Financial Performance - The company's revenue decreased by 8.3% from approximately HKD 212.6 million in 2023 to about HKD 194.9 million in 2024[9]. - Gross profit fell by 36.0% from HKD 54.9 million in 2023 to approximately HKD 35.1 million in 2024, with a gross margin decline from 25.8% to 18.0%[9]. - The company recorded a net loss attributable to shareholders of approximately HKD 43.1 million, compared to a profit of HKD 0.5 million in 2023[22]. - EBITDA for the year was approximately HKD 15.3 million, down from HKD 28.6 million in 2023, excluding the impairment loss and inventory provision[10]. - The company's current ratio decreased to approximately 1.3 from 1.6 in the previous year, indicating a decline in liquidity[24]. - The total bank borrowings increased to approximately HKD 134.6 million from HKD 94.3 million in the previous year[24]. - The company's available distributable reserves as of December 31, 2024, were approximately HKD 138.6 million, down from HKD 143.3 million in 2023[116]. - The company did not recommend a final dividend for the review year, maintaining a dividend of zero for 2023[106]. Revenue Breakdown - Revenue from bonding wires increased by 9.7% to approximately HKD 109.4 million, driven by higher market share of gold and gold alloy wire products[17]. - Revenue from packaging glue products decreased by 27.5% to approximately HKD 76.8 million due to intense market competition and declining export demand[17]. - The company reported that sales to the top five customers accounted for approximately 34.3% of total sales, down from 43.2% in 2023, with the largest customer contributing about 11.5% of total sales[117]. - The largest supplier accounted for approximately 40.2% of total purchases, an increase from 33.4% in 2023, while the top five suppliers represented about 67.7% of total purchases[121]. Market Outlook and Strategy - The company aims to expand its customer base targeting high-power semiconductor device customers, such as those using Insulated Gate Bipolar Transistors (IGBTs)[10]. - The company plans to focus on innovation in advanced semiconductor packaging materials to capture opportunities in the automotive and AI markets[16]. - The global semiconductor market is projected to reach $635.1 billion in 2024, representing a year-on-year growth of 19.8%[25]. - The semiconductor market is expected to grow to $718.9 billion in 2025, with a year-on-year increase of 13.2%[25]. - The company plans to develop new LED outdoor packaging materials by 2025 to expand market share and enhance competitiveness[26]. - The demand for high-power semiconductor devices is increasing due to the rapid development of the electric vehicle industry[26]. - The company is focusing on advanced semiconductor packaging technology to meet market demands for high-performance computing, 5G networks, and AI chips[26]. - The board remains optimistic about the long-term development and future prospects of the company despite global economic volatility[15]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[61]. - The company emphasizes good corporate governance practices to benefit shareholders and adapt to changing economic environments[60]. - The board has established clear distinctions between the roles of the chairman and the CEO, ensuring effective governance[62]. - The independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance and governance standards[64]. - The company has adopted a board diversity policy to enhance efficiency, considering factors such as gender, age, cultural background, and professional experience[70]. - The company has not appointed a CEO, with daily management executed by senior management and overseen by executive directors[60]. - The board is responsible for overall management and strategic guidance, ensuring accountability and transparency[66]. - The company is committed to continuously improving its corporate governance practices to meet legal requirements and recent developments[60]. Risk Management and Compliance - The company has established an internal audit department to review the effectiveness of risk management and internal control systems[89]. - The board has reviewed the internal control system and deemed it effective and sufficient for the year under review[90]. - The risk management procedures and systems have been reviewed, with the board considering them effective and sufficient for the year under review[93]. - The company has adopted a policy for timely and accurate disclosure of significant information, ensuring potential inside information is identified and assessed promptly[94]. - The company has complied with relevant laws and regulations, with no significant violations reported during the review year[128]. - There were no major disputes with suppliers, customers, or other stakeholders during the review year[130]. Environmental, Social, and Governance (ESG) Initiatives - The group integrates ESG principles into its business operations, focusing on environmental protection, employee care, and product quality improvement[170]. - The group established a comprehensive and forward-looking sustainable development management framework to ensure effective implementation of ESG strategies[178]. - The company has committed to environmental sustainability by adhering to environmental laws and implementing effective resource utilization measures[126]. - The company has maintained excellent compliance performance with no recorded violations of environmental and safety regulations in the past year[195]. - The company is committed to continuous improvement of environmental policies and practices to achieve higher standards in environmental protection and occupational safety[195]. - The company achieved an annual kitchen oil smoke emission concentration of ≤2.0 mg/L, meeting all environmental targets[198]. - The company reported zero deaths and serious injuries, achieving all safety targets[198]. - The company is focused on sustainable development and contributing to social and planetary sustainability[199].
骏码半导体(08490) - 2024 - 年度业绩