Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 126,112,000, a decrease of 44.6% compared to HKD 226,961,000 in 2023[6]. - The gross profit for the year was HKD 34,392,000, down 32.1% from HKD 50,660,000 in the previous year[6]. - The net loss attributable to the company’s owners for continuing operations was HKD 412,879,000, compared to a loss of HKD 98,210,000 in 2023, representing a significant increase in losses[7]. - The total comprehensive loss for the year amounted to HKD 1,481,049,000, compared to a gain of HKD 236,555,000 in the previous year, indicating a substantial decline in overall performance[7]. - The company reported a loss attributable to owners of HKD 1,449,914,000 for the year 2024, compared to a profit of HKD 293,857,000 in 2023[8]. - Basic and diluted loss per share for continuing and discontinued operations was HKD (4.23) for 2024, compared to HKD (1.09) for 2023[8]. - The company reported a net loss before tax for continuing operations increased to HKD 412,879,000 in 2024 compared to HKD 106,519,000 in 2023, indicating a significant increase in losses[38]. - The company recorded a net loss of approximately HKD 441,300,000 for the year, compared to a loss of HKD 158,800,000 in the previous year[94]. Revenue Breakdown - Revenue from lithium battery sales decreased to HKD 74,591 thousand in 2024 from HKD 158,045 thousand in 2023, representing a decline of approximately 52.8%[24]. - Battery testing service revenue fell to HKD 2,953 thousand in 2024 from HKD 15,870 thousand in 2023, a decrease of about 81.4%[24]. - Total customer contract revenue for continuing operations was HKD 108,406 thousand in 2024, down from HKD 215,412 thousand in 2023, reflecting a decline of approximately 49.7%[24]. - The reported segment revenue for lithium battery production was HKD 77,544 thousand, while the ride-hailing and related services segment generated HKD 48,568 thousand in 2024[29]. - The lithium battery division recorded revenue of approximately HKD 77,500,000 for the year ended December 31, 2024, a decrease of about 55.4% compared to the previous year's revenue of HKD 173,900,000[62]. - Caocao contributed approximately HKD 48,600,000 in revenue for the year ended December 31, 2024, down from HKD 53,000,000 in 2023[64]. Expenses and Costs - Administrative expenses decreased to HKD 76,644,000 from HKD 106,143,000, reflecting a reduction of 27.8%[6]. - Financial costs increased slightly to HKD 10,065,000 from HKD 9,447,000, indicating a rise of 6.5%[6]. - Research and development costs for continuing operations decreased to HKD 8,032,000 in 2024 from HKD 20,126,000 in 2023, a reduction of approximately 60%[32]. - Employee benefits costs for the year ended 2024 decreased to HKD 58.1 million from HKD 82 million for the year ended 2023, primarily due to a reduction in employee numbers in China and France[107]. Asset and Liability Changes - Non-current assets decreased from HKD 7,600,756,000 in 2023 to HKD 5,465,255,000 in 2024, a decline of approximately 28.1%[9]. - Current assets also decreased from HKD 355,326,000 in 2023 to HKD 222,166,000 in 2024, representing a decrease of about 37.4%[9]. - Total liabilities decreased from HKD 2,672,308,000 in 2023 to HKD 2,018,843,000 in 2024, a reduction of approximately 24.4%[10]. - The company's net asset value decreased from HKD 4,973,979,000 in 2023 to HKD 3,513,948,000 in 2024, reflecting a decline of about 29.4%[10]. - Cash and cash equivalents decreased significantly from HKD 166,953,000 in 2023 to HKD 65,784,000 in 2024, a drop of approximately 60.7%[9]. - The company's equity attributable to owners decreased from HKD 4,988,185,000 in 2023 to HKD 3,559,289,000 in 2024, a decline of approximately 28.7%[10]. - The company reported a significant increase in accounts payable from HKD 72,044,000 in 2023 to HKD 38,500,000 in 2024, indicating a decrease of about 46.5%[9]. - The provision for impairment losses on accounts receivable increased to HKD 794,000 in 2024 from HKD 373,000 in 2023, indicating a rise in expected credit losses[45]. Impairment and Losses - The company reported an impairment loss on exploration and evaluation assets of HKD 534,169,000, which was not present in the previous fiscal year[6]. - The company recognized impairment losses of HKD 534,169 thousand for exploration and evaluation assets in 2024[29]. - The impairment loss for the year included a total of HKD 534.2 million, net of deferred tax assets of HKD 181.6 million[99]. - The company recognized impairment losses of HKD 23,851,000 on investments in associates, reflecting a significant increase from HKD 896,000 in the previous year[47]. - The carrying value of exploration and evaluation assets decreased to HKD 5,367,781,000 in 2024 from HKD 7,467,157,000 in 2023, reflecting a significant impairment loss of HKD 534,169,000[42]. Strategic Initiatives and Future Plans - The company plans to focus on market expansion and new product development as part of its future strategy[6]. - The company is actively pursuing environmental assessments for its Brazilian iron ore project and exploring new sustainable business opportunities[113]. - The company aims to strengthen its internal management and improve operational efficiency and risk management capabilities[112]. - The company is committed to becoming a trusted green mineral resource supplier, contributing to sustainable development[113]. - The company is collaborating closely with its indirect controlling shareholder, Geely Technology Group, to explore new development opportunities[114]. - The company is focusing on divesting projects that do not align with its vision and establishing a clearer business model[113]. Compliance and Governance - The audit committee has reviewed the group's performance announcement for the year ending 2024 and confirmed compliance with applicable accounting standards[119]. - The company emphasizes high standards of corporate governance, focusing on accountability and transparency[115]. - The company has adopted the GEM listing rules regarding directors' trading standards and confirmed compliance for the year ending 2024[117]. - The group has been focusing on reducing scale and simplifying operations at Shandong Hengyuan New Energy since 2023[60].
洪桥集团(08137) - 2024 - 年度业绩