Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,611,568,000, representing a 9.6% increase from HKD 1,470,952,000 in 2023[3] - Gross profit decreased by 7.2% to HKD 247,329,000 from HKD 266,408,000 in the previous year[3] - Shareholders' profit attributable to the company increased by 91.8% to HKD 7,818,000, compared to HKD 4,076,000 in 2023[3] - Earnings per share rose by 90.7% to HKD 1.64 from HKD 0.86 in the prior year[3] - The company reported a net profit of HKD 8,945,000 for the year, significantly up from HKD 975,000 in 2023[6] - Total comprehensive income for the year was a loss of HKD 50,537,000, compared to a gain of HKD 39,859,000 in the previous year[6] - Operating profit for the group increased to HKD 63,387,000 in 2024 from HKD 60,183,000 in 2023, resulting in an operating margin of 3.9%[15][22] - The company reported a pre-tax profit of HKD 18,400,000 for 2024, up from HKD 11,894,000 in 2023, indicating a significant improvement in profitability[15][24] Assets and Liabilities - Non-current assets totaled HKD 1,494,114,000, slightly down from HKD 1,505,511,000 in 2023[7] - Current assets decreased to HKD 1,653,763,000 from HKD 1,663,607,000 in the previous year[7] - Total liabilities increased to HKD 1,652,549,000 from HKD 1,623,253,000 in 2023[8] - The company's net asset value decreased to HKD 1,495,328,000 from HKD 1,545,865,000 in the previous year[8] - Accounts receivable increased to HKD 699,564,000 in 2024 from HKD 667,016,000 in 2023, with a provision for losses of HKD 39,370,000[29] - The company's net debt ratio as of December 31, 2024, was 53.1%, an increase from 50.6% in 2023, with net debt amounting to approximately HKD 793.88 million[42] - The company's net working capital as of December 31, 2024, was approximately HKD 147.19 million, a decrease of about HKD 36.64 million from HKD 183.83 million in 2023[43] Market Performance - Revenue from the mainland China market increased to HKD 1,218,675,000 in 2024, up from HKD 1,046,688,000 in 2023, showing strong growth in this region[18] - The company’s total non-current assets in mainland China were valued at HKD 1,314,192,000 as of December 31, 2024, slightly down from HKD 1,330,438,000 in 2023[18] - The company achieved a revenue of approximately HKD 1,611,568,000 for 2024, representing a 9.6% increase compared to the previous year[33] Dividends - The board declared a final dividend of HKD 0.49 per share for the year ending December 31, 2024, compared to no dividend in 2023[27] - The board proposed a final dividend of HKD 0.49 per ordinary share for the year ending December 31, 2024, compared to no dividend in 2023[52] - The final dividend is subject to approval at the 2025 Annual General Meeting and is expected to be paid on or around August 29, 2025[52] Strategic Initiatives - The company is focusing on developing cutting-edge solutions related to artificial intelligence and energy storage applications to meet growing demand[34] - Strategic partnerships have been established in 2024 to co-develop innovative solutions that meet market needs, expected to open new revenue streams[34] - The company is diversifying its supply chain and exploring alternative procurement strategies to mitigate external challenges such as trade tensions[35] - The company aims to enhance operational efficiency and profitability while expanding market share and developing innovative solutions to meet changing market demands[44] - The company is expanding its production capacity at a new facility in Qingyuan, China, to enhance operational efficiency and support high-quality product offerings in existing and new markets[45] - Despite challenges such as intense competition and regulatory uncertainties, the company remains optimistic about growth opportunities in the AI and energy storage markets[45] - The company is committed to leveraging its expertise and strategic partnerships to drive sustainable growth and create long-term value for shareholders[46] Employee and Governance - The group employed a total of 2,227 employees as of December 31, 2024, compared to 2,200 employees in 2023[47] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the year[49] - The audit committee reviewed the full-year results for the year ending December 31, 2024, confirming consistency with the consolidated financial statements[51] - There were no purchases, sales, or redemptions of the company's shares during the year up to the announcement date[48] - The company adopted the standard code for regulating directors' conduct in securities trading, with all directors confirming compliance for the year[50] - The annual report containing all required information will be sent to shareholders by April 30, 2025[55] - The company will suspend share transfer registration from June 30, 2025, to July 4, 2025, to determine shareholder eligibility for the final dividend[54] - The board expressed gratitude to all employees, customers, suppliers, banks, and shareholders for their support[56] Economic Outlook - In 2024, the global GDP growth is projected to be 3.2%, a decrease of 0.1 percentage points from 2023, with developed economies growing at 1.7% and emerging Asian economies at 5.2%, including China at 4.8%[38] - The AI market is expected to reach 826.73 billion by 2030[39] - The renewable energy sector is expected to dominate global electricity generation in the coming decades, with increasing demand for energy storage solutions driven by climate change and sustainability initiatives[40]
万裕科技(00894) - 2024 - 年度业绩