Financial Performance - Revenue for the year ended December 31, 2024, was HKD 296,408,000, a decrease of 3.8% compared to HKD 308,240,000 in 2023[3] - Loss from continuing operations for the year was HKD 67,450,000, representing a 24.4% increase from HKD 54,215,000 in 2023[3] - Total loss for the year decreased by 33.0% to HKD 86,594,000 from HKD 129,335,000 in 2023[3] - The company reported a net loss of HKD 86,594,000 for the year, an improvement from a net loss of HKD 129,335,000 in 2023[17] - The basic loss per share for 2024 was HKD 0.065, an improvement from HKD 0.082 in 2023, indicating a reduction in loss per share by approximately 20.7%[38] - The net loss for the group was approximately HKD 86.6 million in fiscal year 2024, an improvement from a net loss of approximately HKD 129.3 million in fiscal year 2023[78] Revenue Breakdown - Revenue from external customers was HKD 299,950,000, a decrease of 6.7% from HKD 321,676,000 in 2023[16] - Revenue from the United States decreased to HKD 80,113,000 in 2024 from HKD 89,058,000 in 2023, representing a decline of 10.9%[18] - Revenue from Mainland China dropped significantly to HKD 40,900,000 in 2024 from HKD 63,532,000 in 2023, a decrease of 35.6%[18] - Revenue from industrial product sales decreased to HKD 295,584,000 in 2024 from HKD 307,710,000 in 2023, representing a decline of approximately 3.7%[21] - Total customer contract revenue for 2024 was HKD 296,408,000, down from HKD 308,240,000 in 2023, indicating a decrease of about 3.8%[21] - Revenue from the discontinued AI vending machine business was HKD 3,542,000 in 2024, significantly lower than HKD 13,436,000 in 2023, reflecting a decline of approximately 73.6%[21] Expenses and Costs - Gross profit margin improved to 20.0% in 2024 from 19.3% in 2023, reflecting a 0.7 percentage point increase[3] - The cost of sales for the ongoing business was HKD 237,208,000, resulting in a gross profit of HKD 59,200,000, compared to a gross profit of HKD 59,568,000 in 2023[16] - Research and development expenses decreased to HKD 30,446,000 in 2024 from HKD 38,670,000 in 2023, a reduction of 21.3%[5] - The cost of goods sold increased to HKD 220,725,000 in 2024 from HKD 213,025,000 in 2023, an increase of about 3.6%[23] - Selling and distribution expenses significantly decreased by approximately 21.6% to about HKD 22.0 million in fiscal year 2024 from HKD 28.0 million in fiscal year 2023[71] - Administrative expenses slightly decreased by about 3.7% to approximately HKD 47.1 million in fiscal year 2024 from HKD 48.9 million in fiscal year 2023, attributed to strict cost control[72] Assets and Liabilities - Current assets decreased to HKD 218,526,000 in 2024 from HKD 257,372,000 in 2023, a decline of 15.1%[8] - Total liabilities decreased to HKD 198,430,000 in 2024 from HKD 224,844,000 in 2023, a reduction of 11.7%[9] - Net asset value decreased to HKD 57,488,000 in 2024 from HKD 85,149,000 in 2023, a decline of 32.5%[9] - The total assets of the group as of December 31, 2024, were approximately HKD 255.9 million, compared to approximately HKD 317.9 million as of December 31, 2023[98] - The total liabilities of the group as of December 31, 2024, were approximately HKD 198.4 million, down from approximately HKD 232.8 million as of December 31, 2023[98] Impairments and Losses - The group reported a pre-tax loss, with significant impairments in trade and other receivables amounting to HKD 9,444,000 in 2024, up from HKD 3,729,000 in 2023[23] - The total impairment loss for property, plant, and equipment, intangible assets, and right-of-use assets in discontinued operations was HKD 7,303,000 in 2024, down from HKD 36,430,000 in 2023, a decrease of approximately 80%[36] - The impairment loss for trade receivables rose significantly from HKD 11,682,000 in 2023 to HKD 20,192,000 in 2024, an increase of approximately 73%[46] - The group reported a significant increase in the impairment loss for trade receivables, which rose from HKD 4,224,000 in 2023 to HKD 9,847,000 in 2024, an increase of approximately 133%[47] Corporate Governance - The company has adopted corporate governance practices to enhance shareholder rights and improve corporate value, accountability, and transparency[102] - The roles of the Chairman and CEO are held by the same individual, which deviates from the corporate governance code, but the board believes this provides strong leadership[103] - An audit committee was established on June 12, 2015, to oversee financial reporting, risk management, and internal controls[105] Future Outlook and Plans - The group plans to develop a new business segment related to last-mile delivery systems for chain supermarkets, utilizing electric motorcycles[60] - The group expects that the new last-mile delivery system service for chain supermarkets has significant commercial potential and will diversify its revenue sources[63] - The group has developed several original design manufacturing (ODM) products expected to contribute to revenue starting from fiscal year 2025[64] - The group aims to enhance operational efficiency and reduce costs while increasing market share and providing quality products and solutions[64]
天彩控股(03882) - 2024 - 年度业绩