Financial Performance - For the fiscal year ending December 31, 2024, total revenue reached HKD 2,774,721,000, representing an increase of 2.43% compared to HKD 2,708,861,000 in 2023[4] - Gross profit for the same period was HKD 458,257,000, up from HKD 398,718,000, indicating a growth of 14.96%[4] - The company reported a net loss of HKD 127,972,000 for 2024, compared to a loss of HKD 55,320,000 in 2023, marking an increase in losses of 131.56%[5] - Total revenue for the year 2024 was HKD 2,774,721,000, an increase from HKD 2,708,861,000 in 2023, representing a growth of approximately 2.43%[20] - Revenue from industrial product sales reached HKD 2,644,777,000 in 2024, up from HKD 2,509,036,000 in 2023, marking an increase of about 5.39%[20] - Technical service revenue decreased to HKD 129,944,000 in 2024 from HKD 199,825,000 in 2023, a decline of approximately 34.9%[20] - The group reported a pre-tax loss of HKD 2,316,464,000 for the year ended December 31, 2024, compared to HKD 2,310,143,000 in 2023, indicating a slight increase in costs[27] - The total income tax expense for the year was HKD 10,214,000, compared to a tax benefit of HKD 32,219,000 in 2023, marking a significant shift in tax position[29] - The group’s total liabilities increased, with other payables and accrued expenses rising to HKD 189,430,000 in 2024 from HKD 127,909,000 in 2023, a growth of approximately 48.1%[37] - The company reported a loss attributable to owners of approximately HKD 128.0 million for the year ending December 31, 2024, compared to a loss of HKD 55.3 million in 2023[58] Research and Development - Research and development expenses increased significantly to HKD 392,888,000 from HKD 275,546,000, reflecting a rise of 42.55%[4] - The company plans to continue investing in R&D to enhance its product offerings and market competitiveness[9] - Research and development costs amounted to HKD 392,888,000 in 2024, up from HKD 275,546,000 in 2023, reflecting a 42.5% increase year-over-year[27] - Research and development expenses increased by 42.6% to HKD 392.9 million for the fiscal year ending December 31, 2024, driven by increased R&D activities for new automotive brake products and salary increments for technical staff[51] - The total tax credit recognized due to R&D expenses eligible for double tax deduction amounted to HKD 21.6 million in the previous year[57] Assets and Liabilities - The total assets less current liabilities amounted to HKD 1,128,948,000, down from HKD 1,264,094,000 in the previous year, a decrease of 10.71%[7] - Current liabilities increased to HKD 903,687,000 from HKD 688,225,000, representing a rise of 31.29%[7] - The total equity attributable to the owners of the company decreased to HKD 749,822,000 from HKD 853,934,000, a drop of 12.15%[8] - Trade receivables from third parties decreased to HKD 286,682,000 in 2024 from HKD 344,038,000 in 2023, a decline of approximately 16.7%[32] - Trade payables to third parties increased to HKD 389,305,000 in 2024 from HKD 362,667,000 in 2023, representing a rise of about 7.3%[36] - Contract liabilities related to customer contracts rose to HKD 58,913,000 in 2024 from HKD 40,187,000 in 2023, indicating a 46.5% increase[37] Operational Highlights - The company operates as a single business segment focused on manufacturing, selling, and trading automotive parts and components, as well as providing technical services[19] - The company is exploring potential market expansion opportunities and strategic partnerships to drive future growth[10] - The company completed a rights issue on October 21, 2024, raising approximately HKD 46.4 million, with planned uses including operational funding for production facilities in Poland and the Czech Republic[65] - The actual use of funds from the rights issue for operational funding in Poland and the Czech Republic was HKD 25.3 million, with HKD 11.6 million remaining unutilized for the Hong Kong headquarters[65] - The group has approximately 2,200 employees as of December 31, 2024, with total employee costs amounting to HKD 572.2 million, an increase from HKD 520.8 million in 2023[71] Market and Economic Outlook - The group anticipates a GDP growth of 1.0% in the Eurozone by 2025, indicating stable economic development in Europe, which will support the group's business stability[69] - The geopolitical situation remains tense, with ongoing conflicts such as the Russia-Ukraine war and the Israel-Palestine conflict, contributing to significant uncertainty in the global political and economic landscape[68] Corporate Governance and Social Responsibility - The group emphasizes the importance of employee health and safety, providing training and implementing measures to reduce occupational hazards[67] - The group is committed to continuous learning and development opportunities for employees to help them reach their full potential[67] - The group will continue to evaluate and optimize its business structure to improve long-term profitability and enhance shareholder value[70]
京西国际(02339) - 2024 - 年度业绩