Financial Performance - The total revenue for the year ended June 30, 2024, was HKD 208,612,000, an increase from HKD 197,212,000 in 2023, representing a growth of approximately 5.7%[3] - The gross profit for the year was HKD 11,400,000, compared to HKD 4,050,000 in the previous year, indicating a significant increase[2] - The company reported a loss before tax of HKD 12,776,000 for 2024, slightly higher than the loss of HKD 11,675,000 in 2023[4] - The total comprehensive loss for the year was HKD 14,728,000, compared to HKD 21,137,000 in 2023, showing an improvement of approximately 30.5%[4] - The company reported a basic and diluted loss per share from continuing operations of HKD 1.82, compared to HKD 1.86 in the previous year[5] - The company recorded a loss attributable to owners of approximately HKD 12.2 million for the year, compared to a loss of HKD 12 million in 2023, with a gross margin decrease from 16% to 5.5%[34] - The company did not declare or recommend any dividends for the year ended June 30, 2024, consistent with the previous year[26] - The company reported a fair value loss of HKD 19,453 million on financial assets measured at fair value through profit or loss for the year ended June 30, 2024[20] - The company recognized an impairment loss of HKD 10,410 million on trade receivables for the year ended June 30, 2024[20] Revenue Segments - Revenue from the Smart City Solutions segment reached HKD 179,878 thousand, up from HKD 12,181 thousand in the previous year, indicating an increase of 1,377%[12] - Revenue from the Renewable Energy Products and Solutions segment was HKD 28,734 thousand, compared to HKD 13,111 thousand in the previous year, reflecting an increase of 119%[12] - The group reported a revenue of HKD 208,612 thousand for the fiscal year ending June 30, 2024, compared to HKD 25,292 thousand in the previous year, representing a significant increase of 726%[12] Cash and Assets - The net cash and cash equivalents increased to HKD 14,699,000 from HKD 9,147,000 in the previous year, reflecting a growth of about 60.5%[6] - The company's total assets decreased to HKD 220,006,000 from HKD 131,554,000, indicating a significant increase in liabilities[6] - The company’s equity attributable to owners decreased to HKD 96,494,000 from HKD 111,252,000, indicating a decline of approximately 13.3%[7] - Trade receivables (net of expected credit losses) at the end of the reporting period amounted to HKD 142.837 million, up from HKD 8.023 million in 2023[30] - The company’s current assets were approximately HKD 220 million, compared to HKD 131 million in 2023, while current liabilities increased to about HKD 158 million from HKD 37 million[60] - The company maintains a strong financial liquidity position with a net current asset value of approximately HKD 62 million, down from HKD 94 million in 2023[60] Investments and Financial Assets - The company recognized a fair value loss on investment properties of HKD 3,533,000, compared to HKD 1,136,000 in 2023, highlighting a deterioration in asset performance[4] - The company recorded a loss of approximately HKD 19.5 million in financial assets at fair value due to pessimistic market sentiment and global economic concerns[47] - The fair value gain from the investment in Starry Sky Huawen was HKD 17.4 million at the end of last year, indicating a previously sound investment decision[47] - As of June 30, 2024, the fair value of financial assets classified at fair value through profit or loss was approximately HKD 10,400,000, a decrease from HKD 34,000,000 as of June 30, 2023, representing a decline of 69.4%[48] - The total investment in financial assets as of June 30, 2024, amounted to HKD 36,812,546, compared to HKD 26,391,747 in the previous year, indicating an increase of 39.5%[48] Business Operations and Strategy - The group ceased operations in the charging business after selling its stake in Beijing Mingxin Zhiliang Technology Co., Ltd. in June 2023, which will not require restating comparative data[13] - The company is focusing on sectors supported by national policies, such as smart city solutions, and aims to establish partnerships with state-owned enterprises and local governments[32] - The business model emphasizes continuous innovation and the regular launch of new products, particularly in the smart city solutions and renewable energy sectors[39] - The renewable energy business faced challenges from regulatory delays and cost increases, with the feed-in tariff (FiT) program in Hong Kong set to end in December 2033, indicating a declining internal rate of return for solar photovoltaic (SPV) projects[43] - The company has decided to focus entirely on green energy and will not pursue further exploration in fossil fuels due to environmental concerns and increasing market risks[45] Financial Management - The company maintained a prudent financial policy, ensuring a positive liquidity position through internal resources and bank borrowings[63] - The financial cost for the year was approximately HKD 40,000, significantly reduced from HKD 172,000 in 2023[60] - The company has established a credit assessment and KYC process to evaluate potential borrowers, ensuring compliance with regulatory requirements[50] - No overdue loans have been reported since the current management allowed the issuance of such loans, indicating effective credit management[51] Future Outlook - The company is optimistic about the revenue prospects of its IDC business, expecting these projects to enhance financial performance and solidify its position as a reliable data center solution provider[58] - The company is actively negotiating with potential partners in China, the UK, and Southeast Asia for solar energy projects[57] - The company aims to establish a larger production base within 12 to 36 months based on anticipated contract values from potential clients[56]
冠军科技集团(00092) - 2024 - 年度业绩