Financial Performance - The company's revenue for the year increased to approximately RMB 44.6 million, representing a growth of about 3.4% compared to RMB 43.2 million in the previous year[19]. - Gross profit for the year was approximately RMB 13.2 million, down from RMB 14.6 million in the previous year, primarily due to a decrease in gross profit from property management services[19]. - The pre-tax loss increased to approximately RMB 21.0 million, compared to RMB 3.9 million in the previous year, mainly due to impairment of intangible assets[19]. - Loss attributable to equity holders of the company was approximately RMB 13.2 million, compared to RMB 8.5 million in the previous year[19]. - Basic loss per share for the year was RMB 0.46, compared to RMB 0.29 in the previous year[19]. - The total equity of the group decreased to RMB 150.9 million[9]. - The property development, leasing, and management services segment recorded a profit of approximately RMB 11,195,000 for the year, compared to RMB 11,761,000 in 2019, indicating a decrease of about 4.8%[23]. - The gold mining segment reported a loss of approximately RMB 628,000 for the year, a significant improvement from a loss of RMB 2,501,000 in 2019[30]. - The company reported a loss attributable to owners of approximately RMB 13,235,000, resulting in a basic and diluted loss per share of RMB 0.46[150]. Business Strategy and Expansion - The company plans to expand its property-related business in China and has entered into an agreement to acquire three commercial buildings in Xuzhou[12]. - The company will continue to implement its diversification strategy and actively seek potential property-related investment opportunities[16]. - The company has expanded its property development and leasing business in Anlu, Hubei Province, despite challenges posed by the COVID-19 pandemic[32]. - The company expects the Anlu project to continue generating positive cash flow despite significant pressure in the real estate market[32]. - The property management business in Xuzhou, Jiangsu Province, is expected to enhance the group's expertise in daily property management, contributing positively to the group's overall performance[34]. - The group has completed the acquisition of 700 parking spaces in Xuzhou, which is seen as a good opportunity to expand in the Chinese property market[34]. - The group has entered into a conditional agreement to purchase three 3-story commercial buildings in Xuzhou, with completion expected by August 31, 2021[34]. Cash Flow and Assets - As of June 30, 2020, the group's cash and cash equivalents amounted to approximately RMB 84,596,000, an increase from RMB 61,540,000 in 2019[40]. - The group's total assets less current liabilities were approximately RMB 155,122,000 as of June 30, 2020, down from RMB 190,952,000 in 2019[40]. - The group recorded a decrease in total equity attributable to owners of the company to approximately RMB 126,657,000 as of June 30, 2020, from RMB 142,601,000 in 2019[41]. - The group has no interest-bearing borrowings as of June 30, 2020, maintaining a net cash position[41]. - As of June 30, 2020, the gold mining segment's assets were approximately RMB 49,748,000, down from RMB 84,383,000 in 2019[30]. Corporate Governance - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[71]. - The board is responsible for overall strategy and performance oversight, including approval of annual and interim results, dividend declarations, and accounting policies[74]. - The company is committed to achieving statutory and regulatory corporate governance standards, emphasizing accountability, transparency, and fairness[67]. - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance by all directors during the year[70]. - The company plans to seek suitable candidates for the CEO position to comply with corporate governance code provisions regarding the separation of roles[68]. - The independent non-executive directors have confirmed their independence, ensuring unbiased judgment on strategy, performance, and risk matters[83]. - The company has established a clear distinction between the roles of the chairman and the CEO, although currently, Mu Dongsheng holds both positions[84]. Risk Management - The board has overall responsibility for assessing and determining the nature and extent of risks the group is willing to take to achieve strategic objectives, ensuring effective risk management and internal control systems are in place[111]. - The management prepares an annual financial budget, which is revised quarterly and approved by the executive directors, ensuring alignment with operational performance[112]. - The group has established guidelines and procedures for approving and controlling expenditures, with capital expenditures subject to strict monitoring and approval processes[114]. - The internal audit department is responsible for ensuring the effectiveness of governance, risk management, and internal control systems across all departments and subsidiaries[115]. - The company closely monitors government policies and regulations, assessing their impact on business operations to ensure compliance and mitigate risks[127]. Shareholder Communication and Dividends - The company has a policy in place to ensure effective communication between the board and shareholders, primarily through annual general meetings and financial reports[105]. - The company has adopted a dividend policy prioritizing cash dividends to share profits with shareholders, with decisions based on financial performance, operational needs, and other relevant factors[107]. - The board did not recommend a final dividend for the year ended June 30, 2020, similar to 2019[57]. - The company did not recommend a final dividend for the year, consistent with the previous year[137]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting to address specified matters[103]. Employee and Board Composition - The group employed a total of 87 staff as of June 30, 2020, compared to 77 in 2019, with total employee costs of approximately RMB 9,830,000[48]. - The board held seven meetings during the year, with all executive directors attending all meetings, resulting in a 100% attendance rate[75]. - The company convened two shareholder meetings in the year, with executive director Mu Dongsheng attending both, achieving a 100% attendance rate[78]. - The remuneration committee held two meetings during the year, with all members, including the chairman, attending both meetings[88]. - The audit committee also held two meetings during the year, with all independent non-executive directors attending both meetings[89]. - The Nomination Committee held two meetings during the year to assess the independence of non-executive directors, with a 100% attendance rate from all members[95]. Share Option Schemes - The total number of shares that can be issued under the 2003 Share Option Scheme is 40,262,500 shares, accounting for 10% of the issued shares as of January 9, 2003[154]. - The maximum number of shares that can be issued under the 2010 Share Option Scheme is initially 95,024,050 shares, representing 10% of the issued shares at the time of the special general meeting in 2010[165]. - A total of 183,304,000 share options under the 2010 Share Option Scheme have lapsed, with no options granted, exercised, or cancelled during the year[165]. - The maximum number of share options that can be granted to any individual within a twelve-month period is capped at 1% of the company's issued shares[168]. - The 2003 Share Option Scheme was terminated on February 11, 2010, when a new share option scheme was adopted[161]. - The 2010 Share Option Scheme was terminated on December 12, 2019, following the adoption of a new share option scheme[172]. - The exercise price for shares under the 2003 Share Option Scheme must not be lower than the higher of the closing price on the date of grant or the average closing price over the preceding five trading days[160]. - The exercise period for vested options under the 2003 Share Option Scheme is limited to ten years from the date of grant[156]. - The options granted under the 2010 Share Option Scheme must be accepted within 7 days from the date of grant[170]. - The 2019 Share Option Scheme was adopted on December 12, 2019, to encourage and reward eligible participants contributing to the group's success[173]. - The total number of shares that can be issued under the 2019 share option scheme is 288,409,173 shares, accounting for 10% of the issued shares as of the date of the 2019 annual general meeting[178]. - No share options were granted, exercised, lapsed, or cancelled during the year, and there were no unexercised share options as of June 30, 2020[186]. - The maximum number of shares that can be granted to any individual under the share option scheme is capped at 1% of the issued shares at any time[180]. - The 2019 share option scheme remains valid until December 11, 2029, with a remaining term of nine years[184]. - The exercise price for each share option is determined by the board and cannot be less than the higher of the closing price on the day of grant or the average closing price over the preceding five trading days[183]. Shareholding Structure - As of June 30, 2020, Du Yun holds 384,198,376 shares, representing 13.32% of the issued share capital, while Mu Dongsheng holds 277,777,777 shares, representing 9.63%[194]. - As of June 30, 2020, Chao Lian Group Limited holds 384,198,376 shares, representing approximately 13.32% of the issued shares[198]. - Mr. Yin Jia Tang owns 217,880,604 shares, accounting for 7.55% of the issued shares[198]. - No other shareholders are known to hold 5% or more of the issued shares as of June 30, 2020[199].
京维集团(01195) - 2020 - 年度财报