Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 28,520,000, representing a slight increase of 0.55% from HKD 28,363,000 in 2023[2] - The company reported a pre-tax loss of HKD 71,354,000 for 2024, significantly improved from a pre-tax loss of HKD 1,739,488,000 in 2023[2] - The annual loss for 2024 was HKD 78,668,000, a substantial reduction compared to the annual loss of HKD 1,849,358,000 in 2023[2] - The basic and diluted loss per share for the year was HKD 0.0600, an improvement from HKD 0.6273 in 2023[3] - The group reported a significant pre-tax loss of HKD 71,354,000 in 2024, a decrease from a pre-tax loss of HKD 1,739,488,000 in 2023, indicating an improvement in financial performance[16] - The group recorded a total annual loss of HKD 78,668,000 in 2024, compared to a loss of HKD 1,849,358,000 in 2023, showing a substantial reduction in losses[16] - The basic loss per share for the year was HKD 46,133,000, a significant improvement from HKD 482,140,000 in 2023[23] - The group’s deferred tax expense for the year was HKD 3,446,000, a decrease from HKD 104,756,000 in 2023, reflecting a reduction in tax liabilities[19] Asset and Liability Management - The company's total assets less current liabilities amounted to HKD 1,337,709,000 as of December 31, 2024, down from HKD 1,433,408,000 in 2023[7] - Non-current assets totaled HKD 1,317,420,000 in 2024, a decrease from HKD 1,403,623,000 in 2023[7] - The net asset value as of December 31, 2024, was HKD 978,126,000, compared to HKD 1,063,099,000 in 2023[7] - The group's total assets decreased to HKD 1,403,511,000 in 2024 from HKD 1,496,606,000 in 2023, representing a decline of approximately 6.21%[16] - The group's total liabilities slightly decreased to HKD 425,385,000 in 2024 from HKD 433,507,000 in 2023, indicating improved financial stability[16] - The group's total assets amounted to HKD 1,403,511,000, a decrease from HKD 1,496,606,000 in 2023, while net assets were HKD 978,126,000, down from HKD 1,063,099,000[44] Cash Flow and Liquidity - The company reported a cash and cash equivalents balance of HKD 63,573,000 as of December 31, 2024, down from HKD 90,761,000 in 2023[7] - Cash flow from operating activities turned from a net inflow of HKD 24,263,000 in 2023 to a net outflow of HKD 15,967,000 in 2024, primarily due to timing differences in trade receivables[41] - As of December 31, 2024, the group's cash and bank balance was HKD 63,573,000, down from HKD 90,761,000 in 2023[42] Investment Properties - The fair value change of investment properties resulted in a loss of HKD 16,848,000 in 2024, compared to a loss of HKD 52,304,000 in 2023[2] - The fair value loss on investment properties was HKD 16,848,000 in 2024, down from HKD 52,304,000 in 2023, indicating a positive trend in property valuation[19] - The group experienced a decrease in fair value losses on investment properties from HKD 52,304,000 in 2023 to HKD 16,848,000 in 2024[40] Corporate Governance and Compliance - The company has complied with the corporate governance code as outlined in the listing rules throughout the year[78] - The audit committee has reviewed the annual performance data, which has been verified by the independent auditor, Ernst & Young[82] - The preliminary performance data for the year ending December 31, 2024, is consistent with the consolidated financial statements[82] - The company will publish its annual report, containing all required information, on its website and the Hong Kong Stock Exchange website[84] Legal and Regulatory Matters - The group lost control over Guangzhou Zhengda due to a court-ordered liquidation in May 2023, leading to its deconsolidation[31] - Legal actions regarding the distribution of remaining assets from Guangzhou Zhengda's liquidation are still pending, creating uncertainty[32] - The group anticipates potential legal risks related to claims from partners regarding the distribution of remaining assets from Guangzhou Zhengda[34] - The Guangzhou Intermediate Court rejected the liquidation petition from Yuefang Private Enterprise in May 2021, citing significant disputes regarding the company's dissolution and assets[62] - In May 2023, the Guangdong High Court revoked the previous rejection of the liquidation petition, indicating that the company should undergo an orderly exit through liquidation due to management deadlock[64] - A new liquidation decision was made in August 2023, appointing Guangdong Jinzhen Law Firm as the new liquidation team for Guangzhou Zhengda[66] - Hong Kong Zhengda has filed an appeal to the Guangdong High Court following the revocation of the liquidation rejection, with the case still pending[70] Future Plans and Opportunities - The group plans to develop a 22-story multifunctional commercial complex in Guangzhou, with a total construction area of approximately 234,000 square meters, expected to be completed in two phases by 2030[56] - The company has signed a new extension agreement on June 24, 2024, extending the deadline for a significant acquisition to June 30, 2026, aiming to reach revised terms[73] - The acquisition is expected to be funded through a combination of debt financing, equity financing, bank loans, and private equity funds[73] - The group continues to explore investment opportunities related to "new productive forces" in mainland China[53] Market Outlook - The board is optimistic about the domestic economy in mainland China stabilizing in the second half of the year, supported by government measures to boost foreign direct investment (FDI)[77] - The Hong Kong government is expected to push for the city to become a regional hub for family offices and AI businesses, which may create new economic opportunities[77]
中华国际(01064) - 2024 - 年度业绩