【For immediate release】
(Stock Code: 1305.HK)
Wai Chi Holdings Announces Annual Results
Total Revenue Increased 19.5% while Profit for the Year Increased 28.2% Automobile Onboard Display Backlight Sales Expanded Rapidly by 22.6%
(Hong Kong, 31 March 2025)-an established LED products manufacturer Wai Chi Holdings
Company Limited ("Wai Chi Holdings", or the "Company", together with its subsidiaries collectively known as the "Group") (Stock Code: 1305.HK) is pleased to announce its annual results for the year ended 31 December 2024 ("the year under review"). The total revenue for the year under review was approximately HK$2,372,277,000, representing an increase of 19.5% compared to approximately HK$1,985,768,000 for the year ended 31 December 2023("2023"). Considering the core business segments, being LED backlight and LED lighting products, the Group's core revenue was approximately HK$2,084,200,000, representing an increase of 17.3% as compared to approximately HK$1,776,801,000 for the year ended 31 December 2023. The
Group's overall gross profit was approximately HK$346,106,000, representing a substantial increase of 28.9% from approximately HK$268,601,000 in 2023. Overall gross profit margin was 14.6% in 2024, representing an increase of 1.1 percentage points from 13.5% in 2023. Profit for the year attributable to owners of the Company amounted to approximately HK$46,679,000 (2023: approximately HK$36,417,000), increasing approximately 28.2% year-on-year. Basic earnings per share was HK21.2 cents (2023: HK16.8 cents).
The revenue from one of the Group's major business segments, the sales of LED backlight products was approximately HK$1,958,443,000 (2023: approximately HK$1,656,359,000), representing an increase of 18.2%. Among them, the sales of automobile onboard display backlights once again hit a record high of approximately HK$1,827,836,000 (2023: approximately HK$1,491,407,000), an increase of approximately 22.6%. LED backlight for television displays recorded a 13.2% increase in sales, amounting to approximately HK$28,030,000 (2023: approximately HK$24,759,000). Equipment display backlight products recorded a decrease of 26.8% in revenue from HK$140,193,000 for the year ended 31 December 2023 to HK$102,577,000 for the year under review.
The revenue from the Group's other major business segment, LED lighting service was approximately HK$125,757,000 (2023: approximately HK$120,442,000). Revenues from public and commercial lighting were approximately HK$25,515,000 and HK$100,242,000, respectively (2023: approximately HK$1,826,000 and HK$118,616,000). The notable rise in the public lighting service was largely driven by lighting initiatives within the public school system of the PRC. Nevertheless, with the completion of these projects, the Group does not anticipate a sustained pattern of accelerated expansion in this sector. The decline in sales within the
commercial lighting sector stemmed from a reduction in orders from the Group's primary market in Europe.
During the year under review, the revenue generated by the semiconductor memory chip business amounted to approximately HK$288,077,000, representing an increase of 37.9% (2023: approximately HK$208,967,000). As a non-core segment, the Group plans to sustain a baseline level of activity within this sector while channelling limited resources in the foreseeable future.
The Group's R&D centre is located at its production plant in Huizhou, providing strong technical and R&D support for its business. The Group has achieved a number of technological advancements and breakthroughs over the years, and as of 31 December 2024, the Group holds 288 patents registered in the PRC.
Mr. Chen Chung Po, Chairman, CEO and Executive Director of the Group concluded, "In the past year, due to the continuous advancement of AI technology and the increasing demand for high-performance display solutions, the LED industry has continued to prosper. Particularly, the demand for automotive display panels has significantly increased, driving a notable rise in sales volume of LED backlight products for the Group and achieving exciting revenue results. This achievement would not have been possible without the efforts of all employees, the support from shareholders, and the trust of our customers. Looking ahead, intense industry competition will drive LED manufacturers towards a more scalable and integrated direction. As a leading manufacturer in the industry, the Group will persist in research and development innovation, cost control, and drive new growth. We will continue to strive to meet market demands and maintain our competitive edge."
About Wai Chi Holdings Company Limited (Stock Code: 1305.HK)
Wai Chi Holdings Company Limited is a top high-quality LED products manufacturer established in Hong Kong over 30 years ago with comprehensive production facilities in Shenzhen and Huizhou in the Guangdong province. The Group's operations cover research and development ("R&D"), design, manufacturing, sales, etc. It was recognised as the world's largest manufacturer of LED backlights for automobile onboard displays, in terms of product shipment. It also offers comprehensive lighting energy management solutions for sizeable business corporations and public utilities. The Group was listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2014 and its stock code is 1305.HK.
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Financial Asia Group (HK) Limited Tel: (852) 2511 2088 Email：waichi@finasia-group.com