Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 148,017,000, a decrease of 15% from HKD 174,208,000 in the previous year[2]. - The company experienced a gross loss of HKD 275,000 compared to a gross profit of HKD 17,465,000 in the prior year[3]. - The net loss attributable to shareholders was HKD 94,846,000, worsening from a loss of HKD 64,222,000 in the previous year, representing a 48% increase in losses[3]. - Basic loss per share increased to HKD 36.48 from HKD 24.70, reflecting a significant decline in profitability[3]. - Total revenue decreased from approximately HKD 174.2 million for the year ended December 31, 2023, to approximately HKD 148.0 million for the year ended December 31, 2024[34]. - The group's gross profit decreased from approximately HKD 17.5 million for the year ended December 31, 2023, to a gross loss of approximately HKD 0.3 million for the year ending December 31, 2024, resulting in a gross margin decline from about 10.0% to a gross loss margin of approximately 0.2%[36]. - The company reported a loss attributable to shareholders of approximately HKD 94.8 million for the year ending December 31, 2024, compared to a loss of approximately HKD 64.2 million for the year ended December 31, 2023[44]. Assets and Liabilities - Total assets decreased from HKD 450,918 million in 2023 to HKD 355,592 million in 2024, representing a decline of approximately 21.1%[4]. - Current assets decreased from HKD 251,744 million in 2023 to HKD 150,360 million in 2024, a reduction of about 40.2%[4]. - Current liabilities decreased from HKD 66,188 million in 2023 to HKD 39,439 million in 2024, showing a decrease of approximately 40.4%[4]. - Non-current assets decreased from HKD 265,362 million in 2023 to HKD 244,671 million in 2024, a decline of about 7.8%[4]. - Total equity decreased from HKD 450,362 million in 2023 to HKD 354,759 million in 2024, representing a decline of about 21.2%[5]. - The company’s bank borrowings decreased from HKD 37,564 million in 2023 to HKD 25,300 million in 2024, a reduction of approximately 32.6%[4]. Revenue Segmentation - The segment loss for the fiber optic and related products division was HKD 84,171,000 for the fiscal year ending December 31, 2024, compared to a loss of HKD 59,398,000 for the previous year, reflecting an increase in losses[15][16]. - The company reported a total segment revenue of HKD 162,466,000 for the fiber optic division, which includes inter-segment sales of HKD 14,449,000[15]. - The revenue from fiber optic sales was HKD 143,727,000 for the fiscal year ending December 31, 2024, compared to HKD 159,093,000 for the previous year, showing a decline of approximately 10%[12]. Expenses and Costs - The company recognized a total of HKD 142,802,000 in cost of goods sold for 2024, compared to HKD 154,120,000 in 2023[21]. - Employee benefits costs totaled HKD 22,841,000 in 2024, down from HKD 25,035,000 in 2023[21]. - Interest expenses on bank loans decreased to HKD 1,590,000 in 2024 from HKD 1,891,000 in 2023[20]. - Selling and distribution expenses decreased by approximately 5.4%, from about HKD 3.7 million for the year ended December 31, 2023, to approximately HKD 3.5 million for the year ending December 31, 2024, primarily due to reduced sales commission expenses[40]. - Management expenses decreased by approximately 6.6%, from about HKD 19.7 million for the year ended December 31, 2023, to approximately HKD 18.4 million for the year ending December 31, 2024, mainly due to reductions in depreciation and other expenses[41]. Accounting Standards and Compliance - The company adopted new accounting standards effective from January 1, 2024, which classify liabilities as current or non-current[7]. - The company anticipates that the adoption of new accounting standards will not have a significant impact on the consolidated financial statements[11]. - The company has not yet applied the new accounting standards and interpretations that may be relevant to its operations, which are set to take effect after December 31, 2024[11]. - The independent auditor has issued an unqualified conclusion regarding the continuing connected transactions, confirming they were conducted on normal commercial terms[77]. Market and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance product offerings[19]. - The company plans to enhance production capacity in both Hong Kong and Thailand to meet the increasing demand for optical fibers driven by the development of communication infrastructure[87]. - The implementation of 5G construction, data centers, and other applications is expected to continue driving market demand for optical fibers[88]. - The company anticipates steady recovery in the Chinese telecommunications industry in 2025, presenting more collaboration opportunities[89]. - The global macroeconomic environment remains risky, and the optical fiber and cable industry is highly cyclical, closely related to the investment intensity of telecom operators[91]. Corporate Governance and Compliance - The company is committed to adhering to the highest standards of corporate governance and ensuring the rights and interests of all shareholders[96]. - The company has confirmed compliance with the GEM Listing Rules regarding continuing connected transactions, with independent non-executive directors reviewing these transactions[78]. - The group has maintained good relationships with key stakeholders, including employees, customers, and suppliers, with no significant disputes reported as of December 31, 2024[104]. Miscellaneous - The board of directors has resolved not to declare a final dividend for the fiscal year ending December 31, 2024[2]. - The company has not repurchased any listed securities since its listing and has not bought, canceled, or sold any listed securities[95]. - The group has not made any charitable donations for the year ending December 31, 2024, consistent with the previous year[106].
高科桥(09963) - 2024 - 年度业绩