Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 421,091,000, representing a 79.8% increase from HKD 233,990,000 in 2023[3] - Gross profit for the same period was HKD 117,900,000, up 56.7% from HKD 75,125,000 in the previous year[3] - Operating profit increased to HKD 62,136,000, a significant rise of 117.0% compared to HKD 28,589,000 in 2023[3] - Net profit attributable to equity holders of the company was HKD 49,386,000, which is a 203.5% increase from HKD 16,282,000 in the prior year[4] - Basic and diluted earnings per share rose to HKD 24.69, compared to HKD 8.14 in 2023, marking a 203.5% increase[4] - The group reported total revenue of HKD 421,091,000 for the year ended December 31, 2024, a significant increase from HKD 233,990,000 in 2023, representing an increase of approximately 79.7%[15] - The group’s net profit for the year was HKD 49,386,000, compared to HKD 16,282,000 in the previous year, marking an increase of about 203.5%[21] - The group reported a net profit attributable to shareholders of approximately HKD 49.4 million for the fiscal year ending December 31, 2024, a substantial increase of about 203.3% from approximately HKD 16.3 million in 2023[32] Revenue Sources - The revenue from OEM business customers was HKD 417,306,000, a substantial increase of 88.0% from HKD 221,914,000 in 2023[13] - The OEM business generated revenue of approximately HKD 417.3 million, an increase of about 88.0% from HKD 221.9 million in the previous year, with the largest customer contributing approximately HKD 323.2 million, up 122.1%[36] - The revenue from stainless steel sports bottles within the OEM business was approximately HKD 212.4 million, significantly up from about HKD 14.9 million in 2023[36] - The group’s revenue from the United States was HKD 415,490,000 in 2024, significantly up from HKD 220,866,000 in 2023, representing an increase of approximately 88.2%[17] Expenses and Costs - The group’s operating expenses included administrative expenses of HKD 47,233,000 in 2024, compared to HKD 38,298,000 in 2023, an increase of about 23.3%[15] - Administrative expenses increased by approximately 23.3% to HKD 47.2 million in 2024 from HKD 38.3 million in 2023, mainly due to adjustments in expected credit losses and share-based payment expenses[41] - Sales expenses for the year ended December 31, 2024, were approximately HKD 8.4 million, a decrease of about 7.9% from HKD 9.2 million in 2023, attributed to cost control measures[40] - The group’s tax expense for the year was HKD 14,543,000, compared to HKD 7,718,000 in 2023, reflecting an increase of about 88.5%[20] Assets and Equity - Total assets as of December 31, 2024, amounted to HKD 288,571,000, up from HKD 255,142,000 in 2023, reflecting a growth of 13.1%[6] - The company's total equity increased to HKD 224,503,000 from HKD 209,567,000, representing a growth of 7.1%[6] - The group’s trade receivables increased to HKD 76,949,000 in 2024 from HKD 40,888,000 in 2023, representing an increase of approximately 88.2%[24] Dividends - The group plans to pay a total of HKD 60,000,000 in dividends for the year, compared to HKD 12,000,000 in 2023, reflecting a substantial increase of 400%[23] - The board declared an interim dividend of HKD 0.03 and a special interim dividend of HKD 0.07 per share, totaling HKD 0.10 per share, to be paid on October 4, 2024[62] - The board proposed a final dividend of HKD 0.03 and a special final dividend of HKD 0.17 per share, totaling HKD 0.20 per share, subject to shareholder approval, which is an increase from HKD 0.06 per share in 2023, amounting to HKD 40 million compared to HKD 12 million in 2023[62] Employee Information - The company employed 818 full-time employees as of December 31, 2024, an increase from 626 employees in 2023, primarily due to increased production demands from higher sales orders[55] - Employee benefits expenses totaled approximately HKD 84.0 million for the year ended December 31, 2024, compared to approximately HKD 65.7 million in 2023[55] Strategic Initiatives - The group plans to enhance its manufacturing capabilities and diversify its customer base to mitigate risks associated with trade tensions, particularly between the US and China[34] - The group aims to improve online sales through various internet platforms to capitalize on the growing trend of e-commerce in China[34] - The company aims to mitigate market risks by enhancing product quality, strengthening customer relationships, and exploring new customer opportunities globally[58] - The company is evaluating potential acquisition targets globally to enhance growth and achieve production synergies[59] Market Challenges - The company anticipates challenges in the post-pandemic era, including global trade tensions and inflation, which may impact future business performance[57] - The YoY decline in the Youyou Mami business revenue was approximately 68.7%, with revenue recorded at about HKD 3.8 million compared to HKD 12.1 million in the previous year, attributed to intensified local competition and poor industry conditions[37] - The "Youyou Maliao" business relies on the local Chinese market and faces intensified competition and a shift in consumer purchasing habits from offline to online[59] Corporate Governance - The company has maintained good corporate governance practices and has complied with all applicable codes under the corporate governance code as of December 31, 2024[67] - The company has adopted the standards for directors' securities trading as per the listing rules and confirmed compliance for the year ending December 31, 2024[66] Audit and Reporting - The preliminary financial results for the year ending December 31, 2024, have been reviewed by the audit committee and verified by the auditors[68] - The annual results announcement will be published on the stock exchange and the company's website at an appropriate time[69]
万成集团股份(01451) - 2024 - 年度业绩