Financial Performance - For the fiscal year ending December 31, 2024, the total revenue of Classified Group was approximately HKD 35.7 million, a decrease of 1.7% compared to HKD 36.4 million in 2023[17]. - The loss attributable to the owners of the company for the year was HKD 8.3 million, a reduction from HKD 15.3 million in 2023, primarily due to the absence of inventory write-downs to net realizable value this year[17]. - The group's total revenue for the year ended December 31, 2024, was approximately HKD 35.7 million, a decrease of about 1.7% compared to HKD 36.4 million in 2023[26][32]. - The pre-tax loss for the year ended December 31, 2024, was approximately HKD 8.3 million, significantly reduced from HKD 15.3 million in 2023[23][32]. - The group reported restaurant service revenue of approximately HKD 35,736,000 for the year ended December 31, 2024[169]. - The company incurred a total comprehensive loss of HKD 8,310,000 for the year, compared to a loss of HKD 15,346,000 in the previous year[188]. - The company reported a pre-tax loss of HKD 8,310,000 for the year, an improvement from a loss of HKD 15,346,000 in the previous year, indicating a reduction of approximately 45.5%[189]. Operational Challenges - The restaurant industry in Hong Kong continues to face challenges, including rising food costs, rent, utility expenses, and labor costs, which exert persistent pressure on profit margins[18]. - Customers are becoming more budget-conscious and sensitive to dining expenses, leading to lower-than-expected revenue for the restaurants[18]. - Management anticipates that the current challenges will persist, negatively impacting the restaurant industry and the group's performance[18]. - The management acknowledges ongoing challenges in the Hong Kong dining industry, including rising food costs, rent, and labor expenses, which continue to pressure profit margins[25][28]. Business Strategy - The group plans to expand its takeaway product line and enhance promotional strategies to attract more customers[25][30]. - The group will actively seek potential opportunities to expand revenue sources and enhance shareholder value[30]. - The management emphasizes the need for flexible marketing strategies and efficient operational adaptability to navigate the challenging macro environment[25][32]. Governance and Management - The management team includes experienced executives with backgrounds in finance, business development, and accounting, contributing to overall operational oversight[39][40][41][42][43]. - The company appointed Ms. Huang Cuiyu as an independent non-executive director on December 23, 2024[44]. - The board consists of four independent non-executive directors, ensuring over one-third of the board members are independent[49]. - The company has adopted a board diversity policy effective from January 3, 2019, focusing on various factors such as age, gender, and industry experience[51]. - The company has complied with the GEM Listing Rules Appendix C1 corporate governance code, with specific deviations noted[47]. - The board is responsible for guiding management and reviewing its efficiency, focusing on long-term shareholder value[48]. - The company has not appointed a CEO, which deviates from the governance code, but the board believes this does not impair management due to the business's scale and nature[50]. Financial Position - Total assets decreased from HKD 35.9 million in 2023 to HKD 27.3 million in 2024, reflecting a decline of approximately 24%[24]. - Total liabilities slightly decreased from HKD 18.1 million in 2023 to HKD 17.8 million in 2024[24]. - As of December 31, 2024, the group's current assets amounted to approximately HKD 26.1 million, a decrease from HKD 33.0 million as of December 31, 2023[107]. - The group's current liabilities were approximately HKD 17.8 million as of December 31, 2024, compared to HKD 16.6 million as of December 31, 2023[107]. - The current ratio and quick asset ratio were 1.46 and 0.23 respectively as of December 31, 2024, down from 1.98 and 0.66 as of December 31, 2023[107]. - The group has not declared any dividends for the year ending December 31, 2024[104]. - The group has no available reserves for distribution to shareholders as of December 31, 2024[114]. - The group reported a loss of approximately HKD 8,310,000 for the year ending December 31, 2024[200]. - The group's cash position, including bank balances and cash, was only about HKD 815,000 as of December 31, 2024[200]. Shareholder Relations - The company recognizes the importance of effective communication with shareholders to enhance investor relations and transparency[97]. - The company maintains a website to provide timely information regarding its business operations and financial data for shareholders and the public[97]. Compliance and Audit - The company has confirmed that all directors complied with the trading standards for securities transactions during the fiscal year ending December 31, 2024[55]. - The company has implemented governance measures to monitor compliance with the non-competition agreement, including board authorization for major decisions[58]. - The independent non-executive directors conducted an annual review of compliance with the non-competition agreement[61]. - The company has outsourced its internal audit function to an independent internal audit firm, which reports directly to the audit committee[85]. - The company has maintained its external auditor without changes over the past three years, indicating stability in its auditing processes[81]. Future Outlook - The future outlook for the overall economy in Hong Kong and the impact of consumer spending trends on the restaurant industry remain uncertain[200]. - The board has prepared a cash flow forecast covering a 15-month period from the reporting date to assess the appropriateness of using the going concern basis for preparing financial statements[200]. - The cash flow forecast considers the commitments from two major beneficial shareholders to provide financial resources[200]. - The board believes there are sufficient financial resources to fund the group's operations and meet its financial obligations[200].
CLASSIFIED-NEW(08232) - 2024 - 年度业绩