Financial Performance - For the year ending December 31, 2023, the audited revenue of Yitai was approximately RMB 53 billion, with a net profit attributable to owners of approximately RMB 7.7 billion[1]. - The group's total revenue for the year ended March 31, 2024, was HKD 228 million, a decrease from HKD 312 million in the previous year, representing a decline of approximately 27%[67]. - The total revenue for the year was HKD 225 million, a decrease from HKD 241 million in the previous year, reflecting a decline of 6.6%[117]. - The group reported a pre-tax loss of HKD 823 million, which includes fair value losses of HKD 203 million and administrative expenses of HKD 65 million[63]. - For the fiscal year ending March 31, 2024, the company reported a loss attributable to equity holders of HKD 462 million, compared to a loss of HKD 264 million in the previous year, representing an increase of 75.8%[126]. Assets and Liabilities - As of December 31, 2023, Yitai's net assets were approximately RMB 46.4 billion, and total assets were approximately RMB 85.4 billion[1]. - Total current liabilities decreased from HKD 2,855 million in 2023 to HKD 2,214 million in 2024, a reduction of approximately 22.4%[35]. - Net assets decreased from HKD 2,575 million in 2023 to HKD 1,813 million in 2024, representing a decline of about 29.6%[35]. - Non-current liabilities decreased from HKD 871 million in 2023 to HKD 759 million in 2024, a decrease of approximately 12.8%[35]. - The company's total equity decreased from HKD 2,575 million in 2023 to HKD 1,813 million in 2024, reflecting a decline of around 29.6%[35]. Revenue Breakdown - The revenue breakdown by segment includes HKD 157 million from construction machinery and spare parts sales, HKD 6 million from maintenance and transportation services, HKD 4 million from lending, HKD 7 million from asset management and securities brokerage, and HKD 54 million from property leasing[65]. - The group's operations in Hong Kong generated revenue of HKD 174 million, down from HKD 256 million in the previous year, reflecting a decline of approximately 32%[67]. - The financial services segment generated revenue of approximately HKD 7 million for the year, accounting for about 3% of the total group revenue, a decrease from HKD 10 million in the previous year[170]. Business Operations - The company holds a lending license and provides mortgage and personal loan services in Hong Kong[43]. - The company operates a commercial property for leasing purposes in London, UK[44]. - The company has a diversified business model including securities investment, asset management, and machinery leasing[37]. - The group has a subsidiary in Malaysia that holds developing properties, contributing to its property development business[59]. - The group continues to diversify its business strategy into financial services, property leasing, property development, and construction machinery sectors[140]. Credit and Loans - The group has not issued new loans in the current year, compared to two loans issued in 2023[145]. - The lending business provides both secured and unsecured loans to individuals and enterprises[149]. - The group employs a credit risk policy that includes evaluating potential borrowers based on their credit history, repayment ability, and collateral[149]. - As of March 31, 2024, the company's loan portfolio included 12 borrowers, comprising 10 individuals and 2 enterprises, with a total loan amount of approximately HKD 47 million due[173]. - The total outstanding balance of the top five borrowers was HKD 45 million, representing 96% of the group's total accounts receivable[147]. Impairment and Credit Loss - The group reported a total impairment of HKD 88 million for the year ending March 31, 2024, compared to an impairment reversal of HKD 22 million in the previous year, due to HKD 238 million of overdue loans during the year[184]. - The expected credit loss ratio for receivables ranges from 34% to 100%, compared to 3% to 61% in the previous year, reflecting the nature and default probability of the receivables[185]. Employee and Operational Costs - The company’s employee costs, including directors' remuneration, amounted to HKD 86 million, down from HKD 95 million, indicating a reduction of 9.5%[123]. - The company reported a total depreciation expense of HKD 50 million, slightly down from HKD 52 million, a decrease of 3.8%[120]. Financial Strategy and Future Outlook - The company is currently renegotiating financial covenants with banks due to breaches related to shareholder equity amounts[134]. - The company believes it has sufficient alternative funding sources to ensure ongoing operations are not threatened, regardless of potential immediate loan repayment demands[162]. - The company is focused on maintaining flexibility and concentrating on existing business amidst ongoing global economic challenges[166]. - The company expects no significant impact from the new Hong Kong Financial Reporting Standards on its financial statements in the foreseeable future[40].
信铭生命科技(00474) - 2024 - 年度业绩