Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 340,198,000, an increase from HKD 279,213,000 in the previous year, representing a growth of approximately 21.8%[3] - The cost of sales for the same period was HKD 324,474,000, leading to a gross profit of HKD 15,724,000, compared to a gross profit of HKD 63,147,000 in the prior year, indicating a significant decline in profitability[3] - The net loss for the year was HKD 1,549,092,000, which is a substantial increase from the net loss of HKD 868,976,000 reported in the previous year, reflecting a deterioration in financial performance[5] - The basic loss per share for the year was HKD 180.0 cents, compared to HKD 179.0 cents in the previous year, showing a slight increase in loss per share despite the higher revenue[3] - The total comprehensive loss for the year was HKD 1,642,720,000, significantly higher than HKD 919,580,000 in the previous year, indicating increased financial strain[5] Research and Development - Research and development expenses amounted to HKD 184,619,000, a significant increase compared to HKD 24,773,000 in the previous year, highlighting the company's focus on innovation[3] - The company has paid HKD 93,600,000 (approximately USD 12,000,000) as a "R&D cost deposit" related to a design and development project for a key component of the Apollo supercar[29] - The company has not provided sufficient evidence regarding the deliverables of the design and development project, raising concerns about the accounting treatment of the R&D cost deposit[31] - Approximately HKD 711,000,000 from the net proceeds of the Divergent sale will be allocated for R&D in high-performance supercars and electric vehicles[77] Assets and Liabilities - Non-current assets decreased from HKD 3,200,329 thousand in 2023 to HKD 1,317,321 thousand in 2024, representing a decline of approximately 59%[6] - Current assets increased from HKD 719,340 thousand in 2023 to HKD 1,549,813 thousand in 2024, showing a growth of about 115%[7] - Total liabilities increased from HKD 524,753 thousand in 2023 to HKD 854,699 thousand in 2024, indicating a rise of approximately 63%[7] - The net asset value decreased from HKD 3,341,457 thousand in 2023 to HKD 1,966,761 thousand in 2024, reflecting a decline of around 41%[7] - The company reported a total equity of HKD 1,966,761 thousand in 2024, down from HKD 3,341,457 thousand in 2023, which is a decrease of approximately 41%[7] Market Expansion and Strategy - The company plans to continue its market expansion efforts and invest in new technologies to enhance its competitive position in the industry[2] - The company is focusing on investing more financial resources into core automotive technology solutions to ensure continued growth in a competitive market[33] - The company anticipates continued market expansion and product development in the upcoming fiscal year, although specific financial guidance was not provided[14] Share Capital and Financing - The total issued share capital as of December 31, 2024, was 1,022,438,090 shares, with a par value of HKD 0.01 per share, amounting to HKD 10,224,000 (approximately USD 1,300,000)[26] - The company issued 541,783,000 new shares at a subscription price of HKD 0.46 per share, raising approximately HKD 205,000,000 (approximately USD 26,000,000) before expenses[26] - The group completed the sale of Divergent preferred shares for a total consideration of USD 101,533,292.15 (approximately HKD 793,000,000), representing about 12.87% of Divergent's issued shares[77] Auditor and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a commitment to transparency and compliance[9] - The independent auditor's report indicates that the financial statements reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[28] - The group has adopted revised Hong Kong Financial Reporting Standards this year, which did not impact its financial position or performance[12] Employee and Operational Costs - Employee costs for the year amounted to approximately HKD 48,800,000, a decrease from HKD 66,600,000 in the previous year[80] - The group had a total of 43 employees as of December 31, 2024, compared to 42 employees as of December 31, 2023[80] Market Trends and Projections - The global top-tier supercar market is projected to grow from $19.16 billion in 2023 to $25.6 billion in 2024, representing a year-over-year increase of 33.6%[34] - The luxury car market is forecasted to grow from $582.19 billion in 2023 to $623.9 billion in 2024, reflecting a year-over-year growth of 7.2%[37] - The global new energy vehicle market is projected to reach approximately $1,328.08 billion in 2024, with a compound annual growth rate (CAGR) of 32.5% from 2025 to 2030[39] Corporate Governance - The board includes two executive directors and three independent non-executive directors, ensuring a diverse governance structure[91] - The company does not plan to declare any final dividends for the current year, consistent with the previous year[74]
APOLLO出行(00860) - 2024 - 年度业绩