Financial Performance - The group's revenue for the fiscal year ending September 30, 2024, was approximately HKD 10.0 million, a decrease of about 18.7% compared to HKD 12.3 million in 2023[11]. - The loss attributable to equity shareholders for the same period was approximately HKD 8.9 million, an increase of about 368.4% from HKD 1.9 million in 2023[11]. - The decline in revenue was primarily due to a decrease in the total number of corporate finance advisory transactions, particularly the lack of complex transactions that generate higher advisory fees[18]. - The company’s corporate finance advisory services experienced a significant decline in performance, reflecting the overall downturn in the market[18]. - For the fiscal year 2024, the group's revenue was approximately HKD 10.0 million, a decrease of about HKD 2.3 million or approximately 18.7% compared to HKD 12.3 million in the same period last year, primarily due to a reduction in institutional financing advisory transactions[24]. - The group recorded a net loss of approximately HKD 8.9 million for the fiscal year 2024, compared to a net loss of approximately HKD 1.9 million for the fiscal year 2023, with the increase in loss primarily attributed to a revenue decrease and higher provisions for trade receivables[30]. - Other income for the fiscal year 2024 included approximately HKD 0.5 million in bank interest income and HKD 0.2 million from the sale of property and equipment[25]. - The company reported a total distributable reserve of approximately HKD 10.5 million as of September 30, 2024, down from HKD 19.3 million in 2023[123]. - The board of directors did not recommend any final dividend for the year[118]. Operating Environment - The company noted a challenging business environment and intense price competition in the corporate finance advisory sector, prompting a competitive pricing strategy while maintaining service quality[18]. - The Hang Seng Index fluctuated between 16,000 and 19,000 points from February 2023 to April 2024, indicating a weak market sentiment affecting clients, particularly small and medium-sized enterprises listed in Hong Kong[14]. - The company has faced a difficult operating environment, despite some positive news such as the lifting of border restrictions between Hong Kong and China in February 2023[14]. Corporate Governance - The board confirmed that the financial information presented in the report is accurate and complete, with no misleading elements[2]. - The board consists of four executive directors and three independent non-executive directors, ensuring that independent non-executive directors represent at least one-third of the board at all times[50]. - The company has adopted a dividend policy that requires maintaining sufficient reserves to meet current and future operational and capital requirements, with no predetermined dividend payout ratio[55]. - The board has established a diversity policy aimed at enhancing decision-making capabilities and efficiency in handling organizational changes[56]. - The company has complied with all corporate governance codes as per GEM listing rules throughout the year, with some deviations explained[48]. - The board regularly reviews its governance practices to enhance standards and meet increasing expectations from shareholders and investors[47]. - The company is committed to ensuring that no director determines their own remuneration, as per the established governance standards[64]. - The board has established a shareholder communication policy to maintain ongoing dialogue with shareholders and investment groups, ensuring timely access to publicly available information[92]. Risk Management - The company has established a framework for risk management and internal control systems, which was reviewed by the Audit Committee[67]. - The group emphasizes effective risk management by fostering a sense of responsibility among all individuals to identify and report risks[87]. - The board continuously monitors the risks faced by the group and oversees management actions to review the overall effectiveness of the risk management system[84]. - The audit committee reviewed the risk management and internal control systems for the year ending September 30, 2024, and found them effective and adequate in financial control, operational compliance, and risk management functions[90]. - No significant control deficiencies were identified during the risk management and internal control review conducted during the year[91]. Employee and Director Information - Employee benefit expenses for the fiscal year 2024 amounted to approximately HKD 11.0 million, an increase of about HKD 1.6 million from approximately HKD 9.4 million in 2023, mainly due to higher salaries and benefits paid during the year[26]. - As of September 30, 2024, the group employed 17 staff members, maintaining the same number as in 2023[43]. - The company views employees as a valuable asset and provides good benefits and ongoing professional training[137]. - The executive director and CEO, Mr. Lin Ting Lok, has over 27 years of experience in the accounting and finance industry[99]. - The executive director, Ms. Xie Fengxin, has over 27 years of experience in finance and company secretarial roles[103]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to sustainable development and has established an Environmental, Social, and Governance (ESG) committee to assess and determine the effectiveness of its sustainability strategies and policies[172]. - The company emphasizes stakeholder engagement to identify and assess significant environmental, social, and governance issues impacting stakeholders[175]. - The company maintains consistent methods and key performance indicators for its ESG reporting to ensure meaningful comparisons over reporting periods[174]. - The total greenhouse gas emissions for 2024 were 15.7 tons of CO2 equivalent, a decrease of approximately 20.7% from 19.8 tons in 2023[187]. - The company aims to reduce carbon intensity by 65% to 70% by 2030, using 2005 as the baseline year[195]. - The company has implemented various energy-saving measures to reduce energy consumption and enhance efficiency[187]. - Paper consumption decreased from 95.0 kg in 2023 to 85.0 kg in 2024, representing a reduction of approximately 10.5%[197]. - The company has implemented multiple resource-saving measures to promote paperless operations, including encouraging electronic document processing and communication[198]. Shareholder and Capital Information - The company announced a conditional agreement to issue up to 104,700,000 new shares at a subscription price of HKD 0.057 per share, raising approximately HKD 5.97 million for general operating funds[81]. - The company has conditionally agreed to issue up to 104,700,000 new shares at a subscription price of HKD 0.057 per share, representing a discount of approximately 19.72% to the closing price of HKD 0.071 on December 16, 2024[165]. - The total nominal value of the subscription shares amounts to HKD 1,047,000[165]. - The company has undergone changes in auditors, with Zhongzhu CPA Limited resigning and being replaced by Aobai International CPA Limited as of October 3, 2024[168]. - The company has maintained sufficient public float as per GEM listing rules[163].
宝积资本(08168) - 2024 - 年度财报