Financial Performance - The group recorded a revenue of approximately HKD 13,433,000 for the fiscal year ending March 31, 2024, representing an increase from HKD 12,864,000 in the previous year[8]. - The loss attributable to the company's owners was HKD 8,497,000, an improvement from a loss of HKD 16,341,000 in the prior year[8]. - Total assets increased to HKD 66,114,000 from HKD 62,100,000, while total liabilities decreased significantly from HKD 43,046,000 to HKD 22,272,000[8]. - The net asset value rose to HKD 43,842,000 compared to HKD 19,054,000 in the previous year, indicating a strong improvement in financial health[8]. - Basic and diluted loss per share improved to HKD (0.01) from HKD (0.02) year-on-year, reflecting better operational performance[8]. - Other income and net losses for the year ended March 31, 2024, were approximately HKD 6,622,000, a decrease from HKD 7,446,000 in the previous year, primarily due to an increase in fair value losses on investment properties by approximately HKD 3,360,000[23]. - Employee benefit expenses for the year ended March 31, 2024, were approximately HKD 13,595,000, a decrease of about 25.2% from HKD 18,172,000 in the previous year[23]. - Other operating expenses for the year ended March 31, 2024, were approximately HKD 5,829,000, a decrease of about 43.5% from HKD 10,319,000 in the previous year[23]. - Financing costs for the year ended March 31, 2024, were approximately HKD 160,000, a decrease of about 74.0% from HKD 616,000 in the previous year, mainly due to no interest expenses incurred[23]. - The group's total equity as of March 31, 2024, was HKD 43,842,000, an increase of 130.1% from HKD 19,054,000 in the previous year[27]. Strategic Initiatives - The company aims to enhance collaboration with the Hong Kong Stock Exchange to promote investment education and deepen market integration between Hong Kong and mainland China[12]. - The group plans to leverage foreign institutional licenses to attract more mainland investors to the Hong Kong stock market, enhancing market activity and trading volume[12]. - The company is focusing on developing financial products and services to capture the influx of capital from the Middle East, particularly from Saudi Arabia[12]. - The group plans to enhance its family office business and deepen its digital transformation strategy, leveraging advanced technologies like big data and AI[14]. - The group plans to strengthen its sales and marketing teams to diversify revenue streams and enhance its investor relations business, which is expected to become a profitable segment in the coming years[44]. - The group aims to leverage its competitive advantages across multiple platforms to increase market share in the media industry in China and Hong Kong[44]. - The group’s securities company, 財華證券, is expanding its services, including portfolio management and private fund investment consulting, with expectations of generating significant management and performance fee income in the near future[45]. Corporate Governance - The board of directors did not recommend a final dividend for the year ending March 31, 2024, consistent with the previous year[41]. - The company has maintained compliance with the corporate governance code throughout the fiscal year, ensuring high standards of ethics, transparency, and accountability[64]. - The board is responsible for the overall management of the company and has delegated daily management powers to executive directors and management teams[69]. - The company has confirmed that all independent non-executive directors are independent as per GEM listing rules, with at least one possessing relevant professional knowledge in accounting or finance[70]. - The company has adopted a compliance manual for senior management regarding securities trading, ensuring adherence to trading guidelines[65]. - The company has a commitment to long-term value creation for shareholders through effective corporate governance practices[63]. - The board has the authority to approve and monitor significant corporate matters and assess company performance[69]. - The company has a structured approach to training and continuous professional development for its directors[64]. - The board has confirmed that there are no significant financial, business, familial, or other relationships among its members[70]. - The company has a policy for the rotation of directors, with all non-executive and independent non-executive directors appointed for a term of one year[71]. - The audit committee held four meetings during the fiscal year ending March 31, 2024, with attendance records showing that Mr. Huang Wei-jian and Mr. Wang Guo-xian attended all meetings, while Mr. Yu Ji-yao attended one out of three meetings[74]. - The audit committee reviewed the company's financial matters, including quarterly, interim, and annual financial reports, and made recommendations to the board[74]. - The consolidated financial statements for the fiscal year ending March 31, 2024, were audited by Guo Fu Hao Hua (Hong Kong) CPA Limited, which will be proposed for reappointment at the upcoming annual general meeting[75]. - The remuneration committee held three meetings during the fiscal year, with all members attending each meeting[77]. - The nomination committee also held three meetings during the fiscal year, with full attendance from all members[78]. - The corporate governance committee held one meeting during the fiscal year, with all members present[81]. - The company has adopted a board diversity policy, emphasizing the importance of diversity in maintaining competitive advantage[82]. - The board currently consists of members with diverse professional backgrounds, including management, finance, and marketing, achieving gender diversity[84]. - The nomination committee believes the board has sufficient diversity and has not set measurable targets for diversity[85]. - The company has established a director nomination policy to ensure a balanced skill set and experience within the board[87]. - The company received approximately HKD 500,000 for audit services, with no fees for non-audit services during the fiscal year ending March 31, 2024[94]. - The board confirmed their responsibility for preparing the financial statements for the fiscal year ending March 31, 2024[95]. - The company secretary completed no less than 15 hours of relevant professional training as required by GEM listing rules[97]. - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve its strategic objectives[98]. - The internal audit function reported no significant issues regarding the effectiveness of the internal control system during the review year[100]. - The company adopted a whistleblowing policy in April 2022, with no significant fraud or misconduct affecting the financial statements or overall operations reported for the fiscal year ending March 31, 2024[102]. - The company is committed to preventing, detecting, and reporting fraud, including fraudulent financial reporting, as part of its anti-corruption policy[103]. - The board will review the director nomination policy in a timely manner to ensure its effectiveness[90]. - The company emphasizes gender diversity across all levels, including senior management, and will continue to promote this initiative[91]. - The board has established a clear management structure with defined authority and responsibilities to ensure adequate checks and balances[99]. Environmental and Social Responsibility - The total greenhouse gas emissions for the fiscal year ending March 31, 2024, amounted to 87,302.8 kg, a slight increase from 86,774.4 kg in the previous year, with a density of 1,678.9 kg per employee[167]. - The company utilized approximately 135,032 kWh of electricity during the reporting period, compared to 131,740 kWh in the previous year, indicating a focus on energy efficiency[175]. - The usage of A4 paper was recorded at 92,686 sheets, down from 98,738 sheets in the previous year, reflecting efforts towards waste reduction[175]. - The company adheres to the 4R principles (Reduce, Reuse, Recycle, Replace) to minimize environmental impact and promote sustainability[162]. - The company has not reported any significant air, water, or land pollution incidents during the reporting period[166]. - The company encourages employees to use public transportation and video conferencing to reduce carbon emissions[165]. - The company emphasizes the importance of waste management through reduction, reuse, and recycling initiatives[169]. - The company has implemented a paperless payroll system to further reduce paper waste[169]. - The company engages with stakeholders through various channels, including internal communications and investor meetings, to align sustainability goals with stakeholder expectations[160]. - The company is committed to environmental protection and compliance with relevant laws and regulations, enhancing its governance and social responsibility[159]. - The company emphasizes its commitment to reducing environmental impact and adopting industry best practices for sustainable development[177]. - The company regularly monitors indoor air quality to ensure a healthy working environment for employees[178]. Employee Relations - The company adheres to the Employment Ordinance of Hong Kong and the Labor Law of China, ensuring compliance with labor regulations[179]. - Employee compensation is determined based on qualifications, experience, and market standards, ensuring internal equity and competitiveness[180]. - The company provides social insurance and housing fund contributions for employees in China, and mandatory provident fund contributions for employees in Hong Kong[181]. - The company implements a standard working hours system, with a five-day work week and specific working hours[183]. - The company offers comprehensive onboarding training to enhance employees' understanding of its business and corporate culture[190]. - The company has not received any complaints related to intellectual property infringement or customer data breaches during the reporting period[193]. - The company strictly adheres to anti-corruption and anti-bribery laws in its operations[195]. - Total number of employees as of March 31, 2024, is 52[199]. - Employee turnover rate is 51.6% with 29 employees leaving[199]. - Gender distribution shows 23 female employees (44.2%) and 29 male employees (55.8%)[199]. - Age distribution indicates 14 employees are under 30, 30 are between 31-50, and 8 are 51 or older[199]. - Employee distribution by region shows 17 in Hong Kong and 35 in China[199]. - Management comprises 5 employees, while general staff totals 47[199]. - Female turnover rate is 56.5% with 13 females leaving, while male turnover rate is 55.2% with 16 males leaving[199]. - The company encourages community and charitable activities among employees[197]. - No significant violations related to bribery, extortion, fraud, or money laundering were reported during the period[196]. - The company aims to promote social development and harmony through its community investment initiatives[197].
财华社集团(08317) - 2024 - 年度财报