Financial Performance - For the year ending December 31, 2024, the company reported total revenue of HKD 387,514,000, a decrease of 36.8% compared to HKD 613,177,000 in 2023[3] - The company recorded a total operating loss of HKD 1,235,239,000, an improvement from a loss of HKD 1,462,144,000 in 2023[4] - The net loss attributable to shareholders for the year was HKD 1,231,356,000, compared to a loss of HKD 1,469,500,000 in the previous year, reflecting a 16.2% improvement[4] - Total revenue for the year ended December 31, 2024, was HKD 387,514,000, a decrease from HKD 613,177,000 for the year ended December 31, 2023, representing a decline of approximately 37%[19] - The total expenses for the year ended December 31, 2024, amounted to HKD 1,622,753,000, compared to HKD 2,075,321,000 for the previous year, indicating a reduction of approximately 22%[19][21] - The pre-tax loss for the year ended December 31, 2024, was HKD 1,233,368,000, compared to a loss of HKD 1,444,717,000 for the year ended December 31, 2023[19][21] Revenue Breakdown - Commission and fee income increased to HKD 179,446,000, up 25.7% from HKD 142,704,000 in the previous year[3] - The brokerage segment generated external commission and fee income of HKD 91,155,000, while the corporate finance and underwriting segment contributed HKD 51,478,000 for the year ended December 31, 2024[19] - Interest income from external sources for the investment and loan segment was HKD 258,464,000, contributing to a total interest income of HKD 318,570,000[19] - The company reported a significant decrease in revenue from external customers in Hong Kong, which fell to HKD 206,166,000 in 2024 from HKD 333,818,000 in 2023[21] - The revenue from external customers in mainland China also decreased to HKD 181,348,000 in 2024 from HKD 279,359,000 in 2023[21] Assets and Liabilities - Total assets decreased to HKD 14,515,167,000 from HKD 18,211,046,000, representing a decline of 20.2%[8] - The company's total liabilities decreased to HKD 13,632,419,000, down from HKD 16,414,406,000, a reduction of 17.1%[9] - The company’s equity attributable to shareholders decreased to HKD 882,748,000 from HKD 1,796,640,000, a decline of 50.1%[8] - The net amount of loans and advances decreased to HKD 674,989,000 in 2024 from HKD 1,040,443,000 in 2023, a decline of 35.0%[33] - As of December 31, 2024, the group's total borrowings amounted to HKD 11,649.0 million, down from HKD 14,149.0 million in 2023[68] Cash Flow and Financing - The company's cash and bank balances increased to HKD 1,577,935,000, up from HKD 1,299,438,000, indicating a growth of 21.5%[8] - Total financing costs decreased to HKD 552,387,000 in 2024 from HKD 717,671,000 in 2023, a reduction of 23.0%[25] - The group's cash and bank balances increased by HKD 278.5 million to HKD 1,577.9 million as of December 31, 2024[68] - The group's leverage ratio, calculated as total borrowings divided by total equity, was 1,319.6% as of December 31, 2024, compared to 787.5% in 2023[69] Employee and Operational Costs - Employee costs increased to HKD 410,853,000 in 2024 from HKD 397,982,000 in 2023, an increase of 3.2%[27] - The total employee cost for the year ending December 31, 2024, reached approximately HKD 410.9 million, with a total of 541 employees[82] - The group's operating expenses and financing costs for the year ended December 31, 2024, were HKD 1,622.8 million, a decrease of 21.9% from HKD 2,075.3 million in 2023[62] Risk Management and Governance - The group faces significant risks including currency risk, interest rate risk, credit risk, liquidity risk, and operational risk, which require thorough assessment and mitigation strategies[72][73][74][75][76] - The company has strengthened its risk management for margin financing in response to rising credit risks and market volatility[45] - The company has adopted the Corporate Governance Code and has complied with all relevant provisions during the reporting year[89] Future Outlook and Strategy - The global economic outlook for 2025 indicates a mix of monetary policy easing and structural challenges, with expectations of continued moderate growth in Hong Kong's economy[84] - The company plans to focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance its service offerings and risk management capabilities[85] Miscellaneous - The company did not have any customer contributing more than 10% to total revenue[17] - The company has no major capital commitments or contingent liabilities as of December 31, 2024[81][83] - The company does not recommend a final dividend for the year[87] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[78] - The annual general meeting is scheduled for June 2025, with further details to be announced[94] - The board of directors includes non-executive directors Mr. Xiao Ting, Mr. Shan Zengjian, and Ms. Zhu Chen; executive directors Mr. Xie Jie, Mr. Wang Xianjia, and Mr. Tan Yueheng; and independent non-executive directors Mr. Xie Yonghai, Mr. Ma Ning, and Mr. Lin Zhijun[97]
交银国际(03329) - 2024 - 年度业绩