Financial Performance - The group’s total revenue decreased by 16.5% in 2024 compared to a 9.5% increase in 2023[23]. - The gross profit margin for the group was 73.0% in 2024, down from 74.5% in 2023[23]. - The company recorded a net profit of approximately HKD 58.4 million for the year, a decrease from HKD 105.5 million in the previous year, representing a decline of about 44.5%[25]. - Total revenue decreased to approximately HKD 284.4 million, down from HKD 340.5 million, reflecting a reduction of about 16.5% year-on-year, primarily due to a 16.1% decrease in the number of sold burial plots and a 3.6% depreciation of the RMB against the HKD[26]. - The gross profit also decreased to approximately HKD 207.7 million from HKD 253.7 million, indicating a decline of about 18.1%[26]. - Operating cash flow for the year was HKD 91.6 million, down from HKD 183.0 million, a decrease of approximately 50%[34]. - Revenue for the year ended March 31, 2024, was HKD 284,430,000, a decrease of 16.5% compared to HKD 340,533,000 in 2023[137]. - Profit before tax for the same period was HKD 87,718,000, down 40.0% from HKD 146,041,000 in 2023[137]. - Net profit for the year was HKD 58,397,000, representing a decline of 44.6% from HKD 105,512,000 in 2023[137]. - Non-current assets decreased to HKD 691,611,000 from HKD 727,036,000, a reduction of 4.8%[137]. - Current assets net value was HKD 436,040,000, slightly down from HKD 445,587,000, a decrease of 2.3%[137]. - Total equity attributable to owners of the company was HKD 942,965,000, down from HKD 970,326,000, a decline of 2.9%[137]. Strategic Initiatives - The flagship project in Zhejiang has successfully transformed traditional burial services into eco-friendly, artistic, and intelligent offerings, enhancing social recognition and driving group benefits[6]. - The launch of the "Wujing" digital memorial space marks a significant advancement in AI integration within the funeral service industry, providing personalized remembrance and healing experiences[6]. - The acquisition of Yinchuan Fushou Garden aligns with national trends in green burial practices, establishing it as a model for sustainable development in the western region[8]. - The company’s project in Zunyi Dachen Mountain Ecological Cemetery has shown significant vitality and development potential, with comprehensive upgrades to service offerings and facilities[9]. - The group aims to set a benchmark for cemetery services in Guizhou province, promoting green burial concepts and leading local funeral reform initiatives[9]. - The group aims to enhance its service offerings by integrating advanced technologies such as AI and holography into its operations[20]. - The group is committed to promoting green and eco-friendly funeral services, aligning with modern societal values[21]. - The group plans to adjust its product strategy and structure to explore new opportunities in the funeral service market[21]. - The integration of full-service offerings from funeral to burial in the Zhejiang project sets a new standard for the life industry in the region[10]. Governance and Compliance - The company has maintained a strong governance framework, adhering to the corporate governance code throughout the year[139]. - The board of directors consists of 7 members, with 3 executive directors and 3 independent non-executive directors, ensuring a balanced composition[146]. - The company has implemented mechanisms to ensure independent viewpoints are considered in decision-making processes[149]. - The company has established a remuneration committee to review and determine the compensation of directors and senior management[103]. - The board has delegated sufficient resources to the Audit Committee, including access to external auditors and independent professional advice, to fulfill its responsibilities[167]. - The company has engaged external auditors, Hong Kong Li Xin De Hao CPA Limited, for the annual audit, with their independence and audit plan reviewed and approved by the Audit Committee[172]. - The company has established a robust internal audit function to ensure effective risk management and compliance with regulatory requirements[172]. - The company has implemented a system for employees to confidentially report concerns regarding financial reporting and internal controls[172]. - The company has established procedures for handling and disclosing inside information in compliance with the Securities and Futures Ordinance[199]. - The board has confirmed its responsibility for the financial statements, ensuring they fairly reflect the company's affairs, performance, and cash flows[193]. Employee and Social Responsibility - The total number of employees increased to 268 in China, up from 253 in the previous year, while the number of employees in Hong Kong remained stable at 12[48]. - Employee costs for the year were approximately HKD 44.3 million, a slight decrease from HKD 45.1 million in the previous year[49]. - The company actively engages in charitable activities to enhance its social reputation and corporate image[20]. - Donations made during the year totaled HKD 313,000, significantly higher than HKD 129,000 in 2023[89]. - The company aims to achieve gender balance in senior management and potential board successors through ongoing recruitment practices[189]. - As of March 31, 2024, the company has a total of 280 employees, with 118 female employees, representing 42.1% of the workforce, indicating a balanced gender ratio[189]. Shareholder Information - The proposed final dividend for the year ending March 31, 2024, is HKD 0.013 per share, down from HKD 0.015 per share in 2023[83]. - The total dividend for the year will amount to HKD 0.021 per share, an increase from HKD 0.020 per share in 2023[83]. - The distributable reserves available to equity holders as of March 31, 2024, are approximately HKD 120,838,000, a decrease from HKD 136,655,000 in 2023[88]. - The company has maintained a sufficient public float of at least 25% of the issued shares throughout the year and up to the report date[126]. - The company has complied with all relevant laws and regulations without any significant violations during the year[133].
安贤园中国(00922) - 2024 - 年度财报