Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 136,109,000, a decrease of 12.7% compared to HKD 155,905,000 in 2023[2] - Gross profit for the year was HKD 29,074,000, down 42.1% from HKD 50,198,000 in the previous year[2] - The company reported a loss before tax of HKD 29,199,000, compared to a loss of HKD 27,606,000 in 2023, indicating a worsening financial performance[2] - The total comprehensive loss for the year was HKD 30,356,000, slightly higher than HKD 29,526,000 in 2023[3] - The company reported a total loss for the year 2024 of HKD 29,373,000, compared to a loss of HKD 30,578,000 in 2023, indicating a slight improvement in performance[17] - The loss attributable to the company's owners for the year ended December 31, 2024, was approximately HKD 27,020,000, an improvement from a loss of HKD 30,532,000 in 2023[27] - The core business recorded a loss of approximately HKD 23,433,000 for the year ended December 31, 2024, compared to a loss of HKD 20,480,000 in 2023[39] Assets and Liabilities - Current assets decreased to HKD 56,291,000 from HKD 89,423,000 in 2023, reflecting a significant reduction in liquidity[4] - The company's total equity dropped to HKD 43,010,000 from HKD 74,661,000 in the previous year, indicating a decline in financial stability[5] - The company's assets totaled HKD 82,498,000 in 2024, down from HKD 115,893,000 in 2023, reflecting a decrease of approximately 28.8%[20] - The total liabilities for 2024 were HKD 39,488,000, compared to HKD 41,232,000 in 2023, showing a reduction of about 4.2%[18] - Trade receivables decreased to HKD 9,182,000 in 2024 from HKD 16,912,000 in 2023, reflecting a significant reduction in outstanding amounts[28] Revenue Sources - Sales from toy products accounted for HKD 136,109,000 in 2024, which included revenue of HKD 129,095,000 from the largest customer, representing 95% of total revenue[21] - Revenue from Hong Kong increased to HKD 33,829,000 in 2024 from HKD 14,675,000 in 2023, representing a growth of approximately 130.5%[20] - Toy product revenue decreased by approximately 11% to HKD 136,109,000, with a loss of HKD 18,220,000, primarily due to a decline in sales outside of Hong Kong[40] - The novelty and decorative products segment reported no revenue, with a loss of HKD 5,213,000, attributed mainly to employee costs[41] Expenses and Financials - The company incurred financial expenses of HKD 1,108,000 in 2024, an increase from HKD 692,000 in 2023, marking a rise of approximately 60%[23] - Distribution costs decreased by approximately 24% to HKD 1,879,000, while administrative expenses fell by about 25% to HKD 58,582,000, mainly due to a significant reduction in average monthly salary and number of full-time employees[42] - Financial expenses increased by approximately 60% to HKD 1,108,000, due to increased interest on lease liabilities and loans[43] Shareholder Information - Basic and diluted loss per share was HKD 8.26, an improvement from HKD 9.34 in the previous year[3] - The net asset value per share as of December 31, 2024, was approximately HKD 0.11, down from HKD 0.19 the previous year[45] - The company did not recommend a final dividend for the year ended December 31, 2024, consistent with no dividend in 2023[26] Corporate Governance and Management - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and the CEO, which is currently shared among the board and the company secretary[55] - The company is in the process of finding a suitable candidate for the position of CEO following the resignation of Mr. Li Shaohua on November 17, 2022[56] - The audit committee, consisting of all independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024[57] Future Plans and Opportunities - The company is actively seeking acquisition opportunities in the oil and gas exploration and production sectors, as well as in sustainable energy infrastructure[52] - The company has entered into non-binding framework agreements to collaborate on sustainable energy infrastructure projects, which are expected to enhance the product portfolio and revenue sources[50][51] Employee Information - The group employed approximately 610 full-time employees as of December 31, 2024, down from 740 the previous year[48]
PERFECTECH INTL(00765) - 2024 - 年度业绩