Financial Performance - Total revenue decreased by approximately 15.0% to about HKD 148.0 million for the year ended December 31, 2024, compared to HKD 174.2 million in 2023[9]. - Gross loss amounted to approximately HKD 0.3 million, a decrease of about 101.7% from a gross profit of approximately HKD 17.5 million in 2023[9]. - The company reported a net loss attributable to shareholders of approximately HKD 94.8 million, an increase of about 47.8% from a loss of HKD 64.2 million in 2023[10]. - The gross profit margin declined from approximately 10.0% in 2023 to a gross loss margin of about 0.2% in 2024, resulting in a gross loss of approximately HKD 0.3 million[29]. - The loss attributable to the company's owners increased by approximately 47.7% to about HKD 94.8 million in 2024, compared to a loss of HKD 64.2 million in 2023[20]. - The total expenses attributable to the company owners increased by approximately 52.7% to about HKD 95.6 million in 2024, compared to HKD 62.6 million in 2023[20]. - The financial asset impairment loss increased by approximately 165.2% to about HKD 47.2 million in 2024, compared to HKD 17.8 million in 2023[30]. - The company's revenue for the fiscal year 2024 was approximately HKD 148.0 million, a decrease of about 15.0% compared to HKD 174.2 million in fiscal year 2023, while total assets decreased by approximately 23.6% to HKD 395.0 million[58]. Sales and Operations - Fiber optic sales faced challenges with no external sales recorded in the fiscal year 2024, while cable prices and sales volumes decreased by 7.0% and 3.2%, respectively[15]. - The company plans to install several production lines in its existing factory in Hong Kong to manufacture optical cables, aiming to enhance productivity in both Hong Kong and Thailand[22]. - The new butterfly-shaped optical cable production project is expected to achieve an annual production capacity of 200,000 core kilometers and an annual output value of HKD 40 million, targeting the optical fiber access market in Hong Kong and ASEAN[22]. - The company will continue to promote the development of the digital economy and upgrade the optical communication market and technology by 2025[24]. - The revenue from sales of optical fibers to a customer in Thailand decreased from approximately HKD 53.5 million to about HKD 35.2 million, while sales to overseas customers increased from approximately HKD 53.8 million to HKD 58.0 million[27]. Assets and Liabilities - Non-current assets decreased to HKD 244.7 million in 2024 from HKD 265.4 million in 2023[11]. - Current assets decreased significantly to HKD 150.4 million in 2024 from HKD 251.7 million in 2023[11]. - As of December 31, 2024, the group's cash and cash equivalents amounted to approximately HKD 17.8 million, compared to about HKD 14.5 million as of December 31, 2023[40]. - The total bank borrowings as of December 31, 2024, were approximately HKD 25.3 million, down from about HKD 37.6 million as of December 31, 2023[41]. - The debt ratio decreased from approximately 8.3% as of December 31, 2023, to about 7.1% as of December 31, 2024, primarily due to a greater percentage decrease in bank borrowings compared to the total equity reduction caused by the loss during the year[42]. Employee and Workforce - The total employee cost for the fiscal year 2024 was approximately HKD 22.8 million, down from about HKD 25.0 million in fiscal year 2023, with the number of employees decreasing from 174 to 157[50]. - As of December 31, 2024, the total number of employees is 157, a decrease from 174 in 2023, representing a reduction of approximately 9.77%[194]. - The employee turnover rate for the group is 29.30%, up from 16.67% in 2023, indicating a significant increase in turnover[199]. - The number of employees under 30 years old increased to 50 (32%) in 2024 from 48 (28%) in 2023, while those aged 30-50 decreased to 101 (64%) from 119 (68%) in the same period[195]. - The gender distribution shows 54% male (84 employees) and 46% female (73 employees) as of December 31, 2024, compared to 45% male and 55% female in 2023[196]. Corporate Governance - The company has complied with the corporate governance code and continues to review and improve its governance practices[80]. - The company has not separated the roles of Chairman and CEO, believing that this arrangement aids in executing business strategies effectively[81]. - The company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the corporate governance code and maintain a high level of corporate governance[82]. - All directors have confirmed compliance with the standard code of conduct for securities transactions for the year ending December 31, 2024[83]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring compliance with listing rules regarding board composition[87]. Environmental, Social, and Governance (ESG) - The ESG report outlines the company's commitment to sustainability and its performance in environmental, social, and governance measures for the fiscal year from January 1, 2024, to December 31, 2024[139]. - The company has established a governance structure that integrates ESG considerations into its decision-making processes, with the board retaining ultimate oversight of ESG issues[141]. - The report adheres to the ESG reporting guidelines set by the Hong Kong Stock Exchange, ensuring compliance with mandatory disclosure requirements[144]. - The company emphasizes the importance of stakeholder feedback to continuously improve its ESG performance and has engaged third-party professionals for materiality assessments[153]. - The total emissions of nitrogen oxides (NOx) for the year 2024 were 93.40 kg, compared to 92.61 kg in 2023, indicating a slight increase[163]. Emissions and Resource Management - Total greenhouse gas emissions decreased from 3,225.52 thousand kg CO2 equivalent in 2023 to 2,387.39 thousand kg CO2 equivalent in 2024, representing a reduction of approximately 26%[167]. - The recycling rate for mixed metals improved to 98.21% in 2024 from 89.00% in 2023, while the recycling rate for paper increased to 99.66% from 96.3%[170]. - The company has implemented various measures to reduce emissions from vehicle exhaust, including using unleaded and low-sulfur fuels and optimizing routes to reduce fuel consumption[165]. - The company has established an environmental management system certified to ISO 14001:2015 to regulate its environmental management practices[161]. - The company aims to enhance resource efficiency and reduce its carbon footprint by closely monitoring monthly energy and water consumption[174].
高科桥(09963) - 2024 - 年度财报