7月4日，截至港股收盘，恒生指数下跌0.64%，报23916.06点。基石金融（08112.HK）收报0.123港元/ 股，上涨19.42%，成交量40.8万股，成交额4.98万港元，振幅16.5%。 最近一个月来，基石金融累计跌幅20.16%，今年来累计跌幅48.5%，跑输恒生指数19.99%的涨幅。 为配合近期业务发展,以带出新企业形象,自2017年12月18日起,集团控股上市公司的名称已由"Focus Media Network Limited"变更为"Cornerstone Financial Holdings Limited基石金融控股有限公司",于联交所 之股份代号仍为"8112"。 现时公司的平面显示屏幕活跃在香港及新加坡众多大型办公室及商业大厦的电梯大堂内,在强迫性的环 境中,接触到一班最希望锁定但亦最难接触到的办公室人士;并在香港专属私人住宅区内的电梯大堂,接触 到一群富裕的消费者。此外,公司亦拥有规模庞大的店内数码网络,为香港(万宁保健及美容店)及新加坡 (屈臣氏个人护理店铺)众多领先零售连锁店提供店内销售广 在2012年2月,本集团与中国最大的网络电视公司优酷土豆集团有限公司("YOKU ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of approximately HKD 53,982,860, a decrease of about 6% from HKD 57,960,680 in 2023[9] - The net loss for the fiscal year was approximately HKD 21,865,887, compared to a net loss of HKD 49,612,842 in the previous year, indicating an improvement in financial performance[9] - Revenue from the advertising and media business was approximately HKD 46,100,000, down 6% from HKD 49,200,000 in 2023, while financial services revenue decreased by 10% to HKD 7,900,000 from HKD 8,700,000[10] - The company's revenue for the year ended December 31, 2024, was approximately HKD 54,000,000, a decrease of about 7% compared to HKD 58,000,000 in 2023[29] - Gross profit for the same period was approximately HKD 34,400,000, down about 5% from HKD 36,300,000 in 2023, with a gross margin increase from 63% to 64% due to a 10% reduction in service costs[29] - The net loss attributable to the owners of the parent company was approximately HKD 20,900,000, significantly improved from a loss of HKD 48,600,000 in the previous year[33] - Administrative expenses decreased to approximately HKD 74,200,000, down about 6% from HKD 78,700,000 in 2023, attributed to lower operating costs[30] - Other income and losses increased significantly to approximately HKD 24,600,000 from HKD 3,000,000 in 2023, primarily due to an increase in the fair value of equity investments[29] - The company recorded a loss before interest, tax, depreciation, and amortization of approximately HKD 35,200,000, compared to HKD 36,500,000 in the previous year[30] Assets and Liabilities - Total assets as of December 31, 2024, were valued at HKD 177,589,424, a decrease from HKD 207,770,012 in 2023[9] - Total liabilities decreased to HKD 49,308,731 from HKD 57,511,384 in the previous year, reflecting improved financial stability[9] - The company's net asset value was HKD 128,280,693, down from HKD 150,258,628 in 2023, indicating a decline in overall equity[9] - The company's current assets net value was approximately HKD 125,000,000, down from HKD 141,000,000 in 2023, with cash and cash equivalents at approximately HKD 52,000,000[36] - The debt ratio as of December 31, 2024, was approximately 11.4%, a significant increase from 2.3% in 2023[37] Business Strategy and Market Conditions - The company plans to explore new investment opportunities in areas with growth potential, including AI technology, to diversify its business and ensure sustainable development[11] - The global economic environment remains uncertain due to geopolitical tensions and trade policy changes, which may impact investor confidence and capital inflows into Hong Kong's financial markets[11] - The company will continue to monitor external developments and adjust its business strategies as necessary to adapt to changing market conditions[11] - The management is committed to maintaining operations in existing businesses while seeking potential opportunities for growth and diversification[11] Margin Financing - Margin financing business contributes approximately 97% of the company's revenue for the fiscal year 2023[14] - As of December 31, 2024, the company provided margin loans totaling approximately HKD 89 million, with the top five clients accounting for about 80% of the total margin loans[16] - The annual interest rate for margin loans ranges from 8.5% to 9.125%[16] - The company recognized a margin loan impairment loss of approximately HKD 7.4 million for the fiscal year 2024, compared to HKD 6.3 million in 2023[18] - The expected credit loss provision for margin loans was estimated at approximately HKD 26,041,000, an increase from HKD 23,526,000 in 2023[35] Advertising and Media Business - The digital outdoor media network covers 1,639 selected locations in Hong Kong and Singapore as of December 31, 2024, an increase from 1,589 locations in 2023[19] - The partnership with Hivestack aims to enhance programmatic digital out-of-home (pDOOH) advertising experiences in Singapore, expected to be a major growth driver in the coming years[19] - The company continues to expand its digital outdoor media network by adding new static/LED outdoor locations[20] - The advertising and media business is gradually recovering from the lowest levels experienced during the pandemic[21] Corporate Social Responsibility - The company is committed to corporate social responsibility by engaging in community initiatives and supporting local activities in Singapore and Hong Kong[22] - The company sponsored significant events in 2024, including Singapore's National Day celebrations and charitable initiatives[24][25] Governance and Management - The company emphasizes good corporate governance as a key factor for success and aims to cultivate a culture of ethical and responsible behavior among employees[56] - The board of directors includes several independent non-executive directors, enhancing oversight and governance practices[59] - The company has adopted the GEM Listing Rules as a code of conduct for securities trading by directors, ensuring compliance with regulatory standards[57] - The strategic goal is to create long-term value through a flexible business model while maintaining a prudent approach to sustain value[56] - The company has established various committees, including audit, remuneration, and nomination committees, to enhance governance and oversight[58] - The board is committed to continuous improvement of governance principles and practices to balance the interests of shareholders, customers, and employees[56] - The company’s executive team includes experienced professionals with backgrounds in finance, law, and corporate governance, contributing to effective management[54][55] Board Composition and Meetings - The board consists of nine directors, with three being independent non-executive directors, meeting GEM listing rules requirements[72] - The board held a total of 7 meetings during the fiscal year ending December 31, 2024, including 4 regular board meetings[62] - All executive directors attended 100% of the board meetings, with the exception of one director who attended 4 out of 7 meetings[63] - The chairman and CEO roles are separated, with the chairman focusing on business development strategy and the CEO managing daily operations[66] - The company has established mechanisms to ensure strong independent elements within the board to enhance governance and protect shareholder interests[70] Diversity and Inclusion - The board consists of 8 male members and 1 female member as of December 31, 2024, with a gender ratio of 7:2 following changes on March 25, 2025, meeting GEM listing rules on gender diversity[90] - The company emphasizes equal opportunities in recruitment, training, promotion, and compensation, regardless of gender[91] Environmental, Social, and Governance (ESG) Initiatives - The company has implemented effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters, aligning with ESG reporting guidelines[132] - The company values stakeholder engagement and has established various communication channels to address stakeholder concerns and expectations[130] - The company has identified significant ESG issues, including waste management, greenhouse gas emissions, employee treatment, and product quality, to enhance its operational performance[132] - The company has committed to integrating ESG principles into its risk management system to pursue a sustainable business model[124] - Total greenhouse gas emissions for the year ending December 31, 2024, were approximately 46.1 tons, an increase from 44.0 tons in 2023, with per employee emissions rising to 0.87 tons from 0.85 tons[143] - The company consumed 4,035 liters of gasoline and 50,396 kWh of electricity for the year ending December 31, 2024, compared to 3,583 liters and 48,289 kWh in 2023, representing increases of 12.6% and 4.4% respectively[147][148] - The company has established environmental management policies to govern its operations and minimize greenhouse gas emissions and waste generation[143][146] Employee Management and Safety - As of December 31, 2024, the company employed 52 full-time staff, a decrease from 53 in 2023, with no part-time employees reported[161] - The male workforce percentage decreased from 48.0% in 2023 to 43.4% in 2024, while the female workforce percentage increased from 52.0% to 56.6%[161] - The employee turnover rate for males was 8.0% in 2024, down from 20.8% in 2023, while the turnover rate for females decreased from 15.4% to 7.1%[161] - The company has established a comprehensive occupational health and safety management system, ensuring a safe working environment for office employees[162] - No workplace injuries or lost workdays were recorded during the reporting period, indicating compliance with health and safety regulations[163] Risk Management - The group faces economic risks including global economic downturns, currency fluctuations, inflation, and interest rate volatility, which may adversely affect customer spending sensitivity and gross margins[189] - The group has identified operational risks related to maintaining competitive advantages and adapting to technological advancements[195] Dividend Policy - The company did not recommend any dividend payment for the year ended December 31, 2024, consistent with the previous year[41] - The group has adopted a dividend policy allowing for cash or asset distributions based on board recommendations, subject to sufficient cash reserves and shareholder approval[194] - The board will review the dividend policy periodically and may revise it as necessary to ensure effectiveness[197]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of approximately HKD 53,982,860, a decrease of about 6% compared to HKD 57,960,680 in 2023[13]. - The net loss for the fiscal year was approximately HKD 21,865,887, compared to a net loss of HKD 49,612,842 in the previous year, indicating an improvement in financial performance[13]. - Revenue from the advertising and media business was approximately HKD 46,100,000, down about 6% from HKD 49,200,000 in 2023[14]. - Revenue from financial services was approximately HKD 7,900,000, reflecting a decrease of about 10% from HKD 8,700,000 in 2023[14]. - The company's revenue for the year ended December 31, 2024, was approximately HKD 54 million, a decrease of about 7% compared to HKD 58 million in 2023[33]. - Gross profit for the year was approximately HKD 34.4 million, a decrease of about 5% from HKD 36.3 million in 2023, with a gross margin increase from 63% to 64% due to a 10% reduction in service costs[33]. - The company recorded a net loss attributable to equity holders of approximately HKD 20.9 million for the year, compared to a loss of HKD 48.6 million in the previous year[37]. Assets and Liabilities - Total assets as of December 31, 2024, were valued at HKD 177,589,424, a decrease from HKD 207,770,012 in 2023[13]. - Total liabilities decreased to HKD 49,308,731 from HKD 57,511,384 in 2023, indicating improved financial stability[13]. - The company's net asset value was HKD 128,280,693, down from HKD 150,258,628 in 2023[13]. - The net current assets of the group as of December 31, 2024, are approximately HKD 125,000,000, down from HKD 141,000,000 in 2023, with cash and cash equivalents at approximately HKD 52,000,000 compared to HKD 81,000,000 in 2023[40]. - The debt ratio as of December 31, 2024, is approximately 11.4%, significantly up from 2.3% in 2023[41]. Business Strategy and Operations - The company continues to focus on its core businesses in financial services and advertising, which are expected to drive future revenue[14]. - The management will continue to monitor external market conditions and adjust business strategies as necessary[15]. - The overall economic environment remains challenging due to geopolitical tensions and trade conflicts, impacting investor confidence in the Hong Kong financial market[15]. - The company aims to expand its service offerings and client base while maintaining communication with existing clients[22]. - The company is exploring opportunities in AI technology as part of its strategy for business diversification and sustainable development[15]. Corporate Governance - The company has adopted the GEM Listing Rules and confirmed that all directors complied with the trading standards for the year ending December 31, 2024[61]. - The board held a total of 7 meetings during the year, including 4 regular board meetings[66]. - All executive directors attended 100% of the board meetings, with attendance rates for independent non-executive directors also at 100%[67]. - The company aims to achieve long-term value through a flexible business model while maintaining prudent approaches for sustainable growth[64]. - The chairman and CEO roles are separated, with the chairman focusing on business development strategy and the CEO managing daily operations[70]. - The company has arranged appropriate liability insurance for its directors, which is reviewed annually[68]. - The board is committed to improving corporate governance principles and practices continuously[64]. - The company has complied with the applicable code provisions of the corporate governance code as of December 31, 2024[64]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes the importance of integrating environmental, social, and governance (ESG) principles into its risk management system for sustainable business practices[128]. - The environmental, social, and governance report outlines the group's initiatives and performance in sustainability[127]. - The company has implemented measures to reduce energy consumption, including turning off lights and air conditioning after hours, maintaining office temperatures at 25 degrees Celsius in summer, and using LED or energy-saving lights[147]. - The company has established effective management policies and internal control systems regarding environmental, social, and governance (ESG) matters, ensuring compliance with ESG reporting guidelines[136]. - The company reported no significant non-compliance with environmental laws and regulations during the reporting period, indicating a strong performance in pollution control[140]. Employee and Workforce Management - The total employee cost for the fiscal year is approximately HKD 32,000,000, an increase from HKD 30,000,000 in 2023, with 53 employees as of December 31, 2024[46]. - The employee turnover rate for males in 2024 was 8.0%, down from 20.8% in 2023, while for females it was 7.1%, down from 15.4% in 2023[165]. - The workforce composition in 2024 was 43.4% male and 56.6% female, compared to 48.0% male and 52.0% female in 2023[165]. - The company has implemented policies to ensure compliance with employment laws and regulations, with no significant non-compliance issues reported for the years ending December 31, 2024, and 2023[163]. - The group has complied with all relevant health and safety laws, with no recorded workplace injuries or lost workdays for the fiscal years ending December 31, 2023, and 2024[167]. Risk Management and Compliance - The company emphasizes a risk management and internal control system to identify and manage significant risks to achieve business objectives[111]. - The group has not established an internal audit function, but believes its current organizational structure provides sufficient risk management and internal control[112]. - An independent external consulting firm has reviewed the effectiveness of the group's risk management and internal control systems, noting no significant deficiencies[112]. - The group has established a robust anti-corruption and anti-bribery management system, including a public tender process for significant projects[181]. - The group actively prevents money laundering by screening new customer accounts against third-party anti-money laundering databases, rejecting applications from terrorists or sanctioned entities[183].

基石金融(08112)：凡彦迪获任执行董事兼董事会主 席 智通财经APP讯，基石金融(08112)发布公告，自2025年3月25日起,孙利华先生已辞任执行董事;安锡磊先 生已辞任董事会主席，惟将留任执行董事及继续担任公司的其他职务;凡彦迪女士已获委任为执行董事 兼董事会主席;及安锡帅先生已获委任为执行委员会及投资委员会各自的新成员。 集团拟探索AI技术方面的商机，重点为：(1)通过开源AI大模型提供全面的金融知识及资讯服务及(2)为 量化交易及私域流量管理提供AI赋能的解决方案。就提供AI金融资讯服务而言，其拟採用一种主要通 过以下方面创造及交付价值的商业模式：(1)提供免费及付费版本的AI金融助理服务;(2)流动应用程式 (APP)╱网站广告;及(3)透过与社交媒体平台、线上企业及达人合作，开展社交媒体平台中介业务，以收 取固定佣金及╱或按比例抽取来自用户流量及成功营销的销售额。在订阅率主要由免费用户带动的初期 阶段，广告收益预计将为新业务提供支撑。随着用户群的扩大和APP╱网页的普及，订阅及付费使用将 增加，因此订阅收益将相应增加并成为本集团的一项稳定收入来源。广告收益及订阅收益的增长将为社 交媒体平台中 ...

Margin Financing - As of December 31, 2023, the group provided margin financing of approximately HKD 89,900,000 to 12 margin clients, with the top five clients accounting for about HKD 69,100,000, representing 76.9% of total lending[3] - Margin loans are charged an annual interest rate of 8.875%[3] - The company assesses the fair value of receivables based on the value of collateral, which consists of listed securities pledged by margin clients[3] - The annual report does not disclose the aging analysis of margin clients due to the nature of the receivables, which are settled on an accounting basis[4] Board Confirmation - The board confirms that the information provided is accurate and complete, with no misleading or fraudulent elements[4]

Financial Performance - For the six months ending June 30, 2024, the company reported total revenue of approximately HKD 26,000,000, a decrease of about 7.14% from HKD 28,000,000 in the same period last year[4] - The net loss for the same period was approximately HKD 25,000,000, compared to a net loss of HKD 12,000,000 in the previous year, indicating a significant increase in losses[4] - Revenue from the advertising and media business was approximately HKD 22,000,000, down about 9% from HKD 24,000,000 in the prior year[4] - The financial services segment generated total revenue of approximately HKD 4,000,000, maintaining a similar level to the previous year[4] - The company's revenue for the six months ended June 30, 2024, was approximately HKD 25,964,172, a decrease of about 8% compared to HKD 28,270,554 for the same period in 2023[10] - Gross profit for the same period was approximately HKD 16,041,075, down about 15% from HKD 18,870,604 year-on-year, with a gross margin decline from approximately 67% to 62%[11] - The net loss attributable to the company's owners for the six months ended June 30, 2024, was approximately HKD 25,397,930, compared to a net loss of HKD 11,751,122 for the same period in 2023[11] - The company reported a loss per share of approximately HKD 0.1097 for the six months ended June 30, 2024, compared to a loss per share of HKD 0.0506 for the same period in 2023[11] - The company reported a pre-tax loss of HKD 24,823,655 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 11,083,369 for the same period in 2023, indicating a significant increase in losses[43] Revenue Breakdown - Revenue from customer contracts was HKD 22,002,677, down 8.7% from HKD 24,113,209 in the previous year[36] - Advertising and media services generated HKD 12,160,058 in revenue, an increase from HKD 11,589,918 in the prior year, while financial services revenue decreased to HKD 239,289 from HKD 89,088[37] - Revenue from geographical markets showed a decline in Hong Kong, with HKD 11,335,449 compared to HKD 12,887,745 in 2023, while Singapore revenue remained stable[37] - The advertising and media services segment generated revenue of HKD 21,763,388, while the financial services segment contributed HKD 4,200,784, with no revenue from skincare product retail[40] Expenses and Liabilities - Administrative expenses increased by approximately 11% to HKD 40,500,000, primarily due to rising employee costs and professional service fees[11] - The company incurred service costs of HKD 9,923,097 for the six months ended June 30, 2024, compared to HKD 9,399,950 for the same period in 2023, reflecting an increase in operational expenses[46] - The company’s financing costs, including lease liabilities and bank interest, totaled HKD 556,192 for the six months ended June 30, 2024, down from HKD 871,537 in the previous year[45] - Total liabilities were HKD 50,826,234 as of June 30, 2024[40] Cash Flow and Assets - The company reported a net cash outflow from operating activities of HKD 14,300,375 for the six months ended June 30, 2024, compared to HKD 13,497,778 for the same period in 2023[29] - Total assets decreased from HKD 197,153,331 as of December 31, 2023, to HKD 168,632,783 as of June 30, 2024, reflecting a decline of approximately 14.5%[26] - Cash and cash equivalents as of June 30, 2024, were approximately HKD 68,000,000, down from HKD 81,000,000 as of December 31, 2023[12] - Total trade and other receivables decreased to HKD 18,143,339 as of June 30, 2024, down from HKD 22,851,824 as of December 31, 2023[54] Strategic Developments - The company has expanded its digital outdoor media network to cover 1,626 selected locations in Hong Kong and Singapore, an increase from 1,599 locations in the previous year[6] - The partnership with Hivestack aims to enhance programmatic digital out-of-home (pDOOH) advertising, which is expected to be a major growth driver in the coming years[7] - The company plans to explore new investment opportunities in various sectors to achieve business diversification and sustainable development[4] Corporate Governance - The company has adopted the GEM Listing Rules as the code of conduct for securities trading by directors, with no reported violations during the period[76] - The company has complied with the corporate governance code as per GEM Listing Rules Appendix C1 Part 2 for the six months ending June 30, 2024[77] - The audit committee has been established and consists of three independent non-executive directors, responsible for reviewing the company's risk management and internal control systems[79] Shareholder Information - Major shareholders include Masan Multi Strategy Fund SPC, holding 49,032,000 shares, representing approximately 21.37% of the company's equity[72] - The company did not redeem any of its listed securities during the six months ended June 30, 2024[74] - There are no reported conflicts of interest or competitive activities involving directors or major shareholders during the reporting period[75]

Financial Performance - For the six months ended June 30, 2024, the company reported total revenue of approximately HKD 26,000,000, a decrease of about 7.14% from HKD 28,000,000 in the same period last year[5]. - The net loss for the same period was approximately HKD 25,000,000, compared to a net loss of HKD 12,000,000 in the previous year, indicating a significant increase in losses[5]. - The group's revenue for the six months ended June 30, 2024, was approximately HKD 25,964,172, a decrease of about 8% compared to HKD 28,270,554 for the same period in 2023[10]. - Gross profit for the same period was approximately HKD 16,041,075, down 15% from HKD 18,870,604 in the previous year, resulting in a gross margin decline from approximately 67% to 62%[12]. - The group reported a net loss of approximately HKD 25,397,930 for the six months ended June 30, 2024, compared to a net loss of HKD 11,751,122 for the same period in 2023[10]. - The company reported a loss before tax of HKD 24,823,655, significantly higher than the loss of HKD 11,083,369 for the six months ended June 30, 2023[24]. - Total comprehensive loss for the period was HKD 25,503,679, compared to HKD 11,755,374 in the previous year, reflecting a substantial increase in losses[25]. - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD 10.97, compared to HKD 5.06 for the same period in 2023[25]. - The company reported a total comprehensive expense of HKD 25,312,652 for the six months ended June 30, 2024, which includes both losses and other comprehensive expenses[29]. Revenue Breakdown - Revenue from the advertising and media business was approximately HKD 22,000,000, down about 9% from HKD 24,000,000 in the prior year[5]. - The financial services segment generated total revenue of approximately HKD 4,000,000, maintaining a similar level compared to the previous year[5]. - Revenue from customer contracts decreased to HKD 22,002,677 for the six months ended June 30, 2024, down 8.8% from HKD 24,113,209 in the prior year[37]. - Advertising and media services generated revenue of HKD 21,763,388, down from HKD 24,024,121 in 2023, reflecting a decrease of about 9.4%[41]. - Financial services revenue was HKD 4,200,784, slightly down from HKD 4,246,433 in the previous year, indicating a decrease of approximately 1.1%[41]. Expenses and Costs - Administrative expenses rose to approximately HKD 40,500,000, an increase of about 11% from HKD 36,500,000 in the previous year, primarily due to higher employee costs and professional service fees[12]. - The total employee cost for the six months ended June 30, 2024, was approximately HKD 16,000,000, compared to HKD 14,000,000 for the same period in 2023[19]. - The company's service costs increased to HKD 9,923,097 for the six months ended June 30, 2024, compared to HKD 9,399,950 for the same period in 2023, representing an increase of about 5.6%[47]. - The company incurred financing costs of HKD 556,192 for the six months ended June 30, 2024, compared to HKD 871,537 for the same period in 2023, showing a decrease of approximately 36.1%[46]. Assets and Liabilities - The company's cash and cash equivalents were approximately HKD 68,000,000 as of June 30, 2024, down from HKD 81,000,000 at the end of 2023[13]. - The debt ratio as of June 30, 2024, was approximately 3.1%, up from 2.3% at the end of 2023[14]. - Non-current assets decreased to HKD 6,948,400 as of June 30, 2024, from HKD 10,616,681 as of December 31, 2023[27]. - Current assets increased slightly to HKD 168,632,783 from HKD 197,153,331 at the end of 2023[27]. - Total liabilities decreased to HKD 50,187,035 from HKD 55,844,193 as of December 31, 2023[27]. - The company's net asset value as of June 30, 2024, was HKD 124,754,949, down from HKD 150,258,628 at the end of 2023[28]. - The total assets as of June 30, 2024, amounted to HKD 175,581,183, compared to HKD 207,770,012 as of December 31, 2023, showing a decrease of approximately 15.5%[41]. - Total liabilities as of June 30, 2024, were HKD 50,826,234, down from HKD 57,511,384 as of December 31, 2023, reflecting a decrease of about 11.7%[41]. Strategic Outlook - The company plans to explore new investment opportunities in various sectors to achieve business diversification and sustainable development[5]. - The management acknowledges the challenges in the Hong Kong securities industry, which continues to lag behind other major markets[6]. - The company will continue to monitor market developments and adjust its business strategies as necessary to mitigate negative impacts[6]. - The outlook for the financial services business remains challenging, influenced by the pace of recovery in local and global financial markets[6]. Shareholder Information - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[18]. - The company did not recommend any dividend payment for the six months ended June 30, 2024, consistent with the previous year[50]. - The company's issued and fully paid share capital remained at HKD 2,294,184 as of June 30, 2024, unchanged from December 31, 2023[64]. - As of June 30, 2024, the company had a total of 229,418,448 shares issued, with An Xilei holding 6,800,000 shares, representing approximately 2.96% of the company's equity[70]. - Masan Multi Strategy Fund SPC – Masan HK Equity Fund SP holds 49,032,000 shares, accounting for 21.37% of the company's equity[73]. Governance and Compliance - The audit committee reviewed the unaudited condensed consolidated financial information for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[80]. - The company has not established an internal audit function but will hire an independent external consultant annually to review its risk management and internal control systems[79]. - The company provided quarterly updates to the board instead of monthly updates, including consolidated financial statements and key events during the reporting period[79]. - The company has complied with the corporate governance code as per GEM Listing Rules, except for the absence of an internal audit function[78].

Financial Performance - The company reported a net loss of 32,598,174 for the year ended December 31, 2022, which has been corrected in the financial review section of the annual report[3] - The annual results announcement and the full annual report were published on March 28, 2024, detailing the audited consolidated performance for the fiscal year[4] Governance and Compliance - The board of directors confirmed that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[6]

Financial Performance - The company's revenue for the fiscal year was approximately HKD 57,960,680, an increase from HKD 55,568,368 in the previous year[101]. - The net loss for the year was HKD 49,612,842, compared to a loss of HKD 32,598,174 in 2022, indicating a significant decline in financial performance[119]. - The gross profit for the year was approximately HKD 36,300,000, which represents a 1% increase from the previous year, while the gross margin decreased from 65% to 63% due to increased service costs[114]. - The company's total asset value was HKD 207,770,012, down from HKD 281,057,270 in 2022, reflecting a decrease in overall asset management[119]. - The company's net loss for the fiscal year was approximately HKD 49,600,000, compared to a net loss of HKD 32,600,000 in the previous year[131]. - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year was approximately HKD 36,500,000, compared to HKD 22,700,000 in the previous year[132]. Cash Flow and Financing - The company reported a cash and cash equivalents balance of HKD 80,542,016 as of December 31, 2023, down from HKD 116,310,449 in 2022, representing a decrease of approximately 30.8%[29]. - The net cash used in financing activities was HKD (12,536,068) for the year 2023, compared to HKD 52,533,401 in 2022, indicating a significant reduction in financing inflows[29]. - The company reported a net cash outflow from financing activities of HKD (12,536,063) for the year, compared to HKD (9,082,943) in the previous year[29]. - The net current assets of the group as of December 31, 2023, are approximately HKD 141,000,000, down from HKD 180,000,000 in 2022[66]. - The cash and cash equivalents as of December 31, 2023, are approximately HKD 81,000,000, a decrease from HKD 116,000,000 in 2022[66]. - The debt ratio as of December 31, 2023, is approximately 2.3%, compared to 1.9% in 2022, indicating a slight increase in leverage[67]. Shareholder Information - The total number of shares held by Mr. An Xilei is 6,800,000, representing approximately 2.96% of the company's equity[2]. - Masan Multi Strategy Fund SPC holds 57,672,000 shares, accounting for 25.13% of the company's equity[4]. - The company's issued share capital as of December 31, 2023, was HKD 2,294,184.48, consisting of 229,418,448 fully paid shares[48]. - The company’s total equity decreased from HKD 179,729,641 in 2022 to HKD 131,246,864 in 2023, reflecting a decline of approximately 26.9%[27]. - The board of directors did not recommend any dividend for the fiscal year ending December 31, 2023, consistent with the previous year[49]. Corporate Governance - The board consists of independent non-executive directors with extensive experience in corporate governance and finance[97]. - The company has a dedicated audit committee, remuneration committee, and nomination committee to oversee governance practices[99]. - The board is committed to improving corporate governance principles and practices, aligning with the GEM Listing Rules[91]. - The company has complied with the applicable code provisions of the new corporate governance code for the year ending December 31, 2023[91]. - The board is responsible for overseeing the company's performance and activities, ensuring accountability to shareholders[178]. Risk Management and Compliance - The default probability for 2023 is calculated at 39.3%, compared to 35.2% in 2022, reflecting an increase in perceived risk[63]. - The estimated provision for expected credit losses related to receivable margin loans is approximately HKD 23,526,000 for 2023, compared to HKD 17,256,000 in 2022[65]. - The group has adopted an anti-corruption policy to ensure compliance with applicable anti-corruption laws and regulations since November 11, 2022[146]. - The company has not pledged any assets as collateral as of December 31, 2023[52]. - There were no significant contingent liabilities reported as of December 31, 2023[53]. Business Operations and Strategy - The company aims to achieve long-term value through a flexible business model while maintaining a prudent approach to sustain value[91]. - The management highlighted the importance of expanding margin financing services, which accounted for approximately 95% of the revenue from its subsidiary, Cornerstone Securities[105]. - The company plans to maintain communication with existing clients and explore opportunities with potential clients to mitigate the challenges in the current market environment[105]. - The company aims to explore potential business opportunities in various sectors to achieve business diversification and sustainable development[131]. - The company has partnered with Hivestack to enhance programmatic digital out-of-home (pDOOH) advertising experiences in Hong Kong, anticipating significant growth in this area over the coming years[126]. Employee and Administrative Information - The company reported a total employee cost of approximately HKD 30 million for the fiscal year, an increase from HKD 29 million in 2022, with a total of 53 employees as of December 31, 2023[50]. - The group's administrative expenses for the year ended December 31, 2023, were approximately HKD 78.7 million, an increase of about 28% compared to HKD 61.6 million in 2022[158]. - The remuneration committee is responsible for reviewing and approving management's compensation plans, with no stock option plans currently in place as of December 31, 2023[196]. Environmental and Social Responsibility - The group aims to reduce energy consumption and carbon emissions as part of its environmental strategy[199]. - Regular monitoring of paper and toner cartridge usage is conducted, with multiple measures implemented to reduce consumption[200]. - The group encourages employees to recycle and reuse waste, striving for waste reduction and sustainability in operations[200]. - Environmental management policies and procedures have been established to govern greenhouse gas emissions and waste management[199]. - High standards in waste reduction are maintained, with training provided to employees on the importance of sustainable development[200].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported a revenue of HKD 57,960,680, an increase from HKD 55,568,368 in 2022, representing a growth of approximately 4.5%[154]. - The gross profit for 2023 was HKD 36,265,866, slightly up from HKD 35,881,869 in 2022, indicating a marginal increase of about 1.1%[154]. - The net loss attributable to the company's owners for 2023 was approximately HKD 48,637,971, compared to a net loss of HKD 31,985,715 in 2022, reflecting an increase in losses of about 52%[143]. - Administrative expenses rose to approximately HKD 78,700,000 in 2023, up about 28% from HKD 61,600,000 in 2022, attributed to business recovery efforts and strategic planning[155]. - The company reported total revenue of approximately HKD 58 million for the fiscal year ending December 31, 2023, compared to HKD 55.6 million in the previous year, representing an increase of about 4%[167]. - The company's net loss for the fiscal year was approximately HKD 49.6 million, compared to a net loss of HKD 32.6 million in the previous year[167]. - The total assets of the company decreased to HKD 207.77 million in 2023 from HKD 281.06 million in 2022, indicating a decline of about 26%[164]. - The company's net asset value was HKD 150.26 million in 2023, down from HKD 199.74 million in 2022, reflecting a decrease of approximately 25%[164]. - The gross profit for the fiscal year was approximately HKD 36.3 million, a slight increase of about 1% from the previous year, with a gross margin decrease from 65% to 63%[177]. - The group's revenue for the year ended December 31, 2023, was approximately HKD 58,000,000, an increase of about 4% from HKD 55,600,000 in 2022[196]. - Revenue from the advertising and media business increased by approximately 6% to HKD 49,200,000 in 2023, compared to HKD 46,300,000 in 2022[196]. - The group's EBITDA for the year ended December 31, 2023, was approximately HKD 36,500,000, compared to HKD 22,700,000 in the previous year, marking an increase of about 60.8%[197]. Corporate Governance - The company aims to achieve long-term value through a flexible business model while maintaining a prudent approach to sustain value[22]. - The board of directors emphasizes the importance of good corporate governance as a factor for success and balancing the interests of shareholders, customers, and employees[22]. - The company has complied with the applicable code provisions of the new corporate governance code for the year ending December 31, 2023[22]. - The board consists of executive directors and independent non-executive directors, with recent changes in leadership roles[24]. - The company has adopted the standards for securities trading by directors as per GEM Listing Rules[23]. - The independent non-executive directors bring extensive experience in law, finance, and corporate governance to the board[17][18]. - The company is committed to continuous improvement of corporate governance principles and practices[22]. - The management discussion and analysis section of the annual report provides detailed performance and financial review for the year ending December 31, 2023[22]. - The company has a strategy to cultivate a culture of good corporate governance among employees[22]. - The board aims to contribute to the business development while enhancing awareness of legal, ethical, and responsible conduct among employees[22]. - The board of directors held one annual general meeting in 2023, with all executive directors attending 100% of board meetings[30]. - The independent non-executive directors also maintained a 100% attendance rate at board meetings, demonstrating strong governance practices[30]. - The company has established a nomination committee to review board diversity and recommend candidates for re-election, reflecting a commitment to governance standards[46]. - The company has arranged appropriate liability insurance for its directors, which is reviewed annually to ensure adequate coverage[34]. - The independent non-executive directors provided valuable advice and recommendations to the board, ensuring a balanced decision-making process[34]. - The company has implemented a training program for directors and senior management to keep them updated on legal and regulatory changes[49]. - The board's diversity policy was reviewed, emphasizing the importance of diverse perspectives in governance[43]. - The company has adopted a whistleblowing policy as of November 11, 2022, allowing employees and stakeholders to confidentially report concerns regarding improper conduct in operations and financial reporting[58]. - The board of directors is responsible for overseeing the company's performance and has established various committees to handle specific matters, ensuring compliance with corporate governance codes[60]. - The company has a remuneration policy aimed at ensuring competitive and fair compensation for executive directors based on their skills, knowledge, and contributions[78]. - The company confirmed that it has set up appropriate and effective management policies and internal control systems regarding environmental, social, and governance matters[104]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development, as outlined in its environmental, social, and governance report[71]. - The company has established a comprehensive risk management and internal control system to identify and manage significant risks to achieve business objectives[83]. - The company has integrated environmental, social, and governance principles into its risk management system to pursue sustainable business models[98]. - The company has been actively assessing its environmental, social, and governance (ESG) practices to enhance stakeholder engagement and improve overall performance[119]. - The company has implemented policies and procedures for environmental management to govern its operations and manage greenhouse gas emissions and waste[123]. - The company aims to reduce energy consumption and carbon emissions as part of its environmental policy, focusing on minimizing adverse environmental impacts from its operations[123]. - The company encourages stakeholders to provide feedback on its environmental, social, and governance report and sustainable development performance[105]. - The company reported a total of 0.2 tons of non-hazardous waste (paper) and 8.2 units of toner cartridges during the reporting period[109]. - The company generated no significant emissions or harmful waste during the reporting period, primarily producing non-hazardous waste such as paper and toner cartridges[107]. - The company is focused on employee development and training as part of its social responsibility initiatives[121]. - The company has outlined its key ESG areas, including emissions management, resource utilization, and community investment[121]. - The company plans to continue evaluating significant environmental, social, and governance issues to determine their impact on business operations and stakeholder interests[120]. Strategic Direction and Future Outlook - The company did not engage in any significant acquisitions or disposals during the fiscal year, indicating a focus on internal growth strategies[38]. - The chairman and executive director, who was absent from the annual general meeting, resigned effective September 5, 2023, highlighting changes in leadership[30]. - The executive committee held one meeting during the fiscal year, with the previous chairman resigning and a new chairman appointed on September 5, 2023[52]. - The company plans to maintain communication with existing clients and explore opportunities with potential clients to mitigate challenges in the current operating environment[147]. - The company plans to continue expanding its digital outdoor media network and expects programmatic digital out-of-home (pDOOH) advertising to be a major growth driver in the coming years[171]. - The company will explore new investment opportunities in various sectors to achieve business diversification and sustainable development[167]. - The estimated growth rate for cash-generating units in Hong Kong and Singapore is projected at 2.0% based on anticipated inflation rates through 2028[160]. - The estimated revenue growth rates for the Hong Kong cash-generating unit from 2024 to 2028 are projected at 5.60%, 4.88%, 4.16%, 3.44%, and 2.72% respectively[200]. - The estimated revenue for the Hong Kong cash-generating unit in 2024 is projected to be HKD 27,300,000, increasing to HKD 31,700,000 by 2028[200]. - The estimated revenue for the Singapore cash-generating unit in 2024 is projected to be HKD 25,700,000, increasing to HKD 32,800,000 by 2028[200].