Financial Performance - YesAsia Holdings Limited reported its annual results for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange listing rules[2]. - The company's revenue for the year ended December 31, 2024, was $345,782,000, representing a 71.7% increase compared to $201,339,000 in 2023[17]. - The net profit for the same period was $19,042,000, a significant increase of 151.5% from $7,572,000 in 2023[17]. - The total assets as of December 31, 2024, reached $120,569,000, up from $74,485,000 in 2023[16]. - The company reported a gross profit of $105,386,000 for 2024, which is a 68.1% increase from $62,698,000 in 2023[17]. - The net profit margin improved to 5.5% in 2024, up from 3.8% in 2023, reflecting a 1.7 percentage point increase[17]. - Revenue from non-core markets increased by approximately 117.0% in 2024, with non-core market revenue accounting for about 50.2% of total revenue, up from approximately 39.7% in 2023[37]. - The YesStyle platform's revenue in the EU region increased by approximately 91.3% in 2024, aided by the introduction of five European languages[37]. - In Latin America, the company recorded outstanding revenue growth of approximately 536.1% in 2024, supported by Spanish language services on the YesStyle platform[38]. - The YesStyle mobile app generated revenue of $129,732,000 in 2024, up from $70,018,000 in 2023[20]. Corporate Governance - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[5]. - The company is committed to transparency and compliance with corporate governance standards as outlined in the listing rules[10]. - The upcoming annual general meeting will provide shareholders with an opportunity to engage with the board and discuss future strategies[7]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to ensure effective governance[154]. - The independent non-executive directors confirm their independence, and the company believes all independent non-executive directors are independent[140]. - The company has implemented mechanisms to ensure independent opinions and advice are provided to the board[144]. - The company complies with the corporate governance code, except for a deviation regarding the internal audit function[132]. - The board has established an executive committee to manage daily operations and administrative matters[135]. Strategic Initiatives - The company has established a non-compete agreement with its controlling shareholders, ensuring strategic alignment and protection of business interests[11]. - The company plans to propose a final dividend of 7.5 HKD cents per share, a 50% increase from 5.0 HKD cents in 2023[17]. - The company plans to diversify revenue sources, reducing reliance on the U.S. market from approximately 43.5% in 2023 to about 33.7% in 2024[46]. - The company aims to enhance supply chain flexibility and logistics capabilities to mitigate geopolitical and trade tensions[69]. - The company is actively expanding its global wholesale market to enhance the presence of Asian brands in offline retail, recognizing that the offline market is several times larger than online[66]. - The company plans to establish a studio in South Korea in 2025 to engage overseas influencers for content creation[70]. - The management has set ambitious performance targets for the next quarter, aiming for a revenue increase of 15% year-over-year[129]. Market Presence - The core markets identified by the company include the United States, the United Kingdom, Australia, and Canada, highlighting its international focus[8]. - The company operates multiple shopping websites, including YesStyle and AsianBeautyWholesale, indicating a broad online presence[6]. - The number of customers on the YesStyle platform increased to 2,258,000 in 2024, compared to 1,423,000 in 2023, marking a growth of 58.5%[19]. - The average monthly visits to YesStyle increased to approximately 15,667,000 in 2024, compared to 10,935,000 in 2023[56]. - YesStyle successfully launched three major promotional events in 2024, with sales increases ranging from over 300% to over 2,000%[56]. Leadership and Management - The company has a strong leadership team with diverse backgrounds in finance, technology, and operations, enhancing its strategic decision-making capabilities[115][117]. - The company has expanded its leadership team with experienced professionals in various sectors, enhancing its strategic capabilities[127]. - The company aims to leverage its new leadership to drive market expansion and product innovation in the upcoming fiscal year[129]. - The company appointed a new CEO for ABW, effective January 2025, to enhance B2B marketing strategies and logistics operations[67]. - The company has appointed Mr. Woon as Vice President of Information Technology, who has extensive experience in various IT roles since joining in June 2000[121]. Financial Management - The company has no outstanding bank borrowings as of December 31, 2024, with unused bank financing of $24,288,000[96]. - The company anticipates meeting its liquidity needs for the coming year through operating cash flow and available bank financing[97]. - The company reported a financing cost of $1,300,000, up 6.7% from $1,218,000 in the previous year[89]. - The company has implemented appropriate internal controls and risk management measures to avoid transactions with sanctioned countries or individuals, with no such transactions reported during the year[109]. - The company has a risk management strategy that includes risk retention, transfer, avoidance, and diversification[173][174]. Employee and Operational Insights - Employee costs rose by 34.5% to $22,530,000, representing 6.5% of revenue, due to an increase in headcount from 357 to 416[86]. - The company had 520 employees as of December 31, 2024, up from 454 employees in 2023, indicating a focus on attracting and retaining qualified personnel[106]. - The existing AMR warehouse has saved approximately $6,593,000 in labor costs in 2024, up from $3,374,000 in 2023, and has achieved a significant increase in transportation volume, managing 10,000 shipments daily, representing a 1.5 times growth compared to before its establishment[59]. Shareholder Engagement - The company has implemented a shareholder communication policy to ensure timely and comprehensive information dissemination to shareholders and potential investors[181]. - The board proposed a final dividend of HKD 0.075 per share for the year ending December 31, 2024, compared to HKD 0.050 in 2023, totaling approximately USD 3,965,000 based on 409,712,466 shares[190]. - The retained earnings available for distribution as of December 31, 2024, are approximately USD 74,000, a decrease from USD 3,297,000 in 2023[195].
喆丽控股(02209) - 2024 - 年度业绩