Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,282,272,000, representing an increase of 7.2% from HKD 1,196,309,000 in 2023[4] - Profit attributable to owners of the company decreased to HKD 11,419,000, down 77.8% from HKD 51,321,000 in the previous year[4] - Earnings per share for 2024 was HKD 0.0296, a decline from HKD 0.1329 in 2023[7] - The company did not declare a final dividend for the year, compared to a final dividend of HKD 0.050 per share in 2023[4] - Total comprehensive income for the year was HKD 1,327,000, a significant drop from HKD 67,596,000 in 2023[6] Revenue Breakdown - The original design manufacturing segment generated revenue of HKD 875,424,000, up from HKD 853,987,000, reflecting a growth of 2.9%[15] - The distribution segment reported revenue of HKD 294,790,000, a 13% increase from HKD 260,775,000 in the previous year[15] - The eyewear lens segment saw significant growth, with revenue rising to HKD 112,058,000 from HKD 81,547,000, marking a 37.5% increase[15] - Revenue from the original design manufacturing segment accounted for 68% of total revenue in 2024, down from 71% in 2023, with sales increasing by 3% to HKD 875,400,000[36] - Revenue from the distribution segment increased by 13% from HKD 260,800,000 in 2023 to HKD 294,800,000 in 2024, accounting for 23% of the group's total revenue in 2024[38] - The revenue from the lens segment surged by 38% from HKD 81,500,000 in 2023 to HKD 112,100,000 in 2024, representing 9% of the group's total revenue in 2024[39] Costs and Expenses - Gross profit for the year was HKD 376,482,000, slightly up from HKD 370,989,000 in 2023, indicating a gross margin improvement[6] - Operating profit decreased significantly to HKD 21,744,000 from HKD 42,070,000 in the previous year, reflecting operational challenges[6] - The cost of goods sold for the year 2024 was HKD 908,308,000, compared to HKD 823,084,000 in 2023, reflecting an increase of 10.4%[25] - The total employee costs for the year 2024 amounted to HKD 454,066,000, an increase of 3.3% from HKD 437,341,000 in 2023[25] - The company incurred a total financing cost of (5,066) thousand HKD in 2024, compared to (685) thousand HKD in 2023, indicating a significant increase in financing expenses[21] Assets and Liabilities - Non-current assets increased from HKD 529,162,000 in 2023 to HKD 622,664,000 in 2024, representing a growth of 17.6%[8] - Total liabilities rose from HKD 613,953,000 in 2023 to HKD 649,102,000 in 2024, an increase of 5.7%[9] - The company’s net asset value decreased from HKD 631,808,000 in 2023 to HKD 604,995,000 in 2024, a decline of 4.2%[9] - The company reported a significant increase in bank borrowings, rising from HKD 16,545,000 in 2023 to HKD 69,714,000 in 2024[9] - Trade payables increased to HKD 173,490,000 in 2024 from HKD 155,388,000 in 2023[29] Foreign Exchange and Impairment - The company experienced a foreign exchange loss of HKD 10,782,000 related to overseas operations, contrasting with a gain of HKD 10,762,000 in the previous year[6] - The net foreign exchange loss for 2024 was (15,010) thousand HKD, compared to (13,521) thousand HKD in 2023, indicating a deterioration of 11%[17] - The company reported a total impairment loss of 1,514 thousand HKD for 2024, compared to a reversal of (81) thousand HKD in 2023[21] - The impairment loss on accounts receivable for 2024 was HKD 1,514,000, compared to a reversal of HKD 81,000 in 2023[25] Market and Operational Outlook - The group faces significant operational challenges in the coming years but maintains a cautiously optimistic outlook, focusing on prudent decision-making and strategic resource optimization[48] - The market outlook indicates potential growth in smart glasses driven by consumer demand and technological integration, despite geopolitical and economic uncertainties[47] - The company anticipates significant pricing pressure from U.S. customers due to tariffs imposed by the Trump administration starting in early 2025[49] - The company recognizes unlimited business opportunities in the Asian region and plans to enhance resources to establish a self-sufficient network or joint ventures with strategic distribution partners[49] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes as outlined in the Hong Kong Stock Exchange's listing rules for the fiscal year ending December 31, 2024[52] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed by the audit committee and audited by the company's auditor[54]
雅视光学(01120) - 2024 - 年度业绩