Financial Performance - The group's revenue for 2024 was approximately HKD 71.6 million, a decrease of about 21.6% compared to HKD 91.3 million in 2023[3]. - The net loss attributable to equity holders for 2024 was approximately HKD 25.7 million, compared to a loss of HKD 37.8 million in 2023[3]. - The basic loss per share for 2024 was approximately HKD 0.1569, compared to HKD 0.4245 in 2023 (restated)[3]. - The total comprehensive loss for the year was HKD 16.046 million, down from HKD 29.78 million in 2023[5]. - The group reported a gross profit of HKD 3.201 million for 2024, compared to HKD 0.331 million in 2023[4]. - The group reported revenue from the sale of laptop and tablet shells of HKD 71,591,000 in 2024, a decrease of 21.5% from HKD 91,259,000 in 2023[19]. - The group incurred a pre-tax loss of HKD 68,390,000 in 2024, down from HKD 90,928,000 in 2023 for cost of goods sold[23]. - The company reported a pre-tax loss of HKD 25,655,000 for 2024, an improvement from a loss of HKD 37,846,000 in 2023, representing a reduction of approximately 32.5%[26]. - The gross profit for the year was approximately HKD 3.2 million, compared to HKD 0.4 million in 2023, reflecting improved operational efficiency from the completed restructuring[41]. - The group's total revenue decreased by approximately 21.6% from about HKD 91.3 million in 2023 to about HKD 71.6 million in the current year, primarily due to external economic challenges[41]. Cash Flow and Liquidity - The cash flow forecast covers a period of at least twelve months from the reporting date, indicating sufficient operational funds[12]. - The group had cash and cash equivalents of approximately HKD 84.2 million, a significant increase from about HKD 6.3 million in 2023[44]. - The company has extended repayment terms for approximately HKD 201,214,000 of other payables to September 2026[14]. - The net proceeds from the rights issue are intended for repaying approximately HKD 70.0 million in loans and other payables, and approximately HKD 7.9 million for general working capital[64]. Liabilities and Equity - Current liabilities net amount was approximately HKD 170.889 million for 2024, compared to HKD 169.661 million in 2023[10]. - The total liabilities net amount was approximately HKD 171.387 million for 2024, down from HKD 233.199 million in 2023[10]. - The debt-to-equity ratio was approximately 109% as of December 31, 2024, slightly improved from 110% in 2023[50]. - The company completed a rights issue and placement, issuing a total of 136,149,382 shares, representing 100% of the available shares, with net proceeds of approximately HKD 77.9 million after expenses[52]. - The company's issued share capital increased to HKD 20,422,000 as of December 31, 2024, following a share consolidation and subsequent rights issue[36]. Operational Efficiency - The group is exploring new opportunities and plans to restructure its business to improve operational efficiency[11]. - The operating expenses for sales and distribution dropped by approximately 92.9% to about HKD 0.1 million, consistent with the decline in sales[41]. - The cost of sold inventory for 2024 includes depreciation of HKD 1,114,000, significantly lower than HKD 12,975,000 in 2023, reflecting a decrease of approximately 91.4%[28]. - The inventory turnover days decreased to approximately 152.3 days from 165.2 days in 2023, indicating improved cash flow management[42]. Customer and Market Dynamics - Major customers contributed significantly to revenue, with Customer A generating HKD 15,145,000 in 2024, while Customer C's revenue dropped to HKD 9,394,000 from HKD 46,750,000 in 2023[18]. - The largest customer accounted for approximately 21.2% of total revenue, while the top five customers represented 68.0% of total revenue[60]. - The group's average selling price remained under pressure compared to the previous year, leading to a decrease in sales volume[39]. Employee and Governance - The total employee benefits expense for the year was approximately HKD 4.7 million, a decrease from HKD 20.4 million in the previous year, with a reduction in the number of employees from 26 to 22[58]. - The company has adhered to the corporate governance code as per the listing rules throughout the year[65]. - The company has not engaged in any significant acquisitions or disposals during the year[56]. Future Outlook - The company plans to explore opportunities in AI technology and other innovative projects to enhance competitiveness amid economic uncertainties[40]. - The group has no taxable profits in Hong Kong or mainland China for the year, resulting in no tax provisions[25]. - The estimated tax losses from mainland China amount to HKD 362,182,000 for 2024, compared to HKD 353,957,000 in 2023, indicating a slight increase of about 3.5%[27]. Miscellaneous - The company did not recommend any dividend payment for the year ended December 31, 2024[3]. - The annual general meeting is scheduled for May 8, 2025[72]. - Share transfer registration will be suspended from May 2 to May 8, 2025[73]. - The preliminary announcement of the group's financial status has been verified by the company's auditors[74]. - The company expresses gratitude to employees and management for their efforts over the past year[75].
通达宏泰(02363) - 2024 - 年度业绩