Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 153,126,000, an increase of HKD 75,000,000 or 96.0% compared to HKD 78,132,000 in 2023[6] - Gross profit for the year was HKD 27,280,000, up HKD 13,056,000 or 91.8% from HKD 14,224,000 in 2023[6] - The company reported a loss from continuing operations of HKD 144,229,000 for 2024, compared to a loss of HKD 106,406,000 in 2023, reflecting a deterioration of 36%[21] - The adjusted consolidated LBITDA decreased by 8.5% from HKD 45 million in 2023 to HKD 41.2 million in 2024, reflecting improved operational efficiency[17] - The company incurred financing costs of HKD 14,182,000 in 2024, significantly higher than HKD 2,441,000 in 2023, an increase of 480%[21] - The company incurred a loss of HKD 144,229,000 for the year 2024, compared to a loss of HKD 61,867,000 in 2023, indicating a worsening financial performance[35] Electric Vehicle Charging Business - The company successfully expanded its private subscription service brand, Cornerstone HOME, which increased its exclusive parking spaces to 15,000 by entering 8 residential parking lots in 2024[12] - The number of subscribers for Cornerstone HOME exceeded 860, indicating a growing demand for home charging solutions[12] - The electric vehicle charging business experienced significant growth, driven by supportive government policies and advancements in battery technology[9] - Cornerstone GO has expanded its charging network to cover over 1,600 charging points across 103 parking lots in all 18 districts of Hong Kong[13] - The company reported revenue from its continuing operations in the electric vehicle charging business of HKD 153,126,000 for the year ending December 31, 2024, a significant increase of 96% compared to HKD 78,132,000 in 2023[34] - Electric vehicle charging revenue skyrocketed by 326.3%, from approximately HKD 5.6 million in 2023 to about HKD 23.9 million in 2024, primarily due to a significant increase in users of the public charging network and private subscription plans[67] Strategic Initiatives and Partnerships - The company capitalized on the Hong Kong government's "EV Charging at Home Subsidy Scheme" to secure multiple new projects, enhancing its market position[11] - The company established strategic partnerships with property developers and owners' corporations to secure exclusive electric vehicle charging service rights for various residential projects[11] - The strategic acquisition of Spark EV positions the company as a major player in Thailand's rapidly growing EV market, which is benefiting from increased demand and favorable government policies[15][16] Financial Position and Assets - Total assets less current liabilities increased to HKD 279,225,000 in 2024 from HKD 179,037,000 in 2023, marking a growth of 56%[25] - Non-current assets rose to HKD 235,187,000 in 2024, compared to HKD 125,362,000 in 2023, representing an increase of 88%[25] - The company’s cash and cash equivalents increased to HKD 52,252,000 in 2024 from HKD 23,381,000 in 2023, a growth of 123%[25] - The company’s total liabilities increased to HKD 277,982,000 in 2024 from HKD 73,601,000 in 2023, reflecting a rise of 277%[26] - The company’s equity attributable to owners decreased to HKD 1,243,000 in 2024 from HKD 105,436,000 in 2023, a decline of 99%[26] Shareholder and Corporate Governance - The company did not declare or recommend any dividends for the year ending December 31, 2024, consistent with 2023[50] - The company has complied with the corporate governance code throughout the year ending December 31, 2024[155] - The annual performance announcement is available on the Hong Kong Stock Exchange and the company's website[157] Future Plans and Developments - The company plans to enhance the Cornerstone GO app with new features, including an upgraded membership rewards program to boost user engagement and loyalty[19] - Cornerstone aims to expand its residential charging network and focus on providing seamless home charging solutions to meet the diverse needs of EV owners[18] - The company plans to issue approximately 117,749,000 incentive shares at a price of HKD 0.55 per share, totaling around HKD 64,761,950 for management performance bonuses[102]
基石科技控股(08391) - 2024 - 年度业绩