Financial Performance - Revenue for the fiscal year ended December 31, 2023, decreased by 32.6% to HKD 774,727,000 compared to HKD 1,149,762,000 in 2022[21] - Net profit for the same period fell by 43.3% to HKD 63,726,000, down from HKD 112,396,000 in 2022[21] - Basic earnings per share decreased by 43.3% to HKD 10.6, compared to HKD 18.7 in the previous year[21] - Gross profit for the year decreased by 26.6% to HKD 224,288,000, with a gross profit margin increase of 2.4 percentage points to 29.0%[54] - Administrative and other expenses decreased by 11.3% to HKD 112,291,000, primarily due to reduced salary and maintenance costs[33] - Research and development expenses decreased by 36.8% to HKD 29,670,000, mainly due to lower salary expenses[60] Revenue Breakdown - Revenue from mobile phone frames and parts dropped by 42.8% due to geopolitical tensions affecting customer orders[12] - Revenue from straps and fashion accessories declined by 21.7% and 44.0%, respectively, due to reduced demand for luxury goods[22] - Revenue from popular jewelry decreased by 44.0% to HKD 42,604,000, compared to HKD 76,105,000 in 2022[30] - Revenue from smart wearable device frames and parts decreased by 23.4% year-on-year[151] - For the year ended December 31, 2023, the group's revenue was distributed as follows: 31.3% in HKD, 27.1% in RMB, and 41.6% in USD, compared to 14.3%, 37.6%, and 48.1% respectively in 2022[97] Assets and Liabilities - The total assets as of December 31, 2023, were HKD 1,192,807,000, a decline of 9.4% from HKD 1,316,034,000 in 2022[8] - The total borrowings decreased significantly by 57.7% to HKD 50,033,000 from HKD 118,287,000 in 2022[8] - The group's trade receivables as of December 31, 2023, were HKD 141,884,000, down from HKD 186,982,000 in the previous year, with a turnover period of 77.5 days[36] - The group's cash and bank balances amounted to HKD 317,161,000, an increase from HKD 270,794,000 in 2022[37] - The group maintained a healthy liquidity position with net current assets of HKD 381,265,000 as of December 31, 2023, compared to HKD 364,795,000 in the previous year[37] - The total outstanding bank borrowings were HKD 50,033,000 as of December 31, 2023, significantly reduced from HKD 118,287,000 as of December 31, 2022, with 85.5% in HKD and 14.5% in RMB[95] - The group's debt-to-asset ratio was 0.04 as of December 31, 2023, down from 0.09 a year earlier[96] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.02 per share, down from HKD 0.05 in 2022, resulting in a total dividend of HKD 0.035 for the year[11] - As of December 31, 2023, the company's reserves available for distribution to shareholders were approximately HKD 334.9 million, slightly down from HKD 335.6 million in 2022[141] - The company has adopted a dividend policy aiming for a payout ratio of at least 30% of the profit attributable to shareholders for each financial year[142] Operational Strategies - The company plans to delay the completion of the first phase of its new factory to 2025 to conserve financial resources amid economic uncertainties[27] - The company emphasizes improving operational efficiency and resource utilization to enhance profitability and achieve sustainable growth amid global economic challenges, including escalating US-China trade sanctions and geopolitical tensions[71] - The group is committed to maintaining consistent and sustainable long-term profitability as a top priority while focusing on revenue enhancement[71] - The company is focusing on high-end customers and expanding its product range to include mobile and wearable devices to mitigate risks associated with economic downturns[148] Environmental and Social Responsibility - The group is committed to environmental protection and resource efficiency in its operations and decision-making processes[119] - The group has established environmental monitoring systems in its Chinese factories to ensure compliance with local environmental regulations[136] - The group emphasizes strict adherence to environmental laws and regulations, regularly monitoring its operational impact on the environment[120] - The group has implemented additional waste management measures for hazardous waste, ensuring proper disposal by qualified companies[121] - The company made charitable contributions totaling HKD 121,000 during the year, down from HKD 289,000 in the previous year[144] Governance and Compliance - The board consists of ten members, including six executive directors and four independent non-executive directors, ensuring a diverse governance structure[160] - The company established an Audit Committee on June 25, 2011, which is composed entirely of independent non-executive directors[166] - The Audit Committee reviews accounting policies and oversees the financial reporting process of the company[167] - The company held two meetings of the Remuneration Committee during the year ending December 31, 2023, to review and approve performance-linked bonus proposals[169] - The Nomination Committee held one meeting to review the structure, size, and composition of the board, assessing the independence of non-executive directors[171] - The company has a diversity policy for board members, which is reviewed annually to ensure its effectiveness[172] - The company’s governance structure includes a clear delineation of responsibilities among the board and its committees, ensuring compliance with applicable laws and regulations[168] - The company’s risk management and internal control systems are regularly reviewed for effectiveness, with recommendations made to improve identified weaknesses[177] Financial Reporting - The company has applied new Hong Kong Financial Reporting Standards and amendments effective from January 1, 2023, impacting the preparation of consolidated financial statements[199] - The company reported audit fees of HKD 1,618,000 for audit services and HKD 340,000 for non-audit services in the past three years[182] - The company is committed to timely communication with shareholders and investors through various platforms as outlined in its shareholder communication policy[181]
盈利时(06838) - 2023 - 年度财报