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盛诺集团(01418) - 2024 - 年度财报
SINOMAX GROUPSINOMAX GROUP(HK:01418)2025-04-10 08:31

Financial Performance - Revenue for 2024 increased to HK$4,091,144, representing a growth of approximately 13.4% compared to HK$3,608,894 in 2023[16] - Profit for the year amounted to HK$162,649, an increase from HK$80,502 in 2023, reflecting a significant growth in profitability[16] - Gross profit margin improved slightly to 25.6% in 2024 from 25.5% in 2023[18] - The company achieved a net profit margin of 4.0%, up from 2.2% in the previous year[18] - The Group achieved a revenue increase of approximately HK$482.3 million or 13.4%, reaching approximately HK$4,091.1 million for the fiscal year 2024[33] - Profit for the Reporting Period increased by approximately HK$82.1 million or 102.0%, totaling approximately HK$162.6 million compared to approximately HK$80.5 million for FY2023[43] - Gross profit increased by approximately HK$127.3 million or 13.8%, amounting to approximately HK$1,047.0 million, with a gross profit margin of approximately 25.6%[39] - Sales in the North American market increased by approximately 17.3%, while sales in the China market grew by approximately 10.0%[36] Financial Position - Total assets increased to HK$2,556,986, compared to HK$2,406,144 in 2023, indicating a solid financial position[16] - As of December 31, 2024, the Group had net current assets of approximately HK$370.2 million, an increase from approximately HK$339.4 million as of December 31, 2023[47] - The current ratio improved slightly to 128.6% from 126.8% in 2023, reflecting better liquidity management[18] - The current ratio improved to 128.6% in 2024 from 126.8% in 2023, while the quick ratio increased to 91.8% from 86.6%[55] - The gearing ratio decreased to 40.1% in 2024 from 48.1% in 2023, and the debt to equity ratio slightly improved to 13.9% from 14.4%[55] - Bank balance and cash decreased by approximately HK$47.5 million or 15.3%, totaling approximately HK$262.4 million as of December 31, 2024[47] Dividend and Payout Policy - The payout ratio decreased to 10.7% from 37.0% in 2023, indicating a shift in dividend policy[18] - The Board recommends a final dividend of HK$1.3 cents per ordinary share, totaling approximately HK$22,750,000, subject to Shareholder approval at the AGM on May 16, 2025[102] - The Group's reserves available for distribution to Shareholders amounted to approximately HK$471.5 million as of December 31, 2024, down from approximately HK$516.7 million as of December 31, 2023[112] Strategic Initiatives - The company plans to explore higher growth potential businesses, particularly in the US and European markets[21] - The company aims to diversify its customer base and maintain its position in the visco-elastic health and wellness products market[22] - The company plans to focus on expanding its presence in the U.S. and Europe, with ongoing sales projects expected to drive growth in the Mattress-in-a-box segment[60] - The group will implement various cost-cutting measures across production and logistics to enhance efficiency and manage expenses[59] Awards and Recognition - Sinomax USA was recognized as a Top Foam Technology Solution Provider of 2024, highlighting its innovation in foam-based bedding products[23] - Sinomax USA was recognized as "Company of the Year" by the 2024 BIG Awards for Business, highlighting its commitment to sustainable innovation[27] Management and Governance - The company has over 31 years of experience in accounting and auditing, with Mr. Lam serving as the Chief Financial Officer since August 2013[78] - Mr. Cheung is responsible for the overall management and daily operations of the Group, having joined in 2003 and appointed to the Board in June 2012[74] - The Group's management team includes a mix of family relations, enhancing internal collaboration and strategic alignment[74][75][79] - The company emphasizes the importance of corporate governance, with Mr. Wong serving as the chairman of the audit committee[82] - The executive team is composed of individuals with diverse educational backgrounds, including degrees in business administration and engineering[78][79] - The Group's strategic direction is influenced by its founding members, ensuring continuity in its business strategy[74][79] - The company has a strong governance structure with independent directors serving on multiple committees including audit, remuneration, and corporate governance[88] - The board includes members with extensive experience in their respective fields, enhancing the company's strategic planning and operational oversight[88] - The management team is committed to maintaining high standards of corporate governance and operational excellence[88] Employee and Operational Metrics - The total employee headcount increased to 3,333 in 2024 from 2,846 in 2023, with total staff costs rising to approximately HK$639.1 million from HK$523.6 million[66] - Administrative expenses increased by approximately HK$17.2 million or 6.9%, reaching approximately HK$267.4 million, primarily due to increased staff costs[42] Connected Transactions - The company has ongoing connected transactions with Gu Jia Household Co., Limited, which is a substantial shareholder of a subsidiary[157] - The procurement agreement with Gu Jia Household for the sale of polyurethane foams was revised on November 1, 2017, and governs transactions between the companies[158] - The total sales to Gu Jia Household under the Revised 2021-2023 Gu Jia Procurement Agreement for the year ended December 31, 2023, amounted to approximately RMB283.8 million (approximately HK$313.4 million)[172] - The annual caps for the Revised 2021-2023 Gu Jia Procurement Agreement are set at RMB440.0 million for 2021, RMB520.0 million for 2022, and RMB630.0 million for 2023[172] - The independent non-executive Directors confirmed that the continuing connected transactions have been entered into in accordance with the Listing Rules[175] - The auditor issued unqualified letters regarding the Group's continuing connected transactions, confirming compliance with the relevant standards[175] Lease Agreements - Dongguan Sinohome entered into a lease agreement for the Dongguan Premises at a monthly rental of approximately RMB695,000 for a term of slightly more than two years starting from December 2, 2013[180] - The monthly rental for the Renewal Dongguan Lease Agreement, effective from January 1, 2016, was approximately RMB1.3 million for a three-year term[181] - The monthly rental for the 2023 Dongguan Lease Agreement was approximately RMB720,000 for a one-year term starting January 1, 2023[186] - The monthly rental for the 2024 Dongguan Lease Agreement is approximately RMB750,000 for a one-year term starting January 1, 2024[187] - The rental agreements with Zhejiang Puruimei indicate a consistent strategy of securing long-term leases for operational facilities to support business growth[198] - The lease agreements reflect a commitment to maintaining operational capacity and flexibility in the Chinese market[198]