Revenue Performance - Total revenue for the year ended December 31, 2024, was HKD 480,543,855, a decrease of 12.4% compared to HKD 548,688,967 in 2023[2] - Revenue from goods and services decreased to HKD 467,945,752, down 13.3% from HKD 540,232,497 in the previous year[2] - Rental income increased significantly to HKD 7,615,773, up 173.5% from HKD 2,783,890 in 2023[2] - The lending business generated revenue of HKD 4,982,330, down 12.2% from HKD 5,672,580 in the previous year[20] - The manufacturing and sales business reported revenue of HKD 365,060,228, an increase of 5.3% from HKD 346,642,843 in 2023[20] - The music and entertainment business saw revenue rise to HKD 4,703,192, up 18.0% from HKD 3,985,706[20] - Property development revenue decreased significantly to HKD 71,428,074, down 55.6% from HKD 160,429,227[20] - The property investment business generated revenue of HKD 7,615,773, a substantial increase from HKD 2,783,890 in 2023[20] Profit and Loss - Gross profit for the year was HKD 97,225,823, an increase of 10.5% from HKD 88,347,519 in 2023[3] - The company reported a loss before tax of HKD 72,515,182, slightly improved from a loss of HKD 74,716,847 in the previous year[3] - The net loss for the year was HKD 77,101,473, compared to a net loss of HKD 82,071,950 in 2023, indicating a 6.5% improvement[4] - The company reported a total comprehensive loss of HKD 65,338,710 for the year ended December 31, 2023, compared to a loss of HKD 97,012,358 for the year ended December 31, 2024[7] - Basic loss per share improved to HKD (30.39) from HKD (32.35) in the previous year[4] Assets and Liabilities - Total assets decreased to HKD 745,607,517 from HKD 690,422,827, reflecting a growth of 8.0%[5] - Current liabilities increased significantly to HKD 367,336,524, up 37.7% from HKD 266,695,942 in 2023[6] - The company's net asset value decreased to HKD 625,789,729 from HKD 722,802,087, a decline of 13.4%[6] - Total assets as of December 31, 2024, amounted to HKD 1,077,092,328, compared to HKD 1,068,154,181 in 2023[22] - Total liabilities increased to HKD 451,302,599 in 2024 from HKD 345,352,094 in 2023[22] Cash Flow and Investments - The company recognized a foreign exchange loss of HKD 12,257,535 from overseas operations during the year[7] - The company transferred HKD 38,512,183 from property, plant, and equipment to investment properties, reflecting a strategic shift in asset allocation[7] - The group received cash investment income of approximately HKD 3,000,000 from Zhong Wei during the year, recorded as other income[70] Financial Ratios - The group’s current ratio decreased to 2.0 times in 2024 from 2.6 times in 2023, and the quick ratio fell to 1.1 times from 1.5 times[73] - The debt-to-equity ratio increased to 34.1% in 2024 from 22.6% in 2023, primarily due to an increase in total borrowings[76] Operational Highlights - The company has implemented new accounting standards that had no significant impact on its financial position or performance for the current and prior years[11] - The company successfully delivered new industrial buildings and dormitories, adjusting sales and marketing strategies in response to challenges in the property development market[41] - The group has delivered approximately 83,000 square meters of total floor area, representing about 20% of the estimated total development area of the Zhongxing Industrial Park[63] Future Outlook - The group anticipates facing various challenges in 2025 due to ongoing economic and political uncertainties, including increased trade tariffs and weakened purchasing power among customers[79] - The group plans to carefully review strategies across all business segments and diversify its operations in response to complex market conditions[79] - The group plans to expand its lending business despite anticipated risks due to increased market competition[80] Corporate Governance - The board emphasizes the importance of good corporate governance practices to enhance shareholder value and investor confidence[100] - All directors confirmed compliance with the standard code of conduct for securities trading during the year[101] Miscellaneous - The company has not adopted new Hong Kong Financial Reporting Standards that are not yet effective, indicating a cautious approach to regulatory changes[13] - The company did not declare or recommend any dividends for the years ending December 31, 2024, and 2023[32] - The audit committee reviewed the financial statements and the group's performance for the year, with Deloitte providing an unqualified opinion on the financial statements[102]
中星集团控股(00055) - 2024 - 年度业绩