Audit and Compliance - The total audit fees incurred for the fiscal year 2023/2024 amounted to HKD 2,720,000, which was approved by the audit committee and the board [20]. - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations [5]. - The audit committee held two meetings during the fiscal year, reviewing the annual report and interim results [14]. - The company has ensured that all independent non-executive directors have confirmed their independence as per the listing rules [9]. - The company has not entered into any management or administrative contracts involving the overall or major parts of its business during the year [60]. - There are no significant shareholders (owning more than 5% of the company's equity) with interests in major suppliers or customers [61]. Board and Governance - The board has adopted a diversity policy aimed at achieving diversity in its composition, considering factors such as gender, age, and professional experience [8]. - All directors attended multiple seminars and meetings relevant to their roles and responsibilities during the year [11]. - The remuneration committee was established in 2005, with its responsibilities outlined in accordance with the corporate governance code [15]. - The nomination committee reviewed the board's composition and provided recommendations for reappointment of directors [16]. - The board believes that the dual role of the chairman and CEO held by the same individual enhances the effectiveness and efficiency of the company's long-term strategy [7]. - The board believes that the dual role of the Chairman and CEO held by Mr. Feng Shaobo enhances the effectiveness and efficiency of long-term business strategy development and execution [64]. Financial Performance - The group recorded revenue of HKD 923,900,000 for the fiscal year ending March 31, 2024, a decrease of HKD 99,000,000 or 10% compared to the previous fiscal year [29]. - Shareholders' profit increased from HKD 27,500,000 to HKD 54,200,000, including one-time gains from property sales, offset by non-cash impairments of certain non-current assets [29]. - Advertising revenue from digital platforms and print publications decreased by HKD 91,200,000 or 17%, totaling HKD 458,500,000, due to a weak local advertising market [30]. - Over 60% of total revenue came from digital platforms and information and software businesses, with continued investment in quality content and innovative technology [31]. - The group completed the sale of a property for HKD 135,000,000, recording a revenue of HKD 122,100,000, which strengthened the group's financial position [33]. - The group maintained a cash balance of approximately HKD 526,500,000 as of March 31, 2024, with no debt reported [41]. - The group declared a total dividend of HKD 43,200,000 for the fiscal year ending March 31, 2023 [38]. - The annual profit for the year ending March 31, 2024, was HKD 54,972,000, compared to HKD 28,677,000 for the previous year, representing an increase of 91.7% [100]. - The total comprehensive income for the year was HKD 58,894,000, up from HKD 28,082,000, indicating a growth of 109.5% [100]. - The revenue for the year was HKD 923,894,000, a decrease from HKD 1,022,922,000, reflecting a decline of 9.7% [120]. - The gross profit margin decreased to 40.3% from 41.3%, indicating a slight decline in profitability [120]. - Operating profit increased to HKD 73,393,000 from HKD 34,527,000, marking a growth of 112.5% [120]. - The net financing income rose to HKD 11,891,000 from HKD 5,646,000, an increase of 110.0% [120]. - The company reported a net impairment loss of HKD 11,847,000 on non-current assets, which was not present in the previous year [120]. - The earnings per share attributable to shareholders increased to HKD 54,222,000 from HKD 27,458,000, reflecting a growth of 97.5% [120]. - The company recognized a tax expense of HKD 30,312,000, compared to HKD 11,496,000 in the previous year, indicating an increase of 164.5% [120]. Assets and Liabilities - Total assets increased from HKD 1,197,222 thousand in 2023 to HKD 1,203,496 thousand in 2024, reflecting a growth of approximately 0.52% [124]. - Cash and cash equivalents decreased from HKD 215,509 thousand in 2023 to HKD 212,049 thousand in 2024, a decline of about 1.15% [129]. - Trade receivables decreased from HKD 169,907 thousand in 2023 to HKD 132,358 thousand in 2024, representing a decrease of approximately 22.08% [124]. - Current liabilities decreased from HKD 273,571 thousand in 2023 to HKD 233,255 thousand in 2024, a reduction of about 14.74% [124]. - Total equity increased from HKD 892,422 thousand in 2023 to HKD 908,156 thousand in 2024, marking an increase of approximately 1.97% [149]. - The company paid a final dividend of HKD 30,212 thousand in 2024, up from HKD 28,054 thousand in 2023, reflecting a growth of about 7.69% [129]. - Deferred tax liabilities increased from HKD 18,867 thousand in 2023 to HKD 19,261 thousand in 2024, a rise of about 2.08% [149]. Cash Flow and Investments - Net cash used in operating activities was HKD (2,592) thousand in 2024 compared to HKD 76,826 thousand in 2023, indicating a significant decline in cash flow from operations [129]. - Investment activities generated a net cash inflow of HKD 53,417 thousand in 2024, contrasting with a net cash outflow of HKD (170,333) thousand in 2023 [129]. - The company reported a significant increase in bank interest received, rising from HKD 6,142 thousand in 2023 to HKD 12,174 thousand in 2024, an increase of approximately 97.83% [129]. Strategic Focus - The company plans to closely monitor global and local economic and political changes while managing costs and operational efficiency [41]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [151]. - The company is focusing on enhancing its service offerings and improving operational efficiency to boost revenue streams [151]. Accounting Policies - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, with a focus on historical cost accounting [77][78]. - The company adopted several revised standards effective from April 1, 2023, which are not expected to have a significant impact on the financial performance or position [80]. - The company is currently evaluating the potential impact of several accounting standards revisions that have been issued but not yet adopted [81]. - The company has implemented a simplified approach for trade receivables, recognizing expected lifetime losses upon initial recognition [72]. - The group recognizes trade and other receivables at fair value unless they contain significant financing components, measured subsequently at amortized cost using the effective interest method [190]. - Current income tax is calculated based on the tax laws enacted or substantively enacted in the countries where the company and its subsidiaries operate and generate taxable income [191]. - Deferred tax is recognized using the liability method for temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements [192]. - The company does not recognize deferred tax liabilities and assets for temporary differences related to the carrying amount and tax base of overseas investments, as it can control the timing of reversal [192]. - Revenue is measured at the fair value of the consideration received or receivable for services provided in the ordinary course of business [196]. - Contract liabilities are recognized as deferred revenue when customers pay or are due to pay consideration before the group recognizes the related revenue [198]. - Revenue from service provision includes income from information subscription services, software solutions, and related maintenance services, recognized over time as the benefits are consumed [199]. - If a contract includes monthly fees, revenue is recognized based on the amount the group is entitled to invoice [200].
经济日报集团(00423) - 2024 - 年度财报