Financial Performance - Revenue for the fiscal year ended December 31, 2024, decreased by 12.0% to HKD 681,678,000 compared to HKD 774,727,000 in 2023[7] - Gross profit dropped by 51.2% to HKD 109,444,000 from HKD 224,288,000 year-on-year[7] - The company reported a net loss of HKD 20,329,000 for the year, compared to a profit of HKD 63,726,000 in the previous year[15] - Earnings per share showed a loss of HKD 3.4, down from a profit of HKD 10.6 in 2023[7] - For the year ended December 31, 2024, the group's revenue decreased by 12.0% to HKD 681,678,000, compared to HKD 774,727,000 in 2023[26] - The gross profit for the year decreased by 51.2% to HKD 109,444,000, with a gross profit margin decline of 12.9 percentage points to 16.1%[31] - The company reported a loss of HKD 20,329,000 for the year, compared to a profit of HKD 63,726,000 in 2023, resulting in a basic loss per share of HKD 0.034[32] - The company paid dividends of HKD 15,000,000 in 2024, down from HKD 39,000,000 in 2023[188] Revenue Breakdown - Revenue from watch bands and fashion accessories fell by 28.9% and 30.7% respectively due to global demand slowdown[17] - Revenue from smartphone frames and parts increased by 7.3% despite geopolitical tensions affecting orders[17] - The revenue from watch bands decreased by 28.9% to HKD 190,626,000, down from HKD 267,940,000 in 2023[27] - Revenue from mobile phone frames and parts increased by 7.3% to HKD 304,378,000, compared to HKD 283,570,000 in 2023[28] - The largest customer accounted for approximately 19.4% of the total revenue for the year ending December 31, 2024, down from 31.9% in 2023, while the top five customers accounted for 56.1% of total revenue, down from 69.2%[117] Assets and Liabilities - Total assets decreased by 1.9% to HKD 1,169,745,000 from HKD 1,192,807,000[7] - Total borrowings increased by 35.5% to HKD 67,783,000 compared to HKD 50,033,000 in the previous year[7] - The company's current assets net value decreased to HKD 297,079,000 from HKD 381,265,000 in 2023, with cash and bank balances at HKD 222,249,000[45] - The total outstanding bank borrowings increased to HKD 67,783,000 from HKD 50,033,000 in 2023, with a debt-to-asset ratio of 0.06[47] - Current liabilities increased to HKD 224,561,000 in 2024 from HKD 180,860,000 in 2023[187] Operational Efficiency and Cost Management - The company implemented stricter cost-cutting measures to enhance competitiveness in a challenging business environment[18] - The company aims to enhance operational efficiency and optimize resource allocation to ensure long-term stable and sustainable profitability amidst global economic challenges[53] - The group focuses on high-end customers and aims to expand its product range to include mobile and wearable device components to mitigate risks associated with customer concentration[73] Corporate Governance - The company has adopted a board diversity policy, considering factors such as gender, age, and professional experience to enhance board effectiveness[151] - The board consists of ten directors, including six executive directors and four independent non-executive directors, ensuring a diverse skill set and experience[135] - Independent non-executive directors make up at least one-third of the board, with a designated term of three years, ensuring compliance with independence guidelines[138] - The company has received annual confirmations of independence from its four independent non-executive directors, representing one-third of the board[96] - The company has adopted a standard code for securities trading by directors, confirming compliance with regulations up to December 31, 2024[133] Environmental and Social Responsibility - The company emphasizes environmental protection and has implemented monitoring systems to manage waste and pollution in its operations[77] - The company aims to integrate economic growth, environmental protection, and social responsibility into its business strategy to create sustainable value for stakeholders[129] - The company has established an environmental, social, and governance report to inform stakeholders about its sustainable development performance[78] Audit and Compliance - The audit opinion confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[171] - The auditors assessed the appropriateness of the accounting policies and the reasonableness of accounting estimates made by the directors[181] - The audit involved understanding and evaluating the design and implementation of internal controls related to revenue recognition[177] - The Audit Committee held three meetings during the year ending December 31, 2024, to review the group's interim and annual performance, accounting principles, and internal controls[143] Employee Management - The total number of employees as of December 31, 2024, was 2,455, a decrease from 2,495 in the previous year, with total employee costs amounting to HKD 273,309,000, down from HKD 295,377,000[52] - The company’s employee compensation includes salaries and discretionary bonuses based on group performance and individual contributions[52] - The range of senior management compensation for the year ending December 31, 2024, was between HKD 1,000,001 and HKD 2,000,000[148] Future Outlook - The company is focused on revenue growth while prioritizing long-term stability and sustainable profitability as key strategic measures[53] - The company expects that the application of new standards will not have a significant impact on consolidated financial statements in the foreseeable future[194] - The company has no plans for market expansion or acquisitions mentioned in the provided documents[102]
盈利时(06838) - 2024 - 年度财报