Financial Performance - The group recorded a revenue of approximately HKD 26,759,000, a decrease of about 21% compared to the previous fiscal year's revenue of HKD 33,730,000[40]. - The group's profit before tax was approximately HKD 31,985,000, a significant recovery from a loss of approximately HKD 154,350,000 in the previous fiscal year, primarily due to fair value gains from investment properties[40]. - The group recorded a revenue of approximately HKD 26,759,000 for the year, a decrease of about 21% compared to HKD 33,730,000 in the previous fiscal year[46]. - The group's profit before tax for the year was approximately HKD 31,985,000, a significant recovery from a loss of approximately HKD 154,350,000 in the previous fiscal year[46]. - The net profit attributable to the company's owners for the fiscal year was HKD 36,139,000, recovering from a loss of HKD 153,375,000 in the previous year[159]. - Total assets as of June 30, 2021, were HKD 2,137,083,000, an increase of 3.5% from HKD 2,065,212,000 in the previous year[160]. - The group's net asset value stood at HKD 1,842,469,000, up from HKD 1,792,484,000 in the previous year, reflecting a growth of 2.8%[160]. - The total liabilities as of June 30, 2021, were HKD 294,614,000, an increase from HKD 272,728,000 in the previous year[160]. - The company reported a charitable donation of approximately HKD 1,146,000 for the year, down from HKD 1,571,000 in the previous year[159]. Property Market Outlook - The group is optimistic about the property market and plans to adopt a prudent approach to acquire and sell properties, aiming to increase recurring income and capital appreciation[41]. - The group anticipates that the local economy will gradually stabilize after the pandemic, leveraging its investment environment and opportunities in the Greater Bay Area[41]. - The group expects the total supply of new private residential units to reach a peak of 96,000 units over the next three to four years, reflecting government efforts to increase land and housing supply[44]. - The residential property market is thriving, supported by low interest rates and strong end-user demand, with stable price growth observed[39]. Investment Strategy - The group aims to expand its securities investment and trading business as well as its loan financing operations to achieve stable recurring income growth[41]. - The group anticipates stable and significant income sources from its property investment and trading business moving forward[58]. - The group aims to continue a prudent approach to property acquisitions and sales while exploring potential investment properties to increase recurring income[60]. - The group has acquired two retail shops and two advertising boards in a developing area, anticipating significant appreciation potential[56]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions during the year[93]. - The roles of Chairman and CEO are clearly separated, with Mr. Pang Wei Xin serving as Chairman and Mr. Li Yong Xian as CEO[94]. - The company has established a code of conduct for securities trading by directors, adhering to the standards set forth in the listing rules[95]. - The company has a diverse board with members having extensive experience in law, finance, and corporate governance[86][87][90]. - The company has maintained compliance with all corporate governance codes throughout the reporting period[93]. - The company’s management team includes professionals with backgrounds in law, finance, and public service, enhancing its governance structure[89][90]. - The company has established a remuneration committee consisting mainly of independent non-executive directors, as required by listing rules[118]. - The nomination committee consists of four members, including one executive director and three independent non-executive directors, with a plan to meet at least once a year[120]. Risk Management - The company has adopted a risk management framework that includes policies and procedures for identifying, assessing, managing, and reporting risks[142]. - The board believes that the current risk management and internal control systems are effective and sufficient, with ongoing reviews planned to adapt to changes in the operating environment[142]. - The audit committee continues to monitor risks related to strategy, operations, compliance, and financial reporting[142]. Employee and Director Compensation - The total employee cost for the year was approximately HKD 19,661,000, compared to HKD 12,405,000 in the previous year[80]. - Executive director Pang Wei Xin receives a monthly salary of HKD 529,000, plus discretionary bonuses based on market conditions and his role[98]. - Executive director Li Yong Xian receives a monthly salary of HKD 105,000, along with discretionary bonuses determined by the board[99]. - The remuneration committee held two meetings to review the compensation packages for all directors and senior management[116]. Shareholder Information - The company has a total of 386,751,566 shares held by major shareholder Dong Jingyi, representing approximately 68.96% of the total issued shares[181]. - Pang Weixin holds 334,641,966 shares through Virtue Partner Group Limited, accounting for about 59.67% of the total issued shares[181]. - The company has issued stock options totaling 14,630,000 shares, which are part of the stock option plan established on June 25, 2021[176]. - The stock option plan allows for the issuance of shares not exceeding 10% of the total issued shares as of the adoption date[181]. - The stock option plan aims to reward selected individuals for their contributions to the company and its subsidiaries[182]. Financial Reporting and Compliance - The company confirmed that its financial statements were prepared in accordance with applicable accounting standards and regulations, ensuring full disclosure[138]. - The board confirmed their responsibility for maintaining proper accounting records and preparing financial statements that fairly reflect the group's financial position as of June 30, 2021[149]. - The company emphasizes the importance of clear and timely financial reporting to maintain stakeholder confidence[151]. - The company has complied with relevant laws and regulations, with no significant violations reported during the year[153].
宏辉集团(00183) - 2021 - 年度财报