Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 81,916,000, a decrease of 27.7% compared to HKD 113,394,000 in 2023[3] - The company reported a net loss of HKD 212,727,000 for the year, compared to a loss of HKD 176,540,000 in 2023, reflecting an increase in losses of 20.5%[5] - Basic and diluted loss per share increased to HKD 20.91 from HKD 14.82, indicating a worsening financial performance[6] - The company experienced a significant loss in other comprehensive income, totaling HKD 97,495,000 compared to a gain of HKD 13,398,000 in the previous year[5] - The company reported a total loss for the year of HKD 212,727,000, with a pre-tax loss of HKD 211,837,000[19] - The group recorded a consolidated loss of approximately HKD 212,700,000 for the year, compared to a loss of approximately HKD 176,500,000 in the previous year, with shareholders' loss amounting to approximately HKD 197,700,000[56][57] - The group recorded a comprehensive loss of approximately HKD 212,700,000 for the year, compared to a loss of HKD 176,500,000 in the previous year[69] Revenue Breakdown - Income from asset management services decreased to HKD 1,799,000 from HKD 3,673,000, representing a decline of 51.0%[3] - Interest income from margin clients and receivables dropped to HKD 48,709,000, down 42.2% from HKD 84,134,000 in the previous year[3] - The financial services segment generated revenue of HKD 53,075,000, while the credit and lending services segment contributed HKD 3,245,000[21] - The company’s asset management service revenue reached HKD 1,799,000, and financial advisory service revenue was HKD 4,730,000[19] - The total revenue from property investment and leasing was HKD 10,488,000, contributing to the overall revenue[19] - The credit and lending services segment reported a profit of HKD 2,608,000, indicating a positive performance in this area[21] - The financial services segment revenue decreased by 18.9% to approximately HKD 53,100,000 from approximately HKD 65,500,000 in the previous year, with segment profit dropping from approximately HKD 49,900,000 to about HKD 12,100,000[61] - The credit and lending services segment revenue significantly declined from approximately HKD 73,000,000 to about HKD 3,200,000, primarily due to a one-time debt recovery income of HKD 42,000,000 in the previous year[63] Asset and Equity Changes - Total assets decreased to HKD 1,866,297,000 from HKD 2,184,428,000, a reduction of 14.6%[7] - The company's equity attributable to owners decreased to HKD 1,320,477,000 from HKD 1,615,664,000, a drop of 18.3%[8] - The company's share of net assets in associates decreased to 247,066,000 HKD in 2024 from 319,111,000 HKD in 2023, a reduction of approximately 22.6%[41] - The group's net asset value as of December 31, 2024, was approximately HKD 1,596,900,000, down from HKD 1,907,100,000 in the previous year[70] Impairment and Loss Provisions - The company recorded a significant impairment loss of HKD 35,544,000 on receivables in 2024, unchanged from the previous year[27] - The provision for impairment losses on accounts receivable from margin clients increased to 36,905,000 HKD in 2024 from 1,361,000 HKD in 2023, indicating a significant rise in risk assessment[47] - The company confirmed an impairment loss provision of HKD 225,000 for other receivables as of December 31, 2024, a decrease from HKD 4,187,000 in 2023[52] Other Financial Metrics - The income tax expense for 2024 was 890,000 HKD, significantly lower than 13,587,000 HKD in 2023, reflecting a decrease of approximately 93.4%[36] - The total interest expense for the year was HKD 15,552,000, up from HKD 15,691,000 in 2023, showing a slight decrease of 0.9%[27] - The total capital expenditure for the year was HKD 68,000, a decrease from HKD 1,597,000 in 2023[27] - The total amount of personal and corporate loans as of December 31, 2024, was HKD 182,298,000, compared to HKD 133,125,000 in 2023, reflecting an increase of approximately 37%[50] Corporate Governance and Future Plans - The group plans to apply for a license for leveraged foreign exchange trading under the Securities and Futures Ordinance, with the application accepted by the Securities and Futures Commission in July 2024[61] - The group has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the year[83] - The board expresses sincere gratitude and appreciation to the management team and all employees for their efforts and contributions during the year[92] Dividend and Shareholder Information - The company did not recommend any dividend payment for the years ended December 31, 2024, and 2023[37] - The group did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[58] - The weighted average number of ordinary shares issued remained constant at 945,527,675 for both 2024 and 2023[40] Market and Economic Conditions - The fair value loss on investment properties increased by HKD 98,200,000 due to a decline in the local real estate market[65] - The group plans to focus on strengthening competitive advantages in key business segments and diversifying revenue sources despite a challenging macroeconomic environment[67]
梧桐国际(00613) - 2024 - 年度业绩