Financial Performance - Revenue for the year ended December 31, 2024, was HKD 2,372,277, an increase of 19.5% from HKD 1,985,768 in 2023[3] - Gross profit for 2024 was HKD 346,106, up 28.9% from HKD 268,601 in 2023, with a gross margin of 14.6% compared to 13.5% in the previous year[3] - Profit attributable to owners of the company for 2024 was HKD 46,679, representing a 28.3% increase from HKD 36,417 in 2023[3] - Basic earnings per share for 2024 were HKD 0.212, up from HKD 0.168 in 2023, reflecting a growth of 25.9%[4] - The company reported other income of HKD 77,313 for 2024, compared to HKD 72,543 in 2023, indicating a growth of 6.5%[4] - The company recorded a pre-tax profit of HKD 54,534 for 2024, up from HKD 38,895 in 2023, which is an increase of 40.1%[4] - Total comprehensive income for the year was HKD 24,785, compared to HKD 35,522 in 2023, showing a decrease of 30.3%[5] - The company experienced a net loss of HKD 3,693 from fair value changes in equity instruments, contrasting with a gain of HKD 5,627 in 2023[5] Assets and Liabilities - Non-current assets increased from HKD 402,662 thousand in 2023 to HKD 419,283 thousand in 2024, representing a growth of approximately 4.1%[6] - Current assets net value rose to HKD 525,451 thousand in 2024, up from HKD 452,994 thousand in 2023, indicating an increase of about 15.9%[7] - Total assets less current liabilities increased from HKD 872,277 thousand in 2023 to HKD 928,113 thousand in 2024, reflecting a growth of approximately 6.4%[7] - The company's total equity reached HKD 896,561 thousand in 2024, compared to HKD 868,204 thousand in 2023, marking an increase of about 3.3%[7] - The company's cash and bank balances increased from HKD 328,878 thousand in 2023 to HKD 357,208 thousand in 2024, showing a growth of approximately 8.6%[6] - The company's lease liabilities rose significantly from HKD 3,175 thousand in 2023 to HKD 30,665 thousand in 2024, representing an increase of about 866.5%[7] - The company's total liabilities increased from HKD 1,526,446 thousand in 2023 to HKD 1,828,378 thousand in 2024, indicating a rise of approximately 19.7%[6] - The company's investment properties decreased slightly from HKD 23,700 thousand in 2023 to HKD 20,000 thousand in 2024, reflecting a decline of about 15.0%[6] - The company's financial assets measured at fair value through profit or loss decreased from HKD 7,809 thousand in 2023 to HKD 7,983 thousand in 2024, indicating a slight decline of about 2.2%[6] - The company's deferred tax assets increased from HKD 10,701 thousand in 2023 to HKD 11,927 thousand in 2024, representing a growth of approximately 11.5%[6] Research and Development - Research and development expenses increased to HKD 85,546 in 2024 from HKD 77,172 in 2023, marking a rise of 10.8%[4] Market and Business Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The group is actively seeking to expand its customer base and diversify sales channels to mitigate risks associated with international trade policies[56] Tax and Regulatory Changes - The effective tax expense for 2024 was HKD 7,577 thousand, significantly higher than HKD 2,164 thousand in 2023[26] - The group has reassessed its loan arrangements and found no significant impact on the classification of liabilities after applying the revised Hong Kong Financial Reporting Standards[12] - The revised standards clarify the characteristics of supply chain financing arrangements and require additional disclosures to help users understand their impact on actual liabilities, cash flows, and liquidity risks[13] - The group does not expect the newly issued but not yet effective financial reporting standards to have a significant impact on its performance and financial position[14] - The new Hong Kong Financial Reporting Standard No. 18 introduces new requirements for the presentation and disclosure of financial statements, which will take effect from January 1, 2027[17] - The group anticipates that the application of the new standards will not significantly affect its financial position but will impact the presentation and disclosure of future financial statements[17] Segment Performance - LED backlight sales contributed HKD 1,958,443 thousand in 2024, up 18.3% from HKD 1,656,359 thousand in 2023[22] - Semiconductor storage chip revenue increased by 38.0% to HKD 288,077 thousand in 2024 from HKD 208,967 thousand in 2023[22] - The company reported a total segment profit of HKD 94,345 thousand for 2024, compared to HKD 69,978 thousand in 2023[22] - The total revenue from LED lighting services was HKD 125,757 thousand, a slight increase from HKD 120,442 thousand in 2023[48] - Public lighting revenue surged to approximately HKD 25,515,000, significantly up from HKD 1,826,000 in 2023, driven by lighting projects in China's public school system[50] Employee and Operational Costs - The total employee costs for 2024 amounted to HKD 377,598,000, up from HKD 321,748,000 in 2023, indicating a rise of about 17.4%[30] - Administrative expenses for the year were approximately HKD 216,030,000, an increase of 12.0% from HKD 192,845,000 in 2023[62] Inventory and Receivables - The total accounts receivable for 2024 was HKD 1,151,323,000, compared to HKD 991,627,000 in 2023, representing an increase of approximately 16.1%[31] - The total inventory for 2024 was HKD 254,828,000, a decrease from HKD 265,803,000 in 2023, indicating a decline of about 4.0%[30] - The net accounts receivable as of December 31, 2024, was approximately HKD 980,962,000, an increase of 11.4% from approximately HKD 880,858,000 in 2023, attributed to increased sales of LED backlight products[68] Dividend Policy - The company did not recommend any dividend payments for the year ending December 31, 2024, consistent with 2023[38]
伟志控股(01305) - 2024 - 年度业绩