Revenue Performance - Revenue for the twelve months ended December 31, 2024, is approximately US$62.4 million, representing a decrease of approximately 5.9% compared to US$66.3 million for the preceding period[18]. - The revenue breakdown shows that mobile devices and smart charging contributed US$31.4 million (50.2%), while motor control generated US$28.4 million (45.5%) for the period[17]. - Revenue for the twelve months ended December 31, 2024, was $62,419,000, a decrease of 5.4% from $66,316,000 in 2023[86]. - Revenue from contracts with customers for the twelve months ended December 31, 2024, was $62,419,000, a decrease of 5.4% from $66,316,000 in 2023[129]. - Revenue from Hong Kong increased to $51,842,000 in 2024 from $46,505,000 in 2023, representing an increase of 11.0%[126]. - Revenue from the PRC decreased significantly to $10,577,000 in 2024 from $19,811,000 in 2023, a decline of 46.6%[126]. Cost and Expenses - Cost of sales for the period is approximately US$60.0 million, a decrease of approximately 5.4% from US$63.4 million in the preceding period, aligning with the revenue decline[19]. - Selling and distribution expenses decreased to US$1.9 million from US$3.0 million, a reduction of approximately US$1.1 million due to decreased sales[24][28]. - General and administration expenses were US$5.1 million, down from US$5.8 million, primarily due to a US$0.5 million reduction in staff costs, accounting for 8.2% of revenue[25][29]. - Finance costs increased to approximately US$3.1 million from US$2.3 million, representing 5.0% of total revenue compared to 3.5% in the preceding period[26][30]. - Selling and distribution expenses decreased to $1,917,000 from $2,959,000 in 2023, a reduction of 35.2%[86]. - Finance costs increased to $3,113,000 from $2,284,000 in 2023, representing a rise of 36.3%[86]. Profit and Loss - Gross profit for the period was approximately US$2.4 million, down from US$2.9 million in the preceding period, with gross profit margins of 3.8% and 4.4% respectively[23][27]. - The Group's net loss after tax improved from US$9.7 million in the preceding period to a net loss of US$7.9 million for the period[32][37]. - Loss before income tax for the period was $7,764,000, an improvement from a loss of $8,649,000 in 2023[86]. - Loss for the period attributable to the owners of the Company was $7,948,000, compared to $9,749,000 in 2023, reflecting a reduction of 18.5%[86]. - Total comprehensive loss attributable to the owners of the company was $7,476,000 for the period, compared to $11,881,000 in the previous year, indicating a decrease of about 37.5%[88]. Financial Position - Non-current assets increased to $12,419,000 in 2024 from $11,046,000 in 2023, reflecting a growth of approximately 12.5%[90]. - The company's net assets decreased to $15,121,000 in 2024 from $22,597,000 in 2023, a decline of approximately 33.0%[91]. - Current liabilities totaled $32,164,000 as of December 31, 2024, compared to $31,177,000 in 2023, showing a slight increase of 3.2%[91]. - The company's reserves decreased from $21,180,000 in 2023 to $13,704,000 in 2024, a reduction of about 35.3%[91]. - The company’s total equity fell to $15,121,000 in 2024, down from $22,597,000 in 2023, indicating a decrease of approximately 33.0%[91]. Cash Flow and Liquidity - For the twelve months ended December 31, 2024, the company reported a net cash generated from operations of $2,167,000, compared to a net cash used of $7,242,000 in 2023, indicating a significant improvement[94]. - Cash flows from investing activities resulted in a net cash used of $2,450,000 in 2024, compared to $1,769,000 in 2023, reflecting increased investment expenditures[96]. - The company’s cash and cash equivalents at the end of the period increased to $2,557,000 in 2024 from $2,536,000 in 2023, showing stability in liquidity[96]. - The company incurred finance costs of $3,113,000 in 2024, up from $2,284,000 in 2023, indicating higher borrowing costs[94]. - The company recorded an exchange difference gain of $472,000 in 2024, a turnaround from a loss of $94,000 in 2023[88]. Corporate Governance and Compliance - The company believes that the current arrangement of having the same individual serve as both CEO and chairman is beneficial for consistent leadership[57]. - The company has complied with the Corporate Governance Code since its listing date[57]. - The unaudited condensed consolidated financial statements for the twelve months ended December 31, 2024, have been reviewed by the audit committee, which consists solely of independent non-executive directors[60]. - All directors confirmed compliance with the Model Code regarding securities transactions since the listing date up to the date of the report[58]. - The Group's financial reporting is in accordance with the Hong Kong Financial Reporting Standards and the applicable disclosure requirements of the Hong Kong Stock Exchange[110][113]. Shareholder Information - No interim dividend was declared for the twelve months ended December 31, 2024, consistent with the previous year[46][52]. - The Company maintained sufficient public float as required under the Listing Rules throughout the period[81]. - The Company has not purchased, sold, or redeemed any of its listed securities since the listing date up to the date of the second interim report[59]. - As of December 31, 2024, Mr. Lam Keung and Mr. Qing Haodong each hold 746,746,000 shares, representing 68.00% of the company's total shareholding[66]. Employee and Management Compensation - Total compensation paid to key management personnel decreased to $858,000 in 2024 from $2,162,000 in 2023, representing a reduction of approximately 60%[199]. - Short-term employee benefits for key management personnel fell to $830,000 in 2024, down from $2,080,000 in 2023, indicating a decline of about 60%[199]. - Pension scheme contributions for key management personnel decreased to $28,000 in 2024 from $82,000 in 2023, a drop of approximately 66%[199]. Related Party Transactions - A shareholder's loan of $1,282,000 was recorded in 2024, with no amount reported in 2023[199]. - The loan provided by Mr. Lam is non-interest bearing and is repayable in August 2026[199]. - The related companies P. Grand (BVI) Ltd. and Kingtech (BVI) Ltd. are controlled by Mr. Lam and Ms. Feng Tao, respectively[199].
康特隆(01912) - 2024 - 中期财报