Financial Performance - Revenue decreased by 25.9% to $113.4 million[4] - Gross profit was $38.0 million, down 17.9%[4] - Net profit attributable to shareholders was $10.1 million, a decline of 47.9%[4] - Total comprehensive income for the year was $9.9 million, down from $17.4 million[7] - The company's revenue for the year ended December 31, 2024, was $113.44 million, a decrease of 26% from $153.15 million in 2023[19] - The company reported a pre-tax profit of $34.86 million for 2024, down from $48.17 million in 2023, primarily due to a decrease in sales and higher costs[32] - Basic earnings per share for 2024 were $0.00405, down from $0.00779 in 2023, with a weighted average of 2,496,128,581 shares outstanding[37] - Total sales revenue for 2024 decreased by 25.9% to $113.4 million, compared to $153.2 million in 2023, with a shipment volume of approximately 293.2 million units, down 12.7% from 336 million units in 2023[48] - Net profit attributable to shareholders was $10.1 million, a decrease of about 47.9% compared to $19.4 million in 2023, with earnings per share dropping to $0.4[62] - Gross profit for the period was $38.0 million, with a gross margin of 33.5%, showing a slight improvement from 30.3% in 2023 despite a decrease in total revenue[63] Dividends and Equity - The board did not recommend a final dividend for the year ending December 31, 2024[4] - The company did not declare or pay dividends for the years ending December 31, 2024, and 2023[40] - Total equity attributable to shareholders rose to $137.0 million from $127.0 million[9] Cash Flow and Assets - Cash and cash equivalents increased to $104.2 million from $80.3 million[9] - The company's cash and cash equivalents totaled $107.7 million as of December 31, 2024, an increase from $86.3 million in 2023, with $3.5 million held as collateral deposits for financing operations[70] - Accounts receivable net amount increased to $19.886 million in 2024 from $17.292 million in 2023, with a provision for impairment of $201,000[41] - Contract liabilities decreased to $2.814 million in 2024 from $3.738 million in 2023, primarily due to a reduction in advance payments received[46] - As of December 31, 2024, the company's current ratio improved to 6.17 from 4.96 in 2023, indicating a strong liquidity position with net current assets of $127.9 million compared to $118.6 million in the previous year[68] - The company has no significant bank borrowings as of December 31, 2024, and had a debt-to-asset ratio of 0.013 as of December 31, 2023[71] Expenses and Investments - Total expenses for the year were approximately $33.7 million, an increase of 6.5% from $31.6 million in 2023, with R&D costs rising to $18.7 million, up 4.9% year-over-year[65] - Capital expenditures increased to $2.25 million in 2024 from $1.09 million in 2023, with significant investments in mainland China[24] - Capital expenditures for 2024 amounted to $2.3 million, up from $1.1 million in 2023, reflecting increased investment in operational capabilities[72] - Employee compensation and benefits increased by 7.2% to approximately $23.7 million in the review year, driven by an increase in average headcount[80] Market and Product Development - Revenue by region showed a significant decline in Hong Kong from $83.47 million in 2023 to $63.53 million in 2024, while revenue from mainland China increased from $2.22 million to $4.90 million[20] - Revenue from new display ICs decreased from $72.17 million in 2023 to $59.06 million in 2024, while large display ICs saw an increase from $5.97 million to $13.89 million[21] - The company plans to develop IC products supporting 6-7 color electronic display labels, with mass production expected in the second half of 2025[50] - OLED display IC shipments experienced slight growth in 2024 due to increased demand from electronic products, maintaining a dominant market share in PMOLED display driver ICs[52] - The average selling price of new display IC products decreased due to market competition and delays in product launches[49] - The company aims to expand its electronic paper technology applications beyond electronic shelf labels to include electronic photo frames and identity badges[50] - The company is actively developing a mini-LED backlight solution and plans to launch standard IC products for automotive HUD displays by the second half of 2025[57] - The company has signed a strategic cooperation letter with a Shenzhen automotive display manufacturer to design and develop integrated driver ICs for mainstream automotive systems, with production expected to start in 2025[59] - The company successfully shipped a large number of full-color electronic paper notebook driver ICs, with end products expected to launch in the second half of 2024[59] - The company anticipates continued growth in the electronic paper market, driven by technological advancements and increasing demand for eco-friendly products[61] - The company is focusing on high-value new product development and differentiation to enhance pricing power and profitability amid competitive pressures[61] Governance and Compliance - The company has maintained compliance with corporate governance codes and standards throughout the year[82] - The board of directors consists of executive director Mr. Wang Huazhi (CEO), non-executive directors Mr. Ma Yuchuan (Chairman), Mr. Wang Hui, and Ms. Liu Fei, as well as independent non-executive directors Mr. Chen Zhiguang, Dr. Chen Zhenghao, and Dr. Guo Haicheng[89] Other Income and Financial Adjustments - Other income decreased to $1.58 million in 2024 from $2.28 million in 2023, primarily due to lower government subsidies[29] - Interest income increased to $4.12 million in 2024 from $2.55 million in 2023, reflecting improved cash management[30] - The company did not make any provisions for Hong Kong profits tax for the year due to available tax losses from prior years[34] - The company recognized $941,000 in revenue from contracts included in contract liabilities at the beginning of the reporting period, a decrease from $6.83 million in 2023[23]
晶门半导体(02878) - 2024 - 年度业绩