Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 14,326,000, representing a 58.5% increase from HKD 9,072,000 in 2023[4] - The company reported a loss of HKD 15,376,000 for the year, compared to a profit of HKD 4,022,000 in the previous year[4] - Basic and diluted loss per share was HKD 5.72, a decrease from earnings of HKD 4.06 per share in 2023[5] - Total comprehensive loss for the year was HKD 15,492,000, compared to a comprehensive income of HKD 3,995,000 in 2023[5] - The segment performance showed a loss of HKD 12,739,000 for 2024, compared to a loss of HKD 8,504,000 in 2023, indicating a worsening performance[23] - The company reported a pre-tax loss of HKD 15,060,000 for 2024, compared to a pre-tax profit of HKD 4,022,000 in 2023, reflecting a significant decline in profitability[31] - The total loss and comprehensive expenses for the year ending December 31, 2024, were approximately HKD 15,400,000 and HKD 15,500,000, respectively, compared to a profit of approximately HKD 4,000,000 for the year ending December 31, 2023[57] Revenue Sources - The newly introduced brand Miss J contributed approximately HKD 2,573,000 in revenue, while existing brands Sushi Mew, Sushi Qubey, and Aori Ramen collectively generated about HKD 11,421,000 in revenue[16] - The group’s revenue from catering services, including food and beverage, was HKD 13,994,000, up from HKD 8,606,000 in the previous year[20] - Revenue from external customers in Malaysia significantly increased to HKD 13,994,000 in 2024 from HKD 2,726,000 in 2023, marking a growth of 413.5%[25] - The online sale of alcoholic beverages generated HKD 332,000 in revenue, a decrease from HKD 466,000 in the prior year[20] Financial Position - Current liabilities exceeded current assets by HKD 18,473,000 as of December 31, 2024, compared to HKD 14,340,000 in 2023[13] - The total liabilities exceeded total assets by HKD 20,491,000, up from HKD 8,269,000 in the previous year[13] - Cash and cash equivalents at year-end were HKD 2,585,000, an increase from HKD 2,416,000 in 2023[13] - Total assets as of December 31, 2024, were approximately HKD 6,400,000, down from HKD 15,500,000 as of December 31, 2023[59] - The group reported total liabilities of HKD 10,153,000 for the year ending December 31, 2024, compared to HKD 6,965,000 for the year ending December 31, 2023[39] Costs and Expenses - The cost of materials and supplies rose to approximately HKD 5,700,000 for the year ending December 31, 2024, compared to HKD 4,200,000 for the year ending December 31, 2023, attributed to more operating months for Malaysian restaurants[48] - Employee costs increased to approximately HKD 5,000,000 for the year ending December 31, 2024, from HKD 4,200,000 for the year ending December 31, 2023, due to hiring new staff for new restaurants[49] - Depreciation expenses rose to approximately HKD 3,400,000 for the year ending December 31, 2024, compared to HKD 3,100,000 for the year ending December 31, 2023, mainly due to depreciation from new restaurant right-of-use assets in Malaysia[50] - Impairment losses recognized for property, equipment, and right-of-use assets amounted to approximately HKD 5,100,000 and HKD 4,600,000 for the year ending December 31, 2024, compared to HKD 100,000 and HKD 2,400,000 for the year ending December 31, 2023[51] Liquidity and Financing - The company incurred financing costs of HKD 1,061,000, compared to HKD 626,000 in the previous year[4] - Financing costs rose to HKD 1,061,000 in 2024 from HKD 626,000 in 2023, an increase of 69.2%[27] - The company is actively seeking financial measures to improve liquidity and financial conditions to meet its financial obligations in the foreseeable future[44] - The group is exploring various financing options, including new investments and potential mergers or collaborations to enhance its financial position[16] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1 and has complied with all applicable provisions except for C.2.1, which allows the Chairman and CEO roles to be held by the same individual[80] - The board believes that having Mr. Zhu as both Chairman and CEO is in the best interest of the group, given his deep understanding and extensive experience in the business[81] - The company has adopted mandatory trading standards for directors as per GEM Listing Rules and confirmed compliance for the financial year ending December 31, 2024[83] Future Plans and Strategies - The company plans to focus on expanding its catering business and developing event management services to diversify its offerings and create synergies within the group[16] - The management is assessing the potential for business restructuring to improve efficiency and reduce costs while focusing on strategic initiatives that meet market demand[16] - The group remains optimistic about the recovery of the overall catering business as the world moves past the impacts of COVID-19, while continuing to control costs and explore new business opportunities[79]
TOPSTANDARDCORP(08510) - 2024 - 年度业绩