Financial Performance - For the year ended June 30, 2024, the Group recorded revenue of approximately HK$122.32 million, representing an increase of approximately 4.00% compared to HK$117.61 million in 2023[8]. - Loss attributable to owners of the Company for the Year amounted to approximately HK$27.56 million, a slight improvement from a loss of approximately HK$28.54 million in 2023[8]. - Revenue from private educational services amounted to approximately HK$30.52 million, an increase of approximately 12.00% from HK$27.13 million in 2023[10]. - Revenue from secondary tutoring services was approximately HK$0.96 million, representing an increase of approximately 7.87% compared to HK$0.89 million in 2023[11]. - Revenue generated from directly-owned education centres was approximately HK$23.78 million, reflecting an increase of approximately 17.55% from HK$20.23 million in 2023[13]. - Revenue from STEAM education services was approximately HK$1.88 million, a slight increase of approximately 2.73% from HK$1.83 million in the previous year[17]. - Revenue contributed from franchised centres remained stable at approximately HK$3.90 million, compared to approximately HK$4.08 million in 2023[13]. - The Group generated approximately HK$2.26 million from VR product sales and related services, and approximately HK$87.10 million from gaming product sales in the year, compared to HK$4.82 million and HK$83.99 million in 2023, respectively[22]. - The Group's loan interest income from the money lending business increased to approximately HK$2.44 million, up from approximately HK$1.67 million in the previous year[57]. - Other income, gains, and losses recorded a net gain of approximately HK$8.00 million, significantly higher than the net gain of approximately HK$1.06 million in the previous year[58]. Financial Position - As of June 30, 2024, the Group's total cash and cash equivalents amounted to approximately HK$8.65 million, down from approximately HK$13.86 million in 2023[75]. - The current ratio improved to approximately 6.04 times as of June 30, 2024, compared to approximately 2.42 times in 2023[75]. - Interest-bearing other borrowings amounted to approximately HK$17.00 million as of June 30, 2024, down from approximately HK$21.06 million in 2023[77]. - The gearing ratio decreased to approximately 24.16% as of June 30, 2024, from approximately 33.15% in 2023[78]. - As of June 30, 2024, the total amount of outstanding loans receivable was approximately HK$4,460,000, an increase from HK$3,520,000 in 2023, with a recognized impairment loss of approximately HK$940,000 for the year[86]. - The Group's financial assets at fair value through profit or loss (FVPL) decreased to approximately HK$40.80 million from HK$65.56 million in the previous year, reflecting a loss in fair value change of approximately HK$17.41 million[37]. - The total fair value loss for the year on financial assets at FVPL was approximately HK$14.77 million, with listed equity securities contributing a loss of HK$10.88 million[45]. Investment Activities - The Group participated in the stock market by acquiring listed securities from 8 companies and disposing of securities from 22 companies during the year[37]. - Significant investments included listed equity securities valued at HK$40.55 million, which accounted for 10.45% of the Group's audited total assets as of June 30, 2024[42]. - The Group's investment portfolio includes unlisted equity funds valued at HK$11.02 million, representing 5.90% of the Group's audited total assets[42]. - The Group's investment strategy focuses on long-term holding of Convoy shares due to limited liquidity following the cancellation of Convoy's listing status[55]. - The Group remains open to exploring various exit options for its investment in Convoy, including private sales or potential relisting opportunities[52]. Operational Highlights - The Group had 8 directly-owned education centres and 26 franchised centres as of June 30, 2024, with approximately 16,300 course enrolments recorded[13]. - The Group launched online classes and other online learning modes to enhance educational service delivery[10]. - The Group's strategic focus includes expanding its STEAM education offerings in response to the rising demand in Hong Kong[21]. - The Group plans to introduce its AI-assisted education platform and various innovative education technologies into China through collaboration with major industry leaders[72]. - The Group aims to diversify its business and provide more professional education support to both retail clients and corporations[73]. Employee and Management - The Group had a total of 94 full-time employees as of June 30, 2024, compared to 88 employees as of June 30, 2023, indicating a growth in workforce[89]. - The Group's employee remuneration packages are competitive and include discretionary bonuses and share options based on performance[89]. - The Group is committed to training its staff and providing a rewarding career path, recognizing employees as valuable assets[133]. - Employee emoluments are determined based on merit, qualifications, and market statistics[191]. Risks and Challenges - The Group faces sourcing risk, relying on tutors for quality tutoring services, which may impact business if contracts are not renewed[110]. - Business interruption risk is present due to reliance on education center leases, which may not be renewed, affecting service delivery[115]. - The private tutoring industry is highly competitive, with a decrease in student numbers and an increase in small tutoring centers intensifying market competition[116]. - The Group is aware of infringement risks related to intellectual property rights and will update internal policies to comply with legal requirements[117]. - The Group's management is focused on recruiting new quality tutors to reduce revenue concentration from existing tutors[110]. Compliance and Governance - The Group has complied with various laws and regulations, including those related to employment, privacy, and education, to safeguard employee interests and ensure operational compliance[131][129]. - The Company has received annual confirmations of independence from its independent non-executive directors, affirming their independent status[168]. - The Group emphasizes the importance of long-term relationships with suppliers to ensure sustainable business development[145]. - The Group's financial risk management objectives and policies are detailed in the consolidated financial statements[121][124]. Dividend and Shareholder Information - The Group does not recommend the payment of a final dividend for the Year, consistent with the previous year[141]. - The Directors' service contracts have fixed terms, with Mr. Yip Kai Pong and Ms. Leung Sze Ki having terms commencing on April 15, 2024, and January 20, 2023, respectively[173]. - As of June 30, 2024, the total number of shares issued was 608,046,880[180]. - Yip Kai Pong holds a long position of 5,808,000 ordinary shares, representing approximately 0.96% of the issued share capital[174]. - Bradbury Investment Fund (SPC) Limited holds 175,872,000 ordinary shares, accounting for approximately 28.92% of the issued share capital[186]. - Bradbury Private Investment IX Inc. owns 82,704,000 ordinary shares, which is about 13.60% of the issued share capital[186].
源宇宙教育(01082) - 2025 - 年度财报