Financial Performance - Total revenue for the fiscal year 2024 was HKD 185,357,000, a slight decrease of 0.3% compared to HKD 185,882,000 in fiscal year 2023[3] - Gross profit increased to HKD 81,858,000, up 1.0% from HKD 81,073,000 in the previous year[3] - The company reported a net loss of HKD 50,600,000 for the fiscal year 2024, compared to a profit of HKD 6,150,000 in fiscal year 2023[4] - Basic and diluted loss per share for fiscal year 2024 was HKD 0.92, compared to earnings of HKD 0.15 per share in fiscal year 2023[4] - The loss attributable to equity holders for the year ended December 31, 2024, was HKD 46,355,000, compared to a profit of HKD 7,468,000 for the year ended December 31, 2023[52] - The company recorded revenue of approximately HKD 185,400,000 for the year, a slight decrease of 0.3% compared to HKD 185,900,000 in the previous fiscal year[83] - The loss attributable to equity holders for the year was approximately HKD 46,400,000, compared to a profit of HKD 7,500,000 in the previous fiscal year[83] - The basic loss per share for the year was HKD 0.92, compared to a basic earnings per share of HKD 0.15 in the previous fiscal year[83] Revenue Breakdown - For the year ended December 31, 2023, the revenue generated from external customers in the dental business was HKD 179,441,000, while the health business generated HKD 6,441,000, totaling HKD 185,882,000[24] - For the year ended December 31, 2024, the revenue from external customers in the dental business is projected to be HKD 178,981,000, and the health business is expected to generate HKD 6,376,000, totaling HKD 185,357,000[26] - Revenue from the dental business was approximately HKD 179,000,000, a decrease of about HKD 400,000 from HKD 179,400,000 in the previous fiscal year, primarily due to price reductions influenced by national procurement policies[85] - The total revenue for the dental business in 2024 was HKD 178,981,000, slightly down from HKD 179,441,000 in 2023, reflecting a decrease of approximately 0.3%[37] - The total revenue for the health business in 2024 was HKD 6,376,000, down from HKD 6,441,000 in 2023, a decline of about 1.0%[37] Expenses and Costs - Research and development expenses decreased to HKD 12,477,000 from HKD 16,835,000, reflecting a reduction of 26.5%[3] - Employee costs, including director remuneration, decreased to HKD 113,789,000 in 2024 from HKD 119,605,000 in 2023, a decline of about 4.9%[43] - Administrative expenses decreased by 20.6% to approximately HKD 46,000,000 from HKD 57,900,000 in the previous fiscal year, mainly due to reduced operational projects and professional service fees[92] - Total other income decreased to HKD 5,162,000 in 2024 from HKD 6,748,000 in 2023, a reduction of approximately 23.5%[41] - Capital expenditures for the dental segment were approximately HKD 6,943,000 in 2024, down from HKD 8,487,000 in 2023, a decrease of about 18.2%[30] Assets and Liabilities - Total assets decreased to HKD 312,048,000 from HKD 355,421,000, a decline of 12.2%[6] - The company's net asset value fell to HKD 426,491,000 from HKD 491,764,000, representing a decrease of 13.3%[8] - The total reportable segment assets as of December 31, 2024, decreased to HKD 515,802,000 from HKD 603,461,000 as of December 31, 2023, representing a decline of approximately 14.5%[29] - The reportable segment liabilities as of December 31, 2024, decreased to HKD 74,695,000 from HKD 91,798,000 as of December 31, 2023, indicating a reduction of about 18.6%[29] Impairment and Receivables - The company recorded a significant increase in impairment losses on other receivables, which rose to HKD 21,893,000 from HKD 4,117,000[3] - The group recorded a significant increase in the impairment of other receivables, rising from HKD 7,817,000 in 2023 to HKD 28,992,000 in 2024[70] - The impairment of trade receivables decreased from HKD 2,413,000 in 2023 to HKD 1,372,000 in 2024, a reduction of approximately 43%[67] - Trade receivables increased from HKD 103,306,000 in 2023 to HKD 112,573,000 in 2024, representing an increase of about 9%[66] Taxation - The tax expense for the year ended December 31, 2024, was HKD 1,919,000, compared to a tax credit of HKD 104,000 for the year ended December 31, 2023[50] - The tax impact of non-deductible expenses was HKD 10,559,000 for the year ended December 31, 2024, compared to HKD 27,505,000 for the year ended December 31, 2023[50] - The applicable corporate income tax rate for subsidiaries in China is 25%, with a subsidiary qualifying for a reduced rate of 15% from 2024 to 2026 as a "high-tech enterprise"[48] Governance and Compliance - The company has complied with the corporate governance code, except for the absence of an internal audit function, which is reviewed annually by an independent auditing firm[119] - The audit committee, consisting of three independent non-executive directors, has reviewed the internal controls, risk management systems, and the company's annual performance[120] - The financial statements for the year ending December 31, 2024, have been verified by the auditing firm, ensuring consistency with the audited financial reports[122] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[125] Future Outlook - The company plans to continue focusing on the development of dental products and rehabilitation services to drive future growth[10] - The group aims to enhance shareholder value by expanding its dental and health business, focusing on high-end dental consumables[113] - The group is currently evaluating the detailed impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[15] - The company anticipates that the application of the new Hong Kong Financial Reporting Standard No. 18 will affect the presentation of the consolidated income statement and future disclosures, but it is not expected to have a significant impact on the group's consolidated financial position and performance[15]
佳兆业健康(00876) - 2024 - 年度业绩