Revenue and Financial Performance - Revenue decreased by approximately 17.1% from about $45.1 million in the fiscal year ending December 31, 2023, to about $37.4 million in the fiscal year ending December 31, 2024[14]. - The company reported a total comprehensive loss of approximately $3.0 million for the fiscal year, down from a profit of about $0.8 million in the previous year[14]. - Total revenue for the year ended December 31, 2024, was approximately $37.35 million, a decrease of about 17.1% from $45.05 million in 2023[20]. - Gross profit decreased by approximately 23.8% to about $18.0 million for the year ended December 31, 2024, compared to approximately $23.6 million in 2023, with a gross margin decline of 4.2 percentage points to 48.2%[23]. - The company shipped crowdfunding projects contributing approximately $20.0 million in revenue for the year ended December 31, 2024, down from $26.3 million in 2023[37]. - Cash and cash equivalents were approximately $2.1 million as of December 31, 2024, compared to $3.2 million in 2023[30]. - The company reported a total comprehensive loss attributable to equity holders of approximately $3.0 million for the year ended December 31, 2024, down from a profit of about $0.8 million in 2023, primarily due to decreased sales[29]. Sales and Market Dynamics - Revenue from wholesale sales decreased by approximately 9.7% from about $18.6 million to $16.8 million[17]. - Crowdfunding revenue dropped from approximately $26.4 million to about $20.0 million, primarily due to lower sales from five crowdfunding projects in 2024 compared to six in 2023[17]. - Board games accounted for 81.1% of total revenue in 2024, down from 85.8% in 2023, with revenue of approximately $30.3 million[18]. - North America and Europe accounted for approximately 76.1% and 84.1% of total revenue for the fiscal years ending December 31, 2024, and 2023, respectively[17]. Operational Strategies and Future Plans - The company plans to focus on fewer but higher-impact projects to align with market demand and its creative strengths[11]. - The company aims to expand its wholesale market in Europe and initiate small game productions to reduce operational logistics costs[15]. - The group has no specific major investment plans as of the report date, but aims to acquire quality games to increase market share, primarily funded through internal resources and external borrowing[41]. Employee and Management Information - The company had 81 employees as of December 31, 2024, down from 87 employees in 2023, with total employee costs remaining around $4.0 million[39]. - The company is dependent on key executives and has implemented measures to retain them, including performance-based compensation and training potential new management members[47]. - The company has a strong leadership team with over 25 years of experience in accounting and finance, including roles in major firms like KPMG and Ernst & Young[62]. Corporate Governance and Compliance - The company emphasizes corporate governance and has established committees for audit, remuneration, and nominations to ensure transparency and accountability[63][65]. - The company has confirmed the independence of its independent non-executive directors as of December 31, 2024, ensuring they provide valuable independent judgment and advice[93]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules[139]. - The company has established appropriate liability insurance for directors, which will be reviewed annually[138]. Financial Health and Risk Management - The group has a robust liquidity position, which is critical for meeting short-term obligations and supporting ongoing operations[196]. - The board is responsible for ensuring that the financial statements are free from material misstatement due to fraud or error, emphasizing the importance of internal controls[197]. - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position and performance in accordance with International Financial Reporting Standards[190]. Shareholder Information and Dividends - The board does not recommend a final dividend for the year ending December 31, 2024, compared to zero in 2023[50]. - The company has adopted a dividend policy to allow shareholders to benefit from profits while retaining liquidity for future opportunities[181]. - The group is subject to regulatory restrictions that may impact dividend payments, which could affect shareholder returns[197]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including reducing paper usage and encouraging energy-saving practices[79]. - The company maintains good working relationships with employees, with no labor disputes reported during the year ending December 31, 2024[82]. Audit and Internal Controls - The audit committee, composed of three independent non-executive directors, reviewed the financial performance and internal controls of the company for the year ending December 31, 2024[130]. - The company has engaged an independent third party to review its internal control system for effectiveness and adequacy for the fiscal year ending December 31, 2024[173]. - The audit committee regularly reviews the effectiveness of the company's risk management and internal control systems[175].
CMON(01792) - 2024 - 年度财报