Financial Performance - For the fiscal year ending September 30, 2024, the company reported total revenue from continuing operations of HKD 1,520,345, a decrease of 45.9% from HKD 2,810,576 in the previous year[2]. - The gross profit for the year was HKD 44,224, with a gross margin of 2.8%, reflecting a significant increase of 325.7% compared to the previous year's gross profit of HKD 10,389[2]. - The company achieved a profit before tax from continuing operations of HKD 56,379, compared to a loss of HKD 282,173 in the previous year, marking a turnaround of 120.0%[2]. - Basic earnings per share from continuing operations increased to HKD 11.66, a 113.2% improvement from a loss of HKD 88.29 per share in the previous year[2]. - The company reported a total comprehensive income of HKD 55,131, compared to a loss of HKD 266,766 in the previous year[14]. - The company reported a pre-tax profit of HKD 54,322,000 for the year 2024, compared to a loss of HKD 287,371,000 in 2023[51]. - The company recorded total revenue from continuing operations of approximately HKD 1,569.4 million for the fiscal year ending September 30, 2024, a decrease of about 44.6% or HKD 1,264.2 million compared to HKD 2,833.6 million for the fiscal year ending September 30, 2023[133]. - Gross profit for the fiscal year 2024 was approximately HKD 44.2 million, an increase of about 325.7% or HKD 33.8 million compared to HKD 10.4 million in fiscal year 2023[133]. - The group recorded a net profit after tax of approximately HKD 56.3 million for fiscal year 2024, compared to a net loss of approximately HKD 277.3 million in 2023[157]. Cash Position and Equity - The net cash position improved to HKD 62,282, a 142.4% increase from a net cash position of HKD (147,044) in the previous year[2]. - Total equity increased by 31.9% to HKD 281,909, up from HKD 213,776 in the previous year[2]. - The total equity attributable to owners of the company was HKD 281,909 thousand in 2023, compared to HKD 206,350 thousand in 2024[18]. - As of September 30, 2024, the group has no outstanding borrowings, compared to HKD 467.2 million as of September 30, 2023, resulting in an asset-to-liability ratio of approximately zero, down from 218.5% in the previous year[166]. - The group reported cash and cash equivalents of HKD 62.3 million as of September 30, 2024, a significant improvement from a net cash position of HKD (147.0) million in the previous year[174]. Revenue Sources - Cryptocurrency trading revenue was HKD 1,520,345,000, down 46.0% from HKD 2,810,576,000 in the prior year[34]. - The technology solutions business generated revenue of approximately HKD 6.8 million in fiscal year 2024, a decrease of about 32% from HKD 10 million in fiscal year 2023[136]. - Asset management services generated revenue of approximately HKD 25.6 million in fiscal year 2024, a significant increase of about 495.3% or HKD 21.3 million compared to HKD 4.3 million in fiscal year 2023[139]. - The revenue from custody services for the fiscal year 2024 was approximately HKD 1.2 million, an increase of about HKD 0.1 million or 6.8% compared to HKD 1.1 million in 2023, driven by the rise in virtual asset prices[143]. - The revenue from cryptocurrency trading business in fiscal year 2024 was approximately HKD 1,520.3 million, with a cost of sales of approximately HKD 1,511.1 million, resulting in a gross profit of about HKD 9.2 million, compared to a gross loss of approximately HKD 2.7 million in 2023[145]. Liabilities and Financial Obligations - Non-current liabilities increased to HKD 110,238 thousand in 2023 from HKD 2,148 thousand in 2024[18]. - As of September 30, 2024, the company has total liabilities of HKD 173,526,000, a significant increase from HKD 12,549,000 in the previous year[76]. - The company recognized a credit loss provision of HKD 4,800,000, a decrease from HKD 5,450,000 in 2023[58]. - The company incurred a loss of HKD 11,412,000 from discontinued operations related to contract manufacturing[45]. Corporate Actions and Governance - The company changed its name from "New Huo Technology Holdings Limited" to "Sinohope Technology Holdings Limited" on September 13, 2023[113]. - The new stock abbreviation will change from "NEW HUO TECH" to "SINOHOPE TECH" effective October 16, 2023[114]. - The company issued 157,000,000 new shares at a subscription price of HKD 2.08 per share as part of two subscription agreements[111]. - The company did not purchase, redeem, or sell any of its listed securities during the fiscal year 2024[190]. - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing audit and financial reporting matters[191]. Future Outlook and Strategic Plans - The company plans to expand its cryptocurrency trading business, which has shown significant growth potential[2]. - Future guidance indicates a cautious outlook, with expectations of continued volatility in the cryptocurrency market impacting revenue[2]. - The group plans to focus on compliance asset management, innovative development of one-stop custody products, and expansion of compliant virtual asset exchanges in 2025[182]. - By 2025, the group aims to introduce new virtual asset-related products for professional investors, including VA funds, Bitcoin and Ethereum ETFs, and structured VA products[183]. - The acquisition of BitTrade is expected to enhance the group's market position and facilitate expansion into the compliance business in Japan and other regions, strengthening its competitiveness in the cryptocurrency sector[185]. Legal Matters - The company is currently involved in three lawsuits related to online fraud in the UK, with potential liabilities amounting to approximately HKD 66,057,000[104][105][107]. - A lawsuit in the US seeks to recover approximately HKD 250,756,000 related to transactions with FTX Trading Limited[108].
新火科技控股(01611) - 2024 - 年度业绩