Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 273,492,000, a decrease of 21.5% compared to HKD 348,711,000 in 2023[3] - Gross profit for the year was HKD 82,544,000, down 19.3% from HKD 102,204,000 in the previous year[3] - The net profit for the year was HKD 9,859,000, a decline of 71.1% from HKD 34,158,000 in 2023[4] - Basic and diluted earnings per share decreased to HKD 0.72 from HKD 2.56, representing a drop of 71.9%[4] - The company reported a loss of HKD 26,293,000 related to impairment losses on assets held for sale[3] - The company reported a loss of HKD 1,655,000 before tax for the year ending December 31, 2024, after accounting for various impairment losses and unallocated expenses[16] - The company's profit before tax decreased to HKD 9,671,000 in 2024 from HKD 34,364,000 in 2023, a decline of about 71.8%[32] - Net profit after tax decreased from approximately HKD 34,200,000 for the year ended December 31, 2023, to approximately HKD 9,900,000 for the year ended December 31, 2024, a decrease of about HKD 24,300,000 or 71.1%[86] Revenue Breakdown - For the year ending December 31, 2024, the total revenue was HKD 273,492,000, with jewelry business contributing HKD 232,805,000, property business HKD 33,530,000, and photovoltaic and energy storage business HKD 7,157,000[16] - For the year ending December 31, 2023, the total revenue was HKD 348,711,000, with jewelry business contributing HKD 286,426,000, property business HKD 59,246,000, and photovoltaic business HKD 3,039,000[17] - Jewelry business revenue fell by approximately HKD 53.6 million, while property business revenue decreased by approximately HKD 25.7 million[56] - Revenue from the photovoltaic power generation and energy storage business increased from approximately HKD 3,000,000 in 2023 to approximately HKD 7,200,000 in 2024, an increase of approximately HKD 4,200,000 or 140%[72] Asset and Liability Changes - Total assets decreased to HKD 647,538,000 from HKD 734,260,000, a reduction of 11.8%[6] - Current liabilities decreased to HKD 143,133,000 from HKD 162,532,000, a decline of 11.9%[6] - Non-current assets increased to HKD 137,465,000 from HKD 103,265,000, an increase of 33.1%[6] - The company’s equity attributable to owners decreased to HKD 609,939,000 from HKD 642,667,000, a decrease of 5.1%[7] - As of December 31, 2024, total assets amounted to HKD 785,003,000, with jewelry business assets at HKD 339,730,000, property business HKD 374,273,000, and photovoltaic and energy storage business HKD 63,786,000[19] - The total liabilities as of December 31, 2024, were HKD 165,485,000, with jewelry business liabilities at HKD 40,483,000, property business HKD 12,855,000, and photovoltaic and energy storage business HKD 39,432,000[19] Market and Business Strategy - The company plans to continue exploring new product development and market expansion strategies in the upcoming year[3] - The company plans to continue its market expansion efforts, particularly in China, where non-current assets have shown significant growth[23] - The jewelry business is expected to continue facing challenges due to the macroeconomic environment, with a focus on overseas market development[48] - The company is actively participating in exhibitions and trade fairs in Hong Kong and overseas to attract new customers and strengthen its jewelry business[48] - The company is in the process of divesting certain interests in its jewelry business in China due to market contraction[46] Dividend and Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.01 per share, totaling approximately HKD 13,362,450[29] - The board has proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2024, down from HKD 0.02 per share for the previous year[107] - The company has not declared any interim dividends for the year ended December 31, 2024[107] - The company repurchased a total of 4,764,000 shares at a total cost of approximately HKD 901,000 during the year[43] Operational Efficiency - The total employee costs decreased to HKD 28,616,000 in 2024 from HKD 30,696,000 in 2023, a reduction of approximately 6.8%[25] - Trade receivables impairment loss for the year was approximately HKD 1,137,000, compared to HKD 835,000 in 2023, reflecting an increase of 36.3%[37] - The total overdue trade receivables amounted to approximately HKD 28,428,000, down from HKD 43,088,000 in 2023, representing a decrease of 34.1%[38] - Trade payables decreased to HKD 28,388,000 in 2024 from HKD 32,481,000 in 2023, a decline of 12.5%[40] - The company has established an internal credit control system to assess the credit quality of potential customers before acceptance[36] Compliance and Governance - The company is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements, which will take effect from January 1, 2027[13] - The audit committee has reviewed and confirmed the accounting standards and practices adopted by the group for the year ended December 31, 2024[116] - The company is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[110] Miscellaneous - The company has not authorized any significant investments or acquisitions of capital assets as of December 31, 2024, but will continue to seek suitable investment opportunities[106] - The executive directors include Mr. Jian Jian Guang, Ms. Shi Mei Zhen, and Mr. Zhong Zhi Qiang, with independent non-executive directors Dr. Wu Hong Bin, Ms. Wu Xian Qiao, and Mr. Huang Wei Qiang[120]
保发集团(03326) - 2024 - 年度业绩