普达特科技(00650) - 2025 - 年度业绩

Performance Highlights Business Highlights In FY2024, the company's semiconductor equipment business made significant progress, with cleaning equipment serving over ten wafer fab clients and securing repeat orders, and LPCVD equipment successfully shipped. The solar cell equipment business completed a comprehensive upgrade, launching new products with enhanced compatibility and higher capacity. As of the fiscal year-end, the company's order backlog reached HKD 366 million, a 49% year-on-year increase, laying a foundation for future profit growth - Significant industrialization progress in the semiconductor equipment business, with cleaning equipment serving over ten wafer fab clients, completing delivery and verification of multiple units; LPCVD equipment has been successfully shipped to customers[3] - CUBE/QUADRA single-wafer cleaning equipment has served 8 clients and secured repeat orders; OCTOPUS single-wafer cleaning equipment completed key client verification and converted to a formal order[4][5] - Solar cell equipment underwent comprehensive upgrades and iterations, with newly designed wet bench and inline machines showing improvements in capacity and process compatibility to address market demand and industry fluctuations[9] - As of the end of FY2024, the company's total order backlog was HKD 366 million, including HKD 138 million worth of semiconductor cleaning equipment shipped pending acceptance, representing a 49% year-on-year increase in order backlog[11] Key Financial Data For FY2024 (ended March 31, 2025), the company's total revenue was HKD 279 million, a 49% decrease from HKD 544 million in the previous fiscal year. Although gross profit declined from HKD 82.2 million to HKD 64.0 million, the annual loss narrowed from HKD 362 million to HKD 313 million. Net assets increased to HKD 1.45 billion Key Financial Data (HKD thousands) | Metric | FY2023 (Ended 2024/3/31) | FY2024 (Ended 2025/3/31) | | :--- | :--- | :--- | | Revenue (HKD thousands) | 543,638 | 278,829 | | - Equipment Sales | 368,646 | 105,510 | | - Crude Oil Sales | 157,663 | 155,205 | | Gross Profit (HKD thousands) | 82,203 | 63,959 | | Loss for the Year (HKD thousands) | (362,131) | (313,054) | | - Attributable to Equity Holders | (347,484) | (303,814) | | EBITDA (HKD thousands) | (241,571) | (191,419) | | Adjusted EBITDA (HKD thousands) | (160,366) | (44,909) | | Total Assets (HKD thousands) | 2,623,137 | 2,319,160 | | Total Liabilities (HKD thousands) | 864,906 | 868,862 | | Net Assets (HKD thousands) | 1,758,231 | 1,450,298 | - The annual loss was primarily attributable to: (1) approximately HKD 224 million in R&D and administrative expenses related to business expansion; (2) a non-cash goodwill impairment of approximately HKD 67.6 million due to the downturn in the photovoltaic industry; and (3) a non-cash impairment of approximately HKD 73 million on the associate company Weipin[17] Business Review and Outlook Company Overview The Group primarily engages in semiconductor and solar cell production equipment businesses and operates an oil and gas production project in China. The company operates its equipment business through the establishment and acquisition of various subsidiaries (e.g., Shanghai Pudat, Xinkai, Ruina Yiwu) and conducts crude oil sales through Hongbo Mining - The Group's core business comprises two main segments: first, productivity-driven equipment for semiconductors and solar cells; and second, an oil and gas production project operated in China[12] - The equipment business is primarily operated through subsidiaries such as Shanghai Pudat (sales and R&D), Xuzhou Pudat (manufacturing), Xinkai (LPCVD equipment), Pudat Technology, and Ruina Yiwu (solar equipment). Additionally, the Group strategically invested in Shenghongye (dry resist strip and epitaxy equipment)[13][15] - The oil and gas business is managed by the wholly-owned subsidiary Hongbo Mining, which engages in crude oil exploration, development, production, and sales, with total sales volume of 320,092 barrels and total sales revenue of approximately HKD 194 million in FY2024[15] Business Segment Review This fiscal year, both the semiconductor and solar businesses made technological and market progress, but revenue declined due to adjustments in the photovoltaic market. Oil and gas production remained stable, though revenue slightly decreased due to oil price fluctuations. A significant impairment was recognized for the mobility services investment due to intense market competition Semiconductor and Solar Cell Business The semiconductor cleaning equipment business progressed steadily, with CUBE and OCTOPUS series equipment achieving mass production and client acceptance, along with repeat orders. The LPCVD equipment portfolio continued to improve, with LP-SiN equipment already delivered to clients. The company's R&D investment accounted for 40.3% of total revenue, with expenses decreasing by 26.6% year-on-year. The solar business focused on product optimization to adapt to market adjustments - Semiconductor cleaning equipment business progressed smoothly: CUBE equipment entered mass production, with 8 clients cumulatively delivered; 12-inch OCTOPUS equipment completed major client verification and converted to a formal order; high-temperature sulfuric acid cleaning equipment OCTOPUS-HTSPM passed client performance tests[78] - LPCVD equipment product portfolio made progress: LP-SiN equipment has been delivered to clients; ALD-SiN equipment is nearing delivery; LP-POLY and ALD-SiOCN equipment completed major development and are nearing industrialization[81] - In FY2024, the company's R&D expenses were HKD 112 million, a 26.6% year-on-year decrease, accounting for 40.3% of total revenue[78] Oil and Gas Business Hongbo Mining successfully drilled 8 new wells in FY2024, with total crude oil production slightly increasing by 4.5% to 319,922 barrels. Despite increased sales volume, net revenue slightly decreased by 1.6% to HKD 155.2 million due to a drop in average selling price from HKD 617/barrel to HKD 606/barrel. Concurrently, unit production costs slightly rose due to new well depletion Oil and Gas Operating Metrics | Operating Metric | FY2023 | FY2024 | | :--- | :--- | :--- | | Average Daily Total Production (barrels) | 850 | 889 | | Average Unit Selling Price (HKD/barrel) | 617 | 606 | | Average Unit Production Cost (HKD/barrel) | 363 | 369 | | Average Unit Production Cost (Excluding Depreciation & Amortization) (HKD/barrel) | 151 | 175 | - Due to macroeconomic factors such as oil and gas price fluctuations, 1P and 2P net reserves as of March 31, 2025, decreased by 7.4% and 17.0% respectively[93] Mobility Services Business The company holds a 35.5% equity stake in the mobility services platform Weipin, accounted for as an associate. Due to intense market competition, leading platforms tend to partner with their own drivers, causing Weipin's performance to fall below expectations. Consequently, the company recognized an impairment loss of HKD 73 million on this investment in FY2024 - The company holds a 35.5% equity stake in Weipin, which ceased to be a controlled subsidiary in June 2021 and is now accounted for as an interest in an associate using the equity method[96] - Due to intense market competition, Weipin's performance continued to fall below management's expectations. As a result, the Group recognized an impairment loss of HKD 73 million on its investment in Weipin in FY2024[97][98] Outlook The company believes semiconductors and solar cells are global development trends and will focus on providing high-productivity technology solutions to clients. While geopolitical factors pose challenges, they also accelerate the self-sufficiency of China's semiconductor industry chain, creating market opportunities for the company. The company's long-term goal is to become a leader in the semiconductor cleaning and LPCVD equipment niche markets - Geopolitical factors are expected to accelerate the growth of China's wafer manufacturing capacity, providing the company with greater market space and opportunities to engage with leading clients[106] - The solar industry is entering an adjustment period, but high-efficiency technologies like TOPCon and BC, along with cost-reduction solutions such as copper plating, present opportunities for the company[107] - The company's short-to-medium term objectives are: 1. Consolidate its position in the semiconductor cleaning equipment market; 2. Launch and mass-produce semiconductor LPCVD equipment; 3. Commercialize key processes and innovative technologies[108] Financial Performance Analysis (MD&A) Overall Performance Review In FY2024, revenue decreased due to a significant 68.0% decline in equipment sales, primarily driven by the downturn in the photovoltaic industry. Gross profit fell by 22.2%. Through cost control, administrative and R&D expenses were substantially reduced. Despite goodwill and investment impairments, the annual loss narrowed from HKD 362 million to HKD 313 million, benefiting from expense control and some investment gains - Equipment and services sales decreased by 68.0% from HKD 386 million to HKD 124 million, primarily due to reduced solar equipment sales caused by the photovoltaic industry downturn[110] - Administrative expenses decreased by 39.7% to HKD 113 million, and R&D expenses decreased by 26.6% to HKD 112 million, mainly due to cost control measures and the completion of major product R&D[116][119] - An investment loss of HKD 42.9 million was recorded, primarily including a non-cash impairment of HKD 73 million on the associate Weipin, partially offset by gains from fund investments and an increase in the equity value of another associate[116][118] - A goodwill impairment loss of approximately HKD 67.6 million was recognized due to the recent downturn in the photovoltaic industry[117] - EBITDA loss improved from HKD 242 million to HKD 191 million[130] Liquidity and Capital Resources The Group primarily funds its operations through bank borrowings and proceeds from the Foxconn subscription. As of the fiscal year-end, it held cash and bank balances of HKD 408.7 million and outstanding loans of HKD 333.1 million. The gearing ratio (total borrowings/total assets) increased from 10.0% in the previous year to 14.4% Liquidity and Capital Resources (As of 2025/3/31) | Metric (2025/3/31) | Amount (HKD thousands) | | :--- | :--- | | Cash and Bank Balances | 408,700 | | Restricted Cash | 211,800 | | Outstanding Loans | 333,100 | - The gearing ratio (total bank and other borrowings to total assets) was approximately 14.4%, an increase from 10.0% in the prior year[137] Key Risk Management The Group faces key market risks including oil price fluctuations, currency exchange rates, liquidity, interest rates, credit, litigation, and driver management risks for its mobility services investment. The company continuously assesses these risks and takes measures when necessary, but currently does not engage in hedging activities aimed at managing foreign exchange or oil price risks - Key risks include: oil price risk, currency risk (primarily HKD, USD, RMB), liquidity risk, interest rate risk, credit risk, litigation risk, and driver management risk for the mobility services platform[138] - Oil price risk: Crude oil prices are influenced by various uncontrollable factors; the company continuously assesses this risk but does not hold hedging instruments[139] - Credit risk: Primarily arises from bank cash and trade receivables. Expected credit losses on trade receivables of HKD 3 million were recognized this year[143][144] Consolidated Financial Statements Consolidated Statement of Profit or Loss The financial report shows that for FY2024, the company's revenue was HKD 279 million, a 49% year-on-year decrease. Gross profit was HKD 64.0 million. Operating loss was HKD 311 million. After accounting for finance income, tax, etc., the net loss for the year was HKD 313 million, narrowing from a loss of HKD 362 million in the prior year. Basic loss per share was 4.105 HK cents Consolidated Statement of Profit or Loss (HKD thousands) | Item (HKD thousands) | FY2023 (Ended 2024/3/31) | FY2024 (Ended 2025/3/31) | | :--- | :--- | :--- | | Revenue | 543,638 | 278,829 | | Gross Profit | 82,203 | 63,959 | | Operating Loss | (344,594) | (311,254) | | Loss Before Tax | (349,361) | (303,800) | | Loss for the Year | (362,131) | (313,054) | | Basic Loss Per Share (HK cents) | (4.689) | (4.105) | Consolidated Statement of Financial Position As of March 31, 2025, the company's total assets were HKD 2.319 billion, comprising HKD 1.069 billion in non-current assets and HKD 1.250 billion in current assets. Total liabilities were HKD 869 million. Net assets (total equity) amounted to HKD 1.450 billion Consolidated Statement of Financial Position (HKD thousands) | Item (HKD thousands) | 2024/3/31 | 2025/3/31 | | :--- | :--- | :--- | | Assets | | | | Non-Current Assets | 1,193,392 | 1,069,191 | | Current Assets | 1,429,745 | 1,249,969 | | Total Assets | 2,623,137 | 2,319,160 | | Liabilities and Equity | | | | Current Liabilities | 770,536 | 761,840 | | Non-Current Liabilities | 103,066 | 98,326 | | Total Liabilities | 868,862 | 864,906 | | Net Assets | 1,758,231 | 1,450,298 | Summary of Notes to Financial Statements The notes detail the basis of financial statement preparation and key accounting policies. Revenue primarily derives from equipment sales and crude oil sales, reported by business segment (semiconductor and solar cell, oil and gas, and others). This year, a goodwill impairment of HKD 67.62 million was recognized for the solar business, along with an impairment of HKD 73.05 million for investments in associates. The company did not declare dividends or repurchase shares - Revenue is disaggregated by business line into equipment sales, crude oil sales, and services rendered. Specifically, equipment sales revenue decreased from HKD 369 million to HKD 106 million, and crude oil sales revenue decreased from HKD 158 million to HKD 155 million[41] - Due to the downturn in the photovoltaic industry, an impairment loss of HKD 67,622,000 was recognized for goodwill related to the solar cell cleaning equipment manufacturing business[64] - An impairment loss of HKD 73,045,000 was recognized for investments in associates, primarily Weipin[50][53] - For the year ended March 31, 2025, the company did not declare any dividends or repurchase its own shares on the Stock Exchange[73] Corporate Governance and Other Matters Significant Investments The Group's primary significant investment is in IDG Capital Project Fund II, L.P., with a fair value of HKD 169.8 million as of March 31, 2025, representing 7.3% of the Group's total assets. The company has committed to contribute USD 20 million to this fund, with USD 14.3 million already contributed Significant Investments | Investment Name | Investment Gain/(Loss) (HKD thousands) | Fair Value (HKD thousands) | Percentage of Total Assets | | :--- | :--- | :--- | :--- | | Fund Investment | 22,680 | 169,780 | 7.3% | Post-Reporting Period Events Subsequent to the reporting period, the company adopted a new share award scheme in April 2025 and granted over 50 million awards to 209 employees in May. Additionally, Mr. Lam Yuk Kai was appointed as a Non-Executive Director on June 27, 2025 - On April 29, 2025, the company adopted the "2025 Share Award Scheme"[164] - On May 14, 2025, a total of 50,140,086 awards were granted to 209 employees under the new scheme[165] - Mr. Lam Yuk Kai has been appointed as a Non-Executive Director, effective June 27, 2025[166] Corporate Governance The company is committed to high standards of corporate governance and has adopted relevant codes. The Audit Committee has reviewed the financial results for this fiscal year. The company has one deviation from the Corporate Governance Code, where the roles of Chairman and Chief Executive Officer are held by the same person (Dr. Liu Erzhong), which the Board believes enhances decision-making efficiency without compromising checks and balances - The Audit Committee has reviewed the annual consolidated financial statements with management and had no disagreement with the accounting treatments adopted[156] - The company deviates from Corporate Governance Code Provision C.2.1, as the roles of Chairman and Chief Executive Officer are not separated and are both held by Dr. Liu Erzhong[161]