Financial Performance - Revenue for the year ended December 31, 2024, was HKD 1,865,354, an increase of 8.2% compared to HKD 1,723,747 in 2023[2] - Gross profit for the same period was HKD 344,921, reflecting a growth of 3.7% from HKD 332,558 in 2023[4] - Operating profit decreased by 22.6% to HKD 27,914 from HKD 36,053 in the previous year[4] - Annual profit from continuing operations was HKD 11,063, down 49.0% from HKD 21,698 in 2023[2] - The company reported a net profit of HKD 18,753 for the year, compared to a loss of HKD 59,515 in 2023[5] - Total revenue for the year ended December 31, 2024, was HKD 1,865,354,000, with external sales contributing HKD 1,865,354,000[18] - The total operating profit for the year was HKD 27,914,000, after accounting for unallocated corporate expenses of HKD 18,971,000[18] - The pre-tax profit for the year was HKD 27,137,000, with income tax expenses of HKD 16,074,000[18] - The annual profit for the year was HKD 11,063,000[18] - Other income, gains, and losses netted approximately HKD 35,180,000 for the year ending December 31, 2024, a 117.0% increase from HKD 16,212,000 in 2023, primarily due to increased government subsidies and favorable exchange rate fluctuations[42] Assets and Liabilities - Total assets decreased to HKD 1,569,405 from HKD 1,821,573 in the previous year[6] - Current liabilities reduced to HKD 825,004 from HKD 997,964 in 2023[6] - Cash and bank balances decreased to HKD 519,030 from HKD 660,468 in the previous year[6] - The net asset value decreased to HKD 1,310,517 from HKD 1,428,864 in 2023[7] - The company reported a net cash balance of approximately HKD 392,068,000 as of December 31, 2024, down from HKD 416,947,000 the previous year, with total equity attributable to shareholders at approximately HKD 1,241,637,000[64] - As of December 31, 2024, the total outstanding bank loans amounted to approximately HKD 115,259,000, a decrease from HKD 234,598,000 the previous year, with cash and bank balances at approximately HKD 519,030,000[64] Dividends - The company did not recommend a final dividend for the year ended December 31, 2024[2] - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[37] - The group will not propose a final dividend for the year ending December 31, 2024, maintaining a focus on financial stability[78] Business Segments - The industrial consumables segment generated revenue of HKD 417,473,000, while the injection molded products segment generated HKD 573,407,000[18] - The machinery segment reported a loss of HKD 18,798,000, while the machinery leasing segment achieved a profit of HKD 1,615,000[18] - Revenue from external sales in the industrial consumables segment was HKD 388,339,000, while the injection molded products segment generated HKD 525,873,000[19] - The printed circuit board business reported a profit of HKD 7,690,000 for the period ending August 21, 2024, compared to a loss of HKD 81,213,000 in the previous year[29] - Revenue for the printed circuit board business decreased to HKD 154,446,000 in 2024 from HKD 453,153,000 in 2023, representing a decline of approximately 66%[29] - The trading business of printed circuit boards recorded performance similar to the previous year, leading the company to decide to terminate this business segment to focus on areas with better cash flow potential, resulting in the sale of 52% of the issued shares for HKD 52,993,165[60] Expenses - Distribution expenses for the year ending December 31, 2024, were approximately HKD 179,088,000, representing 9.6% of revenue, up from 9.0% in 2023[43] - Administrative expenses increased by 10.1% to approximately HKD 173,099,000 for the year ending December 31, 2024, due to rising employee costs[44] - Financial expenses decreased significantly to HKD 5,000 in 2024 from HKD 1,627,000 in 2023[29] - Financial expenses decreased by 7.3% to approximately HKD 13,838,000 for the year ending December 31, 2024, due to partial repayment of bank loans[45] Market and Strategy - The company is focusing on digital transformation by integrating various systems and upgrading the manufacturing execution system (MES), expected to be fully operational by early next year[48] - The company plans to expand its market share in the standard machine market with updated models like SeKIII, JSeIII, and Se5, while targeting specialized markets with tailored solutions[49] - The company is committed to developing low-carbon materials and innovative processes in response to global demand for sustainable production[59] - The group is actively expanding its overseas market presence and product offerings through partnerships with new suppliers in the industrial consumables trading business[73] Workforce and Training - The workforce increased to 1,743 employees as of December 31, 2024, compared to 1,717 the previous year, with a gender ratio of 29:71 among non-director employees[69] - The company has implemented a talent development plan focusing on diversity in recruitment and retention, ensuring equal opportunities in various aspects of employment[69] - Training programs are provided to employees across all levels to enhance their skills and knowledge in production, operations, and management[70] Future Outlook - The group anticipates a challenging yet opportunity-filled year in 2025, with a more optimistic macroeconomic outlook for China compared to 2024 due to government stimulus policies[71] - Manufacturing investment sentiment is expected to slightly rebound after several years of weakness, driven by rapid advancements in artificial intelligence[72] - High-end equipment users are increasingly demanding customized solutions for improved energy efficiency and reduced labor costs, which the group aims to address through enhanced productivity and automation[73]
大同机械(00118) - 2024 - 年度业绩