Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 909.4 million, an increase of about HKD 43.1 million or 5.0% compared to HKD 866.3 million for the same period in 2023[13]. - The net profit for the year ended December 31, 2024, was approximately HKD 171.4 million[8]. - The gross profit for the year ended December 31, 2024, was approximately HKD 351.9 million, an increase of about HKD 16.4 million or 4.9% compared to HKD 335.5 million for the same period in 2023[14]. - The increase in revenue was attributed to higher sales volumes of daily use candles and other candle products, which rose by approximately HKD 12.3 million and HKD 33.1 million, respectively[13]. - Other income for the year ended December 31, 2024, was approximately HKD 17.7 million, an increase of about HKD 8.6 million or 94.5% compared to HKD 9.1 million for the same period in 2023[16]. - Other gains for the year ended December 31, 2024, were approximately HKD 32.3 million, an increase of about HKD 30.5 million or 1,694.4% compared to HKD 1.8 million for the same period in 2023[17]. - Net profit for the year ended December 31, 2024, was approximately HKD 171.4 million, an increase of about HKD 69.1 million or 67.5% compared to HKD 102.3 million for the same period in 2023[23]. - The company reported a total comprehensive income of HKD 171,402,000 for 2024, compared to HKD 102,307,000 in 2023, reflecting a growth of 67.6%[193]. Expenses and Liabilities - Sales and distribution expenses for the year ended December 31, 2024, were approximately HKD 42.4 million, a decrease of about HKD 43.8 million or 50.8% compared to HKD 86.2 million for the same period in 2023[18]. - Administrative expenses for the year ended December 31, 2024, were approximately HKD 145.0 million, an increase of about HKD 34.3 million or 31.0% compared to HKD 110.7 million for the same period in 2023[19]. - Financing costs decreased to HKD 11,769,000 in 2024 from HKD 14,571,000 in 2023, a reduction of 19.4%[193]. - Total liabilities decreased to HKD 149,815,000 in 2024 from HKD 181,348,000 in 2023, a reduction of approximately 17.3%[196]. Assets and Equity - Total assets as of December 31, 2024, were approximately HKD 796.8 million, an increase from approximately HKD 686.9 million as of December 31, 2023[25]. - The company's equity increased to HKD 646,972,000 in 2024, up from HKD 505,570,000 in 2023, indicating a growth of around 28.0%[196]. - Current assets rose to HKD 576,739,000 in 2024, up from HKD 513,413,000 in 2023, marking an increase of about 12.3%[194]. - Cash and cash equivalents at year-end were HKD 324,514,000 in 2024, slightly down from HKD 336,772,000 in 2023, a decrease of about 3.6%[200]. Production and Market Strategy - The company is focusing on expanding its production capacity with two new highly automated factories, with renovations expected to be completed by the first half of 2025[11]. - The company aims to capture growth in the scented candle market, particularly in the U.S., by establishing contracts with sales representatives for potential orders[12]. - The demand for scented candles continues to drive market growth, reflecting consumer preferences for aromatic and colored candles[10]. - The company has established long-term relationships with customers, supported by an experienced management team, enhancing confidence in future growth opportunities[12]. Governance and Compliance - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced composition[57]. - The company has appointed independent non-executive directors with appropriate accounting qualifications, fulfilling GEM listing rules requirements[58]. - The board has established mechanisms to ensure independent opinions are communicated, enhancing decision-making effectiveness[62]. - The company has a legal liability insurance plan for directors, reviewed annually to ensure adequate protection[60]. - The company has established a governance framework that is reviewed annually for effectiveness[63]. - The company has complied with all relevant Hong Kong laws and regulations without any significant violations during the year[140]. Shareholder and Dividend Policy - The company does not recommend the payment of any dividends for the year ended December 31, 2024[24]. - The group has adopted a dividend policy aimed at providing sustainable returns to shareholders while retaining sufficient reserves for future development[123]. - The group reported a total reserve of approximately HKD 11.4 million available for distribution to equity shareholders as of December 31, 2024[128]. Employee and Director Information - The number of employees as of December 31, 2024, was approximately 1,500, an increase from approximately 1,270 employees as of December 31, 2023[36]. - The company provides necessary training for newly appointed directors to ensure they understand their responsibilities under relevant regulations[90]. - The company encourages all directors to participate in continuous professional development activities to enhance their knowledge and skills[90]. Environmental and Social Responsibility - The company has established a commitment to environmental protection and is promoting clean operational practices[138]. - An independent ESG report is expected to be published alongside the annual report on the stock exchange and the company's website[139]. Share Buyback and Share Option Plan - The company completed a share buyback agreement on February 20, 2024, purchasing 181,500,000 shares for a total of HKD 30,000,000, equating to approximately HKD 0.165 per share[160]. - The company has adopted a new share option plan on June 7, 2024, aimed at incentivizing employees and service providers to enhance the company's value[166]. - No share options were granted or exercised under the previous share option plan, which was terminated on June 7, 2024[166].
凯富善集团控股(08512) - 2024 - 年度财报