Financial Performance - For the fiscal year ending December 31, 2024, the group recorded revenue of approximately HKD 93.9 million, an increase of about 87.1% compared to HKD 50.2 million in 2023[2] - The gross profit for the same period was approximately HKD 11.5 million, a decrease of about 10.9% from HKD 12.9 million in 2023[2] - The net loss attributable to the owners of the company was approximately HKD 31.0 million, an increase of about 39.6% from a loss of HKD 22.2 million in 2023[2] - The company reported a basic and diluted loss per share of HKD 1.86 for the year, compared to HKD 1.33 in 2023[3] - The company experienced a fair value gain on financial assets of HKD 3.9 million, compared to HKD 0.4 million in the previous year[3] - The company reported a pre-tax loss of HKD (32,060,000) for the year, compared to a pre-tax loss of HKD (22,342,000) in 2023, indicating a worsening financial performance[11] - The company reported a net loss attributable to shareholders of HKD 31,013,000 in 2024, compared to a loss of HKD 22,170,000 in 2023, indicating a worsening of approximately 39.9%[24] - The net loss for the year was approximately HKD 31.0 million, an increase of about 39.6% compared to approximately HKD 22.2 million in the previous fiscal year[53] Revenue Breakdown - Revenue from the distribution and trade of pharmaceutical and related products was HKD 88,708,000, up from HKD 42,852,000 in the previous year, marking a growth of 106.7%[11] - The marketing and promotion services segment generated revenue of HKD 5,237,000, down from HKD 7,302,000 in the previous year, reflecting a decline of 28.3%[11] - The total revenue for the year ended December 31, 2024, was HKD 93,945,000, a significant increase from HKD 50,154,000 in 2023, representing an increase of 87.2%[7] - Revenue from the pharmaceutical and related products distribution and trade segment was approximately HKD 88.7 million, representing a growth of about 106.8% from approximately HKD 42.9 million in the previous fiscal year[41] Assets and Liabilities - As of December 31, 2024, the group's asset-to-liability ratio was zero, unchanged from 2023[2] - The total assets decreased slightly from HKD 477.9 million in 2023 to HKD 486.0 million in 2024[4] - Trade and other payables decreased significantly from HKD 26.2 million in 2023 to HKD 5.3 million in 2024[4] - Trade receivables increased to HKD 104,704,000 in 2024 from HKD 94,399,000 in 2023, representing an increase of about 10.5%[25] - The company's equity as of December 31, 2024, is approximately HKD 471.0 million, down from HKD 480.3 million in 2023[79] Dividends - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024[2] - The company did not declare or recommend any dividends for the years ending December 31, 2024, and December 31, 2023[23] - The Board does not recommend the payment of a final dividend for the current year[93] Impairment and Expenses - The total impairment loss on trade and other receivables was HKD (5,712,000), with inventory impairment loss amounting to HKD (13,114,000) for the year ended December 31, 2024[11] - The impairment loss on trade and other receivables increased to HKD 5,712,000 in 2024 from HKD 4,067,000 in 2023, an increase of approximately 40.4%[22] - Administrative expenses were approximately HKD 14.7 million, a slight increase of about 0.7% from approximately HKD 14.6 million in the previous fiscal year[48] - Total employee costs rose to HKD 8,719,000 in 2024 from HKD 8,063,000 in 2023, an increase of about 8.1%[22] Investments - The fair value of the investment in Town Health International Medical Group Limited is approximately HKD 28.8 million, representing about 5.7% of the group's total assets as of December 31, 2024[55] - The group confirmed a fair value gain of approximately HKD 44.9 million from its investment in Jiangxi Yimai Sunshine Group during the year[58] - The group purchased 16% of the issued share capital of China Nüwa Pharmaceutical Group Co., Ltd. for approximately HKD 17.3 million[59] - The fair value of the investment in the target company is approximately HKD 12.9 million, with a fair value loss of about HKD 4.4 million confirmed during the year[59] - The group holds approximately 39% equity in Shengzhou New Sharp Wanma, with a fair value of about HKD 29.9 million, representing approximately 5.9% of the group's total assets as of December 31, 2024[61] Legal and Governance - The company is involved in a legal case initiated by the Securities and Futures Commission (SFC) regarding actions taken by two former directors, with a court hearing scheduled for May 11, 2021[82] - The SFC claims that the first and second defendants are responsible for illegal activities that resulted in a loss of information to company members, with a specific claim for HKD 26 million plus interest against the first defendant[83] - A court ruling on September 13, 2024, ordered the SFC to pay 75% of the legal costs incurred by the company, while the first and second defendants are responsible for 25%[86] - The ongoing appeal by the SFC seeks to overturn certain court decisions related to the case[87] - The company has established a Corporate Governance Committee to formulate and review corporate governance policies and practices[90] - The CEO, Ms. Wang Qiuqin, also serves as the Chairman of the Board, which constitutes a deviation from the corporate governance code[91] Future Outlook - The group plans to enhance its product portfolio by seeking distribution rights for new products and improving marketing strategies by 2025[36] - The group aims to strengthen its local distribution network and sales capabilities to enhance competitive advantages in China[37] - The group intends to focus on long-term growth by reallocating resources to core business areas and seeking potential acquisition opportunities[38] - The group anticipates ongoing price pressure on pharmaceutical products due to the continuation of national volume-based procurement policies[35]
新锐医药(06108) - 2024 - 年度业绩