Financial Performance - The company recorded a net profit of approximately HKD 3.8 million for the fiscal year 2024, a turnaround from a loss of HKD 1.9 million in the fiscal year 2023, representing a significant recovery [10]. - Revenue increased by 70.9% from HKD 29.7 million in fiscal year 2023 to approximately HKD 50.8 million in fiscal year 2024, primarily driven by the electronic gaming equipment business [10]. - The company reported a profit before tax of approximately HKD 2.54 million for the fiscal year 2024, compared to a loss of approximately HKD 2.42 million in the previous fiscal year [26]. - The net profit after tax for FY2024 was approximately HKD 3.8 million, compared to a net loss of about HKD 1.9 million in FY2023, mainly due to the sharp increase in gross profit [30]. - The total revenue of the electronic gaming equipment business for the fiscal year 2024 was approximately HKD 48.5 million, an increase of about 77.3% compared to approximately HKD 27.4 million in the fiscal year 2023 [17]. Gaming Industry Insights - The overall gaming revenue in Macau increased by 23.9% to MOP 226.8 billion (approximately USD 28.3 billion) in fiscal year 2024, compared to MOP 183.1 billion in fiscal year 2023 [10]. - The company anticipates continued growth in the gaming sector through 2025 and beyond, supported by the strengthening financial position of casinos [11]. - The company is optimistic about the steady growth of gaming revenue in Macau and is exploring new opportunities in Abu Dhabi and Thailand [11]. - The company believes there is significant growth potential in the gaming industry and aims to leverage its experience in Macau to expand its business [11]. Operational Developments - The company is collaborating with suppliers to launch new machines and products to meet the growing demand in the gaming market, incorporating new technologies [11]. - A small equity investment of 3.57% was made in a new manufacturing and technology company in Macau, which is expected to produce products for the gaming industry [11]. - The company installed 59 different types of vending machines in Macau during the fiscal year, generating revenue of approximately HKD 2.2 million with a gross profit of about HKD 0.5 million [25]. - The total capital expenditure for the vending machines was approximately HKD 2.7 million [25]. Revenue Breakdown - The revenue from technical sales and distribution of electronic gaming equipment was approximately HKD 39.0 million, up approximately 178.0% from about HKD 14.0 million in the previous fiscal year [17]. - The overall gross profit for the electronic gaming equipment business was approximately HKD 22.9 million, with a gross margin of about 47.3%, compared to a gross profit of approximately HKD 10.6 million and a margin of 38.6% in the fiscal year 2023 [17]. - The consulting and technical services segment achieved a gross margin of 70.8%, indicating strong profitability in this area [162]. - Revenue from consulting and technical services was approximately HKD 8.8 million, a decrease of about 25.6% from HKD 11.8 million in the fiscal year 2023 [166]. Corporate Governance - The company has a strong commitment to corporate governance, ensuring accountability and effective risk management [65]. - The board consists of seven directors, with independent non-executive directors making up 43% of the board [75]. - The company has adopted and complied with all mandatory disclosure requirements and applicable code provisions of the GEM Listing Rules [66]. - The board has established four committees: audit committee, nomination committee, remuneration committee, and risk management committee to monitor specific aspects of the company [104]. - The company has established mechanisms to ensure strong independent elements within the board and to obtain independent advice [77]. Risk Management - The company has established policies and procedures for risk management and internal control, with the board responsible for overseeing their effectiveness [139]. - The independent auditor has reviewed the adequacy and effectiveness of the company's risk management and internal control systems, covering financial, operational, compliance, and IT controls [140]. - The board expects to review the risk management and internal control systems annually [142]. - The company has implemented strict internal controls to prevent unauthorized use of confidential or insider information [146]. Shareholder Engagement - The company has established procedures for shareholders to request special general meetings, requiring at least 10% of the voting rights to initiate such a request [149]. - The board of directors has reviewed the shareholder communication activities for the year and expressed satisfaction with the implementation and effectiveness of the shareholder communication policy [154]. - The company has adopted a dividend policy to allow shareholders to share in distributable profits while reserving sufficient reserves for future development [97]. - The company did not declare or pay any dividends for the fiscal year, consistent with the previous fiscal year [172]. Future Outlook - The company has set a future revenue guidance of $600 million for the next fiscal year, indicating a growth target of 20% [3]. - New product launches are expected to contribute an additional $50 million in revenue over the next two quarters [4]. - The company is expanding its market presence in Southeast Asia, aiming for a 30% increase in market share by the end of the year [5]. - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and customer base [6].
亚洲先锋娱乐(08400) - 2024 - 年度财报