Financial Performance - The group's revenue decreased by 8.3% from approximately HKD 212.6 million in 2023 to about HKD 194.9 million in 2024[7]. - Gross profit fell by 36.0% from HKD 54.9 million in 2023 to approximately HKD 35.1 million in 2024, with a gross margin decline from 25.8% to 18.0%[7]. - The group recorded a loss attributable to owners of approximately HKD 43.1 million in 2024, compared to a profit of HKD 0.5 million in 2023[7]. - EBITDA for the year was approximately HKD 15.3 million, down from HKD 28.6 million in 2023, excluding non-cash impairment losses and provisions[8]. - The group recorded an impairment loss of approximately HKD 20.0 million on intangible assets and a provision of about HKD 5.6 million for obsolete and slow-moving inventory during the year[7]. - The group's current assets net value decreased to approximately HKD 38.8 million from HKD 70.6 million in the previous year[22]. - The debt-to-equity ratio increased to approximately 78.0% from 42.7% in the previous year[22]. - The group recorded a significant increase in financial costs by 61.8% to approximately HKD 6.6 million due to increased bank borrowings[19]. - Total available reserves for distribution as of December 31, 2024, were approximately HKD 138.6 million, down from HKD 143.3 million in 2023[114]. - The company did not recommend a final dividend for the review year, maintaining a dividend of zero for 2023[104]. Market and Business Strategy - The company plans to focus on expanding its customer base targeting high-power semiconductor device customers and enhancing R&D capabilities[8]. - The demand for semiconductor packaging materials is expected to increase in the coming years due to the rapid development of AI and other emerging technologies[10]. - The group aims to seek new business collaborations and focus on innovations in advanced semiconductor packaging materials for applications in electric vehicles, micro-LEDs, AI, and 5G communications[10]. - The group plans to enhance R&D and market expansion for high-end wire products to meet the growing demand in the high-end packaging market[23]. - The company is actively developing products to meet the growing demand for high-power semiconductor devices driven by the rapid development of the electric vehicle industry[24]. - The board remains optimistic about the long-term development of the industry and the group's future prospects despite ongoing global economic and political uncertainties[10]. Corporate Governance - The board consists of eight members, including three executive directors and three independent non-executive directors, ensuring a balance of power[59]. - The company has not appointed a CEO, with daily management executed by senior management and overseen by executive directors[60]. - The independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance and governance standards[62]. - The company has adopted a board diversity policy in May 2018, focusing on factors such as gender, age, and professional experience to enhance board efficiency[68]. - The board is responsible for the overall management of the company, guiding and monitoring its affairs to promote success[64]. - The company has established a clear division of responsibilities between the chairman and the CEO to ensure effective governance[60]. - The board retains decision-making authority on major matters, including significant policies and financial transactions[65]. - The company has achieved its goal of having at least one female board member with the appointment of a new non-executive director effective December 31, 2024[69]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules without any reported violations[84]. Risk Management and Compliance - The company has established an internal audit department to review the effectiveness of risk management and internal control systems[87]. - The risk management procedures and systems have been reviewed, and the board considers them effective and sufficient for the year under review[91]. - The company has adopted a policy for timely and accurate disclosure of significant information, ensuring potential inside information is identified and assessed promptly[92]. - The company encourages two-way communication with institutional and private investors, having adopted a shareholder communication policy to facilitate access to comprehensive and understandable information[95]. - The company has complied with relevant laws and regulations, with no significant violations reported during the review year[126]. - There were no major disputes with suppliers, customers, or other stakeholders during the review year[128]. Environmental, Social, and Governance (ESG) - The group integrates ESG principles into business operations, focusing on environmental protection, employee care, and product quality improvement[168]. - The group established a comprehensive and forward-looking sustainable development management framework to ensure effective implementation of ESG strategies[176]. - The committee is responsible for coordinating sustainable development efforts across departments, ensuring ESG principles are integrated into corporate culture[176]. - The company is committed to sustainable practices and compliance with environmental laws, implementing measures to reduce waste and energy consumption[124]. - The company has identified key ESG risks and implemented targeted regulatory measures to mitigate operational impacts[182]. - The company has maintained excellent compliance performance with no recorded violations of environmental and safety regulations in the past year[193]. - The company aims for zero environmental pollution and zero complaints from surrounding environments[196]. - The company has set specific goals for environmental and employee safety, with clear indicators for waste management and resource utilization[194]. Shareholder Information - The company has adopted a dividend policy prioritizing cash distributions to shareholders, with the payout ratio determined by the board based on financial performance and future outlook[163]. - The company has not purchased, sold, or redeemed any of its listed securities during the review year[160]. - The independent auditor for the review year is KPMG, which is eligible for reappointment at the upcoming annual general meeting[165]. - Major shareholders include BVI Holdings with 357,000,000 shares, representing 50.60% of the company's issued share capital[154]. - The company has not entered into any significant contracts with its controlling shareholders during the review year[144].
骏码半导体(08490) - 2024 - 年度财报