SEEC MEDIA(00205)

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财讯传媒(00205) - 2021 - 年度财报
2022-04-28 09:37
Revenue Breakdown - Revenue from advertising and sales of books and magazines was approximately HKD 37 million, accounting for about 54.1% of total revenue[11] - Securities brokerage business generated commission and brokerage income of approximately HKD 11 million, representing about 16.1% of total revenue[12] - Interest income from lending activities amounted to approximately HKD 14.2 million, contributing around 20.8% to total revenue[13] - E-commerce platform services and sales of high-tech products generated revenue of approximately HKD 6.2 million, making up about 9.0% of total revenue[14] - Total revenue for the year ended December 31, 2021, was HKD 68,350,000, a decrease of 14.5% from HKD 80,167,000 in 2020[159] Financial Performance - The total revenue from advertising services and sales of books and magazines for the year ended December 31, 2021, was approximately HKD 37,000,000, a decrease of 12.7% compared to approximately HKD 42,400,000 for the year ended December 31, 2020[22] - The overall gross profit margin for the group was approximately 61.0%, down from approximately 70.1% for the year ended December 31, 2020, due to a decrease in the revenue contribution from high-margin business segments[22] - Gross profit for the same period was HKD 41,659,000, down from HKD 56,173,000, reflecting a decline of 26.0%[159] - The company reported a loss before tax of HKD (43,537,000), compared to a loss of HKD (145,902,000) in the previous year, indicating an improvement[159] - The total comprehensive loss for the year was HKD (49,112,000), compared to HKD (139,245,000) in 2020, showing a significant reduction in losses[159] - Basic and diluted loss per share for the year was HKD (0.08), compared to HKD (0.40) in the previous year, reflecting an 80% improvement[159] Cost Management - The sales and distribution costs for the year ended December 31, 2021, were approximately HKD 3,300,000, a decrease of about 71.9% compared to approximately HKD 11,800,000 in 2020, consistent with the revenue decline[23] - Administrative expenses decreased by approximately 34.2% to about HKD 25,600,000 for the year ended December 31, 2021, down from approximately HKD 38,900,000 in 2020[24] - The company reported a significant decrease in financing costs, which were not specified but indicated a positive trend[159] Shareholder and Equity Information - The company did not recommend the payment of dividends for the year ended December 31, 2021, in order to preserve financial resources for future business development[26] - As of December 31, 2021, the company's total equity was approximately HKD 256,700,000, a decrease from HKD 273,400,000 in 2020, primarily due to a loss of approximately HKD 44,600,000 during the year[43] - The total equity attributable to owners of the company was HKD (44,598,000), compared to HKD (132,404,000) in the previous year, indicating a decrease in equity losses[159] Corporate Governance - The board of directors consists of five executive directors and three independent non-executive directors, ensuring a diverse skill set and experience to meet operational needs[59] - The company emphasizes the importance of board diversity and has implemented a board diversity policy to enhance performance quality[59] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standards set by the listing rules[57] - The board meets quarterly, with attendance rates indicating strong engagement among directors[60] - The company is committed to maintaining good corporate governance principles to build trust and confidence among stakeholders[54] Risk Management - The company recognizes the potential risks and uncertainties in future business operations due to geopolitical tensions and economic conditions[17] - The group faces significant risks related to the renewal of advertising licenses and exclusive advertising rights, which are largely dependent on future regulations and circumstances[135] - The board is responsible for maintaining effective internal controls and risk management systems, with regular reviews conducted by the internal audit department[79] Employee and Operational Information - The company had 64 employees as of December 31, 2021, a decrease from 88 employees in 2020[47] - The company is committed to creating a safe and socially responsible work environment for its employees[106] - The company’s employee compensation policy is based on contributions, qualifications, and capabilities[130] Investment and Financial Position - The company had borrowings of approximately HKD 3,200,000 as of December 31, 2021, significantly reduced from HKD 25,500,000 in 2020[43] - The company’s cash and cash equivalents decreased significantly to HKD 25,101 million in 2021 from HKD 57,310 million in 2020, a decline of 56.2%[164] - The company’s non-current liabilities were approximately HKD 6,700,000 as of December 31, 2021, down from HKD 10,000,000 in 2020[43] Compliance and Reporting - The group is committed to ensuring compliance with the Hong Kong Financial Reporting Standards and the Companies Ordinance in preparing its financial statements[150] - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2021[142] - The comprehensive financial statements reflect the group's commitment to transparency and accuracy in financial reporting, adhering to established accounting principles[182]
财讯传媒(00205) - 2021 - 中期财报
2021-09-30 08:40
Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 36,440,000, a decrease of 2.5% from HKD 37,383,000 in the same period of 2020[2] - Gross profit for the same period was HKD 23,213,000, down 13.5% from HKD 26,927,000 year-on-year[2] - The company reported a loss before tax of HKD 19,828,000, an improvement from a loss of HKD 34,204,000 in the previous year[2] - Total comprehensive loss for the period was HKD 21,169,000, compared to a loss of HKD 33,747,000 in the prior year[2] - Basic and diluted loss per share for the period was HKD 0.05, compared to HKD 0.11 in the same period last year[4] - The company recorded a fair value change of investments amounting to HKD 225,000, a significant recovery from a loss of HKD 5,966,000 in the previous year[2] - The company reported a net cash inflow from operating activities of HKD 27,793, compared to a net outflow of HKD 28,834 in the same period last year[13] - The company reported a segment loss of HKD 7,004 from advertising services, while securities brokerage generated a profit of HKD 5,565[20] - The group reported a loss attributable to owners of approximately HKD 21,100,000 for the six months ended June 30, 2021, a decrease of about 39.2% compared to HKD 34,800,000 for the same period in 2020[72] Assets and Liabilities - Non-current assets increased to HKD 21,818,000 as of June 30, 2021, up from HKD 20,617,000 at the end of 2020[5] - Current assets rose to HKD 521,600,000, compared to HKD 482,174,000 at the end of 2020, reflecting a growth of 8.2%[5] - Total liabilities increased to HKD 254,214,000 from HKD 219,388,000, indicating a rise of 15.8%[5] - The company's net asset value improved to HKD 285,078,000, up from HKD 273,392,000 at the end of 2020[6] - The group’s total equity was approximately HKD 285,100,000, an increase from HKD 273,400,000 as of December 31, 2020[87] - The group’s capital debt ratio was approximately 47.5% as of June 30, 2021, compared to 45.6% as of December 31, 2020[87] Cash Flow - The total cash and cash equivalents at the end of the period increased to HKD 66,942, up from HKD 64,240 a year ago[13] - The financing activities generated a net cash inflow of HKD 27,162, compared to a net outflow of HKD 2,155 in the previous year[13] - The cash flow from investing activities showed a net outflow of HKD 43,281, indicating significant investments during the period[13] - The company’s cash and cash equivalents increased by HKD 11,674 during the period, compared to a decrease of HKD 4,511 in the previous year[13] Revenue Breakdown - Revenue from external sales reached HKD 36,440, with a breakdown of HKD 15,217 from advertising services, HKD 10,276 from securities brokerage, HKD 3,125 from e-commerce services, and HKD 7,822 from lending[20] - Total revenue for the company reached HKD 37,383,000, with external sales from advertising services at HKD 15,362,000, securities brokerage services at HKD 7,764,000, and e-commerce platform services at HKD 6,160,000[24] - Revenue from advertising services and the sale of books and magazines was approximately HKD 15,200,000, accounting for about 41.8% of total revenue, slightly down by 0.9% from approximately HKD 15,400,000 in the same period of 2020[62][69] - Securities brokerage business generated approximately HKD 10,300,000 in commission and brokerage income, representing about 28.2% of total revenue, an increase from approximately HKD 7,800,000 in the same period of 2020[63][69] - Lending business produced interest income of approximately HKD 7,800,000, accounting for about 21.5% of total revenue, down from approximately HKD 8,100,000 in the same period of 2020[65][69] - E-commerce services and related product sales contributed approximately HKD 3,100,000, representing about 8.6% of total revenue, down from approximately HKD 6,200,000 in the same period of 2020[66][69] Shareholder Information - The total issued share capital increased to 616,142,000 shares as of June 30, 2021, from 382,407,000 shares as of January 1, 2021, reflecting a rise of 61.2%[49] - The major shareholder, Chen Hui, holds 170,000,000 shares, representing 27.59% of the total issued shares as of June 30, 2021[97] - The total number of issued shares as of June 30, 2021, was 616,142,730[94] Corporate Governance - The board expects that the future performance of the group's listed investments will be unstable and significantly influenced by the overall economic environment and market conditions[86] - The board of directors currently has no appointed chairman and will review the situation in future meetings[102] - The audit committee consists of three independent non-executive directors, with Ro Zhi Hong as the chairman[109] - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with the required standards[110] - The company has complied with the corporate governance code, with some significant deviations noted[99] Employee Information - As of June 30, 2021, the company had 73 employees in Hong Kong and China, down from 88 employees as of December 31, 2020[91]
财讯传媒(00205) - 2020 - 年度财报
2021-04-30 13:06
SEECH 財訊傳媒集團有限公司 SEEC MEDIA GROUP LIMITED (於開曼群島註冊成立並於百慕達存續的有限公司) ( 股份代號:205 ) g 1335553 2020 年 報 目錄 | --- | --- | |------------------|-------| | | | | | | | | | | 目錄 | | | | | | | | | | | | 公司資料 | | | 董事報告 | | | 管理層討論及分析 | | | 企業管治報告 | | 董事簡歷 16 董事會報告 17 獨立核數師報告 23 綜合損益及其他全面收益表 27 綜合財務狀況報表 28 綜合權益變動表 29 綜合現金流量表 30 綜合財務報表附註 32 財務摘要 98 1 財訊傳媒集團有限公司 年報 2020 公司資料 公司資料 | --- | --- | |-------------------------------------------------------------|------------------------------------------------------------------- ...
财讯传媒(00205) - 2020 - 中期财报
2020-09-29 22:00
Financial Performance - The company reported revenue of HKD 37,383,000 for the six months ended June 30, 2020, representing an increase of 3.73% compared to HKD 36,039,000 in the same period of 2019[2]. - Gross profit for the same period was HKD 26,927,000, up from HKD 24,443,000, indicating a growth of 10.14% year-over-year[2]. - The company incurred a loss before tax of HKD 34,204,000, an improvement from a loss of HKD 51,926,000 in the prior year, reflecting a reduction of 34.06%[2]. - The net loss for the period was HKD 33,747,000, compared to a net loss of HKD 50,421,000 in 2019, showing a decrease of 33.14%[2]. - The basic and diluted loss per share was HKD 0.11, compared to HKD 0.16 in the previous year, indicating an improvement in loss per share[4]. - The group reported a loss attributable to owners of approximately HKD 34,800,000 for the six months ended June 30, 2020, a decrease of about 31.8% from HKD 51,000,000 for the same period in 2019[80]. Assets and Liabilities - The company's total assets decreased to HKD 503,257,000 as of June 30, 2020, down from HKD 527,310,000 at the end of 2019, a decline of 4.55%[5]. - Current liabilities were reported at HKD 216,537,000, a decrease from HKD 236,354,000, indicating a reduction of 8.38%[5]. - The company's cash and cash equivalents stood at HKD 64,240,000, down from HKD 73,442,000, reflecting a decrease of 12.43%[5]. - Non-current assets totaled HKD 82,971,000, down from HKD 115,963,000, representing a decline of 28.43%[5]. - The total receivables as of June 30, 2020, amounted to HKD 157,106,000, an increase from HKD 150,349,000 as of December 31, 2019[38]. - The group’s total liabilities increased to HKD 157,106,000 as of June 30, 2020, compared to HKD 150,349,000 as of December 31, 2019[38]. Cash Flow - For the six months ended June 30, 2020, the company reported a net cash outflow from operating activities of HKD (29,351) thousand, compared to a net inflow of HKD 26,076 thousand for the same period in 2019[12]. - The cash and cash equivalents at the end of the period were HKD 64,240 thousand, a decrease from HKD 98,682 thousand at the end of the same period in 2019[12]. - The company’s investment activities generated a net cash inflow of HKD 27,270 thousand, contrasting with a net cash outflow of HKD (255) thousand in the previous year[12]. Revenue Breakdown - The total external sales for the six months ended June 30, 2020, amounted to HKD 37,383 thousand, with a breakdown of HKD 13,018 thousand from advertising services, HKD 2,344 thousand from book and magazine sales, and HKD 7,764 thousand from securities brokerage services[18]. - Revenue from advertising services was approximately HKD 13,000,000, a decrease of about 8.3% compared to HKD 14,200,000 in the same period last year[70]. - Revenue from book and magazine sales was approximately HKD 2,300,000, an increase of about 1,280% compared to HKD 200,000 in the same period last year[70]. - Commission and brokerage income from the securities brokerage business amounted to approximately HKD 7,800,000, accounting for about 20.8% of total revenue[71]. - Interest income from the lending business was approximately HKD 8,100,000, representing about 21.7% of total revenue[73]. - Revenue from e-commerce platform services and related product sales was approximately HKD 6,200,000, contributing about 16.5% to total revenue[74]. Expenses - The company experienced a significant increase in administrative expenses, totaling HKD (13,028) thousand, impacting overall profitability[18]. - Selling and distribution costs decreased by approximately 46.9% to about HKD 6,900,000 for the six months ended June 30, 2020, compared to approximately HKD 12,900,000 for the same period in 2019[78]. - Administrative expenses decreased by approximately 39.4% to about HKD 24,500,000 for the six months ended June 30, 2020, down from approximately HKD 40,400,000 for the same period in 2019[78]. Strategic Focus - The company plans to continue focusing on expanding its e-commerce platform services and related product sales as part of its growth strategy[18]. - The group plans to continue developing and strengthening its financial services while exploring suitable investment opportunities to maximize shareholder value[75]. - The company aims to diversify its revenue sources through the development of lending services and other financial services[73]. Governance and Compliance - The company adhered to the corporate governance code but noted significant deviations regarding board meeting notifications and agenda distribution[106]. - The board has adopted a more flexible approach to convene meetings to ensure efficient and timely decision-making[108]. - The audit committee, chaired by an independent non-executive director, reviewed the accounting principles and financial reporting matters for the six months ending June 30, 2020[120]. - All directors confirmed compliance with the company's code of conduct regarding securities trading for the six months ending June 30, 2020[121].
财讯传媒(00205) - 2019 - 年度财报
2020-05-15 14:58
Financial Performance - Total revenue from advertising services and book sales was approximately HKD 42,700,000, a decrease of about 68.4% compared to HKD 135,400,000 in the previous year[23] - Total revenue for the year ended December 31, 2019, was HKD 87,223,000, a decrease of 51.7% from HKD 180,413,000 in 2018[169] - Gross profit for 2019 was HKD 50,788,000, down 42.3% from HKD 88,019,000 in the previous year[169] - The company reported a net loss of HKD 99,382,000 for 2019, compared to a loss of HKD 125,002,000 in 2018, indicating an improvement of 20.5%[169] - Total comprehensive loss for the year was HKD 109,724,000, a reduction of 28.0% from HKD 152,361,000 in 2018[169] - The group’s attributable loss decreased by approximately 23.8% to about HKD 95,300,000 in 2019 from HKD 125,100,000 in 2018, primarily due to reduced losses from trading investments and joint ventures[26] - The company reported a net loss of HKD 125,077,000 for the year ended December 31, 2019, compared to a loss of HKD 95,294,000 in the previous year, representing an increase in loss of approximately 31.3%[175] - The operating loss before tax for 2019 was HKD 100,189,000, an improvement from a loss of HKD 126,279,000 in 2018, indicating a reduction in operating losses by about 20.6%[178] Revenue Breakdown - Revenue from securities brokerage, e-commerce, and lending businesses was approximately HKD 13,400,000, HKD 16,100,000, and HKD 15,000,000 respectively, with e-commerce showing a growth from HKD 15,300,000 in the previous year[23] - Advertising services accounted for about 48.8% of total revenue, while book and magazine sales contributed only 0.2%[12] - Lending business generated interest income of approximately HKD 15,000,000, representing about 17.2% of total revenue[14] - E-commerce services contributed approximately HKD 16,100,000, accounting for about 18.5% of total revenue[15] Cost Management - Sales and distribution costs decreased by approximately 81.6% to about HKD 18,100,000 in 2019 from approximately HKD 98,500,000 in 2018, consistent with the decline in revenue[24] - Administrative expenses reduced by approximately 24.2% to about HKD 70,700,000 in 2019 from approximately HKD 93,400,000 in 2018[25] Investments and Acquisitions - The group has not made any significant acquisitions or disposals of subsidiaries during the year ended December 31, 2019[38] - The group’s major investments included QPL International Holdings Limited and China Wallet Payment Group Limited, with respective market values of HKD 2,542,000 and HKD 8,362,000 as of December 31, 2019[41] Financial Position - As of December 31, 2019, the total equity of the group was approximately HKD 403,000,000, down from approximately HKD 508,500,000 in 2018, mainly due to a loss of approximately HKD 99,400,000 for the year[44] - The company's total liabilities decreased to HKD 236,354,000 in 2019 from HKD 246,146,000 in 2018, a decline of 4.0%[174] - The net asset value was HKD 402,967,000, down from HKD 508,486,000 in 2018, indicating a decrease of 20.7%[174] Governance and Compliance - The board consists of five executive directors and three independent non-executive directors, ensuring a diverse skill set and experience for effective governance[63] - The attendance rate for board meetings was high, with most directors attending all meetings, indicating strong engagement in corporate governance[64] - The audit committee held two meetings during the year, reviewing financial performance and ensuring compliance with applicable accounting standards[68] - The company has adopted a board diversity policy, focusing on various factors such as gender, age, and professional background to enhance board effectiveness[79] Risk Factors - The political instability in Hong Kong and the impact of COVID-19 may pose uncertainties and potential risks to future business operations[18] - The company faced risks related to the renewal of advertising licenses and exclusive advertising rights[142] Cash Flow and Financing - The company experienced a net cash inflow from operating activities of HKD 32,039,000 in 2019, a significant recovery from a net outflow of HKD 64,496,000 in 2018[178] - The company reported a financing cash outflow of HKD 27,485,000 in 2019, compared to a net inflow of HKD 16,427,000 in 2018, indicating a shift in financing strategy[180] Employee and Social Responsibility - The company has been focusing on enhancing employee awareness of environmental and social issues and fostering a safe and responsible work environment[109] - The company actively engaged in environmental and social responsibility initiatives, implementing various energy-saving and waste-reduction measures during its operations[109] Accounting and Reporting Standards - The company’s financial statements are prepared in accordance with the applicable HKFRS issued by the Hong Kong Institute of Certified Public Accountants[183] - The company has not early adopted the new and revised Hong Kong Financial Reporting Standards that will take effect after January 1, 2021, including HKFRS 17 on insurance contracts[198]
财讯传媒(00205) - 2019 - 中期财报
2019-09-24 09:34
Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 36,039,000, a decrease of 56.5% compared to HKD 82,776,000 for the same period in 2018[3] - Gross profit for the same period was HKD 24,443,000, down 55.2% from HKD 54,569,000 in 2018[3] - The company reported a net loss of HKD 50,421,000 for the six months ended June 30, 2019, compared to a net loss of HKD 98,330,000 in the prior year, representing a 48.7% improvement[3] - Total comprehensive loss for the period was HKD 49,922,000, significantly reduced from HKD 98,943,000 in 2018[4] - The total pre-tax loss for the group was HKD 51,926,000 for the six months ended June 30, 2019, compared to a pre-tax loss of HKD 99,763,000 for the same period in 2018[39][42] - The group incurred a net loss of HKD 50,981,000 for the six months ended June 30, 2019, which is a decrease from the net loss of HKD 96,773,000 in the same period of the previous year[48] - The loss attributable to the owners of the company was approximately HKD 51,000,000, a reduction of about 47.3% from HKD 96,800,000 in the same period last year, primarily due to decreased sales and distribution costs[91] Assets and Liabilities - Non-current assets as of June 30, 2019, amounted to HKD 39,163,000, a decrease from HKD 47,888,000 at the end of 2018[6] - Current assets were HKD 181,744,000, down from HKD 205,370,000 at the end of 2018, indicating a 11.5% decline[6] - Total liabilities increased to HKD 264,621,000 from HKD 246,146,000, reflecting a 7.5% rise[7] - The company's equity attributable to owners decreased to HKD 453,452,000 from HKD 499,584,000, a decline of 9.2%[7] - As of June 30, 2019, the total equity of the group was approximately HKD 462.8 million, a decrease from HKD 508.5 million as of December 31, 2018, primarily due to a loss of approximately HKD 50.4 million during the period[106] - The group's non-current liabilities as of June 30, 2019, were approximately HKD 6.4 million, up from HKD 4.7 million as of December 31, 2018, mainly consisting of deferred tax liabilities[106] Cash Flow - The company reported a net cash inflow from operating activities of HKD 36,669,000 for the six months ended June 30, 2019, compared to a net outflow of HKD 11,203,000 in the same period of 2018[16] - The total cash and cash equivalents at the end of the period were HKD 98,682,000, showing an increase from HKD 75,765,000 at the beginning of the period[16] - The company incurred a net cash outflow from investing activities of HKD 10,677,000 for the six months ended June 30, 2019, compared to HKD 6,909,000 in the same period of 2018[16] - The company reported a significant increase in cash and cash equivalents, with a net increase of HKD 23,610,000 during the period, contrasting with a decrease of HKD 32,972,000 in the previous year[16] - The group reported a cash outflow from financing activities of HKD 2,211,000 for the period, indicating a significant change in cash flow management[36] Receivables and Payables - As of June 30, 2019, the total receivables amounted to HKD 173,867,000, a decrease from HKD 198,064,000 as of December 31, 2018, representing a reduction of approximately 12.2%[57] - The company’s advertising agency and book sales receivables, net of provisions, were HKD 20,530,000 as of June 30, 2019, down from HKD 33,920,000 as of December 31, 2018, reflecting a decrease of approximately 39.5%[57] - The receivables from securities trading amounted to HKD 12,282,000 as of June 30, 2019, compared to HKD 25,073,000 as of December 31, 2018, showing a decline of about 51.0%[57] - Accounts payable from advertising agency services and book and magazine sales increased to HKD 8,975,000 as of June 30, 2019, up 14.4% from HKD 7,844,000 as of December 31, 2018[65] - Accounts payable from e-commerce platform services and related product sales rose to HKD 18,111,000, a 25.5% increase from HKD 14,452,000 in the previous period[65] Financial Standards and Reporting - The implementation of Hong Kong Financial Reporting Standard 16 resulted in adjustments to the company's financial statements, impacting the recognition of lease liabilities and right-of-use assets[18] - The adoption of Hong Kong Financial Reporting Standard 16 resulted in the capitalization of all leases, with a total lease liability recognized on January 1, 2019, amounting to HKD 3,776,000[24] - The estimated impact on the financial performance for the six months ended June 30, 2019, showed a loss before tax of HKD 51,926,000 under HKFRS 16, compared to HKD 52,001,000 under HKAS 17[31] - The cash flow statement will reflect significant changes due to the reclassification of lease payments into capital and interest portions[27] Revenue Breakdown - The revenue from advertising services was approximately HKD 14,200,000, a decrease of about 74.1% compared to HKD 54,900,000 in the same period last year[81] - The revenue from book and magazine sales was approximately HKD 200,000, down about 96.6% from HKD 5,000,000 in the previous year[81] - The total revenue from securities brokerage, e-commerce, and lending businesses was approximately HKD 21,700,000, with contributions of HKD 8,000,000, HKD 7,300,000, and HKD 6,400,000 respectively[88] Management and Corporate Governance - The company recognized an expense of approximately HKD 4,206,000 related to the share option scheme during the six months ended June 30, 2019[75] - Total remuneration for key management personnel was HKD 831,000 for the six months ended June 30, 2019, down from HKD 927,000 in the same period of 2018[77] - The group engaged in related party transactions, including office rent payments totaling HKD 849,000 for the six months ended June 30, 2019[77] - The board of directors did not recommend the payment of dividends for the six months ended June 30, 2019, consistent with the previous year[91]
财讯传媒(00205) - 2018 - 年度财报
2019-04-29 13:05
Revenue Performance - Advertising services revenue was approximately HKD 130.1 million, a decrease of about 48.6% from HKD 253 million in the previous year[11]. - Revenue from book and magazine sales was approximately HKD 5.3 million, down 61.2% from HKD 13.7 million in the previous year[11]. - Total revenue from advertising and book sales was approximately HKD 135.4 million, a decrease of about 49.2% from HKD 266.7 million in the previous year[22]. - Total revenue for the year ended December 31, 2018, was HKD 180,413,000, a decrease of 43.5% from HKD 319,132,000 in 2017[167]. Financial Services Contribution - Securities brokerage income was approximately HKD 15.8 million, accounting for about 8.8% of total revenue[12]. - Lending business generated interest income of approximately HKD 13.9 million, representing about 7.7% of total revenue[13]. - E-commerce services contributed approximately HKD 15.3 million in revenue, making up about 8.5% of total revenue[14]. Financial Performance and Losses - The loss attributable to the owners of the company decreased by approximately 50.3% to about HKD 125,100,000 for the year ended December 31, 2018, compared to approximately HKD 251,700,000 in 2017[26]. - The net loss for the year was HKD 125,002,000, compared to a net loss of HKD 251,936,000 in 2017, representing a 50.4% improvement[167]. - Total comprehensive loss for the year was HKD 152,361,000, a decrease from HKD 247,413,000 in 2017[167]. Cost Management - Sales and distribution costs for the year ended December 31, 2018, were approximately HKD 98,500,000, a decrease of about 19.6% compared to approximately HKD 122,600,000 in 2017[24]. - Administrative expenses slightly decreased by about 3.2% from approximately HKD 96,400,000 in 2017 to approximately HKD 93,400,000 in 2018[25]. Assets and Liabilities - Non-current assets decreased to HKD 205,370,000 in 2018 from HKD 275,806,000 in 2017, a decline of 25.4%[172]. - Current assets decreased to HKD 553,997,000 in 2018 from HKD 678,602,000 in 2017, a decline of 18.4%[172]. - Total liabilities decreased to HKD 246,146,000 in 2018 from HKD 257,189,000 in 2017, a decline of 4.0%[172]. Equity and Shareholder Information - As of December 31, 2018, the total equity of the group was approximately HKD 508,500,000, a decrease from approximately HKD 691,100,000 in 2017, mainly due to a loss of approximately HKD 125,000,000 for the year[42]. - As of December 31, 2018, the company had no distributable reserves for shareholders, compared to approximately HKD 32,415,000 in 2017[114]. - Major shareholder Ni Songhua held 576,300,000 shares, representing 9.04% of the issued share capital as of December 31, 2018[129]. Cash Flow and Management - The company reported a cash balance of HKD 75,765,000 as of December 31, 2018, down from HKD 131,791,000 in 2017[172]. - The net cash used in operating activities was HKD 58,945,000, an improvement from HKD 132,111,000 in 2017, showing a decrease of about 55.5%[182]. - The company experienced a net cash outflow of HKD 46,817,000 in financing activities, a significant reduction from HKD 217,009,000 in the previous year, indicating improved cash management[185]. Risk Management and Future Outlook - The company anticipates a reduction in contributions from advertising and book sales to future earnings due to a challenging operating environment in the print media sector[17]. - The company faces risks related to the renewal of advertising licenses and exclusive advertising rights, which are beyond the board's control[140]. - The board believes that the future performance of the group’s listed investments will be unstable and significantly influenced by the overall economic environment, equity market conditions, investor confidence, and the business performance and development of the invested companies[41]. Governance and Compliance - The board of directors is composed of four executive directors and three independent non-executive directors[61]. - The company has adopted a code of conduct for directors' securities transactions, fully compliant with the standards set out in the listing rules[60]. - The audit committee consists of three independent non-executive directors, including Mr. Lo Chi Hung as the chairman[66]. Environmental and Social Responsibility - The company actively responds to social and environmental responsibilities, implementing energy-saving and waste-reduction measures in daily operations[107]. - The company is committed to enhancing awareness of environmental and social issues among employees and stakeholders[107]. Changes in Accounting Standards - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2018, which may impact future financial reporting and performance assessments[189]. - The company adopted the new Hong Kong Financial Reporting Standards (HKFRS) 9 effective from January 1, 2018, which reclassifies financial assets into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[193].