Financial Performance - Revenue declined by 2.4% to HKD 89,099 thousand in 2024 from HKD 91,244 thousand in 2023[4] - The company reported a loss of HKD 33,765 thousand in 2024, a 49.2% improvement from a loss of HKD 66,449 thousand in 2023[4] - Basic loss per share improved by 49.1% to HKD (6.28) in 2024 from HKD (12.35) in 2023[4] - The group reported a revenue of HKD 89,099,000 for 2024, a slight decrease from HKD 91,244,000 in 2023, representing a decline of approximately 2.4%[16] - Revenue from leather processing sales was HKD 51,337,000 in 2024, down from HKD 82,060,000 in 2023, indicating a significant decrease of about 37.5%[16] - The group reported a pre-tax loss of HKD 96,148,000 for the cost of goods sold in 2024, compared to HKD 100,586,000 in 2023, a decrease of about 4.4%[20] - The group's consolidated loss attributable to shareholders for the year ended December 31, 2024, was HKD 33,765,000, a reduction of HKD 32,684,000 or 49.2% compared to 2023[39] Asset and Liability Management - Current ratio decreased by 38.0% to 0.67 in 2024 from 1.08 in 2023[3] - Total assets decreased by 28.3% to HKD 97,154 thousand in 2024 from HKD 135,537 thousand in 2023[3] - The net asset value per share decreased by 60.0% to HKD 0.04 in 2024 from HKD 0.10 in 2023[3] - Accounts receivable decreased to HKD 20,839,000 in 2024 from HKD 26,873,000 in 2023, representing a decline of approximately 22.5%[27] - The company reported a net current liability of approximately HKD 23,987,000 as of December 31, 2024, indicating significant uncertainty regarding its ability to continue as a going concern[31] - Accounts payable decreased slightly to HKD 36,759,000 in 2024 from HKD 34,113,000 in 2023[28] - The group's cash and cash equivalents as of December 31, 2024, were HKD 3,419,000, down 52.1% from HKD 7,139,000 on December 31, 2023[49] - The group's interest-bearing loans totaled HKD 8,639,000 as of December 31, 2024, down from HKD 14,811,000 on December 31, 2023[49] - The ratio of interest-bearing loans to equity was 31.2% as of December 31, 2024, compared to 21.9% on December 31, 2023[50] Operational Efficiency - The company has implemented a dual processing model to expand sales channels and improve operational efficiency[34] - The company has focused on enhancing its wastewater treatment capabilities and overall production environment through collaboration with external research institutions[35] - The company has made significant improvements in production conditions, leading to increased output and reduced costs across various areas, including chemical materials and labor[34] - The company has strengthened its management processes, focusing on performance evaluation to optimize production workflows and reduce overall costs[35] - The group's gross profit margin improved from -33.8% in the previous year to 0.4%, indicating a successful turnaround from loss to profit[42] Business Development and Strategy - The company is actively exploring new business opportunities to generate profits and enhance operational cash flow[9] - The group plans to continue transforming and upgrading its leather business, focusing on enhancing production conditions and customer service[36] - The group aims to achieve dual goals of business diversification and profit growth by 2025[37] - The group is actively exploring opportunities in the pet food market, particularly through the development of "dog chew glue" products[36] - The group has successfully obtained the LWG international leather management system certification, enhancing customer confidence and increasing external processing business volume[41] - The group is exploring product diversification opportunities, including the production of dog chew products using by-products from leather processing[46] Employee and Governance - The group has 261 employees as of December 31, 2024, down from 288 employees on December 31, 2023[54] - The company will hold its 2025 Annual General Meeting on June 18, 2025, with a suspension of share transfer registration from June 13 to June 18, 2025[58] - The annual performance announcement for the year ending December 31, 2024, will be published by the end of April 2024, including an Environmental, Social, and Governance report[59] Inventory and Procurement - The group's comprehensive inventory as of December 31, 2024, was HKD 24,048,000, a decrease of HKD 26,409,000 or 52.3% compared to December 31, 2023[48] - The total procurement amount for the year was HKD 30,898,000, a reduction of 59.9% compared to the same period last year[47] Impairment and Losses - The group incurred an impairment loss of HKD 6,232,000 on receivables in 2024, compared to HKD 3,215,000 in 2023, indicating an increase in impairment[19] - The group reported a net impairment loss on property, plant, and equipment of HKD 4,158,000 for the year, compared to HKD 746,000 in 2023[48]
南粤控股(01058) - 2024 - 年度业绩