Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of approximately HKD 766.1 million, an increase of about 11% compared to HKD 689 million in the same period of 2023[13]. - The profit attributable to the owners of the company for the same period was approximately HKD 32.8 million, representing a 19% increase from HKD 27.6 million in 2023[13]. - The cost of sales for the fiscal year was approximately HKD 669,599,000, up from HKD 616,789,000 in 2023[26]. - The total administrative and other operating expenses increased by approximately 36% to about HKD 39,874,000 from HKD 29,381,000 in the previous year[28]. - The net profit attributable to the company's owners for the fiscal year was approximately HKD 32,822,000, compared to HKD 27,633,000 in 2023[29]. - As of March 31, 2024, the total distributable reserves amounted to approximately HKD 54,890,000, down from HKD 59,389,000 in 2023, indicating a decrease of about 8.4%[79]. - Sales to the top five customers accounted for approximately 59% of total sales for the year, with the largest customer contributing about 18%[81]. - Purchases from the top five suppliers represented approximately 44% of total purchases, with the largest supplier accounting for about 18%[81]. Renewable Energy Business - The renewable energy business generated total revenue of approximately HKD 766.1 million, primarily from providing one-stop value-added solutions for photovoltaic power stations and sales of patented photovoltaic tracking support systems[19]. - The company has adjusted its renewable energy business into two main segments: providing one-stop value-added solutions (EPC, maintenance support, and testing) and selling patented photovoltaic tracking support systems[19]. - The renewable energy business segment has been a solid pillar for the company since its launch in Q4 2015, contributing positively to revenue growth[179]. - The company aims to allocate more resources to expand its renewable energy business as part of its globalization strategy[179]. - The company is focusing on developing floating photovoltaic brackets for offshore projects to meet market demand[24]. - The group has introduced a mountain-type gravity energy storage system to address issues related to distributed renewable energy reliability and flexibility[24]. - The company provides a one-stop value-added solution for PV power stations, including engineering, procurement, and construction (EPC) services, maintenance support, and operation[200]. - The company’s solar energy utilization is seen as a major contributor to global sustainable energy development[199]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to building green ecological intelligent photovoltaic power stations globally to maximize user benefits and service quality[15]. - The company emphasizes sustainable development and corporate social responsibility, balancing business growth with environmental and social considerations[180]. - The board of directors is responsible for overseeing the company's environmental, social, and governance (ESG) strategies and reporting, conducting annual risk assessments related to ESG[190]. - The company has set carbon reduction targets in response to national dual carbon goals and regularly reviews its performance against these targets[190]. - The ESG working group assists the board in implementing various ESG strategies and reports on key performance indicators[192]. - The company is committed to implementing more environmental measures and practices in its operations[45]. - The company’s operations have minimal adverse environmental impact, as the processing of solar brackets does not produce wastewater, exhaust, or other harmful substances[200]. - The importance matrix identifies key environmental, social, and governance issues, with product responsibility and supply chain management being top priorities[198]. Corporate Governance - The board of directors is responsible for the strategic development and management of the group's operations[51][52][54]. - The company has confirmed the independence of all non-executive directors in accordance with GEM listing rules[88]. - The company has complied with all applicable corporate governance code provisions, except for the separation of roles between the Chairman and CEO[116]. - The board meets at least four times a year, ensuring that all directors receive timely and sufficient information to perform their duties effectively[127]. - The company has established a compensation committee with three members, including Mr. Zhou Yuan (Chairman), Ms. Wang Xiaoxiong, and Mr. Shen Fuxin, all of whom are independent non-executive directors[136]. - The company has adopted internal guidelines that require board approval for significant operational projects and major investment decisions[124]. - The company has adopted a board diversity policy, which considers various factors including gender, age, and professional experience[141]. - The company has maintained sufficient public float as required by GEM listing rules throughout the year[112]. Risk Management - The board is responsible for overseeing the risk management and internal control systems, which are designed to manage risks rather than eliminate them[156]. - The company has established a risk register to document all identified significant risks, which is updated at least annually following a risk assessment[162]. - An independent professional consulting firm has been appointed to conduct an internal control review, confirming that the company's risk management and internal control systems are adequate and effective[161]. - The risk management framework is based on the "three lines of defense" model, involving operational management, financial oversight, and independent internal audit[166]. - The company will continue to engage external independent professionals to review its internal control and risk management systems annually[169]. - The company is committed to ensuring that risk management is integrated into daily business operations to align with corporate objectives[166]. Employee Relations - The company has maintained a workforce of 128 employees, ensuring competitive compensation and internal training programs[40]. - The group maintains good relationships with employees, customers, and suppliers, ensuring all accrued salaries are paid on time without significant disputes[48]. - The company ensures that all directors participate in ongoing professional development to update their knowledge and skills[150]. Shareholder Information - The company has adopted a dividend policy that allows for cash or stock dividends, subject to compliance with applicable laws and regulations[67]. - No final dividend is recommended for the year ending March 31, 2024, consistent with the previous year[68]. - The group’s annual financial performance indicators are detailed in the annual report under the "Five-Year Financial Summary" section[49]. - The company has not made significant changes to its organizational documents for the fiscal year ending March 31, 2024[176].
同景新能源(08326) - 2024 - 年度财报