Financial Performance - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 107.8 million, an increase of about 9.8% from approximately HKD 98.2 million in the previous fiscal year[10]. - The group reported a net loss of approximately HKD 0.6 million for the fiscal year 2024, compared to a net profit of approximately HKD 2.4 million in the fiscal year 2023, primarily due to an increase in employee costs of about HKD 3.1 million and a decrease in gross profit[10]. - Revenue for the fiscal year 2024 increased by approximately 9.8% to about HKD 107.8 million, up from approximately HKD 98.2 million in fiscal year 2023, primarily due to increased rental income from new tower cranes and related services[22]. - The cost of sales and services for fiscal year 2024 was approximately HKD 83.9 million, representing an increase of about 15.5% from approximately HKD 72.7 million in fiscal year 2023[23]. - Gross profit decreased by approximately 6.5% to about HKD 23.9 million in fiscal year 2024, with a gross profit margin of approximately 22.2%, down from 26.0% in fiscal year 2023[24]. - Administrative expenses rose to approximately HKD 24.6 million in fiscal year 2024, compared to HKD 21.8 million in fiscal year 2023, mainly due to increased employee costs and director remuneration[26]. - The company recorded a total loss of approximately HKD 0.6 million in fiscal year 2024, compared to a profit of approximately HKD 2.4 million in fiscal year 2023, primarily due to increased employee costs and reduced gross profit[28]. - Other income decreased to approximately HKD 441,000 in fiscal year 2024 from HKD 974,000 in fiscal year 2023, primarily due to the absence of government subsidies in fiscal year 2024[25]. Business Strategy and Market Position - The company aims to capture potential growth in the Hong Kong construction market despite a challenging business environment characterized by global supply chain disruptions, inflation, and currency fluctuations[11]. - The group plans to adopt proactive and prudent business strategies to enhance long-term profitability and shareholder value[11]. - The company will explore other potential investment opportunities to diversify its business and create new revenue sources[12]. - The company aims to strengthen its market position in the crane industry and diversify its revenue sources through strategic investments in equipment and personnel[44]. - The company acquired a tower crane to expand its tower crane leasing services, addressing the growing demand for construction projects in Hong Kong[83]. Capital Expenditures and Financial Position - Capital expenditures for fiscal year 2024 amounted to approximately HKD 32.8 million, with about 87.3% allocated for the purchase of additional tower cranes[29]. - As of March 31, 2024, the company had cash and cash equivalents of approximately HKD 13.3 million, down from approximately HKD 14.2 million as of March 31, 2023[30]. - The debt-to-equity ratio as of March 31, 2024, was approximately 23.3%, a decrease from 26.5% as of March 31, 2023, due to a reduction in interest-bearing liabilities[30]. - As of March 31, 2024, the company's distributable reserves amounted to approximately HKD 15.8 million, a decrease from HKD 31.1 million in the previous year[87]. Employee and Management Information - The group employed 35 full-time employees as of March 31, 2024, with total employee costs amounting to approximately HKD 29.2 million, including performance bonuses of about HKD 6.6 million[42]. - The management team has over 20 years of experience in the shipping industry, indicating strong leadership capabilities[56]. - The company’s senior management includes individuals with over 30 years of experience in the construction industry, ensuring expertise in operations[67]. - The executive director has a background in compliance, ensuring regulatory adherence and risk management[54]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors overseeing key committees, ensuring transparency and accountability[60]. - The independent non-executive director has over 20 years of experience in auditing, corporate finance, and investment banking, enhancing the company's financial oversight[63]. - The company has complied with all applicable laws and regulations in Hong Kong that have a significant impact on its operations during the fiscal year 2024[82]. - The company has established a risk management and internal control system to identify, assess, and manage significant risks, with regular evaluations conducted at least annually[196]. - The board consists of seven directors, with non-executive and independent non-executive directors making up over 70% of the board members[153]. Shareholder Information - The company did not recommend the payment of a final dividend for the fiscal year 2024, consistent with the previous fiscal year[37]. - The company did not declare or propose any dividends for the fiscal year 2024, consistent with the previous fiscal year[73]. - The company is owned approximately 31.9% by Xingji Limited, which is controlled by Mr. Deng Xingqiang and Ms. Qu Fengyi, holding 90.0% and 10.0% respectively[103]. - Mr. Li Ruliang holds a beneficial interest in 98,524,000 shares, representing 26.2% of the total issued shares[103]. - Ms. Liang Chumei has a beneficial interest in 26,836,000 shares, accounting for 7.13% of the total issued shares[103]. Related Party Transactions - Related party transactions during the fiscal year 2024 included agreements with Meixin Jewelry Manufacturing Co., Ltd. for registered office services and with Mr. Qu Zhuhua for inspection and testing services[117]. - The company has complied with the disclosure requirements under the GEM Listing Rules regarding related party transactions[119]. - No significant contracts were entered into with the controlling shareholder or their subsidiaries during the fiscal year 2024[121]. Board and Committee Activities - The board held a total of seven meetings during the fiscal year 2024, with attendance records showing full participation from executive and non-executive directors[160]. - The Audit Committee held three meetings during the fiscal year 2024, reviewing the group's annual consolidated financial statements and risk management[169]. - The Compensation Committee held three meetings in the fiscal year 2024 to determine the remuneration policy for executive directors and review related matters[174]. - The Nomination Committee held one meeting in the fiscal year 2024 to review the board's structure and recommend the reappointment of retiring directors[180]. Risk Management - The company has implemented strict internal controls to prevent unauthorized use of confidential or insider information[197]. - The board believes that the risk management and internal control systems are adequate and effective in managing risks associated with achieving business objectives[196].
兴铭控股(08425) - 2024 - 年度业绩