Revenue Performance - Revenue for the year ended December 31, 2024, was HKD 620.7 million, a decrease of 7.7% from HKD 672.7 million for the year ended December 31, 2023[2] - Total revenue for the year ended December 31, 2024, was HKD 620,732,000, a decrease of 7.7% from HKD 672,729,000 in 2023[21] - Revenue from Hong Kong decreased to HKD 588,217,000 in 2024 from HKD 634,871,000 in 2023, reflecting a decline of approximately 7.3%[18] - Retail business revenue decreased by 7.2% to HKD 467.3 million, with a total of 107 retail stores operating in Hong Kong as of December 31, 2024[2] - Revenue from external customers for the retail segment in Hong Kong was HKD 467,362,000, while the wholesale segment generated HKD 153,370,000 for a total of HKD 620,732,000[15] - The wholesale business revenue fell to HKD 153.4 million, a decline of 9.2% from HKD 168.9 million in 2023[60] - The group's wholesale business in mainland China saw a revenue drop of 21.7% to HKD 19.1 million due to economic slowdown and low consumer confidence[51] Profitability and Loss - Gross profit for 2024 was HKD 369 million, down 6.2% from HKD 393.5 million in 2023, while the gross profit margin increased by 0.9 percentage points to 59.4%[2] - The loss attributable to owners of the company for 2024 was HKD 13.7 million, compared to a loss of HKD 34.6 million in 2023[2] - The basic and diluted loss per share for 2024 was HKD 2.09, an improvement from HKD 5.28 in 2023[4] - The group recorded a loss of HKD 15,810,000 for the year ended December 31, 2024, an improvement from a loss of HKD 42,616,000 in 2023[12] - The company's gross profit was HKD 369 million, a decrease of 6.2% from HKD 393.5 million in 2023, with a gross margin of 59.4%, up from 58.5% in the previous year[62] - The company reported a loss attributable to owners of HKD 13.7 million for the fiscal year, an improvement from a loss of HKD 34.6 million in 2023[66] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 670.2 million, down from HKD 713.8 million in 2023[5] - Total liabilities decreased to HKD 435 million in 2024 from HKD 457.9 million in 2023[6] - Non-current assets decreased to HKD 438.4 million in 2024 from HKD 485.3 million in 2023[5] - Cash and cash equivalents increased to HKD 110.2 million in 2024 from HKD 88.5 million in 2023[5] - The group's total assets as of December 31, 2024, amounted to HKD 670,249,000, a decrease from HKD 713,763,000 as of December 31, 2023[16] - Total assets for the group decreased to HKD 640,176,000 in 2024 from HKD 683,046,000 in 2023, a decrease of 6.3%[20] - As of December 31, 2024, the group's current liabilities exceeded current assets by HKD 128,699,000, compared to HKD 140,956,000 as of December 31, 2023[12] Operational Highlights - The group’s segment performance showed a loss of HKD 18,284,000 before tax for the year ended December 31, 2024, compared to a loss of HKD 44,937,000 in 2023[15] - The Hong Kong retail business turned a profit of HKD 21,600,000 in 2024, compared to a loss of HKD 5,300,000 in 2023[44] - Employee costs were HKD 189.7 million, down 10.6% from HKD 212.2 million in 2023, with the employee cost to revenue ratio at 30.6%, lower than 31.5% in 2023[63] - Rental expenses for Hong Kong retail stores amounted to HKD 98.7 million, a decrease of 5.7% from HKD 104.7 million in 2023, with a rental expense to revenue ratio of 21.1%[64] - The group aims to optimize cost management by negotiating rent reductions and controlling logistics and labor costs[53] Future Outlook and Strategy - The group expects to have sufficient working capital to meet its financial obligations for the next twelve months based on projected cash flows[12] - The group intends to leverage its flexibility and market innovation to explore new revenue sources and regain growth momentum by 2025[53] - The company plans to continue expanding its product offerings and enhancing brand loyalty through exclusive collaborations and new product launches[55] - The group plans to diversify its product offerings, including expanding the market coverage of its ginger vinegar gift cards and introducing new festive products[54] - The group launched two new sugar-free tea products to meet the growing demand for healthy beverages[50] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors, with clearly defined powers and responsibilities[81] - The audit committee has reviewed the group's annual performance for the year ending December 31, 2024[82] - The group's auditor, PwC, confirmed that the figures in the preliminary performance announcement are consistent with the audited financial statements for the year ending December 31, 2024[83] - The annual report containing all relevant information as per the listing rules for the year ending December 31, 2024, will be published on the designated websites at an appropriate time[84] - The board confirms compliance with the Corporate Governance Code as per the listing rules for the year ending December 31, 2024[78] - All directors have confirmed adherence to the code of conduct for securities transactions during the year ending December 31, 2024[79]
鸿福堂(01446) - 2024 - 年度业绩