Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was approximately HKD 65.48 million, an increase of about 18.44% compared to HKD 55.29 million for the previous year[7]. - The group recorded a net loss of approximately HKD 9.44 million for the fiscal year ending March 31, 2024, a decrease of about 34.71% from a net loss of HKD 14.46 million in the previous year[7]. - The gross profit margin slightly decreased from approximately 24.03% last year to about 23.35% for the fiscal year ending March 31, 2024[7]. - Revenue from the electronic products and accessories segment was approximately HKD 35.20 million, representing an increase of about 32.91% year-over-year, primarily driven by increased sales of fishing indicators and buzzers[13]. - The restaurant services segment generated revenue of approximately HKD 30.28 million, an increase of about 5.13%, attributed to the easing of COVID-19 restrictions and improved market conditions in Hong Kong[14]. - The five largest customers accounted for approximately HKD 29.41 million in revenue, an increase of about 39.93% from HKD 21.01 million in the previous year[17]. - The overall gross profit margin slightly decreased from approximately 24.03% to 23.35%, mainly due to a reduction in sales of higher-margin products[17]. - Selling and distribution expenses were approximately HKD 1.43 million, a decrease of about 11.30% from HKD 1.61 million in the previous year[17]. Business Strategy and Operations - The company is focusing on low-risk, higher-margin businesses with relatively low inventory levels, particularly in the food and beverage sector[8]. - The company has developed and operates two e-commerce platforms, offering a variety of products including watches, jewelry, health products, skincare, food, and beverages[6]. - The group aims to maintain its market leadership through focus, innovation, and expansion strategies[8]. - The company plans to invest more resources into management to improve operational efficiency in the coming years[8]. - The company plans to launch two to three new products in 2024, including lighting security system controllers and power management boards, to enhance market share and customer base[19]. - The company aims to expand its EMS business to international clients, particularly in the Chinese market, which is seen as having significant potential[18]. Corporate Governance - The company has maintained compliance with the GEM Listing Rules regarding the appointment of independent non-executive directors, ensuring that at least one director possesses appropriate professional qualifications or expertise in accounting or related financial management[54]. - The board consists of a mix of executive and independent non-executive directors, with a total of three independent non-executive directors, fulfilling the requirement of having at least one-third of the board as independent members[53]. - The company has a strong commitment to corporate governance, aiming to enhance shareholder value through effective management and a sound corporate culture[50]. - The company has adhered to the corporate governance code throughout the fiscal year ending March 31, 2024, demonstrating its commitment to high standards of governance[51]. - The company has established a clear division of roles between the Chairman and the CEO, held by Mr. Lau and Ms. Cheng respectively[61]. - The board is responsible for ensuring compliance with legal and regulatory requirements and has reviewed the company's adherence to governance codes[83]. Environmental Sustainability - The group is committed to environmental sustainability, implementing policies to reduce its environmental impact[116]. - The group has established a comprehensive environmental management system to comply with regulations and improve environmental performance[181]. - The group aims to reduce greenhouse gas emissions by adopting energy-efficient equipment, which indirectly decreases emissions from electricity consumption[186]. - The group has implemented measures to minimize wastewater generation and adheres to environmental regulations for wastewater discharge[199]. - The group follows a 5R waste management strategy to achieve "zero" waste emissions, focusing on refuse, reduce, reuse, repair, and recycle[196]. - The group has introduced electronic business cards to minimize unnecessary printing waste[191]. Shareholder Communication and Compliance - The group has established various channels for communication with shareholders and investors, ensuring timely updates on financial reports and announcements[107]. - The company confirms compliance with the GEM Listing Rules regarding the disclosure of related party transactions[158]. - The group has not reported any significant violations of environmental laws during the reporting period[182]. - The financial statements for the year were audited by a certified public accountant firm, with a resolution to reappoint them at the upcoming annual general meeting[163]. Management and Internal Controls - The company has established a clear management structure and cash management system to mitigate operational risks[84]. - The company has implemented strategies to reduce raw material costs and maintain good relationships with suppliers, which is crucial for its procurement operations[48]. - The company has a dedicated team for product development, quality control, and supply chain management, enhancing its operational capabilities[47]. - The company has established a framework for effective internal controls and accounting functions, which is essential for its overall governance[46]. - The board will regularly review the nomination policy to ensure it meets the company's needs and complies with regulatory requirements[79].
毅高国际控股(08218) - 2024 - 年度财报