Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$176.4 million, representing a decrease of 5.0% from the previous year[24] - Overall gross profit amounted to approximately HK$36.3 million, an increase of 41.6% from the previous year[24] - Loss attributable to owners of the Company was approximately HK$9.1 million, compared to HK$26.1 million in 2023[24] - Basic loss per share for the year ended December 31, 2024, was HK3.39 cents, down from HK9.77 cents in 2023[24] - The precision parts and components segment's turnover decreased by 5.0% to approximately HK$176.4 million compared to 2023[26] - Excluding one-off losses from forward currency contracts, the precision parts segment recorded a profit of approximately HK$3.7 million[26] - The Group incurred a loss of approximately HK$10.6 million in forward currency contracts in 2024, down from HK$16.7 million in 2023[25] - The overall gross profit margin of the Group increased by 6.8 percentage points to 20.6% in 2024 compared to 2023[31] - The Group's gross profit increased by HK$10.7 million to approximately HK$36.3 million in 2024[48] - Loss before finance costs decreased by HK$17.6 million to approximately HK$8.4 million in 2024[48] Market Conditions - The European market faced low economic growth rates, impacting the Group's major customers[25] - The Group's financial performance was affected by rising geopolitical tensions and ongoing tariff wars, leading to economic uncertainty[25] - The Group benefited from an increase in customer order intake and clearance of excess inventory, improving production facility utilization[25] Financial Position - The Group's total borrowings amounted to approximately HK$3.0 million as of December 31, 2024[41] - The aggregate balance of bank balances and cash was approximately HK$67.2 million at the end of the reporting period[42] - The Group's financial position remains healthy, with a negative gearing ratio indicating a "net cash" position[49] - Finance costs decreased by 35.9% to approximately HK$0.3 million due to a decline in financing activities[31] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and Chief Executive Officer, which are held by the same individual[65] - The Board includes a balanced composition of Executive Directors and Independent Non-executive Directors, ensuring strong independent judgment[67] - The company has established Board committees to delegate various responsibilities, enhancing governance and oversight[74] - The Board formulates overall strategy, monitors financial performance, and aligns goals with market conditions to maximize long-term shareholder value[76] - The Company has not established a corporate governance committee, with the Board responsible for corporate governance duties[83] Board and Committee Activities - The Company held five regular board meetings and one annual general meeting during the year ended December 31, 2024, with all directors attending at least 80% of the meetings[81] - The Remuneration Committee currently comprises 3 members, all of whom are independent non-executive directors[115] - During the year, the Remuneration Committee held two meetings, with all members attending 100% of the meetings[116][118] - The Audit Committee held three meetings during the year, with members required to meet at least twice a year with the Company's auditors[175] - The Nomination Committee consists of 1 executive director and 3 independent non-executive directors, with a total of 2 meetings held during the year[131] Diversity and Inclusion - The Company is committed to improving Board diversity and achieved its diversity objectives in 2024[144] - The Board Diversity Policy aims for at least one female member and at least 33% of the Board to be non-executive or independent non-executive directors[146] - The gender ratio in the overall workforce is 64.90% female (453) and 35.10% male (245) as of the date of the report[148] - The Board consists of 20% female (1) and 80% male (4) members, while senior management is 0% female (0) and 100% male (2)[148] Risk Management and Internal Controls - The Board conducted a review of the effectiveness and adequacy of the Group's risk management and internal control systems, which were deemed effective and adequate[189] - The internal audit team reports directly to the Audit Committee and the Board, conducting reviews on material controls and compliance with policies[195] - The Group's risk management processes include identifying risks, assessing their impact, and implementing strategies to mitigate them[193] - The Group's internal control systems are designed to protect assets, ensure compliance with laws, and provide reliable financial information[189] Remuneration Policies - The Company's remuneration policy ensures that compensation is based on skill, knowledge, responsibilities, and involvement in the Company's affairs[125] - The remuneration packages for Executive Directors include basic salary, pensions, and discretionary bonuses, reflecting the Company's performance and profitability[125] - The remuneration for Independent Non-executive Directors mainly consists of a Director's fee, determined by their duties and responsibilities[125]
坚宝国际(00675) - 2024 - 年度财报