Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 53,318,000, a decrease of 25.3% compared to HKD 71,399,000 for the previous year[5]. - The company incurred a loss of HKD 114,648,000 for the fiscal year 2024, which is a significant increase from the loss of HKD 54,104,000 in 2023[5]. - Total assets decreased to HKD 86,850,000 in 2024 from HKD 188,730,000 in 2023, reflecting a decline of 54.0%[5]. - The total liabilities for the fiscal year 2024 were reported at HKD 14,292,000, a decrease from HKD 17,024,000 in 2023[5]. - For the fiscal year ending March 31, 2024, the company's revenue was approximately HKD 53,300,000, a decrease from HKD 71,400,000 in 2023, reflecting a decline of about 25.4%[15]. - The group's revenue for the retail and wholesale business for the year ending March 31, 2024, is approximately HKD 39,300,000, a decrease from HKD 49,300,000 in 2023, representing a decline of about 20.3%[33][34]. Lending Business - The lending business generated approximately HKD 14,000,000 in revenue, continuing to be a core business for the company[8]. - The lending business generated revenue of approximately HKD 14,000,000 for the fiscal year, down from HKD 22,100,000 in 2023, indicating a decrease of about 36.3%[16]. - As of March 31, 2024, overdue loans less than 30 days and overdue loans over 30 days were approximately HKD 2,617,000 and HKD 14,590,000, respectively[16]. - The company will continue to implement strict credit policies to maintain the quality of its loan portfolio and ensure stable interest income[9]. - The company is facing increased competition from new entrants in the lending market, which has intensified market conditions[15]. - The company has adopted a cautious approach in its lending operations due to rising market interest rates and a decrease in borrowing demand[15]. - The company emphasizes a rigorous credit risk assessment policy to minimize lending risks, primarily serving Hong Kong residents[17]. - As of March 31, 2024, the total outstanding loans and advances amounted to approximately HKD 41,511,000[24]. Product Development and Market Strategy - The company aims to introduce more affordable health and wellness products in response to increasing consumer demand post-COVID-19[9]. - The company is focusing on developing its own brand products and sourcing various types of products from local and overseas suppliers to adapt to changing customer demands[13]. - The company has secured exclusive distribution rights for health supplement products from FromBio Co. Limited, enhancing its product offerings in the health sector[13]. - The group is focusing on health and wellness products, as well as its own ready-to-eat food products, in response to the growing demand in the health supplement market[32]. - The group plans to expand its retail presence by opening new physical stores in Hong Kong and the Greater Bay Area for pet products and health supplements[32]. Cost Management and Efficiency - Cost reduction and efficiency improvement measures are prioritized to achieve profitability, with a focus on returning to normal profit levels[9]. - The company is actively seeking suitable investment opportunities to diversify its business across different industry sectors[10]. Corporate Governance - The company has adhered to the corporate governance code based on GEM listing rules throughout the fiscal year ending March 31, 2024[108]. - The board held 9 meetings and 3 shareholder meetings during the fiscal year[112]. - The company has confirmed compliance with the trading standards as per GEM listing rules for the fiscal year ending March 31, 2024[111]. - The independent non-executive directors have submitted annual independence confirmation letters, affirming their independence according to GEM listing rules[113]. - The chairman and CEO roles are separated, with Mr. Chan being the chairman and Ms. Siu as the CEO, in compliance with governance code[115]. - The company established a Compensation Committee consisting of four independent non-executive directors and three executive directors, which held two meetings during the fiscal year ending March 31, 2024[116]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to environmental sustainability and compliance with relevant environmental laws and regulations[139]. - The company has integrated environmental, social, and governance (ESG) considerations into its daily operations to pursue sustainable business development[180]. - The company conducts at least one corporate risk assessment annually to identify current and potential risks, including environmental, social, and governance aspects[181]. - The company has identified key environmental, social, and governance issues through a materiality assessment, prioritizing resources based on stakeholder concerns[185]. - The total greenhouse gas emissions for the year were approximately 395.89 tons, a reduction of 105.2 tons or 21% compared to the previous fiscal year[196]. - The company aims to adopt various energy-saving measures to further reduce greenhouse gas emissions in the future[196]. Shareholder Communication and Capital Management - The company emphasizes effective communication with shareholders and timely disclosure of important information[135]. - The company has adopted a shareholder communication policy to ensure effective communication with shareholders through various channels[138]. - The company issued 1,555,932,093 shares at a subscription price of HKD 0.045 per share, raising approximately HKD 70,000,000 before expenses[55]. - The net proceeds from the rights issue are estimated to be around HKD 64,500,000, equivalent to a net subscription price of approximately HKD 0.041 per share[55]. - The company does not recommend the payment of any dividends for the year ending March 31, 2024, similar to the previous year[91]. Employee and Management Information - The company had 38 full-time employees as of March 31, 2024, down from 75 in the previous year, with total employee compensation of approximately HKD 20,800,000[64]. - The company has established a remuneration committee to review the remuneration policies based on operational performance and market practices[157]. - The stock option plan adopted on May 29, 2023, allows for the issuance of up to 51,864,403 shares, representing 10% of the total shares issued as of the adoption date[161].
仍志集团控股(08079) - 2024 - 年度财报