利民实业2024 年报

Corporate Information2Chairman’s Statement3Management Discussion and Analysis7Biographical Details of Directors and Senior Management12Report of the Directors17Corporate Governance Report35Independent Auditor’s Report53Consolidated Statement of Profit or Loss63Consolidated Statement of Profit or Loss and64other Comprehensive IncomeConsolidated Statement of Financial Position65Consolidation Statement of Changes in Equity66Consolidated Statement of Cash Flows68Notes to the Consolidated Financial Statements70Five Years Financial Summary148 Corporate Information公司資料 BOARD OF DIRECTORS Executive Directors 202511 Dr. WONG, Man Hin Raymond(Chairman)Mr. WONG, Ying Man John(Vice Chairman)Mr. MOK, Kin HingDr. WONG, Yin Wai (appointed on 1 January 2025) Non-Executive DirectorsDr. WONG, Kin Lae WilsonMr. WONG, Ying Kit David Independent Non-Executive DirectorsMr. LO, Kwong Shun WilsonMs. LING, Kit Sum ImmaDr. KO, Siu Fung Stephen PRINCIPAL BANKERS The Bank of East Asia, LimitedShanghai Commercial Bank Limited AUDITORS RSM Hong KongCertified Public Accountants29th Floor, Lee Garden Two28 Yun Ping RoadCauseway Bay, Hong Kong COMPANY SECRETARY Ms. Liu Pui Yee REGISTERED OFFICE 8181806-1813 Rooms 1806-1813, 18th FloorGrandtech Centre8 On Ping StreetShatin, New TerritoriesHong Kong SHARE REGISTRARS AND TRANSFER OFFICE 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastHong Kong Chairman’s Statement主席報告 20241231 I am pleased to present the annual results of the Companyand its subsidiaries (collectively the “Group”) for the yearended 31 December 2024. 202420242024 During the financial year (“FY”) of 2024, the Group facedstrong challenges of continuous geopolitical tensions andrising interest rates that resulted in inflationary pressuresand lower sales demand worldwide. To alleviate the impactof these uncertainties, the Group opted to exercise financialprudence to lower safety stock to an optimal level, and tooptimize fixed costs usage by investing in new machineriesprudently for confirmed new business, and adopting efficientcost cutting measures to cope with significant sudden dropin sales demand worldwide in the home environmentalproduct category as consumers in China, Japan and Korea,facing higher unemployment rate and weakened domesticcurrencies during 2024, spent less money on health relatedconsumer products. Nevertheless, the Group managed totackle each challenge and launched more new innovativeproducts during 2024 in the grooming product categoriesthat helped consumers to look smart when they went out towork and socialize. 20241,075,732,00021.06%45,219,000202367,871,00033.38%9.02202367,871,00013.542024 Despite launching new grooming products in nichemarkets, for FY2024, the Group’s consolidated turnoverdecreased to HK$1,075,732,000, representing a decreaseof approximately 21.06% as compared with the sameperiod in the previous year. Net profit of the Group wasHK$45,219,000, representing a decrease of approximately33.38%, as compared with the net profit of HK$67,871,000for the same period in FY2023; and representing basicearnings per share of 9.02 Hong Kong cents (net profit inFY2023 was HK$67,871,000, with basic earnings per shareof 13.54 Hong Kong cents). The decrease in net profit wasattributable to the fact that despite the Group’s business hadbetter gross margins for new products and better control ofexpenses, significant decrease in sales revenue in FY2024inevitably increased per unit fixed costs that caused netprofit to go down. Chairman’s Statement主席報告 202477,239,0002024349,130,000202470,158,0002024367,415,000 Cash generated from operations was HK$77,239,000in FY2024. Net cash and cash equivalents at the end ofFY2024 was HK$349,130,000 (of which HK$70,158,000was dividend paid out during FY2024) as compared withHK$367,415,000 at the beginning of FY2024. The positiveoperating cash flow and substantial cash balances enablethe Group to continue paying dividends to the shareholders.At the same time, the Group continues to invest excess cashin research and development (“R&D”), new technology andautomation equipment. Consequently, the Group continuesto qualify as a High and New Technology Enterprise (“HNTE”)in The People’s Republic of China (the “PRC”). 202437,931,000202340,505,000 In FY2024, the Group invested HK$37,931,000 (comparedwith HK$40,505,000 in FY2023) to purchase new injectionmoulding machines, procure more high precision laboratorytesting equipment to upgrade our R&D and operationalcapabilities, build new toolings for new products, hireconsultants to work on finance digital transformation toenhance faster data processing and analysis, and to realizea paperless finance operation. Part of the above-mentionedcapital expenditure was related to new R&D projects to fulfillthe HNTE minimum annual investment requirement; and weexpect the investment in these R&D projects will improve ouroperational efficiency, e