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IDTINT‘L(00167)公布中期业绩 净利6261.3万港元 同比增长10.14倍
智通财经网· 2025-08-29 12:45
Core Viewpoint - IDTINT'L reported a decrease in revenue for the first half of 2025, attributed to increased raw material costs and the impact of the US-China trade war on import and export operations [1] Financial Performance - Revenue for the period was approximately HKD 47.388 million, a year-on-year decrease of 7.24% [1] - Net profit reached HKD 62.613 million, showing a significant year-on-year increase of 10.14 times [1] - Earnings per share were reported at HKD 0.2233 [1] Factors Influencing Results - The decline in revenue was primarily due to rising raw material costs [1] - The reduction in gross profit was influenced by the US-China trade war affecting the group's import and export business [1] - The substantial increase in net profit was mainly due to loan waivers from creditors, generating approximately HKD 48.3 million, and income from bond issuance to repay creditor loans, amounting to about HKD 16.4 million [1] - The group also reported other income and gains totaling approximately HKD 64.8 million [1]
IDT INT'L(00167) - 2025 - 中期业绩
2025-08-29 12:10
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,且 明 確 表 示 概 不 就 因 本 公 佈 全 部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 IDT INTERNATIONAL LIMITED 萬威國際有限公司 * (於百慕達註冊成立之有限公司) (股份代號:167) – 1 – • 收益約為港幣47.4百 萬 元(二 零 二 四 年 上 半 年:約 港 幣51.1百 萬 元)。 • 毛利約為港幣5.9百 萬 元(二 零 二 四 年 上 半 年:約 港 幣17.4百 萬 元)。 • 總營運開支約為港幣7.9百 萬 元(二 零 二 四 年 上 半 年:約 港 幣6.4百 萬 元)。 • 期內溢利約為港幣62.6百萬元(二零二四年上半年:溢利約港幣5.6百萬元)。 • 董 事 會 不 建 議 就 二 零 二 五 年 上 半 年 派 付 股 息(二 零 二 四 年 上 半 年:無)。 萬 威 國 際 有 限 公 司(「本公司」)董 事 會(「董事會」)謹 此 公 佈 本 公 司 及 其 附 屬 ...
IDT INT'L(00167.HK)拟8月29日举行董事会会议以审批中期业绩
Ge Long Hui· 2025-08-19 09:14
格隆汇8月19日丨IDT INT'L(00167.HK)公告,公司将于2025年8月29日(星期五)举行董事会会议,藉以 (其中包括)考虑及批准公司及其附属公司截至2025年6月30日止6个月中期业绩公布及其发布,以及考虑 派发中期股息(如有)。 ...
IDT INT'L(00167) - 董事会会议召开日期
2025-08-19 09:01
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 * 僅供識別 董事會會議召開日期 香港,二零二五年八月十九日 IDT INTERNATIONAL LIMITED 萬威國際有限公司 * (於百慕達註冊成立之有限公司) (股份代號:167) 截至本公佈日期,董事會成員包括(i)一名執行董事Tiger Charles Chen先生;(ii)兩 名非執行董事吳國凝女士及張鈺淇女士;及(iii)三名獨立非執行董事陳維洁女士、 麥天生先生及婁振業博士。 萬 威 國 際 有 限 公 司(「本公司」)董 事 會(「董事會」)謹 此 宣 佈,本 公 司 將 於 二 零 二 五 年 八 月 二 十 九 日(星 期 五)舉 行 董 事 會 會 議,藉 以(其 中 包 括)考 慮 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 佈 及 其 發 佈,以 及 考 慮 派 發 中 期 股 息( ...
IDT INT'L(00167) - 截至2025年7月31日之股份发行人的证券变动月报表
2025-08-01 09:13
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: IDT International Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00167 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.6 | HKD | | 2,100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.6 | HKD | | 2,1 ...
IDT INT'L(00167) - 2024 - 年度财报
2025-04-23 09:13
Financial Performance - The Group's total revenue for FY2024 amounted to approximately HK$173.3 million, a significant increase from approximately HK$1.2 million in FY2023, due to the resumption of business operations[21] - Gross profit for FY2024 was approximately HK$54.2 million, compared to a gross profit of approximately HK$0.1 million in FY2023, reflecting the increase in revenue[24] - Total operating expenses for FY2024 were approximately HK$27.2 million, an increase of approximately 149.5% from approximately HK$10.9 million in FY2023, attributed to the resumption of operations and professional fees for capital reorganization[24] - Profit for FY2024 was approximately HK$114.6 million, a significant turnaround from a loss of approximately HK$14.2 million in FY2023, marking FY2024 as a milestone year for the Group[24] - The gross profit for the fiscal year 2024 was approximately HK$54.2 million, a significant increase from HK$0.1 million in fiscal year 2023, primarily due to increased revenue[25] - Total operating expenses for fiscal year 2024 were approximately HK$27.2 million, up 149.5% from approximately HK$10.9 million in fiscal year 2023, attributed to the resumption of business operations and professional fees from capital restructuring[25] - The profit for fiscal year 2024 was approximately HK$114.6 million, a turnaround from a loss of approximately HK$14.2 million in fiscal year 2023, marking a milestone year for the group's business recovery[25] Business Operations and Strategy - The group resumed trading of shares in November 2024 and completed a subscription in March 2025 with net proceeds of approximately HK$230 million, entering into a settlement deed for a debt of HK$196.6 million[27] - The company plans to leverage growing market demand in AI, robotics, new energy vehicles, and energy storage in 2025, focusing on high-quality power supply products and high-end battery R&D[28] - The group aims to become a high-quality battery solution provider with core technological competitiveness, continuing to invest in capacity building and R&D[28] - The resumption of market sales in the export market and mainland China for consumer appliances under the "Oregon Scientific" brand occurred in 2024[27] - The significant improvement in profitability indicates a recovery in business operations, with 2024 being a pivotal year for the group[25] - The company is committed to sustainable development through investment in high-end battery technology and capacity building[28] Financial Position and Liabilities - Trade receivables as of December 31, 2024, were approximately HK$70.4 million, up from HK$1.2 million in FY2023, with turnover days increasing to 75 days from 5 days[66][71] - As of December 31, 2024, the Group's bank balances and cash amounted to approximately HK$2.2 million, an increase from approximately HK$0.6 million in FY2023[67] - The Group recorded net current liabilities of approximately HK$229.9 million, a decrease of approximately HK$111.0 million from approximately HK$340.9 million in FY2023, due to the resumption of business operations and deconsolidation of subsidiaries[68] - The total outstanding borrowings as of December 31, 2024, were approximately HK$1.2 million, significantly down from approximately HK$59.5 million in FY2023[74] - The gearing ratio improved to approximately 244.6% as of December 31, 2024, compared to approximately 14,216.7% in FY2023, due to an increase in total assets to approximately HK$80.9 million[77] - The Group's total liabilities as of December 31, 2024, were approximately HK$309.5 million, down from approximately HK$342.7 million in FY2023[80] - The net liabilities value per share improved to approximately HK$8.8 cents loss per share from approximately HK$13.1 cents loss per share in FY2023[75] Corporate Governance and Board Composition - The Company is committed to high standards of corporate governance, having complied with all code provisions of the Corporate Governance Code, except for deviations noted[116] - The Board currently consists of six Directors, including one Executive Director, two Non-Executive Directors, and three Independent Non-Executive Directors[123] - The Company has adopted guidelines to clearly define the responsibilities of the Board and management, including strategic importance, corporate governance, and financial authorizations[145] - The Board meets regularly at least four times a year, with additional meetings scheduled as necessary[159] - The Independent Non-Executive Directors contribute significantly to Board Committees, providing independent judgment on corporate strategy and performance[149] - The Company ensures that all Independent Non-Executive Directors are independent and have provided annual confirmations of independence as required by the Listing Rules[151] - The Board has established a balanced structure, allowing free discussion and expression of views among members[153] Director Appointments and Changes - Ms. Chen appointed as independent non-executive director of Tianyun International Holdings Limited effective April 30, 2024[45] - Mr. Mak appointed as independent non-executive director on September 25, 2024, with extensive experience in financial management[48] - Dr. Lowe appointed as independent non-executive director on September 25, 2024, with a strong academic background and experience in political philosophy and international relations[51] - Ms. Chen has over 12 years of experience in executive management, investment, and corporate finance[41] - Mr. Mak has served as CFO for multiple companies, including Nutryfarm International Limited and Sinocloud Group Limited, enhancing financial oversight[49] - Dr. Lowe has published research findings in international academic journals, contributing to the company's intellectual capital[51] - The Board diversity policy aims to enhance performance quality by considering various aspects such as cultural background, experience, and gender[131] Employee and Remuneration Policies - The total staff cost for the year ended December 31, 2024, was approximately HK$3.2 million, compared to approximately HK$3.1 million for FY2023[106] - The Group had a total of 33 employees as of December 31, 2024, down from 50 employees in FY2023[106] - The Group's remuneration policy aims to provide market-rate compensation packages that reward individual performance and attract high-quality employees[111] - Fixed salaries and benefits are benchmarked at the median market level against comparable companies, while performance-related bonuses are linked to predefined performance targets[114] Legal and Compliance Matters - The Group recognized a provision of approximately HK$2,874,000 related to legal claims from former employees, which was derecognized following the deconsolidation of IDTSZ[95] - As of December 31, 2024, the Group had no material litigation or arbitration pending against it, and any potential legal liabilities are not expected to materially impact the financial position[96] - The Company has not arranged insurance cover for Directors against legal actions during FY2024 due to financial distress, but management believes potential claims can be effectively handled[118] Future Outlook - The Group anticipates a gradual improvement in market conditions and expects sustainable business operations in the long run[65][70] - The Group is optimistic about improving its net current liabilities position following the resumption of business operations[98]
IDT INT'L(00167) - 2024 - 年度业绩
2025-03-31 14:46
Financial Performance - Revenue for the fiscal year 2024 was approximately HKD 173.3 million, a significant increase from HKD 1.2 million in fiscal year 2023, representing a growth of over 14,400%[5] - Gross profit for the fiscal year 2024 was approximately HKD 54.2 million, compared to HKD 0.1 million in fiscal year 2023, indicating a substantial improvement[5] - The net profit for fiscal year 2024 was approximately HKD 114.6 million, a turnaround from a loss of HKD 14.2 million in fiscal year 2023[5] - The company reported a basic and diluted earnings per share of HKD 264.51 for fiscal year 2024, a significant recovery from a loss per share of HKD (32.67) in fiscal year 2023[6] - The company recorded a profit of HKD 114,621,000 for the year ending December 31, 2024, after a loss in the previous year[8] - The company reported a pre-tax profit of HKD 114,621, a substantial recovery from a loss of HKD 14,158 in 2023[41] Operating Expenses and Liabilities - The total operating expenses for fiscal year 2024 were approximately HKD 27.2 million, up from HKD 10.9 million in fiscal year 2023, reflecting an increase of about 149%[5] - The company’s total liabilities decreased from HKD 59,534,000 in 2023 to HKD 1,217,000 in 2024, indicating a reduction of 97.95%[48] - The company has a current liability exceeding current assets by approximately HKD 229,941,000 as of December 31, 2024[13] - The total liabilities exceeded total assets by approximately HKD 228,610,000 as of December 31, 2024[13] Equity and Assets - Total assets less current liabilities for fiscal year 2024 were approximately HKD (228,138) thousand, compared to HKD (340,916) thousand in fiscal year 2023, showing an improvement[7] - The company's equity attributable to owners was approximately HKD (228,703) thousand in fiscal year 2024, compared to HKD (341,009) thousand in fiscal year 2023, indicating a reduction in losses[7] - The total assets as of December 31, 2024, were approximately HKD 80.9 million, compared to HKD 1.8 million in the fiscal year 2023, while total liabilities were approximately HKD 309.5 million, down from HKD 342.7 million[69] Cash Flow and Liquidity - The company has cash and bank balances at a low level of approximately HKD 2,182,000 as of December 31, 2024[13] - The group's bank balance and cash were maintained at a low level of approximately HKD 2.18 million as of December 31, 2024[86] - The company has taken measures to alleviate liquidity issues and improve financial conditions, including seeking financial support from investors[13] Dividends and Share Capital - The board of directors does not recommend the payment of dividends for fiscal year 2024, consistent with the previous fiscal year[5] - The company did not declare or recommend any dividends for both 2024 and 2023, maintaining a consistent policy[38] - Following a special shareholders' meeting on February 18, 2025, the company will execute a capital reorganization effective February 20, 2025, which includes a consolidation of every 60 existing shares into 1 consolidated share[55] Business Strategy and Market Position - The company has not disclosed any new product developments or market expansion strategies in the current report[5] - The company has launched its own online retail platform and established two new stores on overseas platforms to enhance market competitiveness[58] - The group continues to expand its product portfolio to meet new customer demands and enhance market competitiveness[19] Debt Restructuring and Financial Strategy - The company is negotiating with creditors to restructure existing debts and has reached agreements on settlement plans[13] - The company completed a debt restructuring and share subscription on March 13, 2025, as part of its financial strategy[59] - The company plans to issue new shares to potential investors, with net proceeds expected to be approximately HKD 230 million by March 2025[13] Legal and Compliance Matters - The company is involved in several minor lawsuits but does not expect any significant impact on its financial condition or performance from these cases[54] - The audit committee consists of three independent non-executive directors, responsible for reviewing and supervising the group's financial reporting processes[81] - The group is committed to enhancing its corporate governance practices to ensure compliance with the corporate governance code[77] Employee and Operational Metrics - Employee costs totaled HKD 3,536,000 in 2024, slightly up from HKD 3,457,000 in 2023, indicating a 2.28% increase[35] - As of December 31, 2024, the group employed 33 staff members, a decrease from 50 in the previous fiscal year[80]
IDT INT'L(00167) - 2024 - 中期财报
2024-09-30 12:30
Financial Performance - Turnover for the six months ended June 30, 2024, was approximately HK$51.1 million, compared to nil for the same period in 2023[4] - Gross profit for 1H2024 was approximately HK$17.4 million, with no gross profit reported in 1H2023[4] - Profit for the period was approximately HK$5.6 million, a significant recovery from a loss of approximately HK$6.8 million in 1H2023[4] - The company reported a total comprehensive income of HK$6.1 million for the period, compared to a loss of HK$6.9 million in the previous year[6] - Basic and diluted earnings per share for the period was HK$0.22, an improvement from a loss of HK$0.26 per share in 2023[7] - The Group reported a profit attributable to owners of the Company of HK$5,619,000 for the six months ended June 30, 2024, compared to a loss of HK$6,807,000 in the same period of 2023[54] Operating Expenses - Total operating expenses amounted to approximately HK$6.4 million, an increase from approximately HK$5.2 million in 1H2023[4] - Research expenses for the period were HK$19, while distribution and selling expenses were HK$22[6] - The Group's research expenses decreased by approximately 86.5%, while distribution and selling expenses dropped by approximately 66.2% in 1H2024[84] - General administrative expenses increased by approximately 28.9% as the Group resumed operations[84] Current Liabilities and Financial Position - Current liabilities increased significantly to HK$388,511,000 as of June 30, 2024, compared to HK$342,736,000 at the end of 2023[8] - Net current liabilities were reported at HK$335,716,000, slightly improved from HK$340,916,000 in the previous period[8] - The Group reported a net deficit of HK$334,791,000 as of June 30, 2024, compared to HK$340,916,000 at the end of 2023[8] - As of 30 June 2024, the Group's current liabilities exceeded current assets by approximately HK$335,716,000, and total liabilities exceeded total assets by approximately HK$334,791,000[22] - The Group's bank balances and cash were at a low level of approximately HK$587,000 as of 30 June 2024[22] Cash Flow and Operating Activities - Net cash from operating activities for the six months was HK$320,000, a decrease from HK$725,000 in the same period last year[11] - Cash and cash equivalents at the end of the period were HK$587,000, down from HK$616,000 in 2023[11] Corporate Governance and Management Changes - The company has appointed a new CEO, Cheung Yuk Ki, effective February 1, 2024, following the resignation of Zhu Yongning[2] - Zhu Yongning has resigned as an executive director effective February 1, 2024[94] - The roles of chairman and CEO were held by Zhu Yongning until his resignation, with efforts ongoing to separate these roles[105] - The company is actively seeking suitable candidates to fill the independent non-executive director vacancies in compliance with the relevant Listing Rules[111] Legal and Financial Challenges - The Company received a statutory demand from a creditor for HK$15,000,000, requiring payment within 3 weeks, or face a winding-up petition[14] - There is a material uncertainty regarding the Group's ability to continue as a going concern due to financial difficulties[23] - The Group is involved in several legal proceedings, which have not been settled due to insufficient funds[22] - The Group's management is currently attempting to reach a settlement agreement regarding the HK$2,874,000 compensation but has not yet succeeded[75] Strategic Initiatives and Market Expansion - The company is focused on enhancing its electronic product offerings and expanding its market presence[5] - The Group established its own online retail platform and opened two online stores on foreign platforms to enhance market awareness of the "Oregon Scientific" brand[84] - The Group is continuously expanding its product portfolio to meet new customer demands and enhance market competitiveness[84] - The Group is implementing cost control measures and seeking new business opportunities to enhance profitability and improve future cash flow[29] Shareholder Information - As of June 30, 2024, Zhu Yongning holds 753,997,995 shares, representing 29.00% of the issued share capital[94] - Jiangsu Hongtu High Technology Co., Ltd. holds 556,898,770 shares, accounting for 21.42% of the issued share capital[98] Compliance and Corporate Governance - The Company confirmed compliance with the Corporate Governance Code throughout the six months ended June 30, 2024, except for deviations from provisions C.2.1 and C.1.8[104] - The company aims to enhance its corporate governance practices to ensure compliance with the corporate governance code[107] - The Audit Committee currently comprises only one independent non-executive director, Mr. Xu Jinwen, which does not meet the minimum requirements under Listing Rule 3.21[113]
IDT INT'L(00167) - 2024 - 中期财报
2024-09-30 12:25
Financial Performance - Turnover for the six months ended June 30, 2023, was nil, compared to HK$2.2 million for the same period in 2022[5] - Gross profit was nil for 1H2023, while there was a gross loss of HK$11.0 million in 1H2022[5] - Total operating expenses decreased to HK$5.2 million in 1H2023 from HK$37.1 million in 1H2022, representing a reduction of approximately 86%[5] - Loss for the period amounted to HK$6.8 million, significantly improved from a loss of HK$49.9 million in 1H2022[5] - Loss before taxation for the period was HK$6.8 million, compared to HK$49.9 million in the previous year[7] - Total comprehensive loss for the period was HK$6.9 million, down from HK$37.99 million in 1H2022[7] - The company reported no revenue from sales during the period, indicating a complete halt in operations compared to the previous year[5] - Basic and diluted loss per share decreased to HK$0.26 from HK$1.92 year-over-year[8] - Total comprehensive loss for the six months ended June 30, 2023, was HK$6,874,000, a significant improvement from a loss of HK$37,991,000 in the same period of 2022[8] Cash Flow and Liabilities - Net cash generated from operating activities was HK$725,000, compared to a net cash used of HK$30,573,000 in the prior year[14] - Cash and cash equivalents at the end of the period increased to HK$616,000 from HK$2,647,000 at the end of June 2022[14] - Current liabilities totaled HK$335,053,000 as of June 30, 2023, slightly up from HK$330,856,000 at the end of 2022[9] - Net liabilities stood at HK$334,437,000, compared to HK$327,563,000 at the end of 2022[9] - The company’s equity attributable to owners decreased to HK$334,530,000 from HK$327,656,000 at the end of 2022[9] - As of June 30, 2023, the Group's current liabilities exceeded current assets by approximately HK$334,437,000, and total liabilities exceeded total assets by the same amount[30] - The Group recorded net current liabilities of approximately HK$334.4 million, an increase of approximately HK$6.8 million compared to FY2022[100] - The total outstanding amount of borrowings as of June 30, 2023, was approximately HK$56.9 million, slightly down from approximately HK$57.6 million in FY2022[100] Operational Status and Future Plans - The company is engaged in investment holdings and the design, development, manufacturing, sales, and marketing of various electronic products[4] - The Group is implementing cost control measures and seeking new business opportunities to enhance profitability and improve future cash flow[32] - The Group is negotiating with creditors to restructure existing liabilities and exploring alternative financing sources to strengthen its capital base[34] - The Group is expanding its product portfolio to meet new customer demands, having launched its own online retail platform and established two online stores on foreign platforms in December 2023[34] - The Group's operations are gradually resuming in the first quarter of 2024, focusing on the sales of electronic products under the "Oregon Scientific" trademark[88] - The Group established its own online retail platform and new online stores on Noon and Mercado Libre to enhance market awareness of the "Oregon Scientific" brand[88] - The Group secured confirmed orders exceeding HK$70 million, expected to be fulfilled in the third quarter of 2024[98] Legal and Governance Issues - The Company received a statutory demand from a creditor for HK$15,000,000, with a deadline of three weeks to pay, or face a winding-up petition[17] - The Group is subjected to several legal proceedings, with many unresolved due to insufficient funds[30] - There is significant uncertainty regarding the Group's ability to continue as a going concern[31] - The management is working closely with professional advisors to formulate a restructuring plan to address the overall indebtedness of the Company[17] - The Group has been involved in several litigations, but management believes that any potential legal liabilities will not have a material impact on the financial position or results of the Group[87] - The Company has complied with all provisions of the Corporate Governance Code, except for deviations from Code Provision C.2.1 and C.1.8[116] - The roles of chairman and CEO are currently held by Zhu Yongning, following the retirement of the previous chairman in June 2019[117] - No insurance cover for legal actions against Directors was arranged during 1H2023 due to budget constraints[118] Shareholder Information - As of June 30, 2023, Zhu Yongning holds 753,997,995 shares, representing 29.00% of the issued share capital[111] - Jiangsu Hongtu High Technology Co., Ltd. also holds 556,898,770 shares, accounting for 21.42% of the issued share capital[113] - The issued and fully paid ordinary shares as of June 30, 2023, were 2,599,993,088 shares, amounting to HK$259,999,000[70] Audit and Compliance - The Audit Committee, comprising one independent non-executive director, has reviewed the unaudited financial results for 1H2023[121] - The preparation of the Interim Financial Statements requires management to make judgments and estimates that may differ from actual results[20] - The Interim Financial Statements have been prepared in accordance with the applicable disclosure requirements and accounting standards[20]
IDT INT'L(00167) - 2024 - 年度财报
2024-09-30 12:22
Financial Performance - The Group's total revenue for FY2022 was approximately HK$2.2 million, a decrease of approximately 87.1% compared to FY2021's revenue of approximately HK$17.1 million due to the suspension of operations following the closure of the Shenzhen factory[5]. - Gross loss for FY2022 totaled approximately HK$3.0 million, compared to a gross profit of approximately HK$1.9 million in FY2021, primarily due to a write-off of approximately HK$3.7 million in inventory[6]. - The total loss for FY2022 was approximately HK$21.8 million, compared to HK$84.2 million in FY2021, indicating a significant reduction in losses[8]. - Loss for FY2022 decreased by approximately 74.1% to approximately HK$21.8 million, down from approximately HK$84.2 million in FY2021, attributed to cost control efforts[21]. - The Group's operations were suspended since March 5, 2022, leading to significant net operating cash outflow for the year ended December 31, 2022[195]. - The Group resumed operations in December 2023, returning to profitability for the six months ended June 30, 2024[196]. Operating Expenses and Cost Management - Total operating expenses for FY2022 amounted to approximately HK$23.5 million, a decrease of approximately 63.7% from FY2021's approximately HK$64.8 million, driven by significant reductions in research and distribution expenses[6]. - Research expenses decreased by approximately 92.8%, while distribution and selling expenses dropped by approximately 88.9% in FY2022[6]. - General administrative expenses were reduced by approximately 52.0% as the Company is undergoing a downsizing process[6]. - The charge of loss allowance on financial assets for FY2022 was approximately HK$2.0 million, a decrease from HK$8.8 million in FY2021[8]. - Losses from impairment for FY2022 were approximately HK$6.2 million, down from HK$11.8 million in FY2021[8]. Assets and Liabilities - As of December 31, 2022, the Group's total assets amounted to approximately HK$3.3 million, a drastic decrease from approximately HK$81.3 million in FY2021[23]. - Total liabilities as of December 31, 2022, were approximately HK$330.9 million, down from approximately HK$386.8 million in FY2021[23]. - The Group recorded net current liabilities of approximately HK$327.6 million, an increase of approximately HK$75.3 million from approximately HK$252.3 million in FY2021[24]. - The Group's gearing ratio increased to approximately 7,342.4% as of December 31, 2022, compared to approximately 321.9% in FY2021, due to the drastic decrease in total assets[23]. Corporate Governance and Management - The company has a strong focus on corporate governance with multiple committees including remuneration, nomination, and audit[17]. - The management team includes individuals with extensive backgrounds in finance, law, and investment, enhancing the company's strategic capabilities[16][17]. - The company emphasizes the importance of tax planning and risk management, as highlighted by the experience of its directors[16]. - The new appointments are expected to strengthen the company's governance and strategic direction moving forward[15][17]. - The Company has complied with all code provisions of the Corporate Governance Code, except for deviations from provisions C.2.1, C.1.6, and C.1.8[42]. Shareholder Engagement and Communication - The Company communicates with shareholders through annual reports, interim reports, and press releases, ensuring timely and clear information dissemination[93]. - The AGM serves as a forum for shareholders to exchange views with the Board, with key committee chairs available to answer questions[93]. - Shareholders can propose resolutions at general meetings, with proper procedures in place for submission and verification[95]. Environmental and Social Responsibility - The Group is committed to enhancing its environmental, social, and governance standards in accordance with the Listing Rules[101]. - The Group aims to guarantee product quality and delivery through regular visits and communication with customers[107]. - The Group's initiatives aim to foster a culture of energy and resource conservation among employees[117]. - The Group has established a workers' union to provide employees with a platform for communication and to ensure timely payment of salaries and benefits[107]. - The Group conducts annual environmental training for employees to enhance awareness and ensure compliance with local regulations regarding hazardous waste emissions[126]. Legal and Compliance Matters - The Group has been involved in several legal actions, with potential liabilities not expected to materially impact its financial position[34]. - The Group has filed for appeals regarding certain court judgements, with ongoing attempts to reach settlement agreements[32]. - The Group has established a whistle-blowing mechanism allowing employees, customers, and suppliers to report fraud and corruption anonymously[167]. Future Outlook and Strategic Plans - The Group secured confirmed orders exceeding HK$70 million, expected to be fulfilled in the third quarter of 2024[9]. - The market situation is expected to improve significantly as the effects of the trade war diminish[9]. - The Group is formulating a corporate rescue plan to address indebtedness and secure necessary funding for ongoing operations[198].