Financial Performance - The company reported a profit of HKD 27,075,000 for the fiscal year ending December 31, 2024, compared to a profit of HKD 12,136,000 for the previous year, representing an increase of approximately 123%[7] - For the fiscal year ending December 31, 2024, the group recorded revenue of HKD 261,781,000 and profit of HKD 27,075,000, compared to revenue of HKD 196,609,000 and profit of HKD 12,136,000 for the fiscal year ending December 31, 2023, representing a revenue increase of approximately 33.1% and profit increase of approximately 123.5%[28] - Interest income from financial lending business for the year was approximately HKD 257.5 million, an increase of about HKD 63.0 million compared to HKD 194.5 million for the fiscal year ending December 31, 2023[30] - The group reported a net impairment loss on loans and interest of approximately HKD 96.4 million and a fair value loss on investment properties of approximately HKD 6.0 million[30] - The total revenue from external customers in Hong Kong was HKD 257,469,000, up from HKD 194,994,000 in the previous year, while revenue from China increased to HKD 4,312,000 from HKD 1,615,000[39] Customer Growth - The number of active customers for unsecured loans increased from 13,491 as of December 31, 2023, to 15,523 as of December 31, 2024, reflecting a growth of about 15%[12] - The company reported a significant increase in user data, with a growth rate of 25% year-over-year in active users[74] Loan and Interest Rates - Revenue generated from unsecured loans for the year ending December 31, 2024, was approximately HKD 211,117,000, up from HKD 157,548,000 in the previous year, indicating a growth of around 34%[12] - The weighted average annual interest rate for unsecured loans was approximately 40%, with loan amounts ranging from HKD 5,000 to HKD 800,000[12] - The company has focused on providing mortgage loans secured by residential properties in Hong Kong, with interest rates for these loans ranging from 12% to 24%[13] Dividends - The company did not declare any interim or final dividends for the fiscal year ending December 31, 2024, consistent with the previous year[8] - The board does not recommend a final dividend for the year ending December 31, 2024, mirroring the decision from the previous year[60] - No interim dividend was declared for the six months ending June 30, 2024, consistent with the previous year[59] Risk Management - The company plans to actively review its loan portfolio and risk control measures to minimize default risks while implementing strict loan application requirements[24] - The company has established a rigorous control framework for credit approval and renewal processes to limit risk concentration across various factors[15] - The company emphasizes core risk management and aims to improve its risk pricing model[24] - The company has implemented strict anti-corruption and anti-money laundering policies to maintain high ethical standards in business activities[160] Marketing and Product Development - The company has invested resources in marketing to attract new customers for unsecured loans through various advertising channels[11] - The launch of the upgraded X Wallet application, featuring X Lend and X Pay, marks a significant milestone in establishing a leading fintech innovation enterprise in Hong Kong[25] - The company will adopt multiple marketing strategies to promote the X Wallet and X Pay brands, enhancing market visibility[24] - The company plans to launch three new products in Q3 2024, targeting a 30% increase in sales from these new offerings[81] Corporate Governance - The board emphasizes the importance of compliance and corporate governance, with ongoing training programs for all employees[79] - The company has complied with the corporate governance code for the year ending December 31, 2024, with a commitment to high-quality governance standards[111] - The board has established the company's purpose, values, and strategies, promoting a culture of integrity and ethical conduct[112] Shareholder Information - The company has established procedures for shareholders to propose matters for special meetings and to nominate candidates for the board[171][174] - The company has maintained a sufficient public float, with at least 25% of its issued shares held by the public as of the report date[98] - The company continues to monitor potential conflicts of interest involving Mr. Li Li in competitive businesses[87] Employment and Workforce - As of December 31, 2024, the group employed 112 staff members, with compensation policies based on performance, qualifications, and market data[54] - The gender ratio within the group as of December 31, 2024, shows that women account for approximately 38% of the workforce, with 27% of management positions held by women[146] Financial Position - As of December 31, 2024, the net amount of receivables and interest recorded by the company was HKD 909,959,000, with an expected credit loss provision of HKD 91,251,000[15] - The group’s total liabilities increased to HKD 307,662,000 in 2024 from HKD 184,202,000 in 2023, resulting in a debt-to-equity ratio of 17% compared to 8% in the previous year[43] - As of December 31, 2024, the group held approximately HKD 121 million in cash, representing about 23% of total current assets[43] Acquisitions and Investments - The company acquired all issued share capital of Alpha Moment Technology Limited for approximately HKD 25,000 on April 30, 2024, aiming to enhance its strategic value in the IT sector[23] - The company sold its subsidiary, Tianli (Fujian) Real Estate Development Co., Ltd., for HKD 160,000,000, with the transaction completed on January 12, 2024[95] Audit and Financial Reporting - The financial report highlights a 10% increase in overall revenue, reaching $50 million for the last quarter[82] - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[177] - The audit committee is responsible for overseeing the financial reporting process of the group[195] Environmental and Social Responsibility - The group aims to minimize environmental impact through various energy efficiency measures and regular monitoring of their effectiveness[47] Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[75] - Market expansion efforts include entering two new regions, aiming for a 20% increase in market share by the end of the next fiscal year[78]

Financial Performance - The company reported total revenue of HKD 261,781,000 for the year ending December 31, 2024, representing a 33.1% increase from HKD 196,609,000 in 2023[3] - Operating profit increased to HKD 42,671,000 in 2024, up from HKD 27,160,000 in 2023, marking a 57.1% growth[3] - Net profit attributable to shareholders rose to HKD 27,075,000, compared to HKD 12,136,000 in the previous year, reflecting a 123.5% increase[3] - Basic and diluted earnings per share improved to HKD 1.01 in 2024, up from HKD 0.45 in 2023, a growth of 124.4%[3] - Total revenue for the year ended December 31, 2024, was HKD 261,781,000, an increase from HKD 196,609,000 in 2023, representing a growth of approximately 33.1%[13] - For the year ended December 31, 2024, the company recorded revenue of HKD 261,781,000 and profit of HKD 27,075,000, compared to revenue of HKD 196,609,000 and profit of HKD 12,136,000 for the year ended December 31, 2023, representing a revenue increase of approximately 33% and a profit increase of approximately 123%[36] Assets and Liabilities - The company's total assets grew to HKD 1,400,616,000 in 2024, up from HKD 1,264,977,000 in 2023, indicating an increase of 10.7%[4] - Non-current assets decreased to HKD 870,480,000 in 2024 from HKD 769,465,000 in 2023, a decline of 13.1%[4] - The company’s total liabilities increased to HKD 307,662,000 in 2024, compared to HKD 184,202,000 in 2023, representing a 67.0% rise[5] - Total assets increased to HKD 1,400,616,000 as of December 31, 2024, from HKD 1,264,977,000 in 2023, reflecting a growth of approximately 10.7%[19] - Total liabilities rose to HKD 307,662,000 in 2024, up from HKD 184,202,000 in 2023, marking an increase of about 67%[19] Income and Expenses - Employee benefits expenses increased to HKD 37,091,000 in 2024 from HKD 24,768,000 in 2023, reflecting a 49.6% rise[3] - The company incurred a net loss of HKD 6,000,000 from fair value losses on investment properties, an improvement from a loss of HKD 9,000,000 in 2023[3] - The company reported a net loss of HKD 2,833,000 from other losses in 2024, compared to a loss of HKD 467,000 in 2023, indicating a deterioration in this area[20] - Research and development expenses amounted to HKD 4,674,000 in 2024, with no corresponding expenses reported in 2023, highlighting a new investment in innovation[20] - The total unallocated expenses for 2024 were HKD 9,086,000, compared to HKD 8,235,000 in 2023, indicating an increase of about 10.4%[13] Customer and Market Information - The company did not have any single customer contributing 10% or more to total revenue for both 2024 and 2023, indicating a diversified customer base[17] - The number of active customers for unsecured loans increased from 13,491 as of December 31, 2023, to 15,523 as of December 31, 2024, contributing to an income of approximately HKD 211,117,000 for the year ending December 31, 2024, up from HKD 157,548,000 in 2023[42] - The top 10 customers accounted for 72% of the total receivables for mortgage loans as of December 31, 2024[43] Loan and Credit Information - Interest income from financial lending operations was HKD 257,469,000 in 2024, compared to HKD 194,529,000 in 2023, showing a growth of approximately 32.4%[20] - The weighted average annual interest rate for unsecured loans is approximately 40%, with loan amounts ranging from HKD 5,000 to HKD 800,000[43] - The group focuses on mortgage loans secured by residential properties in Hong Kong, with approved loan amounts ranging from HKD 80,000 to HKD 100,000,000[43] - The group has established a rigorous control framework for credit approval and renewal processes to mitigate risk concentration[44] - The group utilizes a data-driven approach for loan applications through the X Wallet app, allowing for automated credit assessments[41] Investment and Strategic Initiatives - The group acquired all issued shares of Alpha Moment Technology Limited for approximately HKD 25 million, aiming to enhance its strategic value in the IT sector[49] - The launch of the upgraded X Wallet application, featuring X Lend and X Pay, marks a significant milestone in establishing a leading fintech innovation enterprise in Hong Kong[52] - The group plans to implement strict loan application requirements and enhance risk pricing models to minimize default risks[51] - The group will not explore investment opportunities in the property market in the short term due to the downturn in the Chinese property market[52] - The group aims to promote the X Wallet and X Pay brands through various marketing strategies to increase market awareness[51] Governance and Compliance - The company has adhered to the corporate governance code and has revised its articles to ensure that all directors are subject to rotation every three years[60] - The audit committee, chaired by Mr. Shu Huadong, reviews the company's accounting principles and practices at least twice a year to ensure the accuracy and fairness of financial statements[61] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[62] - PwC confirmed that the preliminary financial statements align with the draft figures prepared by the group for the year ending December 31, 2024, but did not provide any assurance or opinion on the preliminary announcement[63] - The company is committed to maintaining the independence of external auditors and overseeing their work[61] Staffing and Employee Benefits - The group employs 112 staff members, providing benefits including insurance and provident fund plans[56]

Financial Performance - The company reported a revenue of approximately HKD 116,981,000 for the six months ended June 30, 2024, an increase of about 23.3% compared to HKD 94,851,000 for the same period in 2023[4]. - The net profit attributable to shareholders for the same period was approximately HKD 14,709,000, up from HKD 13,608,000, reflecting a growth of about 8.1%[3]. - Interest income from financial lending operations was approximately HKD 116.2 million, an increase of about HKD 22.7 million compared to HKD 93.5 million for the same period in 2023[4]. - Revenue generated from unsecured loans for the six months ended June 30, 2024, was approximately HKD 95 million, compared to HKD 81 million for the same period in 2023, indicating a growth of about 17.3%[6]. - Operating profit rose to HKD 21,505, an increase of 7.2% from HKD 20,062 year-on-year[35]. - The company reported a net profit before tax of HKD 20,382 for the six months ended June 30, 2024[51]. - The total unallocated expenses for the period were HKD 7,767, impacting overall profitability[51]. - The company reported a net loss from investment properties of HKD 3,000, compared to a gain of HKD 6,000 in the previous year[35]. - Basic earnings per share improved to HKD 0.55 from HKD 0.51, indicating a growth of 7.8%[66]. Customer and Loan Activity - The number of active customers for unsecured loans increased from 13,491 as of December 31, 2023, to 14,224 as of June 30, 2024, representing a growth of approximately 5.4%[6]. - The weighted average interest rate for unsecured loans was approximately 41%, with loan amounts ranging from HKD 5,000 to HKD 1,200,000[6]. - The company has implemented strict loan application requirements and is actively reviewing its loan portfolio to minimize default risks[17]. - The company closely monitors overdue loans and has established a system to identify and review overdue accounts[14]. Property Development and Investment - The company did not record any sales transactions for residential units in its property development project during the review period, with 56 units remaining unsold as of June 30, 2024[5]. - The rental income from the property project in Zhongshan decreased by approximately 5% compared to the same period in 2023[5]. - The property development and investment segment reported a loss of HKD 2,503, while the financial lending segment generated a profit of HKD 28,666, resulting in a total segment profit of HKD 26,163[51]. - The company has not explored investment opportunities in the property market due to the downturn in the Chinese property market[18]. Financial Position - As of June 30, 2024, the net amount of receivables and interest recorded by the company was HKD 739,260,000, with an expected credit loss provision of HKD 83,912,000[8]. - Total assets decreased to HKD 1,228,706 from HKD 1,264,977, a decline of 2.9%[37]. - Total liabilities decreased to HKD 143,730 as of June 30, 2024, down from HKD 184,202 as of December 31, 2023[55]. - The total receivables for property mortgage loans as of June 30, 2024, was HKD 312,202,000, compared to HKD 271,727,000 as of December 31, 2023[75]. - The total receivables for personal loans as of June 30, 2024, was HKD 510,970,000, up from HKD 439,566,000 as of December 31, 2023[76]. Strategic Developments - The company acquired 100% of the issued share capital of Alpha Moment Technology Limited for approximately HKD 25,000 on April 30, 2024[10]. - The company has acquired an information technology business to reduce reliance on external vendors and enhance its IT system development[17]. - The company plans to change its name from 添利工業國際（集團）有限公司 to 零在科技金融集團有限公司 to better reflect its business development and future direction in fintech[17]. - The launch of the X Wallet application and the "Buy Now Pay Later" feature, X Pay, aims to diversify financial services for users in areas such as payment services and fund management[17]. Risk Management and Compliance - The company has established a rigorous control framework for credit approval and renewal processes to mitigate risks associated with asset types, counterparties, credit ratings, and geographical locations[8]. - The company has implemented internal control measures for its financial lending operations[12]. - The company has not reported any significant changes in financial risk management policies since December 31, 2023[48]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange Listing Rules during the six months ending June 30, 2024[26]. Cash Flow and Financing - Operating cash outflow for the six months ended June 30, 2024, was HKD (88,515) thousand, compared to HKD (30,576) thousand for the same period in 2023, representing a significant increase of 189%[41]. - Financing activities generated a net cash inflow of HKD 114,150 thousand for the six months ended June 30, 2024, compared to a net cash outflow of HKD (492) thousand in the same period of 2023[41]. - The company has entered into a loan agreement with shareholder Li Mingjun, providing a total of 114,700,000 HKD to support business development, with an annual interest rate of 3% and a repayment period of two years[82]. Audit and Financial Reporting - The audit committee reviewed the accounting principles and practices adopted by the group, including the interim financial report for the six months ending June 30, 2024[30]. - The interim financial data was reviewed by the auditors, and no significant issues were found that would indicate non-compliance with the relevant accounting standards[32]. - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, specifically HKAS 34 for interim financial reporting[44].

Financial Performance - Revenue from financial lending business increased to HKD 116,187,000, up 24.2% from HKD 93,546,000 in the same period last year[2] - Total revenue for the six months ended June 30, 2024, was HKD 116,981,000, compared to HKD 94,851,000 for the same period in 2023, representing a growth of 23.3%[2] - Operating profit for the period was HKD 21,505,000, slightly up from HKD 20,062,000, reflecting a growth of 7.2%[2] - Net profit for the period increased to HKD 14,709,000, compared to HKD 13,608,000 in the previous year, marking a rise of 8.1%[2] - The company reported a basic and diluted earnings per share of HKD 0.55, up from HKD 0.51 in the same period last year, indicating a growth of 7.8%[3] - The net profit attributable to the company's owners for the six months ended June 30, 2024, was HKD 14,709, representing an increase of 8.1% from HKD 13,608 in the same period of 2023[26] - Basic earnings per share for the six months ended June 30, 2024, were HKD 0.55, compared to HKD 0.51 for the same period in 2023[26] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,228,706,000, a decrease from HKD 1,264,977,000 as of December 31, 2023[6] - The company reported a total liability of HKD 143,730,000 as of June 30, 2024, down from HKD 184,202,000 as of December 31, 2023[12] - Total liabilities reported as of June 30, 2024, were HKD 143,730, down 22% from HKD 184,202 as of December 31, 2023[15] - Total equity as of June 30, 2024, was HKD 1,084,976,000, slightly up from HKD 1,080,775,000 as of December 31, 2023[6] Segment Performance - The property development and investment segment reported a loss before tax of HKD 2,503,000, while the financial lending segment generated a profit before tax of HKD 28,666,000, resulting in a total profit before tax of HKD 20,382,000[11] - The property development and investment segment generated revenue of HKD 794,000, while the financial lending segment contributed HKD 116,187,000 for the six months ended June 30, 2024[11] - The financial lending segment's assets were HKD 842,010,000, representing 68.6% of total segment assets[12] Impairment and Fair Value - The fair value loss on investment properties was HKD 3,000,000, compared to a gain of HKD 6,000,000 in the previous year[2] - The company incurred a net impairment loss on financial assets of HKD 43,530,000, compared to HKD 40,766,000 in the same period last year[2] - The company reported a net impairment loss on financial assets of HKD 43,530 for the six months ended June 30, 2024, compared to HKD 40,766 for the same period in 2023[22] Cash Flow and Income - Cash and cash equivalents increased to HKD 129,313,000 from HKD 101,057,000, showing a growth of 27.9%[5] - The company reported unallocated expenses of HKD 7,767,000 for the six months ended June 30, 2024[11] - The company’s net other income for the period was HKD 239,000, contributing to the overall financial results[11] - The company recognized a net other income of HKD 2,473 for the six months ended June 30, 2024, compared to HKD 666 for the same period in 2023[19] Customer and Market Insights - The company has not identified any single customer contributing 10% or more to total revenue for the periods reported[14] - The number of active customers for unsecured loans increased from 13,491 on December 31, 2023, to 14,224 on June 30, 2024, generating approximately HKD 95 million in revenue for the six months ending June 30, 2024, compared to HKD 81 million for the same period in 2023[40] Operational Developments - The company applied revised accounting standards effective from January 1, 2024, with no significant impact on financial performance or disclosures[10] - The company has established a system to identify and review overdue loan accounts, with a focus on the overall status of outstanding loans and recovery capabilities[47] - The company anticipates challenges in the Hong Kong economy in the second half of 2024 due to global economic slowdown and inflation, but aims to enhance its financial service platform through the X Wallet and X Pay applications[50] - The company has acquired an IT business to reduce reliance on external vendors and enhance strategic value[50] - The company plans to implement strict loan application requirements and improve risk pricing models to minimize default risks[50] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period[53] - There have been no significant changes or major matters to disclose after the reporting period ending June 30, 2024[52] Miscellaneous - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[36] - The group has not sold any residential units in the six months ending June 30, 2024, with 56 units remaining unsold, of which 4 are rented out[39] - The group wrote off approximately HKD 33,695,000 in receivables due to borrower bankruptcy and death during the six months ending June 30, 2024[42] - The group faces foreign exchange risks primarily related to the Renminbi due to its operations in China and Hong Kong[44] - The group has no significant capital expenditure commitments and is funded by loans from a shareholder, capital reserves, and cash generated from operations[44] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the six months ending June 30, 2024[51] - As of June 30, 2024, the company has no new products or services to be launched in the market[48] - The company employs 120 staff members, with compensation policies based on performance, qualifications, and market salary levels[49] - The carrying amount of property, plant, and equipment as of June 30, 2023, was HKD 231,114,000, compared to HKD 228,000,000 for investment properties[28]

Employee and Compensation - The group employed a total of 68 employees as of December 31, 2023, with benefits including insurance, provident fund plans, and discretionary bonuses[2] - The company’s employee compensation policy is based on performance, qualifications, and market data, ensuring compliance with applicable laws and regulations[16] Dividend Policy - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[4] - The board does not recommend a final dividend for the year ended December 31, 2023, similar to the previous year[5] - The company does not recommend the payment of a final dividend for the fiscal year ending December 31, 2023[57] Business Operations - The main business of the company is investment holding, with subsidiaries engaged in property development and investment in Hong Kong and China, as well as financial lending activities in Hong Kong[7] - The company did not make any acquisitions during the year, aside from regular operational expenses[14] - The company focuses on providing mortgage loans to residential property buyers in Hong Kong, with interest rates for mortgage loans ranging from 9% to 18%[60] - The company has established a system to identify and review overdue loan accounts, ensuring close monitoring of the overall status of outstanding loans[67] - The group has not acquired any land or properties in Guangdong Province during the year due to intense competition but will continue to seek investment opportunities in the property market[87] Financial Performance - The company’s financial performance and position for the year ended December 31, 2023, are detailed in the audited consolidated financial statements[3] - The company recorded a profit of HKD 12,136,000 for the fiscal year ending December 31, 2023, down from HKD 15,189,000 for the previous year, representing a decrease of approximately 20.2%[56] - For the year ended December 31, 2023, the group recorded revenue of HKD 196,609,000 and profit of HKD 12,136,000, compared to revenue of HKD 162,870,000 and profit of HKD 15,189,000 for the year ended December 31, 2022, indicating a revenue increase of approximately 20.7%[79] - Interest income from financial lending business for the year was approximately HKD 194.5 million, an increase of about HKD 35.2 million or 22.1% compared to HKD 159.3 million for the previous year[80] - The group reported a profit before tax of HKD 20,076,000 for 2023, down from HKD 24,793,000 in 2022, reflecting a decrease of approximately 19.5%[120] Customer and Market Insights - The company maintained good relationships with its major customers and suppliers, with no significant disputes reported during the year[1] - The number of active customers for unsecured loans increased from 10,993 to 13,491, contributing to revenue of approximately HKD 157,548,000 for the year, up from HKD 125,931,000 in the previous year, marking an increase of about 25.1%[69] - Rental income from the company's property, Yongsheng Plaza, decreased by about 5% compared to the previous year[56] - Revenue from external customers in Hong Kong was HKD 194,994,000, up from HKD 161,178,000 in the previous year, indicating a growth of about 20.9%[109] Risk Management - The financial risk management objectives and policies are detailed in the financial statements, indicating potential unidentified risks that may become significant in the future[8] - The group has a net allowance for expected credit losses of HKD 72,657,000 as of December 31, 2023, reflecting a proactive approach to risk management[74] - The group will continue to review its loan portfolio and risk control measures to minimize default risks[77] - The group continues to face foreign exchange risks primarily related to the Renminbi, with no financial instruments arranged for hedging purposes[113] Future Outlook and Strategy - The group anticipates challenges in the Hong Kong economy in 2024 due to global economic slowdown, inflation, and political instability, but remains optimistic about future growth opportunities[86] - The group plans to enhance its risk pricing model and implement various marketing strategies to promote the X Wallet and X Pay brands, aiming to increase market visibility[77] - The launch of the new product X Pay, a "buy now, pay later" feature within the X Wallet application, is expected to diversify the services offered to users[86] - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the tech sector[168] Governance and Compliance - The board of directors confirmed their commitment to maintaining independence and transparency in governance practices[157] - The company has a significant focus on compliance, corporate governance, and company secretarial matters, as indicated by the experience of its independent non-executive director[175] - The company has a robust internal control system to ensure the preparation of accurate financial statements and compliance with relevant regulations[195] Shareholder Information - Mr. Li Li holds a total of 1,252,752,780 shares, representing 46.96% of the total issued shares[180] - Mr. Li Mingjun has a total of 1,962,752,780 shares, accounting for 73.58% of the total issued shares[180] - Mr. Zhou Houcheng holds 7,150,000 shares, which is 0.27% of the total issued shares[180]

智通财经APP讯，TERMBRAY IND(00093)发布截至2023年12月31日止年度业绩，该集团取得收益1.97亿港元，同比增加20.72%;年内溢利1213.6万港元，同比减少20.1%;每股盈利0.45港仙。 公告称，溢利减少主要由于来自金融借贷业务的利息收入于本年度取得约1.95亿港元(2022年： 1.59亿港元)，较截至2022年12月31日止年度增加约3520万港元; 金融资产减值亏损净额约8380万港元;及投资物业的公允值亏损约900万港元。 ...

Financial Performance - The company recorded revenue of HKD 196,609,000 and profit of HKD 12,136,000 for the year ending December 31, 2023, compared to revenue of HKD 162,870,000 and profit of HKD 15,189,000 for the previous year[16]. - The basic earnings per share for 2023 was HKD 0.45, down from HKD 0.57 in 2022[3]. - For the year ended December 31, 2023, total revenue was HKD 196,609 thousand, an increase from HKD 162,870 thousand in 2022, representing a growth of approximately 20.7%[63]. - Net profit for the year was HKD 12,136,000, down 20.1% from HKD 15,189,000 in the previous year[76]. - Operating profit decreased to HKD 27,160,000 in 2023 from HKD 32,884,000 in 2022, representing a decline of 17.5%[76]. - The company reported a net loss from investment properties of HKD 9,000,000 in 2023, compared to a loss of HKD 19,520,000 in 2022, showing improvement[76]. - The group reported a net loss of HKD 467,000 for the year 2023, compared to a loss of HKD 17,000 in 2022[91]. Revenue Sources - Interest income from financial lending business amounted to approximately HKD 194.5 million, an increase of about HKD 35.2 million compared to HKD 159.3 million for the year ending December 31, 2022[18]. - The company’s receivables from loans and interest, net of provisions, amounted to HKD 638,636,000, an increase from HKD 543,469,000 in the previous year[11]. - The number of active customers for unsecured loans increased from 10,993 as of December 31, 2022, to 13,491 as of December 31, 2023, generating revenue of approximately HKD 157,548,000 for the year[23]. - The company’s total revenue from asset recovery was HKD 100,000 in 2023, with no revenue reported in 2022[91]. Asset and Liability Management - Total assets as of December 31, 2023, amounted to HKD 1,264,977 thousand, a slight decrease from HKD 1,270,706 thousand in 2022[66]. - Total liabilities increased to HKD 184,202 thousand in 2023 from HKD 178,599 thousand in 2022, indicating a rise of approximately 3.4%[66]. - Non-current assets in Hong Kong decreased to HKD 761,573 thousand in 2023 from HKD 943,163 thousand in 2022, a decline of approximately 19.2%[69]. - Cash and cash equivalents decreased significantly to HKD 101,057,000 from HKD 166,777,000, a drop of 39.2%[78]. Impairment and Provisions - The company reported a net impairment loss on financial assets of approximately HKD 83.8 million and a fair value loss on investment properties of about HKD 9.0 million[18]. - The company has a total of HKD 711,293,000 in receivables from loans and interest, with a provision for impairment of HKD 72,657,000[11]. - The company wrote off approximately HKD 63,634,000 in receivables due to borrower bankruptcy and death during the fiscal year ending December 31, 2023[32]. - For loans overdue by more than 90 days, the company considers these assets to be in default and has made full provisions for the related outstanding loans[42]. Dividend and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ending December 31, 2023, consistent with the previous year[1][17]. Operational Highlights - The company completed a sale agreement for HKD 160,000,000 related to its subsidiary in January 2024[14]. - The company launched a new product, X Pay, in the second half of 2023, aiming to enhance its position as a comprehensive financial services platform[43]. - The company is actively investing in marketing resources to attract new customers for unsecured loans through various advertising channels[22]. - The company has established a rigorous control framework for credit approval and risk assessment for unsecured loans through the X Wallet application[29]. Cost Management - The total operating expenses increased to HKD 25,591,000 in 2023 from HKD 18,050,000 in 2022, representing a growth of approximately 42%[91]. - The company incurred a total of HKD 2,105,000 in bank service fees in 2023, up from HKD 1,540,000 in 2022, reflecting a rise of about 36.6%[91]. - The company reported a significant increase in computer accessories expenses, which rose to HKD 6,185,000 in 2023 from HKD 1,160,000 in 2022, marking a substantial increase of approximately 433.6%[91]. Governance and Compliance - The company has adhered to corporate governance codes and has established a robust governance framework to ensure operations align with shareholder interests[52].

Financial Performance - For the six months ended June 30, 2023, rental income was HKD 465,000, a decrease of 50% compared to HKD 930,000 for the same period in 2022[4]. - The company recorded a profit attributable to owners of approximately HKD 13,608,000 for the six months ended June 30, 2023, compared to HKD 11,464,000 for the same period in 2022, representing an increase of about 19%[38]. - Total revenue for the six months ended June 30, 2023, was HKD 94,851,000, up from HKD 72,609,000 in the same period of 2022, marking a growth of approximately 30.5%[39]. - Interest income from financial lending operations was approximately HKD 93.5 million, an increase of about HKD 22.7 million compared to HKD 70.8 million for the same period in 2022[40]. - The company reported a total of HKD 40,766,000 in expected credit losses for the six months ended June 30, 2023, compared to HKD 21,286,000 for the same period in 2022, reflecting a significant increase of 91.5%[194]. Assets and Liabilities - As of June 30, 2023, total receivables amounted to HKD 642,853,000, an increase of 9.8% from HKD 585,240,000 as of December 31, 2022[12]. - The company’s total assets as of June 30, 2023, amounted to HKD 1,284,229,000, compared to HKD 943,200,000 as of December 31, 2022[182]. - The group’s total liabilities stood at HKD 186,819,000, slightly up from HKD 178,599,000, indicating an increase of about 4.25%[125]. - The group’s non-current assets amounted to HKD 1,008,882,000, up from HKD 947,416,000, indicating an increase of about 6.67%[124]. - The total equity of the group reached HKD 1,097,410,000, compared to HKD 1,092,107,000 at the end of 2022, reflecting a slight increase of 0.48%[124]. Cash Flow - For the six months ended June 30, 2023, the net cash used in operating activities was HKD (30,576) thousand, compared to HKD 26,478 thousand for the same period in 2022, indicating a significant decline in cash flow from operations[150]. - The total cash and cash equivalents decreased to HKD 133,941 thousand as of June 30, 2023, from HKD 202,898 thousand at the end of the same period in 2022, representing a decline of approximately 34%[150]. - Cash and cash equivalents decreased to HKD 9,001,000 as of June 30, 2023, down from HKD 29,877,000 as of December 31, 2022, a decline of 69.9%[189]. Investment and Property - The net value of properties held for sale was maintained, with management actively promoting these properties at reasonable prices[7]. - The company’s investment properties were valued at HKD 160,000,000 as of December 31, 2022, and are leased under operating leases[7]. - The company is actively seeking investment opportunities in the property market in Guangdong Province, despite facing competitive challenges[57]. - The group did not record any property sales transactions approved by the government during the six months ended June 30, 2023, resulting in no residential units sold[65]. Management and Governance - The company’s management compensation for the six months ended June 30, 2023, was HKD 3,289,000, a decrease of 16.3% from HKD 3,929,000 for the same period in 2022[5]. - The remuneration policy for employees is based on performance, qualifications, and capabilities, with no involvement from directors in determining their own compensation[104]. - The company has revised its articles to ensure that all directors, except the chairman and managing director, must retire at least once every three years[95]. Customer and Market Activity - The number of registered users for X Wallet increased from 83,902 as of December 31, 2022, to 94,981 as of June 30, 2023, representing a growth of approximately 13.5%[43]. - Active customers for X Wallet rose from 10,969 to 12,380 during the same period, indicating an increase of about 12.8%[43]. - The company plans to launch a new product, X Pay, in the second half of 2023, which will enhance its financial service offerings[56]. Risk Management - The company has established a system to identify and review overdue loan accounts, with management closely monitoring the overall status of unpaid loans[102]. - The company will actively review its loan portfolio and risk control measures, aiming to enhance risk pricing models and promote the X Wallet and X Pay brands[105]. - The company will implement strict loan application requirements to minimize default risks in the future[105]. Compliance and Reporting - The interim financial information was prepared in accordance with Hong Kong Accounting Standards, ensuring compliance and accuracy in financial reporting[152]. - The company’s interim financial data was approved for publication by the board on August 25, 2023, indicating timely reporting practices[152].

Financial Performance - For the six months ended June 30, 2023, the company reported interest income from financial lending business of HKD 93,546,000, an increase of 32.1% from HKD 70,804,000 in the same period last year[8]. - The company's operating profit for the period was HKD 20,062,000, slightly up by 1.6% from HKD 19,754,000 in the previous year[8]. - The net profit for the period was HKD 13,608,000, an increase of 18.6% compared to HKD 11,464,000 in the same period last year[8]. - Total revenue was HKD 94,851,000, an increase from HKD 72,609,000 for the same period in 2022, representing a growth of approximately 30.6%[22]. - The company reported a pre-tax profit of HKD 16,599,000 for the period, compared to a pre-tax profit of HKD 16,009,000 in the previous year, showing a slight increase of approximately 3.7%[39]. - The company reported a profit of HKD 13,608,000 for the six months ended June 30, 2023, up from HKD 11,464,000 in the same period of 2022, indicating a growth of about 19.0%[120]. Revenue Sources - Rental income decreased to HKD 1,305,000 from HKD 1,805,000, representing a decline of 27.6%[8]. - Revenue from unsecured loans generated approximately HKD 77 million for the six months ended June 30, 2023, compared to HKD 51 million for the same period in 2022, reflecting a growth of approximately 51%[71]. - The segment performance for property development and investment was HKD 20,864,000, compared to HKD 22,065,000 in the previous year, indicating a decrease of about 5.5%[22]. - The company recognized interest income from bank deposits of HKD 648,000 for the period, compared to HKD 830,000 in the previous year, reflecting a decrease of about 21.9%[32]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 1,284,229,000, up from HKD 1,270,706,000 at the end of the previous year[14]. - Total liabilities increased to HKD 186,819,000 as of June 30, 2023, from HKD 178,599,000 at the end of 2022, marking a rise of about 4.3%[30]. - The company’s equity increased to HKD 1,097,410,000 from HKD 1,092,107,000, reflecting a growth of 0.5%[14]. - The company’s total liabilities to total assets ratio as of June 30, 2023, was approximately 14.6%, compared to 14.0% at the end of 2022, indicating a slight increase in leverage[30]. Impairment and Provisions - The company recorded a provision for impairment of loans and interest of HKD 40,766,000, which is significantly higher than HKD 21,286,000 in the previous year[8]. - The company’s expected credit loss for the six months ended June 30, 2023, was HKD 40.8 million, compared to HKD 21.3 million for the same period in 2022, indicating an increase in credit risk[48]. - During the six months ended June 30, 2023, the group wrote off loans and interest receivables totaling approximately HKD 26,894,000 due to borrower bankruptcy and debtor death[130]. Earnings Per Share - Basic and diluted earnings per share for the period were both HKD 0.51, up from HKD 0.43 in the same period last year[12]. - Basic earnings per share increased to HKD 0.51 for the six months ended June 30, 2023, compared to HKD 0.43 for the same period in 2022, representing a growth of approximately 18.6%[75]. Cash Flow and Expenses - Cash and cash equivalents decreased to HKD 9,001,000 as of June 30, 2023, from HKD 29,877,000 at the end of 2022, representing a decline of approximately 69.9%[30]. - The company’s tax expense for the six months ended June 30, 2023, was HKD 2.99 million, a decrease from HKD 4.55 million for the same period in 2022[49]. - The company reported a net interest expense of HKD 3.5 million for the six months ended June 30, 2023, compared to HKD 3.7 million for the same period in 2022, indicating a slight decrease[45]. Investment and Market Strategy - The group is actively seeking investment opportunities in the Chinese property market, particularly in Guangdong Province, despite not acquiring any land or properties during the review period due to intense competition[138]. - The group aims to leverage opportunities in the Chinese market, supported by government policies to stimulate the real estate sector[111]. - The group has established a system to identify and review overdue loan accounts, with management closely monitoring the overall status of outstanding loans through daily reports[106]. Product Development - A new product, X Pay, was launched in the second half of 2023, providing a "buy now, pay later" payment feature within the X Wallet application[142]. - The group plans to enhance its risk management and pricing models while adopting multiple marketing strategies to promote the X Wallet and X Pay brands[137]. Customer Metrics - X Wallet registered users increased from 83,902 on December 31, 2022, to 94,981 on June 30, 2023, representing an increase of approximately 13%[71]. - Active customers of X Wallet rose from 10,969 to 12,380 during the same period, marking a growth of about 13%[71].

Lending Operations - The company has established a system to identify and review overdue loan accounts, with management closely monitoring the overall status of outstanding loans through daily reports [15]. - The demand for unsecured loan services supported by financial technology is continuously increasing, driven by changes in consumer behavior towards digitalization and online consumption [17]. - The company anticipates steady growth in its lending business, supported by the automated mobile application X Wallet, which offers instant approval decisions and 24/7 fund transfers [17]. - The company has implemented strict internal control measures for its financial lending operations, including credit approval processes and risk assessment models [14]. - The management expects to expand market share and customer base in the fintech lending sector due to favorable market conditions [17]. - The group plans to expand the X Wallet loan portfolio and enhance its product offerings to improve customer loan experiences, aiming to strengthen its competitiveness in the unsecured loan market [18]. - The group aims to enhance risk management and pricing models while implementing various marketing strategies to promote the X Wallet brand and increase market visibility [18]. - The number of registered users for the X Wallet application increased from 62,765 as of December 31, 2021, to 83,902 as of December 31, 2022, while active users rose from 8,269 to 10,969 [125]. - Revenue generated from the X Wallet application for the year ended December 31, 2022, was approximately HKD 118,299,000, compared to HKD 53,782,000 in the previous year [125]. - The weighted average annual interest rate for unsecured loans approved through X Wallet is approximately 42%, with loan amounts ranging from HKD 5,000 to HKD 105,000 [114]. Financial Performance - Revenue for the year 2022 was HKD 162,870,000, an increase of 44.8% compared to HKD 112,435,000 in 2021 [37]. - Operating profit decreased to HKD 32,884,000, down 15.5% from HKD 38,932,000 in the previous year [37]. - Net profit for the year was HKD 15,189,000, a decline of 28.5% from HKD 21,267,000 in 2021 [37]. - Total equity as of December 31, 2022, was HKD 1,092,107,000, down from HKD 1,122,902,000 in 2021 [39]. - Total assets decreased to HKD 1,270,706,000 from HKD 1,334,605,000 in the previous year [39]. - Total liabilities reduced to HKD 178,599,000, compared to HKD 211,703,000 in 2021 [39]. - Basic earnings per share for 2022 was HKD 0.57, down from HKD 0.80 in 2021 [37]. - Fair value losses on investment properties amounted to HKD 19,520,000, significantly higher than HKD 6,780,000 in the previous year [37]. - Employee benefit expenses increased to HKD 17,556,000 from HKD 15,059,000 in 2021, reflecting a rise of 16.6% [37]. - Other comprehensive losses for the year totaled HKD 45,984,000, compared to HKD 58,786,000 in 2021, indicating an improvement [37]. - The group reported a total impairment provision of HKD 48,955,000 in 2022, up from HKD 25,772,000 in 2021, indicating an increase of about 90% [81]. - The company recorded revenue of HKD 162,870,000 and profit of HKD 15,189,000 for the year ended December 31, 2022, compared to revenue of HKD 112,435,000 and profit of HKD 21,267,000 for the previous year [108]. Corporate Governance - The board of directors has maintained compliance with corporate governance codes, ensuring a robust governance structure that aligns with shareholder interests [4]. - The audit committee has reviewed the accounting principles and practices adopted by the group, ensuring alignment with the audited financial statements [11]. - The company has appointed new independent non-executive directors to enhance its governance structure, ensuring compliance with listing rules [7]. - The company has adhered to corporate governance codes throughout the fiscal year ending December 31, 2022 [6]. - The company did not recommend a final dividend for the year ended December 31, 2022, consistent with the previous year [98]. Market and Investment Activities - The group is actively seeking investment opportunities in the Chinese property market, particularly in Guangdong Province, despite not acquiring any land or properties in the current year due to intense competition [19]. - The company will focus on providing mortgage loans for property purchases in Hong Kong, while cautiously assessing borrowers' credit status and property quality due to economic uncertainties [126]. - The company did not approve any property sales transactions for the year 2022, and rental income from the Yongsheng Plaza decreased by approximately 8% compared to the previous year [113]. - The group has 56 residential units remaining for sale as of December 31, 2022, with 7 of these units already rented out [113]. Risk Management - The group is facing foreign exchange risks primarily related to the Renminbi due to its operations in China and Hong Kong [22]. - The group will continue to assess its loan portfolio and risk control measures in light of global economic challenges, including inflation and geopolitical tensions [18]. - The group has written off a total of approximately HKD 29,081,000 in receivables and interest due to borrower bankruptcy and death as of December 31, 2022 [31].