Financial Performance - Million Stars Holdings reported a revenue of HK$124.5 million for the year, representing a 77.9% increase compared to the previous year[11]. - The Group recorded a revenue of approximately HK$124.5 million for the year ended June 30, 2024, representing an increase of approximately 77.9% compared to about HK$70 million for the year ended June 30, 2023[22]. - Revenue generated from the internet advertising services business segment was approximately HK$124.34 million, representing an increase of approximately 218.5% compared to the previous year[23]. - The increase in revenue was mainly due to the repositioning of the Group's strategic decisions based on existing marketing budgets, regaining lost customers, and increased investment in the mobile game business[23]. - The Group recorded a profit of approximately HK$17.5 million for the year ended June 30, 2024, compared to a loss of HK$30.0 million for the year ended June 30, 2023[26]. - Other income, gains, and losses, net, amounted to net income of approximately HK$39.1 million for the year ended June 30, 2024, compared to net losses of approximately HK$7.2 million for the year ended June 30, 2023[25]. - The Group's cost of sales amounted to approximately HK$136.9 million for the year ended 30 June 2024, an increase of approximately 89.4% compared to HK$72.3 million for the year ended 30 June 2023[25]. - Gross loss margin for the year ended 30 June 2024 was approximately 9.9%, which was 6.6% higher than the gross loss margin of approximately 3.3% for the year ended 30 June 2023[25]. Corporate Governance - Corporate governance has been strengthened to enhance operational quality and efficiency[11]. - The Group is committed to high-quality development and strengthening corporate governance to improve operational efficiency[12]. - The Company has adopted the Corporate Governance Code provisions in force during the year ended June 30, 2024[102]. - The Group was in compliance with the Corporate Governance Code, except for certain disclosed deviations[102]. - The Company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, to oversee various aspects of the Group's affairs[153]. - The Company has arranged appropriate liability insurance for Directors and officers, with coverage reviewed annually[149]. - The Board has ensured that at least one-third of its members are independent non-executive Directors, fulfilling the requirement set out in the corporate governance code[124]. - The Company has implemented a whistleblowing policy for employees and stakeholders to report concerns confidentially regarding possible improprieties[198]. Strategic Development - The digital economy's accelerated development has expanded application scenarios, particularly in AI models and Web3 technologies, presenting new opportunities for innovation[9]. - The Group has commenced development in the Web3 arena, investing significantly in Web3 product R&D and related infrastructure[13]. - The strategic planning includes deployment for Web3 media in Hong Kong, cloud computing platforms in North America, and blockchain hardware wallet systems[21]. - The Group aims to become a leading Web3 e-commerce service provider, focusing on the development of the Web3 E-commerce SAAS System[21]. - Future expansion will include blockchain technologies, metaverse, and AI development[21]. Management and Workforce - As of June 30, 2024, the Group had a workforce of 14 employees, down from 22 in 2023, with total staff costs approximately HK$2 million compared to HK$5 million in 2023[36]. - The Group's employee remuneration policy includes salaries, discretionary bonuses, and pension scheme contributions, with a review conducted annually by the Remuneration Committee[36]. - Monthly contributions to the Mandatory Provident Fund for employees in Hong Kong are 5% of their monthly income, capped at HK$1,500[36]. - Employees in the PRC are enrolled in government retirement benefit schemes, with contributions based on certain percentages of applicable payroll costs as stipulated by PRC regulations[36]. Risk Management - The Group's risk management policies aim to minimize the adverse impact of market risks, including currency and interest rate risks[32]. - The Audit Committee conducted an annual review of the risk management and internal control systems, concluding they were effective and adequate for the year[198]. - The Board engaged PAL Advisory Limited to perform an internal control review on major business operations, identifying deficiencies in the internal control systems[192]. - An internal control review report was prepared with findings and recommendations, which the Board will act upon to improve internal control systems[192]. - Management has formulated remedial action plans to address gaps identified during internal control assessments, covering core business areas[193]. Shareholder Information - The Board does not recommend the payment of any dividend for the year ended 30 June 2024, consistent with the previous year where no dividend was paid[48]. - The Company has established a dividend policy aimed at allowing shareholders to participate in profits while retaining adequate reserves for future growth[185]. - The Company changed its name from "Million Stars Holdings Limited" to "Web3 Meta Limited" effective from 12 September 2024[48]. - The Company has not identified any competing business interests among its directors or controlling shareholders for FY2024[99]. Auditor and Financial Reporting - The consolidated financial statements for FY2024 have been audited by Prism Hong Kong Limited[101]. - The Company appointed CCTH CPA Limited as its new auditor following the resignation of Yongtuo Fuson CPA Limited[99]. - The fees paid to auditors for audit services amounted to HK$700,000 for the year[179]. - The external auditor attended the annual general meeting to answer relevant questions from shareholders[105]. Capital and Financing - The company entered into subscription agreements on November 15, 2023, for a total of 77,600,000 ordinary shares at HK$0.12 per share, raising a total subscription price of HK$9,312,000[59]. - The funds raised from the subscriptions amounted to HK$9,112,000, with a share premium of approximately HK$8,536,000 credited to the company's share premium account[59]. - A subsequent subscription agreement dated March 11, 2024, involved the subscription of 101,600,000 ordinary shares at HK$0.125 per share, raising a total subscription price of HK$12,700,000[60]. - The company plans to use the net proceeds from the November 2023 subscription for future business development and repayment of borrowings, with net proceeds estimated at approximately HK$9,112,000[60]. - The company aims to strengthen its capital base and financial position for future business developments through these subscriptions[59][60].
瓦普思瑞元宇宙(08093) - 2025 - 年度财报