Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 287,213,000, a decrease of 12.1% from HKD 326,713,000 in 2023[4] - Gross profit for the year was HKD 56,403,000, representing a gross margin of 19.6%, compared to HKD 50,656,000 in the previous year[4] - Operating profit increased to HKD 22,472,000, up 4.0% from HKD 21,606,000 in 2023[4] - The net profit for the year was HKD 17,546,000, slightly up from HKD 17,174,000 in 2023, resulting in an earnings per share of HKD 8.78, compared to HKD 8.59 in the previous year[4] - The group reported a profit before tax of HKD 20,680,000 in 2024, compared to HKD 19,021,000 in 2023, an increase of about 8.7%[17] - The total income tax expense for 2024 was HKD 3,134,000, up from HKD 1,847,000 in 2023, representing an increase of approximately 69.5%[16] - The company recorded a profit of approximately HKD 17.5 million for the year ended December 31, 2024, compared to HKD 17.2 million for the year ended December 31, 2023[44] Revenue Breakdown - The group's revenue from transformer sales decreased to HKD 119,202,000 in 2024 from HKD 146,176,000 in 2023, representing a decline of approximately 18.5%[10] - Customer contract revenue fell to HKD 287,213,000 in 2024, down from HKD 326,713,000 in 2023, a decrease of about 12.1%[10] - Revenue from electronic components sales decreased to HKD 164,783,000 in 2024 from HKD 174,750,000 in 2023, reflecting a decline of approximately 5.7%[10] - Major customer A's revenue from transformer sales increased to HKD 52,537,000 in 2024, up from HKD 43,116,000 in 2023, an increase of about 21.5%[14] - Major customer B's revenue from electronic components and other products decreased to HKD 108,534,000 in 2024 from HKD 162,054,000 in 2023, a decline of approximately 33.1%[14] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 177,672,000, a marginal increase from HKD 175,507,000 in 2023[5] - Current liabilities rose to HKD 132,917,000 from HKD 112,338,000 in the previous year, indicating a 17.5% increase[5] - The company's cash and cash equivalents decreased to HKD 6,130,000 from HKD 11,711,000 in 2023, reflecting a decline of 47.6%[5] - The company reported a significant increase in trade and other receivables, which rose to HKD 71,882,000 from HKD 34,898,000, marking a 105.6% increase[5] - The company has maintained its share capital at HKD 2,000,000, with total equity attributable to owners decreasing to HKD 84,763,000 from HKD 98,158,000[6] Trade Receivables and Credit Management - Trade receivables increased to HKD 63,775,000 in 2024 from HKD 29,644,000 in 2023, reflecting a growth of 115%[22] - The aging analysis of trade receivables shows that amounts overdue over one year increased to HKD 757,000 in 2024 from HKD 511,000 in 2023[23] - The provision for bad debts decreased slightly to HKD 4,567,000 in 2024 from HKD 4,614,000 in 2023, indicating effective credit management[24] - The weighted average expected loss rate for overdue receivables over one year is 82% in 2024, compared to 90% in 2023, showing improved credit risk management[25] - The company provided an average credit period of 15 to 90 days to trade customers, with no overdue or impairment records reported[23] - The company has assessed the credit quality of potential new customers before extending credit, ensuring a robust credit risk management process[23] Expenses and Investments - Research and development expenses increased to HKD 11,499,000 in 2024 from HKD 10,048,000 in 2023, an increase of about 14.5%[19] - The company's capital expenditure for the year ended December 31, 2024, was approximately HKD 6.1 million, significantly lower than HKD 26.5 million for the year ended December 31, 2023[49] - The total employee cost for the year ended December 31, 2024, was approximately HKD 46.8 million, an increase from HKD 44.9 million for the year ended December 31, 2023[55] - The group had no significant investments as of December 31, 2024, consistent with the previous year[52] - The group plans to invest up to 30% of its cash in short-term, low-risk Hong Kong-listed securities, subject to certain conditions[58] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.15 per share, totaling HKD 30,000,000 for 2024, compared to no dividend in 2023[19] - The company declared a special interim dividend of HKD 0.15 per ordinary share, totaling HKD 30,000,000 for the six months ended June 30, 2024[64] - The board does not intend to declare a final dividend for the year ending December 31, 2024[64] Governance and Risk Management - The company has complied with the corporate governance code provisions for the year ending December 31, 2024[66] - The audit committee has reviewed the audited annual results for the year ending December 31, 2024[70] - The risk management committee oversees the risk governance structure and hedging policies, including copper futures purchases[71]
侨洋国际控股(08070) - 2024 - 年度业绩