康特隆(01912) - 2024 - 年度业绩

Financial Summary This section provides a high-level overview of the company's financial performance and position Financial Summary The report covers the fifteen months ended March 31, 2025, compared to the annual results for the year ended December 31, 2023, showing revenue of $76.963 million, gross profit of $2.072 million, and an expanded loss of $12.134 million for the period Financial Highlights (Thousand USD) | Indicator | Fifteen Months Ended March 31, 2025 (Thousand USD) | Year Ended December 31, 2023 (Thousand USD) | | :--- | :--- | :--- | | Revenue | 76,963 | 66,316 | | Gross Profit | 2,072 | 2,934 | | Loss for the Period | (12,134) | (9,749) | Consolidated Financial Statements This section presents the company's consolidated financial performance and position Consolidated Statement of Profit or Loss and Other Comprehensive Income During the fifteen-month reporting period, the company recorded $76.963 million in revenue, but gross profit declined to $2.072 million, with the loss for the period expanding to $12.134 million due to increased selling, administrative, and finance costs, resulting in a basic and diluted loss per share of 1.10 US cents Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand USD) | Item | Fifteen Months Ended March 31, 2025 (Thousand USD) | Year Ended December 31, 2023 (Thousand USD) | | :--- | :--- | :--- | | Revenue | 76,963 | 66,316 | | Gross Profit | 2,072 | 2,934 | | Selling and Distribution Expenses | (3,918) | (2,959) | | General and Administrative Expenses | (6,297) | (5,834) | | Finance Costs | (3,553) | (2,284) | | Loss Before Income Tax | (12,048) | (8,649) | | Loss for the Period/Year | (12,134) | (9,749) | | Basic and Diluted Loss Per Share (US Cents) | (1.10) | (0.89) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets decreased to $42.056 million from $54.189 million at the end of 2023, primarily due to reductions in inventories and trade receivables, while total liabilities decreased to $30.750 million and total shareholders' equity significantly reduced to $11.306 million Consolidated Statement of Financial Position (Thousand USD) | Item | As of March 31, 2025 (Thousand USD) | As of December 31, 2023 (Thousand USD) | | :--- | :--- | :--- | | Non-Current Assets | 10,059 | 11,046 | | Current Assets | 31,997 | 43,143 | | Of which: Inventories | 6,662 | 14,007 | | Of which: Trade and Bills Receivables | 13,860 | 19,047 | | Current Liabilities | 27,774 | 31,177 | | Of which: Bank and Other Borrowings | 18,273 | 20,565 | | Non-Current Liabilities | 2,976 | 415 | | Net Assets/Total Equity | 11,306 | 22,597 | Notes to the Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements Company Information and Basis of Preparation The Group primarily engages in customized reference design and sales of ICs and electronic components in Hong Kong and China, with the fiscal year-end changed to March 31, resulting in a 15-month reporting period, and the financial statements are prepared under Hong Kong Financial Reporting Standards with new amendments applied for the first time - The Group's principal activities involve providing customized reference designs for ICs and other electronic components to customers in Hong Kong and China[9] - The company's fiscal year-end has been changed from December 31 to March 31, with this reporting period covering fifteen months from January 1, 2024, to March 31, 2025, thus making the data not directly comparable to the prior 12-month period[11] - The Group first applied several amendments to Hong Kong Financial Reporting Standards effective January 1, 2024, including those on liability classification and supplier finance arrangements, which had no significant impact on the financial statements[13][15][17] Segment Information The Group operates a single segment focused on IC products and electronic component sales, with Hong Kong as the primary revenue source (over 85%), and mobile devices/smart charging and motor control as the two core product categories, collectively accounting for 95.5% of total revenue Revenue by Geographical Location (Thousand USD) | Region | Fifteen Months Ended March 31, 2025 Revenue (Thousand USD) | Year Ended December 31, 2023 Revenue (Thousand USD) | | :--- | :--- | :--- | | Hong Kong | 65,565 | 46,505 | | China | 11,398 | 19,811 | | Total | 76,963 | 66,316 | Revenue by Product Category (Thousand USD) | Product Category | Fifteen Months Ended March 31, 2025 Revenue (Thousand USD) | Year Ended December 31, 2023 Revenue (Thousand USD) | | :--- | :--- | :--- | | Mobile Devices and Smart Charging | 44,231 | 32,271 | | Motor Control | 29,253 | 26,612 | | Sensors and Automatic Control | 1,334 | 5,110 | | LED Lighting | 810 | 1,146 | | RF Power | 1,335 | 1,177 | | Total | 76,963 | 66,316 | Loss Before Income Tax The calculation of loss before income tax for the period includes several deductions, with the cost of inventories recognized as an expense, totaling $73.783 million, being the largest cost item, alongside significant amortization of intangible assets and employee benefit expenses Components of Loss Before Income Tax (Thousand USD) | Item | Fifteen Months Ended March 31, 2025 (Thousand USD) | Year Ended December 31, 2023 (Thousand USD) | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 73,783 | 62,148 | | Amortization of Intangible and Other Assets | 1,122 | 146 | | Employee Benefit Expenses | 5,036 | 4,148 | | Write-down of Inventories Included in Cost of Sales | 668 | 860 | Dividends and Loss Per Share During the reporting period, the company's board did not recommend any dividend distribution, and due to the expanded loss, basic and diluted loss per share increased from 0.89 US cents to 1.10 US cents, with diluted loss per share being identical to basic loss per share due to the absence of potentially dilutive shares - For the fifteen months ended March 31, 2025, the company did not pay or propose any dividends[33] Loss Per Share (US Cents) | Indicator | Fifteen Months Ended March 31, 2025 | Year Ended December 31, 2023 | | :--- | :--- | :--- | | Loss Attributable to Owners (Thousand USD) | (12,134) | (9,749) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,098,122 | 1,098,122 | | Basic Loss Per Share (US Cents) | (1.10) | (0.89) | Trade and Bills Receivables As of March 31, 2025, net trade and bills receivables significantly decreased to $13.86 million from $19.047 million at the end of 2023, with a typical credit period not exceeding four months and approximately 83% of receivables being not overdue or within 90 days Trade and Bills Receivables (Thousand USD) | Item | As of March 31, 2025 (Thousand USD) | As of December 31, 2023 (Thousand USD) | | :--- | :--- | :--- | | Net Trade Receivables | 13,220 | 16,277 | | Bills Receivable | 640 | 2,770 | | Total | 13,860 | 19,047 | - Customer credit terms typically do not exceed four months, though extended credit periods may be granted to certain key long-term customers, with senior management regularly reviewing overdue balances to control credit risk[38] Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook Business Review Despite the semiconductor industry entering a downturn due to global supply chain tensions and slow domestic economic recovery, the Group focuses on five major product categories and actively explores opportunities in emerging fields, with mobile devices and smart charging becoming the primary revenue source, increasing its share from 48.7% to 57.5% during the period - The semiconductor industry entered a downturn due to weak consumer electronics market demand, but strong chip demand in high-power renewable energy, energy storage, industrial automation, and artificial intelligence sectors presents new development opportunities for the company[43] - The Group focuses on five key product categories: (i) mobile devices and smart charging; (ii) motor control; (iii) sensors and automatic control; (iv) LED lighting; and (v) RF power[45] Revenue by Product Type (Thousand USD) | Product Type | Fifteen Months Ended March 31, 2025 Revenue (Thousand USD) | Revenue Share (%) | | :--- | :--- | :--- | | Mobile Devices and Smart Charging | 44,231 | 57.5% | | Motor Control | 29,253 | 38.0% | | Sensors and Automatic Control | 1,334 | 1.7% | | LED Lighting | 810 | 1.1% | | RF Power | 1,335 | 1.7% | | Total | 76,963 | 100% | Financial Review Total revenue for the 15-month period was $77 million, a 16.1% increase year-on-year, but gross profit decreased by 29.4% to $2.1 million and gross margin fell from 4.4% to 2.7% due to falling selling prices and inventory provisions, leading to an expanded loss for the period from $9.7 million to $12.1 million - Gross profit decreased by 29.4% year-on-year to $2.1 million, with gross margin falling from 4.4% to 2.7%, primarily due to lower profit margins on mobile devices and smart charging products and declining selling prices[48] - Selling and distribution expenses increased by $0.9 million to $3.9 million, mainly due to the amortization of development costs of approximately $0.8 million[50] - Finance costs increased by $1.3 million to $3.6 million, consistent with the rise in interest rates on bank and other borrowings[52] - Loss for the period increased by 24.5% from $9.7 million in 2023 to $12.1 million in the current period[54] Liquidity and Financial Resources As of March 31, 2025, the Group's cash and cash equivalents were $3.7 million, with net current assets of $4.2 million, and the gearing ratio increased from 47.6% to 64.7%, indicating higher leverage, while the weighted average annual interest rate for bank and other borrowings rose from 10.6% to 12.3% Liquidity and Financial Resources (Million USD) | Indicator | As of March 31, 2025 | As of December 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $3.7 million | $2.5 million | | Net Current Assets | $4.2 million | $12.0 million | | Gearing Ratio | 64.7% | 47.6% | | Bank and Other Borrowings | $18.3 million | $20.6 million | - The weighted average annual interest rate for bank and other borrowings was 12.3%, higher than 10.6% at the end of 2023[56] Employees and Remuneration Policy As of March 31, 2025, the Group's employee count significantly decreased from 91 to 39, while employee benefit expenses for the 15-month period were $5 million, representing 6.5% of total revenue, largely consistent with the previous year's $4.1 million (6.3%) - As of March 31, 2025, the Group's employee count was 39, a significant reduction from 91 as of December 31, 2023[58] - Employee benefit expenses for the fifteen-month period were $5 million, compared to $4.1 million for the year 2023[58] Corporate Governance and Other Information This section details the company's corporate governance practices and other relevant information Compliance with the Corporate Governance Code The company complied with most provisions of the Corporate Governance Code, with one deviation where the Chairman and Chief Executive Officer roles are held by the same person, Mr. Lam, an arrangement the Board believes ensures consistent leadership and efficient execution, balanced by other experienced directors - The company deviated from Corporate Governance Code Provision C.2.1, where the Chairman and Chief Executive Officer roles are held by the same person, Mr. Lam, an arrangement the Board believes promotes leadership consistency and execution efficiency, serving the overall interests of the company and its shareholders[60] Final Dividend The Board does not recommend the payment of a final dividend for the period ended March 31, 2025 - The Board does not recommend the payment of a final dividend for the period ended March 31, 2025[64] Audit Committee The Audit Committee, composed of three independent non-executive directors with Mr. Chan Kwok Kuen as Chairman, has reviewed the audited annual results for the period and confirmed their compliance with applicable accounting standards and disclosure requirements - The Audit Committee, comprising all independent non-executive directors, has reviewed the annual results and deemed them compliant with accounting standards and disclosure requirements[66]