Financial Performance - Revenue for the year ended December 31, 2024, was $13,975,441, a decrease of 37.5% compared to $22,471,495 in 2023[5] - Gross profit for the same period was $7,528,851, down from $8,376,508, reflecting a decline of 10.1%[5] - Operating loss increased significantly to $15,193,328 from a profit of $7,036,968 in 2023[5] - Loss for the year amounted to $38,872,162, compared to a loss of $14,168,867 in the previous year, representing a 174.5% increase in losses[8] - Basic loss per share attributable to owners of the Company was $0.118, compared to $0.043 in 2023, indicating a significant increase in per-share losses[5] - The Group's loss before income tax for the year ended December 31, 2024, was $38,366,314, compared to a loss of $15,998,453 for the previous year[49] - Basic loss per share increased to $(0.118) in 2024 from $(0.043) in 2023, reflecting a loss attributable to owners of $38,455,888 compared to $13,896,736 in the previous year[68] Assets and Liabilities - Total assets decreased to $151,200,295 from $195,938,925, a reduction of 22.8%[10] - Non-current assets fell to $122,041,973 from $162,036,565, a decline of 24.7%[10] - Cash and cash equivalents decreased to $19,071,504 from $20,567,731, a drop of 7.2%[10] - Total equity decreased to $130,589,095 from $171,496,978, reflecting a decline of 23.9%[11] - Current liabilities as of December 31, 2024, totaled USD 7,184,247, a decrease from USD 7,385,371 in 2023, reflecting a reduction of approximately 2.7%[12] - Total liabilities decreased to USD 20,611,200 in 2024 from USD 24,441,947 in 2023, representing a decline of about 15.1%[12] - The Group's total equity and liabilities amounted to USD 151,200,295 in 2024, down from USD 195,938,925 in 2023, indicating a decrease of approximately 22.8%[12] Revenue Breakdown - For the year ended December 31, 2024, segment revenue totaled $13,975,441, with external revenue from sales of goods amounting to $13,975,441[47] - Revenue from Conditional Access Modules (CAM) for the year ended 31 December 2024 was approximately USD10.8 million, a decrease of about 2.7% year-on-year, accounting for 77.1% of total revenue[83][84] - Revenue from Customer A increased to $4,761,043 in 2024 from $3,215,149 in 2023, while revenue from Customer B decreased to $1,456,000 from $2,508,000[51] - The European market (excluding Russia) accounted for approximately 76.7% of total CAM sales, with an increase of about 8.1% year-on-year, primarily driven by sales growth in Western Europe[83][84] - Revenue from Russia represented about 1.0% of CAM's total sales, decreasing by approximately 37.3% year-on-year due to political situation impacts[83][84] - Emerging markets contributed approximately 6.2% of total CAM sales, experiencing a significant year-on-year decline of around 50.7%[83][84] - The Mainland China market accounted for approximately 16.2% of total CAM sales, reflecting a year-on-year decrease of around 9.2%[83][84] Expenses and Cost Management - Total expenses, including cost of sales, R&D, selling and distribution, and general and administrative expenses, decreased to $25,751,086 in 2024 from $34,242,903 in 2023[56] - The cost of inventories sold significantly decreased to $5,455,943 in 2024 from $11,781,272 in 2023, indicating improved inventory management[56] - Employee benefits expenses slightly decreased to $10,351,285 in 2024 from $10,690,635 in 2023, reflecting cost control measures[56] - Selling and distribution expenses increased by 15.3% to USD 1.6 million for the year ended December 31, 2024, primarily due to increased marketing efforts in the intelligent sense business[109] - General and administrative expenses amounted to USD 6.5 million, a decrease of 11.9% compared to last year, mainly due to a reduction in staff expenses[110] Research and Development - Research and development expenses were $10,867,929, slightly down from $11,230,204 in 2023, indicating a focus on maintaining R&D investment despite losses[5] - The Group's R&D expenses were approximately USD2.5 million, representing about 18.0% of total revenue, primarily for IC solutions[92] - Other income, mainly from government subsidies for R&D, was USD6.3 million, a decrease of 12.7% compared to 2023[102] - The Group's intelligent sensing business focused on leading customers, particularly in the new energy battery cell sector, laying a foundation for future growth[97] Corporate Governance and Compliance - The Group's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[20] - The Company has adopted the Corporate Governance Code since its listing on 30 March 2016 and has complied with the code provisions except for provision C.2.1 throughout the year ended 31 December 2023[179] - The Company deviated from CG Code provision C.2.1 as the roles of chairman and chief executive are performed by Mr. Huang Xueliang, which the Board believes is necessary for strong leadership and efficient management[182] - The audit committee has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters for the year ended December 31, 2024[186] Future Outlook and Strategic Initiatives - The Group is actively exploring the new energy sector, developing energy storage product solutions for the European and Southeast Asian markets[94] - The Group is in the process of evaluating the impact of adopting HKFRS 18 on the consolidated financial statements[32] - The overseas market will complete the product platform switch for all major users, leveraging the USB CAM project to tap into opportunities within the existing market of major European operators[149] - The company will focus on the substantial digital TV user base in emerging markets such as India and South Africa, promoting products through local distribution channels[149] - The IC solutions business will accelerate product safety certifications and establish new product testing projects to create customer demonstration projects[150] - The intelligent sense business will pursue leadership in pressure-sensing products while seeking breakthroughs in light-sensing products[153] Dividend and Shareholder Information - The proposed final dividend for the year ended 31 December 2024 is HK$0.01 (approximately USD0.001) per share, totaling USD418,591, which will be presented at the upcoming annual general meeting[74][75] - The board recommended the distribution of an annual dividend of HK$0.01 per share for the year ended 31 December 2024[159] Miscellaneous - No significant event has occurred after the end of the reporting period and up to the date of this announcement[158] - The Group has not entered into any foreign currency forward contracts or used derivative contracts to hedge against currency exposure risks as of December 31, 2024[140] - The Group has no significant contingent liabilities as of December 31, 2024[136] - There were no material acquisitions or disposals of subsidiaries or associated companies for the year ended December 31, 2024[135]
国微控股(02239) - 2024 - 年度业绩