Financial Performance - Playmates Toys Limited reported a global revenue of HKD 931 million for the fiscal year ending 2024, a decrease of 16% compared to HKD 1.119 billion in 2023[12]. - The operating profit for 2024 was HKD 94 million, down from HKD 210 million in 2023[13]. - The company recorded a net profit attributable to shareholders of HKD 132 million in 2024, down from HKD 224 million in 2023[13]. - Total revenue for the year ended December 31, 2024, was $119,402,000, a decrease of 7.5% compared to HKD 1,109,399,000 in 2023[191]. - Gross profit for the same period was $64,163,000, resulting in a gross margin of approximately 53.7%[191]. - Operating profit decreased significantly to $12,088,000, down 42.5% from $209,850,000 in the previous year[191]. - Net profit attributable to shareholders was $16,875,000, a decline of 24.5% compared to $223,745,000 in 2023[193]. - Basic and diluted earnings per share for 2024 were both $1.43, down from $18.96 in 2023[191]. - The company paid dividends totaling $12,108,000 during the year, compared to $47,214,000 in 2023[196]. Market and Product Insights - The U.S. market accounted for 70% of total revenue in 2024, with Europe contributing 20% and other regions 10%[12]. - The company anticipates challenges in 2025 due to the absence of major entertainment events supporting the Ninja Turtles and Godzilla x Kong product lines[13]. - The new Power Rangers product line is expected to launch in summer 2025, potentially providing positive contributions to the second half of the year[9]. - The upcoming Ninja Turtles sequel is set to release in October 2026, with a new animated series premiering in 2024 and 2025[14]. - The Godzilla x Kong film released in March 2024 achieved strong global box office results, boosting toy sales significantly[15]. Financial Position and Cash Flow - The group reported a cash and bank deposit balance of HKD 1,043,325,000 as of December 31, 2024, compared to HKD 1,002,820,000 in 2023, indicating a positive cash flow trend[42]. - Trade receivables decreased to HKD 136,670,000 in 2024 from HKD 328,827,000 in 2023, reflecting a reduction in shipment volume and customer orders[42]. - Inventory as of December 31, 2024, was HKD 27,654,000, accounting for 3.0% of revenue, down from HKD 58,886,000 or 5.3% in 2023[42]. - The current ratio improved to 6.3 in 2024 from 3.8 in 2023, indicating a stronger liquidity position[42]. Corporate Governance - The board of directors confirmed the independence of all independent non-executive directors, ensuring compliance with corporate governance standards[51]. - The audit committee consists of three independent non-executive directors, ensuring effective oversight of financial reporting and risk management[77]. - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's guidelines, with a commitment to high standards of governance[81]. - The board of directors comprises four executive directors and three independent non-executive directors, ensuring a balanced governance structure[84]. - The company has implemented various policies to promote its corporate culture and values, including a code of conduct and anti-corruption policies[82]. Employee and Training Insights - The group has 67 employees as of December 31, 2024, an increase from 62 employees in 2023[45]. - Total training hours for employees in 2024 reached 240 hours, with an average of 3.58 hours per employee and 59.70% of employees receiving training[163]. - The overall employee turnover rate for 2024 was 8.96%[155]. - The company provides various benefits including medical allowances, mandatory provident fund, and tuition subsidies for eligible employees[159]. Environmental, Social, and Governance (ESG) Initiatives - The company has established a corporate social responsibility policy focusing on four pillars: business, employees, community, and environment[127]. - The company aims to reduce carbon emissions density by 20% by 2027[165]. - The waste recycling rate is targeted to increase to 5% annually[166]. - The company is committed to ensuring compliance with labor laws regarding child and forced labor, with no significant violations reported during the reporting period[161]. - The company has implemented strict guidelines to ensure ethical advertising, particularly in marketing to children, complying with relevant privacy laws[144]. Shareholder and Capital Management - The company declared an interim dividend of HKD 0.02 per share, totaling HKD 23,600,000, and a special interim dividend of HKD 0.03 per share, totaling HKD 70,800,000[38]. - The company repurchased 700,000 shares at a price of HKD 0.64 per share, which were subsequently canceled to enhance shareholder value[50]. - The total number of shares available for issuance under the share incentive plan is capped at 118,000,000 shares, representing 10% of the total issued shares as of the report date[56]. Audit and Financial Reporting - The auditor, Deloitte (Hong Kong) LLP, will be reappointed at the upcoming annual general meeting, with no changes in auditors over the past three years[79]. - The audit identified revenue recognition as a key audit matter due to its significance as a critical performance indicator for the company[182]. - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error[188]. - The board is responsible for preparing financial statements that are true and fair in accordance with Hong Kong Financial Reporting Standards[187].
彩星玩具(00869) - 2024 - 年度财报