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Public company info - Yorkey Optical International (Cayman) Ltd. , 02788.HK
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Yorkey Optical International (Cayman) Ltd., 02788.HK - Company Profile
Chairman Lai I Jen
Share Issued (share) 818,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Industrial Goods
Corporate Profile Business Summary: The Group is principally engaged in the manufacturing and sales of plastic and metallic parts and components of optical and opto-electronic products and manufacturing and sales of molds and cases, including plastic and metallic parts and components of digital still cameras (“DSCs”), action cameras, copier-based multifunction peripherals, surveillance cameras, projectors and advanced TVs, etc. Performance for the year: The Group’s revenue for FY2020 was US$48,932,000, representing a decrease of approximately 19.7% as compared with US$60,917,000 in the previous financial year. The Group’s gross profit for FY2020 was US$10,419,000 and the gross profit margin was approximately 21.3% (FY2019: gross profit of US$14,462,000 and gross profit margin of approximately 23.7%), representing a decrease of US$4,043,000 or 28% as compared with those in FY2019. The Group’s net loss for FY2020 was US$1,835,000 and the net loss margin was approximately 3.8% (FY2019: net profit of US$5,036,000 and net profit margin of approximately 8.3%). Business Review The Group recorded revenue of US$48,932,000 in FY2020, representing a decrease of approximately 19.7% as compared with US$60,917,000 in the financial year ended 31 December 2019 (“FY2019”). The Group recorded net loss of US$1,835,000 in FY2020, compared with net profit of US$5,036,000 in FY2019. The change in net profit of the Group is due to multiple factors, which mainly include: (1) the decrease in revenue in FY2020 as compared with that in FY2019 mainly attributable to the impact of the respiratory illness caused by novel coronavirus (COVID-19) (“COVID-19 pandemic”) on supply chain management across the industry, which has led to a global recession and the weak market demand, and the continuous weak performance of the DSCs industry; (2) the decrease in gross profit in FY2020 as compared with that in FY2019, which was mainly attributable to the decrease in revenue and the reduced efficiency in economies of scale; and (3) as the functional currency of a subsidiary of the Company is Renminbi whilst certain financial assets of such subsidiary are denominated in United States Dollars, and the depreciation of United States Dollars against Renminbi, the Group recorded exchange loss of US$2,733,000 in FY2020, compared with exchange gain of US$968,000 for FY2019. In FY2020, the Group continued to invest in technology and quality enhancement while high regard was paid to corporate governance for higher governance level. The concerted efforts of its staff have finally led to the appreciation and endorsement by the Group’s customers for the product quality and advanced technology attained by the Group. The Group will keep up its commitment to the actualisation of its core value. In addition, the Group will respond to changes in the industry by continuing its efforts in product diversification in order to increase its competitiveness. Prospects: Looking ahead, the operating environment continues to be challenging. The COVID-19 pandemic has spread globally. Governments around the world and international organizations have taken a series of prevention and control measures in an effort to contain the COVID-19 pandemic. The Group follows instructions from the local government to appropriately practice prevention and control measures. Despite the launch of various vaccines, there are still uncertainties in the global economy. According to the Global Economic Prospect published by the World Bank in January 2021, the mass deployment of vaccines and investments are the key factors for maintaining the global economic recovery. Although the world seems to have entered into a phase of moderate recovery, policy makers are still faced with tough challenges and the prospect in the short-term is still full of uncertainties. In FY2020, the COVID-19 pandemic has affected supply chain management across the industry, leading to a global recession and weak market demand. Coupling that with the continuing Sino-US tensions, there is still uncertainty on future development in the global political and economic landscape, which put the Group under pressure in respect of both its production and sales. According to statistics announced by CIPA, the shipment volume of DSCs for FY2020 decreased by approximately 41.6% as compared with that in FY2019. The DSCs industry remains weak and the Group’s revenue derived from sale of components for DSCs accounts for a large proportion of the overall revenue. Due to the impact of shrinkage in the scale of the DSCs industry and the decreasing market demand caused by the COVID-19 pandemic, the Group is faced with considerable pressure. Nonetheless, the Group strives to maintain its competitive edge by strengthening its core competitiveness, namely its highly sophisticated module technology, its manufacturing technology and capabilities which earns its customers’ trust and the provision of “one-stop” services to its customers. The laws and regulations in the PRC for discharging air pollutants and factories activities have become more stringent. As such, the Group continues to comply with the laws and regulations. In light of the ever-changing severe operating environment, and the need of ensuring the safety of employees and the continuous operation of the Company, the Group will strengthen its financial structure to address the challenging operating environment ahead. The management of the Group will continue to monitor the impact of the global economy on the Group’s business operations and financial conditions. The Group will also optimise its capability, improvement in automation and efficiency to ensure product quality and proper expenses control, and will diversify its product portfolio and develop products for other applications. The Group will continue to comply with relevant regulations in respect of environmental protection and corporate governance.

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