Company Overview - The company reported its annual results for the year ending June 30, 2024, in accordance with GEM listing rules[1]. - The board confirmed that the information provided in the announcement is accurate and complete, with no misleading elements[2]. - The company is listed under stock code 8645 on the Hong Kong Stock Exchange[6]. - The annual report will be available on the company's website and the Hong Kong Stock Exchange website for shareholders[1]. - The company has undergone a name change from 米虫元宇宙（中國）控股集團有限公司 to 比特元宇宙控股有限公司[1]. Governance and Management - The board includes executive directors and independent non-executive directors, ensuring a diverse governance structure[5]. - The company aims to enhance its corporate governance and compliance with environmental, social, and governance (ESG) standards[4]. - The management team is committed to enhancing corporate governance and compliance through the establishment of various committees[61][63]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced governance structure[122]. - The board is responsible for overseeing the company's operations and financial performance, ensuring effective internal controls and risk management systems are in place[127]. Financial Performance - The company raised approximately HKD 25.62 million from the placement of 120,000,000 new shares on April 11, 2024, enhancing its financial position and operational funding[8]. - Revenue decreased by approximately HKD 24,334,000 or 18.5% from HKD 131,737,000 for the year ended June 30, 2023, to HKD 107,403,000 for the year ended June 30, 2024[25]. - The company reported a net loss of approximately HKD 28,783,000 for the year ending June 30, 2024, compared to a profit of about HKD 20,282,000 in 2023, primarily due to decreased revenue and increased administrative expenses[36]. - The gross profit margin decreased from approximately 52.3% for the year ended June 30, 2023, to approximately 22.7% for the year ended June 30, 2024[27]. - The company’s available distributable reserves as of June 30, 2024, are approximately HKD 60,887,000, an increase from HKD 47,610,000 in 2023[76]. Business Development and Strategy - The company is focused on expanding its market presence and developing new technologies[1]. - The company aims to invest more resources in blockchain technology services to meet global demand and drive business growth[10]. - The company is exploring investment and collaboration opportunities in the blockchain technology market to enhance its operational efficiency[18]. - The company is developing a multi-chain wallet to support various cryptocurrencies, which is currently in the initial assessment phase[11]. - The company plans to acquire a stake in HUOBI Co. Ltd. for an estimated cost of HKD 39,000,000, which will enhance its capabilities in virtual asset trading services[18]. Revenue Sources and Market Performance - E-commerce business contributed approximately HKD 11,191,000 or 10.4% of total revenue for the year ending June 30, 2024, down from HKD 55,491,000 or 42.1% in 2023[13]. - The new business of online game IP licensing generated approximately HKD 24,606,000 in revenue for the year ending June 30, 2024, with no revenue reported in 2023[17]. - Advertising revenue from the application reached approximately HKD 10,600,000 for the year ending June 30, 2024, up from HKD 7,462,000 in 2023[13]. - Revenue from network support and connectivity services was approximately HKD 71,606,000 for the year ending June 30, 2024, down from HKD 76,246,000 in 2023[15]. - The company will not renew its network service provider license in Malaysia, which is expected to significantly reduce network connectivity service revenue in that market[15]. Employee and Talent Management - The group employed 116 staff members, a decrease from 146 in 2023, with total employee costs amounting to approximately HKD 29,677,000, up from HKD 26,028,000 in 2023[43]. - The percentage of trained employees increased to 82% in 2024 from 76% in 2023[198]. - The group offers various employee benefits, including mandatory employee provident funds and social security for work-related injuries[194]. - The company has implemented skills development and training programs to address the shortage of technical talent[22]. - The overall employee turnover rate decreased to 31% in 2024 from 37% in 2023[188]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to environmental policies and compliance with relevant laws and regulations, ensuring minimal adverse impact on the environment[73]. - The company has implemented energy-saving measures to reduce greenhouse gas emissions, including vehicle maintenance and encouraging employees to turn off electrical appliances[174]. - The total greenhouse gas emissions for 2024 amounted to 502.26 tons of CO2 equivalent, an increase from 377.80 tons in 2023, representing a 33% rise[173]. - The company has complied with relevant environmental laws and regulations in Malaysia and China, with no significant violations reported during the reporting period[172]. - The report highlights the group's commitment to improving ESG performance and disclosing relevant policies and risk management mechanisms[164]. Shareholder and Stakeholder Engagement - The board is committed to maintaining dialogue with shareholders, particularly during annual general meetings[129]. - The company has established a mechanism for the annual re-election of directors, ensuring accountability and governance compliance[125]. - The company has confirmed compliance with the GEM Listing Rules regarding sufficient public float, maintaining 25% of issued shares held by the public as of June 30, 2024[113]. - The board is responsible for assessing and determining the nature and extent of risks the company is willing to take to achieve its strategic objectives[148]. - The company has mechanisms in place to ensure that insider information is accessed only by authorized personnel[151].
比特元宇宙(08645) - 2024 - 年度业绩