Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 24,000,000, a decrease of about 21.6% compared to HKD 30,600,000 in 2023[13]. - Gross profit for the year was approximately HKD 23,000,000, down from HKD 29,600,000 in 2023[16]. - The net loss for the year was approximately HKD 24,700,000, compared to a net profit of HKD 9,200,000 in 2023[16]. - The board did not recommend the payment of a final dividend, consistent with the previous year[16]. - Total assets as of December 31, 2024, were HKD 406,232,000, a decrease from HKD 474,004,000 in 2023[18]. - Total liabilities decreased to HKD 34,745,000 from HKD 77,822,000 in 2023[18]. - The equity attributable to the company's owners was HKD 371,487,000, down from HKD 391,465,000 in 2023[18]. - The company reported a pre-tax loss of approximately HKD 26,264,000 for the year[17]. Financial Services Segment - The financial services segment's revenue decreased significantly, with total revenue for the year at approximately HKD 15.6 million, down from HKD 22.6 million in the previous year, representing a decline of about 30.9%[33]. - The lending segment's interest income remained relatively stable compared to the previous year despite a stricter regulatory environment[25]. - The company plans to continue allocating resources to the financial services segment, expecting it to become a major growth driver in the foreseeable future[24]. - The financial services segment accounted for approximately 64.8% of the company's total revenue for the year, down from 74.0% in the previous year[33]. - The group recorded loan interest income of approximately HKD 8,000,000, accounting for 33.1% of total revenue, an increase from 24.3% in the previous year[43]. - The group recognized an impairment provision of approximately HKD 18.6 million for receivables from margin clients due to significant financial difficulties faced by certain debtors[33]. - The group recognized impairment losses of approximately HKD 3,600,000 for loans during the year, compared to HKD 1,800,000 in the previous year[51]. Risk Management and Compliance - The company is committed to strict risk management practices and has adopted a more conservative approach to assessing and approving new loans to mitigate credit risk[41]. - The company has implemented internal control measures for its lending business, including customer credit risk assessment and due diligence on repayment ability, credit history, and existing litigation[64]. - Senior management reviews and approves loan applications based on credit and risk assessments, with higher interest rates or collateral required for applicants deemed to have acceptable but limited repayment ability[68]. - The company monitors its loan portfolio closely, requiring regular reports from team members, and may request additional collateral or repayment if the value of collateral falls below acceptable levels[69]. - The company has adopted a code of conduct for directors' securities transactions, complying with GEM listing rules[85]. - The board is committed to high standards of corporate governance to enhance management efficiency and protect shareholder interests[83]. - The company has established an anti-corruption policy applicable to all employees and directors to ensure compliance with anti-corruption laws[195]. Corporate Governance - The company has appointed three independent non-executive directors, ensuring at least one possesses appropriate accounting or financial management expertise[92]. - The board of directors consists of both executive and non-executive members, with a total of six directors, including three independent non-executive directors[86]. - The company held one annual general meeting and four board meetings during the fiscal year ending December 31, 2024[87]. - The independent non-executive directors have established channels for open and confidential communication to express their opinions[93]. - The board is responsible for overseeing the company's business and organizational affairs, approving strategies and policies[87]. - The company has established a nomination policy to ensure a structured approach to selecting and reappointing board members[102]. - The remuneration committee is responsible for setting the company's pay policies and evaluating executive performance based on market practices[98]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment to sustainable development and the integration of ESG principles into its risk management[124]. - The company aims to minimize its environmental impact while benefiting the community through its business operations[129]. - The company has developed environmental management policies and procedures to regulate its limited greenhouse gas emissions and non-hazardous waste generated during operations[144]. - The company aims to reduce greenhouse gas emissions by 10% by 2030 through various energy-saving initiatives[165]. - The company has implemented a goal to reduce paper and packaging usage by 30% by 2030 through process automation[165]. - The company actively communicates with stakeholders, including employees, investors, customers, suppliers, and government bodies, to understand and respond to their concerns[136]. - The company recognizes the importance of timely information for shareholders and has established a communication policy to ensure fair access to relevant data[114]. Employee Welfare and Training - The company has fully complied with Hong Kong's legal regulations regarding employee welfare and equal opportunity policies[167]. - The company has established a series of written policies and guidelines regarding compensation, recruitment, and equal opportunities[168]. - The company has a commitment to providing a safe and healthy work environment, with all locations equipped with fire safety measures[177]. - The overall employee turnover rate for the reporting period was 16.7%, with 3 employees leaving, compared to 0% in the previous year[173]. - 100% of senior management and other employees received training in 2024, maintaining the same percentage as in 2023[182]. - Average training hours for male employees increased to 14.3 hours in 2024 from 10.3 hours in 2023, while female employees' average training hours decreased to 13.3 hours from 14.7 hours[182]. - The company has not identified any non-compliance with labor standards during the reporting period[185].
树熊金融集团(08226) - 2024 - 年度财报