Financial Performance - For the fiscal year ending June 30, 2024, the company reported a revenue of HKD 67,319,000, a decrease of 67.6% compared to HKD 207,797,000 for the eighteen months ending June 30, 2023[2]. - The gross profit for the fiscal year was HKD 27,436,000, down 56.0% from HKD 62,302,000 in the previous period[2]. - The company incurred a total comprehensive loss of HKD 282,721,000 for the fiscal year, compared to HKD 237,815,000 for the eighteen months ending June 30, 2023, representing an increase of 18.8%[3]. - The net loss attributable to the owners of the company was HKD 271,967,000, compared to HKD 219,030,000 in the previous period, reflecting a 24.1% increase in losses[2]. - The group reported a net loss of approximately HKD 274,610,000 for the year ending June 30, 2024, with total liabilities amounting to approximately HKD 534,908,000[8]. - The group reported a total loss before tax of HKD 280,856,000 for the year ended June 30, 2024, compared to a loss of HKD 219,379,000 for the eighteen months ended June 30, 2023[18]. - The group incurred a net impairment loss on financial assets of HKD 4,155,000 for the year ended June 30, 2024[15]. - The company reported a loss per share of HKD 1.82 for the year ended June 30, 2024, based on a weighted average of 154,422,000 shares[23]. - The company reported a loss attributable to shareholders of approximately HKD 272 million for the fiscal year ending June 30, 2024, compared to a loss of HKD 219 million for the previous eighteen-month period[41]. Assets and Liabilities - Total assets decreased significantly to HKD 114,600,000 from HKD 504,611,000, indicating a reduction of 77.3%[4]. - The company's cash and bank balances dropped to HKD 27,671,000 from HKD 84,207,000, a decline of 67.2%[4]. - Total liabilities decreased from HKD 642,198,000 as of June 30, 2023, to HKD 534,908,000 as of June 30, 2024[16]. - Current liabilities exceeded current assets by approximately HKD 407,963,000, and total liabilities exceeded total assets by approximately HKD 420,308,000 as of June 30, 2024[50]. - As of June 30, 2024, the company's total liabilities to total assets ratio was approximately 466.8%, a significant increase from 127.3% as of June 30, 2023[43]. - The company had outstanding bank and other borrowings of approximately HKD 7.7 million as of June 30, 2024, a decrease from HKD 24.19 billion as of June 30, 2023[42]. - The total accounts payable as of June 30, 2024, was HKD 2,485,000, a significant decrease from HKD 15,626,000 in the previous year[25]. - As of June 30, 2024, accounts receivable from trade amounted to HKD 16,761,000, an increase from HKD 15,257,000 in the previous year, while the loss provision increased to HKD 17,685,000 from HKD 16,181,000[24]. Business Operations - The company continues to engage in the development and operation of ecological tourism projects, alongside its lottery system and health food businesses[6]. - The group is involved in three reportable segments: lottery systems and related products, natural and health foods, and ecotourism[14]. - Revenue from customer contracts for the lottery system, terminal equipment, and related products was HKD 62,147,000, while total revenue for the period was HKD 67,319,000[15]. - The overall performance of the lottery business and the ecological tourism and natural health food sectors in China remained stable during the review period from mid-2023 to mid-2024[28]. - The company plans to further develop its overseas lottery business, providing new lottery products and services to emerging markets[40]. - The company aims to integrate resources to promote innovation in China's ecotourism and natural health food sectors, creating new growth points for business[40]. Market Trends - The Chinese lottery market saw total sales of RMB 614.275 billion from early 2023 to mid-2024, representing an 18.9% increase year-on-year[29]. - Domestic tourism in China rebounded strongly in 2023, with the number of domestic trips reaching 2.725 billion in the first half of 2024, a 14.3% increase year-on-year[31]. - The total tourism expenditure in China for the first half of 2024 was RMB 2.73 trillion, reflecting a 19% year-on-year growth[31]. - The Chinese ecological tourism market is expected to enter a new phase of prosperous development in 2024, focusing on enhancing product quality and service[30]. - The company anticipates that the domestic tourism and leisure market will continue to thrive, driven by new consumer trends and policies aimed at improving service quality and product diversity[30]. Corporate Governance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[7]. - The group has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements[11]. - The board of directors has decided not to declare a final dividend for the year ending June 30, 2024, consistent with the previous period[27]. - The company has complied with the corporate governance code, except for certain deviations regarding the rotation of the chairman[51]. - The audit committee consists of two independent non-executive directors following the resignation of a member on July 19, 2024[54]. - The financial statements have been reviewed by the auditors but no opinion was expressed due to the inability to obtain sufficient audit evidence[55]. - The board will continue to review the corporate governance structure and make appropriate arrangements as necessary[51]. Challenges and Future Outlook - The company is facing significant uncertainty regarding its ability to continue as a going concern due to various financial challenges[50]. - Plans and measures have been developed by the board to improve liquidity and financial conditions, but their effectiveness is uncertain[50]. - The company is actively seeking solutions to address defaults, including restructuring plans and negotiations with banks for additional credit facilities[9]. - The company has not appointed a CEO since January 14, 2022, and is currently seeking a suitable candidate[52]. - The company employed 196 full-time employees as of June 30, 2024, down from 209 employees as of June 30, 2023[47]. - The company has no significant contingent liabilities as of June 30, 2024, consistent with the previous year[46]. - The company plans to maintain a cautious optimism regarding future business development despite facing multiple challenges in the Chinese economy[40].
中国生态旅游(01371) - 2024 - 年度业绩