Financial Performance - The group's revenue for the year ended December 31, 2023, was HKD 774,727,000, a decrease of 32.6% compared to HKD 1,149,762,000 in 2022[9]. - The group's gross profit for the year was HKD 224,288,000, down 26.6% from HKD 305,581,000 in 2022, with a gross profit margin increase of 2.4 percentage points to 29.0%[12]. - The net profit for the year was HKD 63,726,000, representing a decline of 43.3% compared to the previous year[3]. - Total revenue for the year was HKD 774,727,000, with a gross profit of HKD 224,288,000 (2022: revenue HKD 1,149,762,000, gross profit HKD 305,581,000)[55]. - The company's net profit decreased by 43.3% to HKD 63,726,000 for the year (2022: HKD 112,396,000), with basic earnings per share also down by 43.3% to HKD 10.6 (2022: HKD 18.7)[38]. - Basic earnings per share for 2023 were HKD 63,726,000, a decrease of 43.3% from HKD 112,396,000 in 2022[120]. - The proposed final dividend is HKD 0.02 per share, significantly lower than the previous year's HKD 0.05 per share, totaling HKD 12 million compared to HKD 30 million last year[101]. - The total dividend proposed for the year ending December 31, 2023, is HKD 12,000,000, down from HKD 30,000,000 in 2022, reflecting a reduction in the final dividend per share from 5 HKD cents to 2 HKD cents[138]. Revenue Breakdown - Revenue from the watch bands decreased by 21.7% to HKD 267,940,000, while revenue from mobile phone frames and parts fell by 42.8% to HKD 283,570,000[34][10]. - Revenue from smart wearable device frames and parts decreased by 23.4% to HKD 180,613,000[35]. - The group's revenue from mobile phone frames and components decreased to HKD 283,570,000 in 2023 from HKD 495,553,000 in 2022, representing a decline of approximately 42.7%[66]. - Revenue from watch bands fell to HKD 267,940,000 in 2023, down from HKD 342,189,000 in 2022, a decrease of about 21.6%[66]. - The total revenue for the group in 2023 was HKD 774,727,000, compared to HKD 1,149,762,000 in 2022, indicating a decline of approximately 32.6%[66]. Cost and Expenses - The cost of sales for the year included direct material costs, which accounted for approximately 45.0% of total sales costs (2022: 51.4%)[39]. - Research and development expenses decreased by 36.8% to HKD 29,670,000 (2022: HKD 46,926,000), primarily due to reduced salary expenses[42]. - The cost of inventory recognized as an expense was HKD 541,246,000 in 2023, compared to HKD 832,634,000 in 2022, reflecting a decrease of approximately 34.9%[69]. - The company reported a decrease in employee costs to HKD 295,377 million from HKD 402,862 million, reflecting a cost reduction strategy[118]. Assets and Liabilities - As of December 31, 2023, the group's inventory balance was HKD 60,358,000, a decrease of 34.6% from HKD 92,311,000 in 2022[21]. - The group's trade receivables as of December 31, 2023, were HKD 141,884,000, down from HKD 186,982,000 in 2022[22]. - The total assets less current liabilities amounted to HKD 1,011,947,000 (2022: HKD 1,014,638,000)[56]. - The company’s total equity was HKD 1,008,710,000 (2022: HKD 1,011,924,000)[56]. - The total liabilities decreased to HKD 126,942 million from HKD 176,249 million, indicating a reduction of approximately 28%[106]. - The group’s asset-liability ratio was 0.04 as of December 31, 2023 (2022: 0.09)[49]. Financing and Cash Flow - The financing costs for the year were HKD 4,271,000, a decrease of 26.1% from HKD 5,779,000 in 2022, mainly due to a reduction in average bank borrowings[18]. - The group reported a total interest expense of HKD 4,271,000 in 2023, down from HKD 5,779,000 in 2022, a reduction of about 26.0%[68]. - As of December 31, 2023, the group's total outstanding bank borrowings amounted to HKD 50,033,000, significantly reduced from HKD 118,287,000 in 2022, a decrease of about 57.7%[74]. - The group had available undrawn bank financing totaling HKD 201,452,000 as of December 31, 2023, compared to HKD 195,569,000 in 2022, an increase of approximately 3.0%[75]. - Trade payables decreased to HKD 85,776 million from HKD 110,616 million, indicating improved cash flow management[106]. Operational Changes - The group decided to delay the completion of the first phase of the new factory to 2025 to conserve financial resources in response to global economic challenges[8]. - The total number of employees decreased to 2,495 in 2023 from 3,301 in 2022, a reduction of about 24.4%[79]. - The company plans to apply for a 200% tax deduction on eligible R&D expenses, which may positively impact future profitability[98]. - The company aims to improve operational efficiency and resource utilization to enhance profitability and achieve sustainable growth amid global economic challenges[54]. Trade Receivables Management - The company's trade receivables amounted to HKD 141,884 million, down from HKD 186,982 million in the previous year, reflecting a reduction of approximately 24%[102]. - Trade receivables as of January 1, 2022, amounted to HKD 490,460,000, with overdue trade receivables at HKD 54,037,000 as of December 31, 2023, down from HKD 95,338,000 in 2022[124][127]. - The company reported overdue trade receivables of HKD 5,953,000 for over 90 days, significantly reduced from HKD 17,020,000 in 2022[127]. - The total amount of trade receivables overdue between 31 to 60 days decreased to HKD 57,075,000 in 2023 from HKD 74,685,000 in 2022[126]. - The total trade payables for 2023 were HKD 85,776,000, a decrease from HKD 110,616,000 in 2022[130]. Compliance and Governance - The company has adhered to all applicable corporate governance codes throughout the year[132]. - The group expects no significant impact on the consolidated financial statements from the application of the revised Hong Kong Financial Reporting Standards in the foreseeable future[64].
盈利时(06838) - 2023 - 年度业绩