 765,746,000 in 2023[25] - Major customers contributed approximately HKD 283,011,000 and HKD 215,710,000 to total revenue, representing a decrease from HKD 292,271,000 and HKD 262,184,000 in 2023[26] - The global revenue for the toy segment was HKD 931 million, a decrease of 16% from HKD 1.109 billion in 2023, primarily due to lower sales of the "Teenage Mutant Ninja Turtles" toy series[48] Dividends and Shareholder Value - The company declared an interim dividend of HKD 93,060,000 for 2024, consistent with the previous year's HKD 93,150,000[32] - The board declared an interim dividend of HKD 0.015 per share and a special interim dividend of HKD 0.015 per share, payable on April 24, 2025[67] - The company repurchased 2 million shares at prices ranging from HKD 0.56 to HKD 0.57 per share during the year, with the repurchased shares being cancelled to enhance shareholder value[64] Future Outlook and Strategy - The company plans to continue focusing on the development and marketing of new toy products to drive future growth[14] - The company anticipates challenges in 2025 due to the absence of major entertainment events supporting the "Teenage Mutant Ninja Turtles" or "Godzilla x Kong" product lines, while a new "Power Rangers" product line is expected to provide some support in the second half of the year[51] - The company signed a global licensing agreement with Hasbro to produce and distribute "Power Rangers" toys, with the new product line set to ship in summer 2024[54] Operational Metrics - The overall occupancy rate as of December 31, 2024, was 60.3%, down from 74% in 2023[42] - Trade receivables decreased to HKD 138,475,000 in 2024 from HKD 330,521,000 in 2023, indicating a reduction in outstanding customer payments[37] - Trade payables also decreased to HKD 23,274,000 in 2024 from HKD 91,390,000 in 2023, reflecting improved cash management[38] - The gross margin for toy sales decreased to 54% from 57% in 2023, attributed to higher discounts and a shift towards lower-margin products[48] - Research and development expenses increased slightly to HKD 31,535,000 in 2024 from HKD 30,803,000 in 2023, indicating continued investment in innovation[29]
彩星集团(00635) - 2024 - 年度业绩