Financial Performance - Total operating revenue for the year ended December 31, 2024, was HKD 399,633,000, a decrease of 29.6% compared to HKD 567,364,000 in 2023[2] - Net profit for the year was HKD 174,516,000, significantly up from HKD 44,964,000 in the previous year, representing a growth of 288.5%[3] - Basic earnings per share increased to HKD 8.36 from HKD 2.12, marking a rise of 295.3%[3] - Total revenue for the year 2024 was HKD 393.727 million, a decrease of 23.4% from HKD 513.810 million in 2023[13] - Operating profit for 2024 was HKD 399.633 million, a decline of 29.6% compared to HKD 567.364 million in 2023[13] - The group recorded a pre-tax operating profit of HKD 308,237,000 for the year, a significant increase from HKD 223,819,000 in the previous year, representing a growth of approximately 37.8%[31] - The group's net profit attributable to shareholders reached HKD 176,789,000, a substantial increase of about 314% compared to HKD 42,684,000 in the same period last year[31] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 12,873,295,000, a decrease from HKD 13,261,625,000 in 2023[5] - Non-current assets increased to HKD 7,988,893,000 from HKD 7,897,957,000, reflecting a growth of 1.15%[4] - Current liabilities rose to HKD 7,768,329,000 from HKD 5,099,586,000, indicating an increase of 52.5%[5] - The company reported a net cash position of HKD 2,130,774,000, down from HKD 3,526,296,000 in the previous year[4] - The company’s equity attributable to shareholders decreased to HKD 11,757,959,000 from HKD 12,006,560,000, a decline of 2.07%[5] - Total assets increased by approximately 12.42% to HKD 20,641,624,000, while equity attributable to equity holders decreased by about 2.07% to HKD 11,757,959,000 due to RMB depreciation[49] - As of December 31, 2024, the group's borrowings amounted to HKD 1,113,875,000, representing about 9.47% of equity attributable to equity holders, with approximately 84.92% of borrowings denominated in RMB[51] Revenue Sources - Revenue from property sales was HKD 132.295 million in 2024, down 39.7% from HKD 219.606 million in 2023[13] - Revenue from media and entertainment business dropped significantly to HKD 482 thousand in 2024 from HKD 2.579 million in 2023[13] - The group’s total operating income from various segments was HKD 399.633 million in 2024, with property investment contributing HKD 211.433 million[16] - Property investment was the primary source of profit, contributing HKD 145,727,000, up from HKD 54,091,000 in the previous year, marking an increase of approximately 169%[32] - The total revenue from property development and investment was HKD 343,728,000, accounting for about 86.01% of the group's total operating income for the year[33] - The "汤臣一品" project generated total revenue of approximately HKD 257,920,000, representing about 64.54% of the group's total operating income[34] Cash Flow and Expenditures - Cash and cash equivalents decreased by approximately 39.83% to HKD 2,130,774,000, with net cash outflows from operating activities amounting to HKD 2,124,577,000[50] - The group had development property expenditure commitments of HKD 2,123,477,000, primarily related to the development of Tang Chen Jun Pin in Shanghai[52] Taxation and Dividends - The total tax expense for the year was HKD 174,065,000, compared to HKD 90,201,000 in 2023, with a significant portion attributed to mainland China corporate income tax[9] - The company declared an interim dividend of HKD 0.13 per share for the fiscal year ending December 31, 2024, up from HKD 0.10 per share in 2023, totaling approximately HKD 281,632,000[23] Market Outlook and Strategy - The board maintains a cautiously optimistic outlook on the long-term economic development in mainland China, despite short-term market volatility due to high interest rates and low sentiment[56] - The group aims to maintain an optimal balance in resource allocation across different regions and business categories[56] - The main profit sources for the group in 2025 are expected to be from the Tongchen Junpin and Tongchen Yipin projects, with ongoing construction progressing as planned[56] - The management will continue to adopt a conservative approach in managing the group's securities trading portfolio, focusing on securities with stable recurring income[57] Corporate Governance - The board has reviewed the corporate governance practices and believes it has complied with all applicable code provisions during the financial year[59]
汤臣集团(00258) - 2024 - 年度业绩