Revenue Performance - The group's revenue for the year ending December 31, 2024, is approximately HKD 66,246,000, a decrease of about HKD 13,972,000 from approximately HKD 80,218,000 for the year ending December 31, 2023, representing a decline of approximately 17.4%[6] - Revenue from the photography services business decreased by approximately 33.2% to about HKD 43,415,000 for the year ending December 31, 2024, compared to HKD 65,039,000 for the year ending December 31, 2023[6] - Revenue from the medical services business increased by approximately 50.4% to about HKD 22,831,000 for the year ending December 31, 2024, up from HKD 15,179,000 for the year ending December 31, 2023[6] - The company's total revenue for the year ending December 31, 2024, was HKD 66,246,000, compared to HKD 80,218,000 for the previous year, representing a decrease of approximately 17.4%[10] - The group's revenue from photography services in Hong Kong for the year 2024 was HKD 42,498,000, while in 2023 it was HKD 63,830,000, indicating a decrease of approximately 33.4%[20] - The medical services revenue in Hong Kong for 2024 was HKD 22,831,000, compared to HKD 15,179,000 in 2023, reflecting an increase of about 50.0%[20] Profitability and Losses - The company's reported a loss attributable to owners of approximately HKD 399,000 for the year ending December 31, 2024, an increase of about HKD 8,057,000 from a profit of approximately HKD 7,658,000 for the year ending December 31, 2023[7] - The net profit attributable to the company's shareholders was HKD (399,000), a substantial decrease from HKD 7,658,000, marking a decline of around 105.2%[10] - The group reported a total comprehensive income of HKD 718,000 for the year, down from HKD 8,231,000, which is a decrease of approximately 91.3%[10] - The basic and diluted earnings per share were HKD (0.05), compared to HKD 0.96 in the previous year, indicating a significant decline[10] - The group reported a loss attributable to equity shareholders of approximately HKD 399 million for the year, compared to a profit of HKD 7,658 million in the previous year[36] Expenses and Costs - The company's incurred administrative expenses of HKD 19,219,000, an increase from HKD 18,273,000, reflecting a rise of about 5.2%[10] - The group’s total service costs decreased from approximately HKD 53,313,000 for the year ended December 31, 2023, to approximately HKD 45,969,000 for the year ending December 31, 2024, a reduction of about HKD 7,344,000[58] - The group recorded a cost of goods sold of HKD 4,219,000, which increased from HKD 3,515,000 in the previous year[34] - The group’s total employee benefits expenses increased to HKD 17,180,000 in 2024 from HKD 16,159,000 in 2023[30] - The group’s depreciation expense for property, plant, and equipment was HKD 9,938,000, slightly decreasing from HKD 9,864,000 in the previous year[34] Assets and Liabilities - Total non-current assets increased from HKD 19,032,000 to HKD 23,175,000, representing a growth of approximately 21.3% year-over-year[11] - Current assets rose from HKD 26,778,000 to HKD 31,265,000, marking an increase of about 16.5% compared to the previous year[11] - Total liabilities decreased from HKD 13,149,000 to HKD 16,020,000, indicating a reduction of approximately 18.0% year-over-year[11] - Net current assets improved from HKD 13,629,000 to HKD 15,245,000, reflecting a growth of around 11.8%[11] - The total assets of the group as of December 31, 2024, amounted to HKD 45,810,000, down from HKD 54,440,000 in 2023, indicating a reduction of about 15.9%[21] Dividends - The board does not recommend the declaration of an interim dividend for the year ending December 31, 2024, nor a final dividend for the same period[8] - The group declared an interim dividend of HKD 0.375 per share and a special dividend of HKD 0.5625 per share for the year[35] - The board recommended a special dividend of HKD 0.005625 per share, totaling HKD 4,500,000, which was approved by shareholders[87] - The interim dividend for the six months ended June 30, 2023, was HKD 0.00375 per share, amounting to HKD 3,000,000, approved by shareholders[88] Future Outlook and Strategy - The company anticipates a significant demand for its photography services in Hong Kong due to the recovery of social and economic activities in mainland China and the introduction of new travel permits[49] - The company plans to reallocate resources to enhance its self-service identity photo kiosks, focusing on upgrading equipment and marketing efforts[50] - The company is exploring various potential projects in its photography services business, aiming for diversified development through increased investment in information technology infrastructure[51] - The company is actively seeking to recruit suitable practitioners and expand its medical services business in Hong Kong, aligning with the government's healthcare strategy[53] - The company believes that the demand for medical and health services in Hong Kong will continue to grow, driven by increased public health awareness post-pandemic[53] Compliance and Governance - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and comply with the GEM listing rules[14] - The company has adopted corporate governance standards in compliance with GEM listing rules[92] - The company has confirmed compliance with trading standards for directors as of December 31, 2024[93] - The audit committee, along with management and external auditors, has reviewed the accounting principles and policies adopted by the group for the year ending December 31, 2024[100] Financial Position and Liquidity - The group maintains a robust financial position primarily funded through operating cash flow[70] - The company has established an adequate liquidity risk management framework to manage short-term, medium-term, and long-term funding needs[72] - The group continues to monitor financial liabilities to align with available financial resources[72] - The company has no bank loans as of December 31, 2024, compared to a bank loan of HKD 1,000,000 as of December 31, 2023[70] - The total amount of unutilized net proceeds is HKD 31,852,000, with specific allocations for various business developments and general operating funds[75] Challenges and Risks - The company has faced challenges in expanding its self-service identity verification photo machine network in Guangdong Province due to the introduction of an online application system[76] - The board believes a more cautious approach should be taken in executing the expansion plans in mainland China[77] - The company has not entered into any agreements or purchased instruments to hedge against currency risks, primarily facing foreign exchange risk from cash and bank balances held in USD[80] Miscellaneous - The annual general meeting is scheduled for June 20, 2025[90] - There were no purchases, sales, or redemptions of the company's listed securities during the year ended December 31, 2024[95] - The group’s auditor confirmed that the financial figures in the preliminary announcement are consistent with the draft consolidated financial statements[98] - The annual performance announcement will be published on the Hong Kong Stock Exchange website and the company's website, including all information required by GEM listing rules for the 2024 annual report[101]
名仕快相(08483) - 2024 - 年度业绩