Corporate Governance - As of March 31, 2024, the Board consists of 11 Directors, with 2 female Directors, achieving a gender diversity representation of approximately 18.2%[9] - The Company has not set any specific objectives for gender ratio in workforce or senior management, focusing on merit-based appointments[9] - The Nomination Committee identifies candidates for directorship from various channels, including internal promotions and management referrals[9] - The Group strictly adheres to relevant regulations and laws, with no significant cases of non-compliance related to bribery, extortion, fraud, or money laundering reported for the year ended March 31, 2024[37] - The Company has adopted a whistleblowing policy to encourage employees to report serious concerns regarding financial reporting and compliance without fear of reprisal[37] - The Audit Committee held 3 meetings during the year ended March 31, 2024, to oversee the Group's control systems[14] - The Board is responsible for defining management structure and determining the nature and extent of significant risks[23] - The Company is committed to full compliance with disclosure obligations under the Listing Rules and applicable laws, ensuring equal access to information for all shareholders[40] - The Group emphasizes fairness and honesty in business dealings, with strict policies against corruption and fraudulent activities[37] Financial Performance - For the year ended March 31, 2024, the profit attributable to owners of the Company was HK$15,818,000, a significant recovery from a loss of HK$25,192,000 in the previous year[113] - Total comprehensive income for the year attributable to owners of the Company was HK$13,498,000, compared to a loss of HK$51,143,000 in 2023[113] - Revenue for 2024 reached HK$233,681,000, an increase of 4.0% compared to HK$223,853,000 in 2023[154] - Gross profit for the year was HK$37,789,000, significantly up from HK$12,049,000 in the previous year[154] - Profit before tax improved to HK$23,870,000 from a loss of HK$30,709,000 in 2023[154] - Profit for the year was HK$15,114,000, recovering from a loss of HK$31,753,000 in 2023[154] - Other income and gains increased to HK$6,450,000 from HK$1,743,000 in the previous year[154] - Administrative and other expenses decreased to HK$18,819,000 from HK$43,320,000, reflecting a reduction of 56.6%[154] - Total comprehensive income for the year was HK$11,908,000, recovering from a total comprehensive loss of HK$56,754,000 in 2023[154] Cash Flow and Liquidity - The Group reported a net operating cash outflow of approximately HK$32,319,000 for the year ended March 31, 2024[83] - Current liabilities amounted to approximately HK$67,652,000, while cash and cash equivalents were only approximately HK$473,000[124] - The Group's net current assets increased to HK$263,055,000 from HK$215,456,000 in 2023, indicating improved liquidity[115] Investments and Assets - The Company disposed of an equity investment at fair value through other comprehensive income during the year ended 31 March 2023[79] - Non-current assets increased to HK$138,000,000 from HK$17,750,000 in 2023, indicating significant investment in property, plant, and equipment[115] - The total equity attributable to owners of the Company rose to HK$269,847,000 from HK$237,505,000 in the previous year[117] - The Company had inventories valued at HK$196,605,000 as of March 31, 2024, reflecting a strategic buildup of stock[115] - Trade and other receivables totaled approximately HK$133,629,000 as of March 31, 2024, which is material to the consolidated financial statements[124] Audit and Compliance - The internal audit function was appointed to review risk management and internal control systems, with findings and recommendations for improvement identified[67] - The Board confirmed the effectiveness of the Control Systems for the year ended 31 March 2024, with annual reviews conducted by the Audit Committee[67] - The audit report indicates that reasonable assurance was obtained regarding the absence of material misstatements in the consolidated financial statements[133] - The auditor's report indicated a qualified opinion, highlighting potential effects of certain matters on the financial statements[200] Business Development - The company has started engaging in liquor sales to capitalize on the growing demand for wine in China, which is expected to generate stable cash flows and diversify income streams[172] - In September 2023, the company obtained an exclusive sub-licence to use the "Diwangchi" liquor brand in China and commenced sales of Maotai-flavor liquor under this brand[172] - The Maotai-flavor liquor under the "Diwangchi" brand is anticipated to become one of the mainstream brands in the market due to its excellent quality and innovative marketing[172] - The liquor market in China is experiencing continued prosperity, and the Maotai-flavor liquor market has broad prospects for growth[172] - The Group aims to create value and higher returns for shareholders through active exploration of new business opportunities, including the liquor segment[198] Genetic Testing and Health Products - The Group continues to expand its genetic testing services both in Hong Kong and overseas, responding to increased demand for health products post-COVID-19[184] - The Group is committed to developing health data analysis products and innovative medical technology products to enhance its service offerings[184]
莲和医疗(00928) - 2024 - 年度财报