Financial Performance - The company achieved a robust organic revenue growth of 14.1% to HKD 718.0 million for the year ended December 31, 2023, with imaging disposable products growing by 20.0% and respiratory products by 9.6%[4]. - The company turned a profit in 2023, recording a net profit attributable to shareholders of HKD 57.3 million, compared to a net loss of HKD 17.4 million in 2022[4]. - The group’s total revenue for 2023 reached HKD 717,973,000, an increase from HKD 629,242,000 in 2022, representing a growth of approximately 14.1%[24]. - The company reported a gross profit of HKD 240.4 million for 2023, compared to HKD 165.4 million in 2022, reflecting a gross margin improvement[5]. - Operating profit for the year was HKD 65.8 million, a significant turnaround from an operating loss of HKD 11.0 million in the previous year[5]. - The overall segment profit for 2023 was HKD 90,548,000, compared to HKD 13,796,000 in 2022, indicating a significant improvement[34]. - The company reported a consolidated profit before tax of HKD 66,915,000, a turnaround from a loss of HKD 15,516,000 in the previous year[34]. - The company's profit for 2023 was HKD 57,275,000, a significant recovery from a loss of HKD 17,398,000 in 2022[43]. Revenue Breakdown - Revenue from respiratory products amounted to HKD 274,853,000 in 2023, up from HKD 250,802,000 in 2022, reflecting an increase of about 9.6%[24]. - Revenue from imaging disposable products was HKD 285,570,000 in 2023, compared to HKD 238,021,000 in 2022, marking an increase of approximately 19.9%[24]. - The group’s revenue from orthopedic support and rehabilitation devices was HKD 58,704,000 in 2023, down from HKD 69,064,000 in 2022, reflecting a decrease of about 15.0%[24]. - The group’s revenue from the United States market was HKD 259,719,000 in 2023, a decrease from HKD 354,565,000 in 2022, representing a decline of approximately 26.7%[24]. - The group’s revenue from Spain increased significantly to HKD 168,738,000 in 2023 from HKD 8,175,000 in 2022, indicating a substantial growth of approximately 1955.5%[24]. - The OEM segment generated revenue of HKD 505,520,000, up from HKD 435,602,000, representing a growth of 16.0%[34]. - The OBM segment reported revenue of HKD 212,453,000, an increase of 9.7% from HKD 193,640,000[34]. Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.015 per share for the year, resulting in a total dividend of HKD 0.0275 per share for 2023, up from HKD 0.025 per share in 2022, with a payout ratio of 31.4%[4]. - The total dividend for 2023 is HKD 2.75 per share, with a payout ratio of 31.4%, compared to HKD 2.5 per share in 2022[88]. - The company plans to distribute a final dividend of HKD 1.5 per share, pending shareholder approval at the upcoming annual general meeting[42]. Assets and Liabilities - Total assets increased to HKD 786.6 million in 2023 from HKD 726.7 million in 2022, with total equity rising to HKD 543.1 million from HKD 498.6 million[8]. - The company’s cash and cash equivalents increased to HKD 175.8 million in 2023 from HKD 159.3 million in 2022, indicating improved liquidity[8]. - The company’s non-current assets totaled HKD 213.9 million in 2023, up from HKD 177.4 million in 2022, reflecting ongoing investments in fixed assets[8]. - The company’s total borrowings decreased to HKD 21.0 million from HKD 38.5 million in 2022, resulting in a net capital debt ratio of 0.04, down from 0.08[76]. - The company has no contingent liabilities as of December 31, 2023[86]. - The company has no assets pledged as collateral as of December 31, 2023[83]. Operational Efficiency and Strategy - The company plans to focus on long-term development by enhancing production efficiency, expanding capacity, and automation, alongside adopting a "Made in China for China" strategy to improve profitability[4]. - The company has commenced construction of a new production facility in Jiangmen, Guangdong, to enhance operational efficiency and support new product categories[49]. - The company plans to complete a new production facility in Jiangmen, Guangdong by the end of 2025, which is expected to enhance capacity and automation, facilitating market expansion in China[59]. - The company reported a decrease in inventory provisions from HKD 34,913,000 in 2022 to HKD 4,678,000 in 2023, indicating improved inventory management[39]. Research and Development - The company continues to invest in research and development, regulatory compliance, and quality assurance to expand its product portfolio and support long-term growth strategies[4]. - Research and development expenses for the year were HKD 36.1 million, representing 5.0% of total revenue, slightly down from 5.8% in 2022[66]. Employee and Governance - As of December 31, 2023, the total number of full-time employees was 1,264, an increase from 1,226 in 2022[77]. - Employee costs, including directors' remuneration, amounted to HKD 194.3 million, representing 27.1% of the group's revenue, down from 30.6% in 2022[77]. - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[101]. Miscellaneous - The group adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a significant impact on the financial position or performance for the current and prior years[16]. - The group expects that the adoption of new accounting standards will not significantly affect the consolidated financial statements in the future[21]. - There were no significant acquisitions or disposals of subsidiaries or associates during the year[81]. - The board has not established a foreign currency hedging policy, but it monitors foreign currency risks closely[84]. - The annual general meeting is scheduled for May 22, 2024[87]. - The annual performance announcement and annual report for the year ending December 31, 2023, will be sent to shareholders and available on the company's website[99]. - The board expresses gratitude to stakeholders and business partners for their continuous support, acknowledging the contributions of management and all employees[100].
永胜医疗(01612) - 2023 - 年度业绩