Financial Performance - For FY2024, revenue from direct sales was approximately HK$56.3 million, a decrease of approximately HK$11.9 million or 17.4% from FY2023's HK$68.2 million[3]. - Revenue from distribution sales amounted to approximately HK$1.1 million, down by approximately HK$0.1 million or 6.9% from FY2023's HK$1.2 million[3]. - Food and beverage income from operating TREE Café was approximately HK$3.7 million for FY2024, an increase of approximately HK$0.3 million or 8.4% from FY2023's HK$3.4 million[3]. - Commission income was approximately HK$3.8 million for FY2024, a decrease of approximately HK$1.5 million or 27.5% from FY2023's HK$5.3 million[3]. - The Group's total revenue decreased from approximately HK$78.2 million in FY2023 to approximately HK$65.0 million in FY2024, a decline of approximately 16.9%[6]. - The Group recorded a loss of approximately HK$17.3 million for FY2024, compared to a loss of approximately HK$10.0 million in FY2023[14]. Assets and Liabilities - Trade receivables increased to approximately HK$39.9 million as of March 31, 2024, from HK$29.8 million in 2023, an increase of approximately HK$10.1 million[13]. - Other receivables rose to approximately HK$11.9 million in FY2024 from HK$8.9 million in FY2023, an increase of approximately HK$3.0 million[13]. - Loan receivables increased to approximately HK$14.6 million as of March 31, 2024, from HK$10.5 million in 2023[13]. - As of March 31, 2024, the Group's total assets were approximately HK$106.8 million, with total liabilities of approximately HK$71.5 million and shareholders' equity of approximately HK$35.3 million[18]. - The current ratio decreased to approximately 1.4 as of March 31, 2024, compared to approximately 1.8 as of March 31, 2023[18]. - The gearing ratio increased significantly to approximately 93.1% as of March 31, 2024, from approximately 36.7% as of March 31, 2023[18]. Cash Flow and Financing - As of March 31, 2024, the Group's bank balance and cash amounted to approximately HK$12.2 million, an increase from HK$9.5 million in 2023[17]. - The Group's trade payables as of March 31, 2024, were approximately HK$18.6 million, up from HK$11.8 million in 2023[17]. - Other payables increased to approximately HK$13.1 million in 2024 from HK$9.9 million in 2023, primarily due to an increase in accrued charges[17]. - Bank borrowings increased significantly to approximately HK$20.3 million in 2024 from HK$6.5 million in 2023[17]. - Lease liabilities decreased slightly to approximately HK$12.5 million in 2024 from HK$12.9 million in 2023, due to fewer renewed leases[17]. Corporate Governance - The Group is committed to achieving high standards of corporate governance to maintain shareholder trust and create long-term value[39]. - The Group recognizes the importance of good corporate governance in management and internal procedures for effective accountability[40]. - The Board is responsible for overseeing the management of the business affairs and overall performance of the Group, ensuring necessary financial and human resources are in place[47]. - The Board has established various committees to delegate responsibilities, which are published on the respective websites of GEM and the Company[47]. - The Audit Committee held four meetings during FY2024 to review the Company's consolidated financial results and compliance with the CG Code[82]. Risk Management - The Group faces operational risks, including competition in a fragmented market and dependency on changing customer preferences[20]. - The risk of failure in expanding the sales network in Hong Kong may adversely affect operations and results[20]. - The Group faces various financial risks, including credit risk, liquidity risk, and interest rate risk[22]. Employee and Compensation - The Group's compensation policy is based on individual employee performance, qualifications, experience, and the Group's performance and market conditions[23]. - As of March 31, 2024, the Group had a total of 79 employees, with total staff costs approximately HK$25.8 million for FY2024, down from approximately HK$27.9 million in FY2023[48]. Shareholder Communication and Dividends - The Company is committed to providing a balanced and comprehensive assessment of the Group's performance and prospects in accordance with GEM Listing Rules[92]. - The Company's dividend policy aims to allow shareholders to participate in profits while retaining adequate reserves for future growth[127]. - The Board will continually review the dividend policy and reserves the right to amend or cancel it at any time[127]. - The Company has a communication policy to provide shareholders with timely access to balanced information[123]. Share Option Scheme - A Share Option Scheme was adopted on January 5, 2018, to incentivize and retain high-caliber employees[132]. - The maximum number of shares that may be issued upon exercise of all outstanding options under the Share Option Scheme shall not exceed 30% of the issued share capital[133]. - Each eligible participant under the Share Option Scheme may receive options not exceeding 1% of the issued share capital in any 12-month period[178]. Recent Developments - Hefei Qijia, a wholly-owned subsidiary, was established in January 2024, and the acquisition of Hefei Human Vision was completed in March 2024 for HK$300,000[19]. - The company operates two "TREE" retail stores in Hong Kong and commenced online sales in May 2019[173]. - In December 2018, the company acquired Italiving, which provides furniture agency services in Hong Kong[173]. - In January 2022, the company acquired Super Easy, which is engaged in consumer loan services[173].
齐家控股(08395) - 2024 - 年度业绩