Financial Performance - The total revenue for the year ended December 31, 2024, was $243.612 million, representing a 16.9% increase from $208.138 million in 2023[3] - Gross profit for the same period was $60.754 million, up 38.8% from $43.752 million in the previous year[3] - The profit attributable to shareholders for the year was $29.842 million, which is a significant increase of 100.5% compared to $14.879 million in 2023[3] - The company reported a basic and diluted earnings per share of 2.66 cents, compared to 1.33 cents in the previous year, reflecting a 100% increase[3] - The overall comprehensive income attributable to shareholders for the year was $29.128 million, compared to $13.335 million in 2023, reflecting a growth of 118.5%[3] - Total revenue for the year 2024 reached $243.612 million, an increase of 17% compared to $208.138 million in 2023[12] - The group reported a pre-tax profit of $16,090,000 in 2024, compared to $15,371,000 in 2023, reflecting an increase of 4.7%[24] - Basic earnings per share rose to $0.0267 in 2024 from $0.0133 in 2023, marking a 100% increase[29] - The group’s total tax expense for the year was $3,283,000, up from $1,021,000 in 2023, indicating a significant increase of 221.5%[28] - The cost of goods sold increased to $179,637,000 in 2024 from $160,856,000 in 2023, an increase of 11.7%[24] - Other income and net gains increased to $5,635,000 in 2024 from $3,764,000 in 2023, representing a growth of 49.6%[21] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $220.019 million, compared to $195.670 million in 2023, indicating an increase of 12.4%[4] - Current assets increased to $180.148 million from $153.556 million, marking a growth of 17.3% year-over-year[4] - The company’s cash and cash equivalents rose to $70.918 million, up from $42.269 million, representing a 67.6% increase[4] - Non-current liabilities decreased to $2.703 million from $3.583 million, a reduction of 24.5%[5] - Non-current assets totaled $36.791 million in 2024, a decrease from $39.163 million in 2023, reflecting a decline of 6%[14] - Trade receivables increased to $56,068,000 in 2024 from $49,433,000 in 2023, a rise of 13.3%[30] Revenue Breakdown - Revenue from the United States decreased to $65.103 million in 2024 from $73.359 million in 2023, representing a decline of 11%[12] - Revenue from mainland China significantly increased to $30.977 million in 2024, up from $16.076 million in 2023, marking an increase of 93%[12] - Revenue from Belgium increased to $34.381 million in 2024 from $28.192 million in 2023, showing a growth of 22%[12] - The total revenue from other regions combined was $62.232 million in 2024, up from $48.599 million in 2023, representing a growth of 28%[12] - Sales of outdoor and sports bags accounted for $206.846 million in 2024, up from $159.849 million in 2023, indicating a growth of 29%[19] - The company reported a total of three major customers contributing over 10% of total revenue, with Customer A generating $91.162 million, Customer B $62.808 million, and Customer C $58.415 million in 2024[15] - Outdoor and sports category sales accounted for over 84% of total revenue, up from 76% in 2023[42] Operational Insights - The company operates a single business segment focused on the production and sale of sports bags, handbags, and luggage[11] - The group maintained a healthy financial position with cash and cash equivalents of approximately $76.6 million and no external borrowings as of December 31, 2024[46] - Capital expenditures for the year amounted to $1.9 million, primarily due to the acquisition of properties, plants, and equipment[46] - The group’s research and development costs were $2,429,000 in 2024, compared to $2,311,000 in 2023, reflecting a 5.1% increase[24] - Administrative expenses increased slightly to approximately $18.3 million, representing about 7.5% of total revenue[43] - Sales volume rose from approximately 19.4 million units in 2023 to about 23.5 million units, an increase of around 21.4%[42] - The average selling price per unit slightly decreased from $10.7 to $10.4 due to changes in the sales mix[42] Corporate Governance and Future Outlook - The board has proposed a final dividend of HKD 0.07 per share, subject to approval at the annual general meeting on June 16, 2025[54] - The group did not engage in any significant acquisitions or disposals of subsidiaries or associates during the year ending December 31, 2024[48] - The group faced foreign exchange risks as its operational costs were primarily denominated in RMB, VND, and USD, while most sales were in USD[53] - The company did not repurchase, sell, or redeem any of its listed securities during the year[59] - The group has maintained compliance with the corporate governance code as outlined in the listing rules[60] - The audit committee reviewed the group's annual performance and financial matters with management and external auditors[62] - The company’s auditor confirmed that the financial statements for the year ending December 31, 2024, were consistent with the preliminary announcement[64] - The board of directors includes executive directors Yang Shujian, Yang Shujia, and Yang Hong, as well as non-executive directors Zou Zhiming and Lin Wangxian, and independent non-executive directors Qiu Zhizhong, Shi De'an, and Huang Guanhao[67] - The meeting was held on March 21, 2025, to discuss the company's financial performance and future strategies[67] - Specific financial metrics and performance summaries were not provided in the extracted content[68] - Future outlook and guidance details were not included in the extracted content[68] - Information regarding new product and technology development was not mentioned in the extracted content[68] - Market expansion and acquisition strategies were not discussed in the extracted content[68] - Other new strategies were not highlighted in the extracted content[68] - User data and engagement metrics were not available in the extracted content[68] - The content does not provide specific numerical data or percentages related to financial performance[68] - Overall, the extracted content lacks detailed financial insights and projections[68]
其利工业集团(01731) - 2024 - 年度业绩