Financial Performance - For the fiscal year ending March 31, 2021, the company reported revenue of HKD 17,901,000, a decrease of 31% from HKD 25,991,000 in the previous year[15] - The loss attributable to the company's owners for the year was HKD 12,830,000, compared to a loss of HKD 20,293,000 in the prior year, indicating an improvement[15] - Total assets increased to HKD 119,303,000 from HKD 112,143,000 year-over-year, reflecting a growth of approximately 6%[15] - Total liabilities rose significantly to HKD 75,940,000 from HKD 56,032,000, marking an increase of about 36%[15] - The company's net asset value decreased to HKD 43,363,000 from HKD 56,111,000, a decline of approximately 23%[15] - Cash and cash equivalents improved to HKD 18,059,000 from HKD 8,296,000, showing a substantial increase of 118%[15] - Other income for the fiscal year was approximately HKD 9,725,000, an increase from HKD 3,885,000 in the previous year, driven by government subsidies and increased administrative expense income[33] - The company's loss was reduced by 35% due to ongoing improvements in operational cost control and efficiency[18] - General and administrative expenses for the year ended March 31, 2021, were approximately HKD 37,636,000, a decrease of about 18.2% compared to HKD 46,014,000 in 2020[34] - The after-tax loss for the year ended March 31, 2021, was approximately HKD 12,571,000, down from HKD 19,288,000 in 2020, indicating improved financial performance[37] Business Strategy and Outlook - The company plans to focus on expanding its financial information services and advertising sectors in the Greater China region[6] - Future outlook includes the development of new financial technology applications to enhance service offerings[6] - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service capabilities[6] - The company plans to expand its customer base to include companies listed in the US and China, aiming to enhance revenue sources and competitiveness[22] - The company is focusing on capital investments in software, hardware, and IT to drive new product and sales solutions[22] - The company aims to implement a new ERP and management system to streamline business processes and increase automation[22] - The company plans to strengthen its position in financial news services and expand its digital marketing business[54] - The investor relations business is expected to become a profitable segment in the coming years, covering services for listed companies and pre-IPO projects[54] - The company continues to expand its securities services, including portfolio management and private fund investment consulting[55] Corporate Governance - The board held 5 meetings during the fiscal year ending March 31, 2021, with all directors attending at least 4 out of 5 meetings[70] - The company has adopted a set of trading standards for directors in compliance with GEM Listing Rules, ensuring all directors adhered to these standards throughout the fiscal year[66] - The board emphasizes high-quality governance and has reviewed its practices, confirming compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO[65] - The company has no current insurance for legal actions against directors, as it has adopted a conservative management policy[65] - The board consists of experienced members, including independent non-executive directors with extensive backgrounds in finance and law[61][62][63] - The company has been actively involved in corporate governance practices, ensuring transparency and accountability to all shareholders[65] - The board is responsible for the overall management of the company and has delegated daily management powers to executive directors and management teams[71] - The company has a diverse board with members holding various significant positions in other listed companies, enhancing its governance structure[62][63][64] - The company has maintained a commitment to high standards of corporate governance, focusing on internal controls and shareholder transparency[65] - The audit committee held four meetings during the fiscal year ending March 31, 2021, with all members attending all meetings[76] - The remuneration committee conducted one meeting during the fiscal year, with full attendance from all members[80] - The nomination committee also held one meeting during the fiscal year, with all members present[81] - The corporate governance committee held one meeting during the fiscal year, with all members attending[84] - The audit committee reviewed the consolidated financial statements for the fiscal year ending March 31, 2021, which were audited by Guowei CPA[77] - The company has adopted a board diversity policy to enhance its competitive advantage, focusing on various aspects such as gender, age, and professional qualifications[85] - The nomination committee believes the board currently has sufficient diversity and has not set measurable targets[86] - The remuneration committee is responsible for reviewing and approving the remuneration policies for directors and senior management[78] - The company has at least three independent non-executive directors, with one possessing relevant financial expertise[75] - The audit committee has recommended the reappointment of Guowei CPA as the company's auditor at the upcoming annual general meeting[77] - The company’s external auditor received approximately HKD 565,000 for audit services for the year ended March 31, 2021, with no fees for non-audit services[96] - The board is responsible for evaluating the nature and extent of risks the company is willing to take to achieve its strategic objectives, ensuring effective risk management and internal control systems are in place[99] - The internal audit function reports directly to the audit committee to maintain independence and focuses on significant risk areas identified through comprehensive risk analysis[102] - The company encourages directors to participate in ongoing professional development programs to maintain their responsibilities and knowledge[93] Shareholder Communication and Rights - Shareholders holding at least 10% of the paid-up capital with voting rights can request the board to convene a special general meeting[103] - The company maintains multiple channels for communication with shareholders, including corporate publications and a dedicated website[106] - The board reviews the effectiveness of the risk management and internal control systems annually, covering all significant controls[101] - The nomination committee will review the board nomination policy to ensure its effectiveness[92] - The company secretary has completed no less than 15 hours of relevant professional training as required by GEM listing rules[98] - The latest version of the company's articles of association is available on the company and stock exchange websites[105] - The company has adopted a dividend policy without a predetermined payout ratio, with the board able to propose dividends based on financial conditions and other factors[108] - As of March 31, 2021, the distributable reserves for dividends amounted to approximately HKD 22,722,000, a decrease from HKD 26,004,000 in 2020[121] - The board does not recommend the payment of dividends for the fiscal year ending March 31, 2021, consistent with the previous year[119] Environmental Sustainability - The total greenhouse gas emissions for the year 2021 were 92,833.7 kg CO2, an increase of 7.7% from 86,169.7 kg CO2 in 2020[172] - The density of greenhouse gas emissions per employee was 1,079.5 kg in 2021, compared to 1,038.2 kg in 2020, indicating a slight increase[172] - The company has implemented a paperless electronic payroll system to reduce paper usage, promoting sustainability[175] - The company encourages employees to use public transportation to reduce vehicle emissions, aiming to minimize environmental impact[168] - Energy-saving light bulbs and appliances are used in office spaces to reduce electricity consumption[177] - The company has not reported any significant air, water, or land pollution incidents during the reporting period[170] - The company emphasizes waste management through reduction, reuse, and recycling initiatives to minimize landfill waste[175] - The company maintained a stable resource usage strategy, focusing on minimizing electricity, water, and paper consumption[176] - The company encourages double-sided printing to further reduce paper waste[183] - The company has established stakeholder engagement channels to align long-term sustainability goals with stakeholder expectations[161] - The annual electricity consumption for the office property leased by the company was approximately 140,687 kWh, an increase from 118,640 kWh in 2020[185] - The annual usage of A4 paper was 151,306 sheets, up from 129,200 sheets in 2020[185] - The company is committed to reducing resource utilization through environmentally friendly procurement practices, including the purchase of eco-friendly furniture and stationery[187] - The company adheres to industry best practices to minimize natural resource consumption and effectively manage emissions[187] Employee Relations and Workplace Environment - The company provides comprehensive onboarding training to enhance employees' understanding of the business and corporate culture[200] - The company complies with local labor laws and regulations, ensuring timely payment of salaries, social insurance, and provident fund contributions[197] - The company emphasizes the importance of a safe and healthy work environment to improve product and service quality[199] - The company regularly monitors and measures indoor air quality to ensure a healthy workplace for employees[188] - The company has implemented a compensation system based on various factors, including salary, bonuses, and benefits, to attract and retain talent[190] - The company follows a principle of equal opportunity in recruitment and employment practices, prohibiting discrimination based on various factors[196] Market Competition and Risks - The company faces significant competition in its media, advertising, and investor relations services, necessitating improvements in its website and mobile applications to attract more viewers[114] - The financial services, brokerage, and fund management businesses are at risk due to potential declines in financial markets influenced by various economic and political factors[114] - The company has maintained compliance with relevant laws and regulations throughout the year[116] - The company has not purchased, sold, or redeemed any of its listed shares during the fiscal year ending March 31, 2021[123] - The company continues to recruit experienced journalists and anchors to enhance the quality of its financial news, which is critical for success[114]
财华社集团(08317) - 2021 - 年度财报