Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 109,950,000, an increase of 27% from HKD 86,702,000 in 2023[2] - The company reported a loss attributable to equity holders of HKD 43,338,000, improving from a loss of HKD 51,618,000 in the previous year[2] - The basic loss per share improved to HKD 13.89 from HKD 16.54[2] - The company incurred a total loss of HKD 43,338,000 for the year ending December 31, 2024, compared to a loss of HKD 51,618,000 in 2023, indicating an improvement in financial performance[24] - For the fiscal year ending December 31, 2024, the company reported a net loss of HKD 43,338,000, compared to a net loss of HKD 51,618,000 for the previous year, representing a 16.5% improvement in losses[38] - Net loss for the year was approximately HKD 43.3 million, a decrease of about HKD 8.3 million or 16.0% from HKD 51.6 million for the year ended December 31, 2023, mainly due to improved gross loss margin and impairment loss provisions[59] Revenue and Segments - The construction services segment generated revenue of HKD 109,584,000 in 2024, compared to HKD 86,336,000 in 2023, reflecting a year-over-year increase of about 27%[24] - The group’s revenue increased by approximately HKD 23.3 million or 26.8% to about HKD 110.0 million for the year ending December 31, 2024, compared to approximately HKD 86.7 million for the year ending December 31, 2023[53] - The remaining performance obligations for construction services are valued at HKD 147,587,000 for contracts expected to be completed within one year, up from HKD 64,810,000 in the previous year[21] Costs and Expenses - The cost of services increased to HKD 122,833,000 from HKD 108,191,000, resulting in a gross loss of HKD 12,883,000, improved from a gross loss of HKD 21,489,000 in the previous year[2] - The total cost of employee benefits decreased to HKD 5,041,000 in 2024 from HKD 5,584,000 in 2023, reflecting a reduction of 9.7%[34] - Administrative expenses slightly decreased to HKD 8,920,000 from HKD 9,102,000[2] - Financing costs for the year were approximately HKD 214,000, a reduction of about 36.3% from HKD 336,000 for the year ended December 31, 2023, primarily due to loan repayments[58] Assets and Liabilities - The total assets of the company decreased to HKD 42,260,000 from HKD 71,757,000, indicating a significant reduction in asset base[3] - Current liabilities increased to HKD 32,430,000 from HKD 18,589,000, reflecting a rise in trade and other payables[3] - The net asset value dropped to HKD 9,830,000 from HKD 53,168,000, indicating a substantial decline in equity[3] - The company reported total liabilities of HKD 27,124,000 in 2024, up from HKD 8,967,000 in 2023, indicating a significant increase in obligations[40] Impairment and Credit Losses - The company recorded an expected credit loss of HKD 21,510,000, a decrease from HKD 24,329,000 in 2023[2] - The company recognized impairment losses on contract assets of HKD 20,458,000 in 2024, down from HKD 24,017,000 in 2023, reflecting a 14.5% decrease in impairment[32] Market and Business Strategy - The company continues to focus on construction services and construction information technology services as its primary business segments[5] - The group plans to expand into a new beauty business, focusing on integrated consumer services including cosmetics, skincare products, and health management[51] - The group aims to maintain its market share in the mud engineering industry by closely monitoring market conditions and responding to changes[49] - The group will continue to seek opportunities to expand its customer base and market share in mud engineering and related services[49] Compliance and Governance - The company has established a Securities Trading Code to ensure compliance with the Listing Rules, confirming that all directors have adhered to these standards throughout the year[79] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's annual performance and confirmed compliance with applicable accounting standards and Listing Rules[83] - The company maintains sufficient public float as per the Listing Rules, ensuring compliance with regulatory requirements[82] Other Financial Information - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that are expected to have a significant impact on the consolidated financial statements in the foreseeable future[11] - The company anticipates that the implementation of new financial reporting standards will not materially affect its financial statements in the near future[11] - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with the previous year[36] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[67] - The company has no major capital commitments or contingent liabilities as of December 31, 2024[66]
中国网成(01920) - 2024 - 年度业绩