Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 119,991,000, a decrease of 45.5% compared to HKD 220,807,000 in 2023[2] - Gross loss for the year was HKD 6,452,000, compared to a gross profit of HKD 27,628,000 in the previous year[2] - The net loss for the year was HKD 127,879,000, significantly higher than the net loss of HKD 34,116,000 in 2023, representing a 275.5% increase in losses[2] - The group recorded a loss of approximately HKD 127,879,000 for the year ending December 31, 2024[8] - The group reported a total loss before tax of HKD 108,468,000 in 2024, compared to a loss of HKD 36,676,000 in 2023[16] - The group reported a net loss of approximately HKD 127.9 million for the current period, compared to a net loss of approximately HKD 34.1 million for the year ended December 31, 2023[57] Revenue Breakdown - Revenue from electronic product manufacturing decreased to HKD 55,034,000 in 2024 from HKD 92,493,000 in 2023, a decline of approximately 40.5%[13] - Revenue from electronic product trading also fell to HKD 30,361,000 in 2024 from HKD 85,453,000 in 2023, a decline of approximately 64.5%[13] - The semiconductor business recorded a gross loss of approximately HKD 3.3 million, a decrease of about HKD 15.2 million or 127.8% compared to a gross profit of approximately HKD 11.9 million for the year ended December 31, 2023[47] - The revenue from self-produced semiconductor sales was approximately HKD 55.0 million, a decrease of about HKD 37.5 million or 41% from approximately HKD 92.5 million for the year ended December 31, 2023[42] - The revenue from semiconductor trading was approximately HKD 30.4 million, down about HKD 55.1 million or 64.4% from approximately HKD 85.5 million for the year ended December 31, 2023[43] Assets and Liabilities - Total assets decreased to HKD 121,278,000 from HKD 215,308,000, reflecting a decline of 43.7%[3] - Current liabilities increased to HKD 211,128,000 from HKD 124,195,000, indicating a rise of 70.0%[3] - The company reported a significant increase in administrative expenses to HKD 53,392,000 from HKD 50,377,000, an increase of 4.0%[2] - As of December 31, 2024, the group's current liabilities and asset deficit were approximately HKD 89,850,000 and HKD 59,069,000, respectively[8] - The group had no outstanding bank borrowings as of December 31, 2024, maintaining a conservative financial policy[59] Cash Flow and Financial Management - The company's cash and cash equivalents decreased to HKD 26,568,000 from HKD 42,473,000, a decline of 37.4%[3] - The group has cash and bank balances of only approximately HKD 26,568,000[8] - The group expects to meet its financial obligations based on cash flow forecasts prepared by management[9] - The group has established a financial risk management policy to ensure all payables are settled within the credit period of 30 to 180 days[26] Cost Management and Expenses - The group’s total employee costs amounted to HKD 42,342,000 in 2024, down from HKD 44,905,000 in 2023, indicating a decrease of 5.7%[20] - Research and development costs were HKD 5,079,000 in 2024, a decrease of 46.4% from HKD 9,477,000 in 2023[20] - The total administrative expenses for the current period were approximately HKD 53.4 million, an increase of about HKD 3.0 million or 6.0% compared to approximately HKD 50.4 million for the year ended December 31, 2023[50] Market Challenges and Strategic Focus - The semiconductor business outlook is expected to be challenging due to ongoing trade tensions and geopolitical complexities affecting the global semiconductor supply chain[68] - The group is facing challenges in the broadband infrastructure and smart domain business due to regulatory impacts and reduced market demand[28] - The group aims to optimize its product mix and resources towards higher profit projects while exploring opportunities in smart product business[29] - The company is focused on becoming a solution integrator in the smart domain and will continue to seek acquisition targets related to smart living technologies and AI[71] Corporate Governance - The company is committed to high standards of corporate governance, which is crucial for sustainable growth and maximizing shareholder value[73] - The board of directors believes that the current governance arrangements are appropriate and beneficial for maintaining operational stability[74] - The audit committee has confirmed that the financial performance was prepared in accordance with applicable accounting standards and listing rules[79]
脑洞科技(02203) - 2024 - 年度业绩