Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 539,611,000, a decrease of 22.7% compared to HKD 697,514,000 in 2023[3] - Gross profit for the same period was HKD 110,123,000, down 19.0% from HKD 135,914,000 in 2023[3] - The net loss attributable to equity holders for the year was HKD 13,665,000, compared to a profit of HKD 23,457,000 in 2023[3] - Basic and diluted loss per share for 2024 was HKD 2.20, compared to earnings of HKD 3.78 in 2023[3] - The company reported a total comprehensive loss of HKD 28,521,000 for the year, compared to a comprehensive income of HKD 13,438,000 in 2023[4] - The company reported a pre-tax loss of HKD 10,790,000 for the year ending December 31, 2024, compared to a profit of HKD 25,921,000 in 2023[24] - The company achieved a net loss of HKD 13,665,000 for the year ending December 31, 2024, compared to a net profit of HKD 23,457,000 in 2023[25] - The company reported a loss attributable to equity holders of HKD 13,665,000 for the year ended December 31, 2024, compared to a profit of HKD 23,457,000 in 2023, resulting in a basic loss per share of HKD (2.20) compared to HKD 3.78 in the previous year[32] - Other income for the year ended December 31, 2024, was approximately HKD 8.5 million, a decrease of about HKD 7.6 million or 47.2% from HKD 16.1 million in the previous year[49] Revenue Breakdown - The electronic cigarette products segment generated revenue of HKD 90,989,000 in 2024, down from HKD 122,726,000 in 2023, reflecting a decrease of about 26%[25] - The integrated injection molding solutions segment reported revenue of HKD 445,558,000 in 2024, compared to HKD 572,400,000 in 2023, indicating a decline of approximately 22.2%[25] - The medical consumables segment achieved revenue of HKD 3,064,000 in 2024, an increase from HKD 2,388,000 in 2023, marking a growth of about 28.3%[25] - Integrated injection molding solutions segment revenue was approximately HKD 445.6 million, accounting for about 82.6% of total revenue, down approximately HKD 126.8 million or 22.2% from HKD 572.4 million in the previous year[47] - E-cigarette products segment revenue was approximately HKD 91.0 million, representing about 16.9% of total revenue, a decrease of approximately HKD 31.7 million or 25.8% from HKD 122.7 million in the previous year[47] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 768,132,000, a decrease from HKD 800,695,000 in 2023[5] - Non-current assets decreased to HKD 590,974,000 in 2024 from HKD 647,253,000 in 2023[5] - Current liabilities decreased to HKD 156,181,000 in 2024 from HKD 173,686,000 in 2023[5] - Trade payables increased to HKD 73,066,000 in 2024 from HKD 55,512,000 in 2023, reflecting a rise in obligations to suppliers[36] - Interest-bearing loans decreased to HKD 31,221 thousand in 2024 from HKD 61,939 thousand in 2023, reflecting a significant reduction[38] - The company had interest-bearing borrowings of approximately HKD 31.2 million as of December 31, 2024, down from HKD 61.9 million in the previous year, with a weighted average effective interest rate of 3.76%[56] Expenses - Total administrative and other operating expenses for 2024 were HKD 116,719,000, compared to HKD 114,780,000 in 2023, showing an increase of about 1.7%[25] - Total employee costs amounted to HKD 151,803,000 in 2024, slightly down from HKD 151,844,000 in 2023, with salaries and allowances increasing to HKD 138,555,000 from HKD 136,628,000[7] - Research and development expenses decreased significantly to HKD 17,798,000 in 2024 from HKD 29,491,000 in 2023, indicating a reduction in investment in new technologies[7] - The total income tax expense for the year was HKD 2,875,000, up from HKD 2,464,000 in 2023, with the company not recognizing any Hong Kong profits tax provision due to losses incurred[8] Corporate Governance and Compliance - The company has adopted the corporate governance code to ensure proper management of business activities and decision-making processes[68] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and discussed audit and internal control matters[69] - The company has confirmed compliance with the standard code for securities trading by all directors for the year ending December 31, 2024[71] Future Outlook and Developments - The company expects no significant impact on its consolidated financial statements from the adoption of new or revised Hong Kong Financial Reporting Standards in the future[19] - The company plans to expand its customer base for high-quality e-cigarettes and plastic products, supported by its R&D center to enhance core technology and competitive advantages[55] - The company established a research and development center in Shenzhen to enhance core technologies in electronic cigarettes, focusing on atomization and heating wire technologies[40][44] - The company has obtained a tobacco production license from the National Tobacco Monopoly Administration of China, valid until 2025, for its electronic cigarette products[44] - The medical consumables division has developed higher-grade protective masks, including KN95 and FFP2 masks, which meet various international standards[46] Dividends and Shareholder Returns - The company did not declare a final dividend for 2024, compared to a final dividend of HKD 9,300,000 (HKD 1.5 per share) in 2023[31] - The board of directors has not recommended the payment of a final dividend for the year ending December 31, 2024, compared to HKD 0.015 per share in 2023[72] Miscellaneous - There were no significant acquisitions or disposals of subsidiaries or associates during the year ended December 31, 2024[58] - The company and its subsidiaries did not purchase, redeem, or sell any of their listed securities during the year ending December 31, 2024[66] - As of December 31, 2024, the group has no other significant capital commitments, compared to HKD 181,000 in 2023[67] - The annual performance announcement and annual report for the year ending December 31, 2024, will be made available on the company's website and the stock exchange[73]
天长集团(02182) - 2024 - 年度业绩