Financial Performance - Revenue for the year ended December 31, 2024, was HKD 2,425,635,000, a decrease of 17.8% compared to HKD 2,949,362,000 in 2023[4] - The company reported a loss attributable to equity holders of HKD 52,801,000, a decline of 171.7% from a profit of HKD 73,655,000 in the previous year[4] - Basic loss per share was HKD 5.21, down 171.7% from HKD 7.26 in 2023[4] - Revenue from mainland China business decreased by 31.3% to HKD 801.3 million, with EBITDA dropping 52.3% to HKD 90.1 million, resulting in a loss attributable to equity holders of HKD 55 million[15] - Revenue from restaurant and bakery operations was HKD 2,134,008, down 18.4% from HKD 2,616,895 in the previous year[43] - Gross profit fell to HKD 133,070, down 59.1% from HKD 325,666 year-on-year[31] - The company incurred a net loss of HKD 45,768, compared to a profit of HKD 85,456 in the previous year[31] - The pre-tax loss attributable to equity holders for 2024 is (52,801,000) HKD compared to a profit of 73,655,000 HKD in 2023[49] - The total tax expense for 2024 is 11,257,000 HKD, significantly reduced from 34,289,000 HKD in 2023[46] Operational Changes - The number of restaurants decreased to 87 from 99, representing a decline of 12.1%[4] - The number of restaurants in mainland China reduced from 39 to 26, reflecting a strategic decision to streamline operations during challenging market conditions[16] - The company has successfully introduced non-local labor to alleviate staffing pressures, positively impacting operational efficiency[13] - The company plans to enhance its product offerings and improve customer satisfaction through menu refinement and service quality improvements[7] - The company plans to expand its restaurant network cautiously while improving logistics efficiency and maintaining strict cost control[28] Assets and Liabilities - Total assets decreased by 14.4% to approximately HKD 1,874.5 million, while total equity value fell by 8.0% to approximately HKD 1,154.2 million[19] - Current assets totaled approximately HKD 520.2 million, down from HKD 649.9 million, with current liabilities at approximately HKD 499.3 million, down from HKD 576.7 million, resulting in a current ratio of 1.04[19] - Non-current liabilities decreased to HKD 221,094 in 2024 from HKD 357,906 in 2023, representing a reduction of 38.2%[34] - Total equity decreased to HKD 1,154,163 in 2024 from HKD 1,254,255 in 2023, a decline of 8.0%[34] - Trade receivables at the end of 2024 amount to 45,770,000 HKD, down from 55,980,000 HKD in 2023[49] - Trade payables at the end of 2024 total 89,828,000 HKD, a decrease from 133,093,000 HKD in 2023[51] Investments and Future Plans - The company aims to expand its contract manufacturing business, which has shown significant sales growth, and plans to develop innovative products to meet diverse customer needs[13] - The company aims to explore overseas market opportunities in Southeast Asia, Australia, and the UK for its frozen and packaged food division[28] - The company will enhance customer experience through diversified marketing initiatives and exclusive offers on digital platforms[26] - The company will continue to invest in technology to optimize logistics and production processes in Hong Kong[27] Dividends and Financial Management - The company will not recommend a final dividend for the year ended December 31, 2024, compared to a dividend of HKD 3.00 in 2023[9] - The company has proposed a final dividend of 30,430,000 HKD for 2023, with no dividend proposed for 2024[52] - The group’s bank borrowings decreased to approximately HKD 55.1 million from HKD 85.7 million, with a debt ratio of approximately 4.8%[20] - The financing cost for 2024 is 18,517,000 HKD, a decrease of 25.3% from 24,798,000 HKD in 2023[44] Employee and Operational Efficiency - The group employed 4,009 staff members and offered competitive compensation and stock option plans to attract and retain talent[24] - Employee benefits expenses for 2024 are 766,502,000 HKD, down 10% from 851,233,000 HKD in 2023[44] - The company is committed to improving service quality through market research and employee training initiatives[26] Compliance and Governance - The company has adopted the standard code of conduct for directors' securities transactions as per the listing rules, confirming compliance for the entire year ending December 31, 2024[56] - The audit committee, established in June 2007, reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards and regulations[58] - The auditor has verified that the financial figures in the preliminary announcement are consistent with the draft consolidated financial statements for the year ending December 31, 2024[59] - The company will hold its annual general meeting for the year 2024 on May 29, 2025, with a notice to be published and sent to shareholders in due course[60] - The electronic version of this announcement will be published on the Hong Kong Stock Exchange website and the company's website[61]
稻香控股(00573) - 2024 - 年度业绩