珩湾科技2024年报

Stock Code: 1523 Annual Report2024 Contents目錄 2Corporate Information4Chairman’s Statement8Financial Summary10Management Discussion and Analysis22Corporate Governance Report38Profile of Directors and Senior Management42Report of the Directors52Environmental, Social and Governance Report70Independent Auditor’s Report77Consolidated Statement of Profit or Loss andOther Comprehensive Income78Consolidated Statement of Financial Position80Consolidated Statement of Changes in Equity81Consolidated Statement of Cash Flows83Notes to Financial Statements176Five Year Financial Summary Corporate Information公司資料 董 事會執行 董 事202410 2 BOARD OF DIRECTORS Executive Directors Mr. Chan Wing Hong Alex(Chairman)Mr. Chau Kit WaiMr. Chong Ming PuiMr. Yeung YuMs. Chiu Chi Ying (appointed on 2 October 2024) 獨立非 執行 董 事 Independent Non-Executive Directors Dr. Yu Kin TimMr. Ho Chi LamMr. Wan Sze Chung 審 核 委 員會 AUDIT COMMITTEE Mr. Wan Sze Chung(Chairman)Dr. Yu Kin TimMr. Ho Chi Lam 提 名委 員會 NOMINATION COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Dr. Yu Kin TimMr. Wan Sze Chung 薪 酬 委 員會 REMUNERATION COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Dr. Yu Kin TimMr. Wan Sze Chung 風 險 管 理 委 員會 RISK MANAGEMENT COMMITTEE Mr. Chan Wing Hong Alex(Chairman)Mr. Chau Kit WaiMr. Yeung Yu 公司 秘 書 COMPANY SECRETARYMs. Wang Yu 註 冊 辦 事處 REGISTERED OFFICE P.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands P.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands 香 港 總部及 主 要營業 地 點 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 935B Unit B, 5/F, Dragon Industrial Building93 King Lam StreetLai Chi KokKowloonHong Kong 核 數 師 AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor 開曼群島股份 過 戶登 記 總 處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE IN THE CAYMANISLANDS Vistra (Cayman) LimitedP.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands 主 要 銀 行 PRINCIPAL BANKS The Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation Limited 香 港股份 過 戶登 記分處 HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 愨1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 股份 代 號1523 STOCK CODE1523 網站www.ploverbay.com WEBSITEwww.ploverbay.com Chairman’s Statement主席報告 致 各 位 股 東 及 夥 伴， Dear shareholders and partners, 里 程 碑 與 成長的一年 A year of milestones and growth 182024 In our 18 years’ journey, we have just one single focus. That’s tomake connectivity more reliable, faster and usable in all kinds of usecases and locations. 2024 was a very exciting year for us, as we haveachieved a couple of milestones. 首 次 突破1億 美 元營收 Exceeded USD100M mark for the first time 24%1.17Starlink50Peplink-StarlinkStarlink Our sales rose 24% year-on-year to about US$117 million. We believethe growth of sales can be attributed to several factors. Since ourcollaboration with Starlink began early last year, over 50 resellershave signed up for our Peplink-Starlink channel program. Throughoutthe year, our partners have also held numerous marketing and partnertraining events which, coupled with the Starlink program, haveaccelerated the growth of our channel. Ourpar tners continue to win much larger and sophisticateddeployments. Many of these are multi-year deployments. Theseinclude connectivity products being installed in vehicles, trains, andvessels to provide reliable communications. Mining and constructionsites, branch networks, content creators and movie makers, all benefitfrom our partners’ connectivity solutions based on our products. Ourproducts are also deployed in remote healthcare, fire fighting, andambulances to help save lives and protect assets. 1 Crossing the US$100M mark may not be groundbreaking in ourindustry, but for our team, it’s a powerful validation that we are onthe right path. Plover Bay’s approach may not be glamorous, but it isbuilt on passion, dedication, and strong partnerships, which continueto drive our success. We are very confident that our approach willcontinue to drive growth with our ecosystem partners at an evenfaster pace in the coming years. 服務 收 入 持 續 成長 Growing service revenues 3,20012%28% While recurring revenue grew 12% YoY to US$32M, its percentage oftotal sales remained stable at 28%. At first glance, recurring revenuegrowth seems to have lagged our overall growth. However, strongleading indicators suggest accelerated growth ahead: 202436%*30.5%34.1% •Subscription revenue collected in 2024 increased by 36% YoY.•Subscription take-up rate* grew from 30.5% to 34.1% YoY. This signals a healthy trajectory for our recurring revenue model inthe coming years. *=5 *Take up rate is calculated by number of active subscriptions/number of devices nolonger covered by embedded warranty and sold within the