Financial Performance - For the year ending December 31, 2024, the company reported total revenue of HKD 1,132,000, a significant decrease of 96.4% compared to HKD 31,192,000 in 2023[3]. - Other income for the same period was HKD 10,242,000, down 58.8% from HKD 24,886,000 in 2023[3]. - The company incurred a net loss of HKD 11,216,000 for 2024, an improvement of 29.5% compared to a loss of HKD 15,943,000 in 2023[4]. - Basic and diluted loss per share for 2024 was HKD 0.306, compared to HKD 0.435 in 2023, indicating a 29.5% reduction in loss per share[4]. - The group reported a pre-tax loss of HKD 11,216,000 for the year ending December 31, 2024, compared to a pre-tax loss of HKD 15,943,000 in 2023, indicating an improvement of approximately 29%[36]. - The group recorded a pre-tax loss of approximately HKD 11.2 million for the year, a decrease of about HKD 4.7 million or 29.6% compared to the previous year's pre-tax loss of approximately HKD 15.9 million[62]. - The group did not declare or recommend any dividends for the year ending December 31, 2024, consistent with the previous year[39]. - The group has no significant contingent liabilities as of December 31, 2024, consistent with 2023[78]. Current Financial Position - As of December 31, 2024, the company's cash and bank balances were HKD 91,789,000, a decrease of 84.8% from HKD 603,964,000 in 2023[5]. - The company reported total current liabilities of HKD 146,148,000, down 80.5% from HKD 746,794,000 in 2023[5]. - The company has a net current liability position of HKD 48,920,000 as of December 31, 2024, compared to HKD 37,990,000 in 2023[5]. - The current ratio (current assets to current liabilities) was approximately 0.7 times, down from 0.9 times in 2023[75]. - As of December 31, 2024, the group had a net current liability of approximately HKD 48,920 thousand and a capital deficiency of approximately HKD 48,293 thousand[96]. - The direct holding company loan of approximately HKD 138,532 thousand is due for repayment on June 30, 2025[96]. Going Concern and Financial Support - The company has significant uncertainty regarding its ability to continue as a going concern due to a net loss and current liabilities exceeding current assets[11]. - The company is reliant on continued financial support from its parent company to address its liquidity issues[12]. - The company is facing significant uncertainty regarding its ability to continue as a going concern, dependent on the financial capability of its major shareholder, Western Securities International Investment, to ensure sufficient operating funds until March 31, 2026[13]. - As of the date of the report, Western Securities International Investment has confirmed its intention to provide sufficient financial support to maintain the company's operations until March 31, 2026[16]. - The company has extended the maturity of its major shareholder's term loans and revolving loans from June 30, 2025, to March 27, 2026[16]. Revenue Breakdown - The revenue from brokerage and margin financing was HKD 99,000 in 2024, down from HKD 103,000 in 2023[28][29]. - Corporate finance revenue dropped to HKD 0 in 2024 from HKD 5,522,000 in 2023, reflecting a complete absence of IPO sponsorship and underwriting fees[28][29]. - Asset management revenue increased to HKD 936,000 in 2024 from HKD 0 in 2023, showing growth in this segment[28][29]. - Trading income from securities was HKD 97,000 in 2024, a decrease from HKD 25,567,000 in 2023[28][29]. - The total income from other sources was HKD 10,242,000 in 2024, compared to HKD 24,886,000 in 2023, indicating a decline[28][29]. - Interest income from other sources decreased to HKD 6,604,000 in 2024 from HKD 23,982,000 in 2023, a drop of approximately 72%[33]. Impairment and Credit Losses - The net expected credit loss for financial assets was HKD 19,980,000 in 2024, a significant increase from HKD 1,890,000 in 2023[28][29]. - The total expected credit loss for margin clients was HKD 513,355,000 in 2024, with no changes in the estimation techniques used[43]. - The total impairment loss for accounts receivable from margin clients was HKD 513,698,000 in 2024, compared to HKD 533,695,000 in 2023, indicating a reduction of about 3.8%[40]. - The group recorded a write-off of accounts receivable amounting to approximately HKD 20,096,000 due to court orders as of December 31, 2024 (2023: HKD 1,566,000)[49]. Financial Reporting Standards - The adoption of the revised Hong Kong Financial Reporting Standards is not expected to have a significant impact on the company's financial performance and position[17]. - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[18]. - The new Hong Kong Financial Reporting Standard No. 18, effective from January 1, 2027, will introduce new presentation and disclosure requirements for financial statements[19]. - The company is currently assessing the impact of adopting Hong Kong Financial Reporting Standard No. 18, but it has not yet determined whether it will have a significant effect on the consolidated financial statements[20]. - The company has confirmed that the revised standards will not materially affect its financial situation[20]. - The company is preparing for the implementation of various new and revised financial reporting standards, with expected effective dates ranging from 2025 to 2027[21]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions during the year, except for the separation of the roles of Chairman and CEO[90]. - The independent auditor confirmed that the consolidated financial statements reflect a true and fair view of the group's financial position as of December 31, 2024[95]. - The audit committee reviewed the performance for the year ended December 31, 2024[97]. - The annual report for 2024 will be sent to shareholders and published on the company's website[99]. - The company's shares have been suspended from trading since March 4, 2024, until further notice[100].
西证国际证券(00812) - 2024 - 年度业绩