Financial Performance - Revenue for the year was HKD 89,099 thousand, a decrease of 2.4% from HKD 91,244 thousand in 2023[3] - The company reported a loss of HKD 33,765 thousand, a 49.2% improvement from a loss of HKD 66,449 thousand in 2023[3] - The group reported a revenue of HKD 89,099,000 for 2024, a slight decrease from HKD 91,244,000 in 2023, representing a decline of approximately 2.4%[16] - Revenue from leather processing sales was HKD 51,337,000 in 2024, down from HKD 82,060,000 in 2023, indicating a significant decrease of about 37.5%[16] - The group's consolidated loss attributable to shareholders for the year ended December 31, 2024, was HKD 33,765,000, a reduction of HKD 32,684,000 or 49.2% compared to 2023[39] - Basic loss per share for 2024 was HKD 0.0628, down from HKD 0.1235 in 2023[32] Assets and Liabilities - Current ratio decreased by 38.0% to 0.67 from 1.08 in 2023[3] - Total assets decreased by 28.3% to HKD 97,154 thousand from HKD 135,537 thousand in 2023[3] - The net asset value per share decreased by 60.0% to HKD 0.04 from HKD 0.10 in 2023[3] - Total liabilities as of December 31, 2024, included a net current liability of approximately HKD 23,987,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[31] Production and Sales - Leather sales volume decreased by 14.1% to 5,343 thousand square feet compared to 2023[3] - The production of cowhide leather decreased by 1,288,000 square feet or 27.9% to 3,325,000 square feet, while the production of grey leather dropped by 1,917 tons or 79.4% to 497 tons[44] - The external processing business saw a significant increase in production, rising by 15,197,000 square feet or 403.3% to 18,965,000 square feet[44] - The revenue from external processing business increased by 311.2% to HKD 37,762,000, while cowhide leather sales dropped by 30.1% to HKD 48,719,000[44] Government Support and Subsidies - The group received government subsidies of approximately HKD 122,000 in 2024, up from HKD 8,000 in 2023, reflecting a significant increase in support[18] Financial Management and Cost Control - The group has strengthened its management processes, including human resources and financial management, to optimize production workflows and reduce overall costs[35] - The group implemented measures to enhance efficiency and reduce costs, including optimizing human resources and production management[47] - The interest expense for the year was HKD 504,000, a decrease of 42.7% compared to the previous year, primarily due to reduced loan amounts[50] Business Strategy and Future Plans - The company is actively exploring new business opportunities to generate profits and expand revenue sources[9] - The group plans to continue transforming its leather business and expand into the Southeast Asian market to enhance revenue and gross profit[36] - The group aims to achieve dual goals of business diversification and profit growth by 2025, optimizing asset allocation[37] Environmental and Operational Improvements - Environmental improvements were made through collaboration with external research institutions to enhance wastewater treatment capabilities and overall production environment[35] - The group implemented various energy-saving measures, achieving significant reductions in water usage by approximately 300 tons per day[43] Inventory and Procurement - The group's comprehensive inventory as of December 31, 2024, was HKD 24,048,000, a decrease of HKD 26,409,000 or 52.3% compared to December 31, 2023[48] - The total procurement amount for the year was HKD 30,898,000, a reduction of 59.9% compared to the same period last year[47] Shareholder Information - The company did not recommend any dividend for the year ending December 31, 2024, consistent with 2023[26] - The company's annual performance announcement will be published on its website and the Hong Kong Stock Exchange website by the end of April 2024[59] - The 2025 Annual General Meeting is scheduled for June 18, 2025, with a suspension of share transfer registration from June 13 to June 18, 2025[58]
南粤控股(01058) - 2024 - 年度业绩